Asia Pacific HVAC Chillers Market
Market Introduction
Asia-Pacific (APAC) HVAC Chillers market is segmented into Australia, China, India, Japan, South Korea, and the Rest of APAC. The ongoing industrialization of cities, elevating disposable income of consumers, rising demand for luxury products, and stringent government norms focusing on global warming are the factors contributing to the growth of the Asia-Pacific HVAC chiller market. The construction sectors in countries such as China and India are witnessing huge investments, specifically for the establishment of retail spaces, commercial office buildings, and manufacturing facilities, as well as for the expansion and construction of airports. According to Civil Aviation Administration of China (CAAC), China aims to construct 216 new airports by 2035 to meet the growing demands for air travel. In 2020, the building construction spending in Asia crossed US$ 4.5 trillion, which was ~50% of the global expenditure on construction projects. Moreover, the growing popularity and adoption of new trends such as green building in emerging and developed countries is providing significant growth opportunities for the HVAC chillers market players. Stringent government norms and standards for controlling energy consumption and promoting energy-efficient practices is also contributing to the rise in acceptance of green technologies. According to the World Green Building Council (World GBC), Australia (~46%) and China (~42%) majorly focus on supporting the construction of green buildings. Moreover, countries such as India, Japan, and China are investing heavily in commercial building projects, which further propels the HVAC chiller demand. Increasing focus on the construction of skyscrapers in China and Japan is offering new opportunities for the flourishment of the HVAC chillers market players in APAC.
In case of COVID-19, APAC is highly affected specially India. APAC includes most of the world’s highly populated countries, such as China, India, and Japan, which has led to a harsh impact of the COVID-19 pandemic on these countries. Moreover, the temporary shutdown of industrial facilities has resulted in disruption in industrial as well as commercial operations due to reduction in demand caused by COVID-19 pandemic. Moreover, the pandemic has also raised the concerns regarding the reduction in investments under the commercial and industrial construction sector across Asian countries such as India, Japan, South Korea, and other Southeast Asian countries. However, the highest impact countries across the APAC HVAC chillers market in 2020 is China followed by Japan, and South Korea. Also, one of the major vendors of this market i.e., Daikin Industries Ltd. based in Japan has also announced that it has witnessed a decline of nearly 2.2% in its FY 2020 revenues compared to its previous year 2019. However, the APAC market has also witnessed a decline of 5.9% on y-o-y basis compared to its previous FY 2019 which is expected to regain and surpass its share in the market by the end of FY 2022, according to the research study.
Market Overview and Dynamics
The APAC HVAC chillers market is expected to grow from US$ 4,680.90 million in 2021 to US$ 6,847.80 million by 2028; it is estimated to grow at a CAGR of 5.6% from 2021 to 2028. HVAC Chillers play a crucial role in maintaining the required temperature of any space, machinery, or equipment. HVAC Chillers remove the heat and transfer it somewhere else. These chillers can be utilized in numerous residential spaces, for example small to large size rooms, garages, basements, and crawlspaces. Popularity of HVAC chillers is increasing owing to various advantages such a portability, convenience, and quick and easy maintenance. Moreover, the adoption of HVAC chillers is rising in restaurants, hotels, kitchens, and dining rooms to handle the concerns regarding temperature levels. Other industry verticals where these chillers are used are rubber, petrochemicals, medical, plastic, commercial office buildings, sports venues, and others. Growing aviation sector and increasing count of new commercial construction buildings drives the demand for respective chillers. Screw chillers are vapor compressor chillers that make use of a screw compressor for transporting the coolant through the system. These chillers are suitable for high rise buildings considering quiet operation, compact installation, high energy efficiency and lower maintenance costs. With growing real estate sector all over the region, requirement for screw chillers is forecasted to increase remarkably, thereby driving the APAC HVAC chillers market.
Key Market Segments
In terms of technology, the air-cooled segment accounted for the largest share of the APAC HVAC chillers market in 2020. In terms of type, the screw chillers segment held a larger market share of the APAC HVAC chillers market in 2020. Further, the industrial segment held a larger share of the APAC HVAC chillers market based on application in 2020.
Major Sources and Companies Listed
A few major primary and secondary sources referred to for preparing this report on the APAC HVAC chillers market are company websites, annual reports, financial reports, national government documents, and statistical database, among others. Major companies listed in the report are AIREDALE INTERNATIONAL AIR CONDITIONING LTD.; Carrier Global Corporation; DAIKIN INDUSTRIES, Ltd.; Johnson Controls, Inc.; Kaltra; LG Electronics; Mitsubishi Electric Corporation; SKM Air Conditioning; and Trane.
Reasons to buy report
APAC HVAC Chillers Market Segmentation
APAC HVAC Chillers Market - By Technology
APAC HVAC Chillers Market -
By Type
APAC HVAC Chillers Market -
By Application
APAC HVAC Chillers Market - By Country
APAC HVAC Chillers Market - Company Profiles
Strategic insights for the Asia Pacific HVAC Chillers provides data-driven analysis of the industry landscape, including current trends, key players, and regional nuances. These insights offer actionable recommendations, enabling readers to differentiate themselves from competitors by identifying untapped segments or developing unique value propositions. Leveraging data analytics, these insights help industry players anticipate the market shifts, whether investors, manufacturers, or other stakeholders. A future-oriented perspective is essential, helping stakeholders anticipate market shifts and position themselves for long-term success in this dynamic region. Ultimately, effective strategic insights empower readers to make informed decisions that drive profitability and achieve their business objectives within the market.
| Report Attribute | Details |
|---|---|
| Market size in 2021 | US$ 4,680.90 Million |
| Market Size by 2028 | US$ 6,847.80 Million |
| Global CAGR (2021 - 2028) | 5.6% |
| Historical Data | 2019-2020 |
| Forecast period | 2022-2028 |
| Segments Covered |
By Technology
|
| Regions and Countries Covered | Asia-Pacific
|
| Market leaders and key company profiles |
The geographic scope of the Asia Pacific HVAC Chillers refers to the specific areas in which a business operates and competes. Understanding local distinctions, such as diverse consumer preferences (e.g., demand for specific plug types or battery backup durations), varying economic conditions, and regulatory environments, is crucial for tailoring strategies to specific markets. Businesses can expand their reach by identifying underserved areas or adapting their offerings to meet local demands. A clear market focus allows for more effective resource allocation, targeted marketing campaigns, and better positioning against local competitors, ultimately driving growth in those targeted areas.
1. AIREDALE INTERNATIONAL AIR CONDITIONING LTD.
2. Carrier Global Corporation
3. DAIKIN INDUSTRIES, Ltd.
4. Johnson Controls, Inc.
5. Kaltra
6. LG Electronics
7. Mitsubishi Electric Corporation
8. SKM Air Conditioning
9. Trane
The Asia Pacific HVAC Chillers Market is valued at US$ 4,680.90 Million in 2021, it is projected to reach US$ 6,847.80 Million by 2028.
As per our report Asia Pacific HVAC Chillers Market, the market size is valued at US$ 4,680.90 Million in 2021, projecting it to reach US$ 6,847.80 Million by 2028. This translates to a CAGR of approximately 5.6% during the forecast period.
The Asia Pacific HVAC Chillers Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the Asia Pacific HVAC Chillers Market report:
The Asia Pacific HVAC Chillers Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The Asia Pacific HVAC Chillers Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the Asia Pacific HVAC Chillers Market value chain can benefit from the information contained in a comprehensive market report.
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