Southeast Asia HVAC Market Will Grow at 6.4% CAGR, says P&S Intelligence

NEW YORK, April 26, 2022 /PRNewswire/ -- The Southeast Asia HVAC market was valued at $18,745.5 million in 2021, and it is predicted to grow at a CAGR of 6.4%, to reach $32,824.1 million in 2030, according to the market research firm P&S Intelligence. The advancing hospitality industry and the increasing pace of infrastructure development are the main drivers for the market. Heating, ventilation, and air conditioning (HVAC) devices are used to control the humidity, temperature, and purity of the air in the space.

Due to the rich cultural heritage, spicy cuisines, and white beaches, the Southeast Asian tourism industry is registering year-on-year growth. This is expected to drive the demand for HVAC systems in the hospitality industry. In 2021, the hospitality category held the largest share, of 37.0%, among all commercial users, and it is expected to grow at a CAGR of 7.1% during the forecast period.

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Key Findings of Southeast Asia HVAC Market Report

• The Southeast Asia HVAC market advance is fueled by the growing hospitality industry. The area is among the most-well-known tourist attractions because of its beaches and historical sites. It is also popular since it is less expensive than other travel places, particularly in North America and Europe.
• In Indonesia, for example, 120 new hotels are expected to open by 2024, with 45 in the five-star category and 75 in the four-star category. The country has approximately 17,000 islands, which provide a big potential for adventure as well as a huge growth possibility for the tourism industry. In the next few years, this is expected to stimulate the need for HVAC systems in resorts and hotels.
• Thus, Trane Technologies plc introduced Air-Fi wireless sensors for the Trane/Mitsubishi Electric CITY MULTI VRF system in April 2022. This sensor is used to detect and manage humidity, heat, carbon dioxide (CO₂), and occupancy, thus obviating the need for several sensors and, as a result, lowering the appliance's energy usage.
• During the projected period, the cooling category is predicted to grow at the highest CAGR, of 7.5%, in terms of volume. This will be due to the hot and humid summers that characterize the region. These climatic conditions fuel the expansion of the Southeast Asia HVAC market by driving the demand for room-ducted splits, air conditioners, split units, and VRF systems.
• Furthermore, the International Energy Agency (IEA) reported that just 15% of the households in regional nations have an air conditioner, indicating a large possibility for expansion of the market. Furthermore, when the income rises, affordability improves, thus resulting in a significant increase in the demand for air conditioners.
• Carrier Malaysia announced a VRF system for industrial buildings and spaces in December 2021. These systems can meet a wide range of temperature needs, while preserving building aesthetics and maximizing operating efficiency. This HVAC system is suitable for use in offices, retail establishments, and hotels.

The Southeast Asia HVAC market includes many key players, such as Samsung Electronics Co. Ltd., Johnson Controls International PLC, Carrier Global Corporation, Midea Group Co. Ltd., Panasonic Corporation, and Daikin Industries Ltd.

Browse detailed report on Southeast Asia HVAC market Size and Growth Forecast Report, 2030

The commercial end user category accounted for 45.3% of the market revenue in 2021, owing to the expanding number of commercial buildings and offices, as well as the developing hotel industry. Tourism activities in Southeast Asia are increasing, thus resulting in the surging expenditures on infrastructure, for instance, airports, entertainment centers, and hotels.

Market Size Breakdown by Segment

By Type

• Heating
• Furnaces
• Heat pumps
• Boilers
• Unitary heaters
• Ventilation
• Humidifiers/dehumidifiers
• Air cleaners
• Ventilation fans
• Air handling units (AHUs) and Fan coil units (FCUs)
• Cooling
• Variable refrigerant flow
• Ducted splits/packaged units
• Split units
• Chillers
• Room air conditioners

By End User

• Commercial
• Office and buildings
• Supermarkets/hypermarkets
• Government
• Healthcare
• Hospitality
• Transportation
• Industrial
• Oil and gas
• Food and beverage
• Automotive
• Energy and utilities
• Residential

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SOURCE P&S Intelligence