The Asia Pacific HVAC controls market is expected to grow from US$ 4,882.93 million in 2022 to US$ 22,085.57 million by 2030. It is estimated to grow at a CAGR of 20.8% from 2022 to 2030.
Asia Pacific also has the world's fastest economic growth rates. The expansion of the heavy construction sector due to population growth and rising per capita disposable income will benefit the APAC construction industry. The increased construction operations in China, India, and several other nations in Asia Pacific will also fuel the deployment of HVAC controls, thereby favoring the overall market outlook. The existence of businesses offering inexpensive equipment in China and neighboring countries is significantly driving the development of Asia Pacific HVAC controls market. The rapid urbanization of developing nations such as China, India, and Japan have empowered people to embrace more opulent lifestyles, thereby increasing the need for HVAC control systems. The increasing partnerships between regulatory authorities and businesses in the industry to raise awareness about the star-labeled HVAC units will most likely offer lucrative opportunities to the APAC HVAC controls market. Moreover, several organizations have launched initiatives and programs to encourage the use of sophisticated energy-efficient components in new building structures. For instance, in July 2021, Johnson announced three landmark partnerships with companies in Asia Pacific to help meet their environmental, social and governance (ESG) goals as well as net zero carbon commitments.
Based on component, the Asia Pacific HVAC controls market is bifurcated into hardware and software & services. In 2022, the hardware segment registered a larger share in the Asia Pacific HVAC controls market. The hardware segment is further segmented into sensor, controllers, smart vents, and others.
Based on installation type, the Asia Pacific HVAC controls market is bifurcated into new installation and retrofit. In 2022, the retrofit segment registered a larger share in the Asia Pacific HVAC controls market.
Based on system, the Asia Pacific HVAC controls market is segmented into temperature control system, humidity control system, ventilation control system, and integrated control system. In 2022, the temperature control system segment registered the largest share in the Asia Pacific HVAC controls market.
Based on end user industry, the Asia Pacific HVAC controls market is segmented into residential, commercial, and industrial. In 2022, the commercial segment registered the largest share in the Asia Pacific HVAC controls market.
Based on country, the Asia Pacific HVAC controls market is segmented into China, Japan, South Korea, India, Australia, and the Rest of Asia Pacific. In 2022, China registered the largest share in the Asia Pacific HVAC controls market.
Carrier Global Corporation; DAIKIN INDUSTRIES, Ltd.; Acuity Brands, Inc.; Emerson Electric Co.; Honeywell International Inc.; Johnson Controls, Inc.; Schneider Electric SE; Siemens AG; and Lennox International Inc. are some of the leading companies operating in the Asia Pacific HVAC controls market.
Development of Smart Cities Drive Asia Pacific HVAC Controls Market
Various governments across the world are taking initiatives to develop smart cities in their respective economies due to the rising trend of urbanization. In 2021, under the smart city initiative in Singapore, the government announced to build 42,000 homes connected to a single central air conditioning unit. Moreover, the Indian government launched Smart Cities Mission in 2015 to promote sustainable and inclusive cities that offer essential infrastructure and a decent quality of life, with a sustainable and clean environment and application of 'Smart' solutions. The government initiatives toward green and smart cities are adding impetus to the HVAC industry across the world for the development of energy-efficient and economical HVAC systems. This has shifted the focus of HVAC market players toward the developing markets, thereby creating regional clusters for HVAC equipment manufacturing. Therefore, the increasing focus of governments worldwide on the development of smart cities is expected to create lucrative opportunities for the Asia Pacific HVAC controls market during the forecast period.Asia Pacific HVAC Controls Market Overview
The Asia Pacific HVAC controls market is segmented into China, India, Japan, Australia, South Korea, and the Rest of Asia Pacific. The unpredictable weather and rising temperatures have encouraged consumers to adopt HVAC control systems. HVAC systems also improve the visual value of commercial and residential spaces. Several companies provide appealing products to customers, allowing them to select from various designs. The advent of cutting-edge designs and the altering preferences of consumers are anticipated to boost the demand for HVAC controls.Asia Pacific also has the world's fastest economic growth rates. The expansion of the heavy construction sector due to population growth and rising per capita disposable income will benefit the APAC construction industry. The increased construction operations in China, India, and several other nations in Asia Pacific will also fuel the deployment of HVAC controls, thereby favoring the overall market outlook. The existence of businesses offering inexpensive equipment in China and neighboring countries is significantly driving the development of Asia Pacific HVAC controls market. The rapid urbanization of developing nations such as China, India, and Japan have empowered people to embrace more opulent lifestyles, thereby increasing the need for HVAC control systems. The increasing partnerships between regulatory authorities and businesses in the industry to raise awareness about the star-labeled HVAC units will most likely offer lucrative opportunities to the APAC HVAC controls market. Moreover, several organizations have launched initiatives and programs to encourage the use of sophisticated energy-efficient components in new building structures. For instance, in July 2021, Johnson announced three landmark partnerships with companies in Asia Pacific to help meet their environmental, social and governance (ESG) goals as well as net zero carbon commitments.
Exhibit: Asia Pacific HVAC Controls Market Revenue and Forecast to 2030 (US$ Million)
Asia Pacific HVAC Controls Market Segmentation
The Asia Pacific HVAC controls market is segmented into component, installation type, system, end user, and country.Based on component, the Asia Pacific HVAC controls market is bifurcated into hardware and software & services. In 2022, the hardware segment registered a larger share in the Asia Pacific HVAC controls market. The hardware segment is further segmented into sensor, controllers, smart vents, and others.
Based on installation type, the Asia Pacific HVAC controls market is bifurcated into new installation and retrofit. In 2022, the retrofit segment registered a larger share in the Asia Pacific HVAC controls market.
Based on system, the Asia Pacific HVAC controls market is segmented into temperature control system, humidity control system, ventilation control system, and integrated control system. In 2022, the temperature control system segment registered the largest share in the Asia Pacific HVAC controls market.
Based on end user industry, the Asia Pacific HVAC controls market is segmented into residential, commercial, and industrial. In 2022, the commercial segment registered the largest share in the Asia Pacific HVAC controls market.
Based on country, the Asia Pacific HVAC controls market is segmented into China, Japan, South Korea, India, Australia, and the Rest of Asia Pacific. In 2022, China registered the largest share in the Asia Pacific HVAC controls market.
Carrier Global Corporation; DAIKIN INDUSTRIES, Ltd.; Acuity Brands, Inc.; Emerson Electric Co.; Honeywell International Inc.; Johnson Controls, Inc.; Schneider Electric SE; Siemens AG; and Lennox International Inc. are some of the leading companies operating in the Asia Pacific HVAC controls market.
Table of Contents
1. Introduction
2. Executive Summary
3. Research Methodology
4. Asia Pacific HVAC Controls Market Landscape
5. Asia Pacific HVAC Controls Market - Key Industry Dynamics
6. HVAC Controls Market - Asia Pacific Market Analysis
7. Asia Pacific HVAC Controls Market Analysis - Component
8. Asia Pacific HVAC Controls Market Analysis - Installation Type
9. Asia Pacific HVAC Controls Market Analysis - System
10. Asia Pacific HVAC Controls Market Analysis - End User
11. Asia Pacific HVAC Controls Market - Country Analysis
12. Competitive Landscape
13. Industry Landscape
14. Company Profiles
15. Appendix
List of Tables
List of Figures
Executive Summary
At 20.8% CAGR, the Asia Pacific HVAC Controls Market is Speculated to be worth US$ 22,085.57 million by 2030.According to this research, the Asia Pacific HVAC controls market was valued at US$ 4,882.93 million in 2022 and is expected to reach US$ 22,085.57 million by 2030, registering a CAGR of 20.8% from 2022 to 2030. Advancement in green technology and development of smart cities are the critical factors attributed to the Asia Pacific HVAC controls market expansion.
The Asia Pacific HVAC controls market is undergoing a transformative shift driven by the integration of green technologies. With the rise of geothermal systems and smart thermostats, a shift is seen in the market. A sustainable approach to real estate development is becoming imperative, prompting HVAC professionals and property owners to prioritize environmentally friendly solutions. Energy efficiency has emerged as a paramount concern for both HVAC experts and consumers. This has sparked a growing interest in energy-efficient systems that promise substantial future cost savings. The trajectory of the HVAC industry is set to be shaped by the expansion of systems utilizing alternative heating fuels like electricity and hydrogen. This shift is fueled by heightened consumer awareness of environmental issues and the demand for eco-friendly products. Prominent manufacturers, including Daikin and Carrier, are actively pursuing cleaner solutions to cater to environmentally conscious consumers. Carrier's Hybrid Heat System, for instance, seamlessly integrates advanced control technology with versatile heat sources, allowing the system to dynamically switch between energy sources based on external weather conditions. Furthermore, governments are taking initiatives behind eco-initiatives, endorsing eco-friendly HVAC systems. Thus, the trajectory of the Asia Pacific HVAC controls market is directed towards an increasingly green future. As green technologies continue to shape the industry, demand for HVAC controls is anticipated to surge in the forthcoming years, driven by the imperative of energy efficiency and sustainable practices.
On the contrary, high cost and technical complexities hurdles the growth of Asia Pacific HVAC controls market.
Based on component, the Asia Pacific HVAC controls market is bifurcated into hardware and software & services. The hardware segment held 58.5% share of Asia Pacific HVAC controls market in 2022, amassing US$ 2,857.76 million. It is projected to garner US$ 13,418.74 million by 2030 to expand at 21.3% CAGR during 2022-2030. The hardware segment is further segmented into sensor, controllers, smart vents, and others.
Based on installation type, the Asia Pacific HVAC controls market is bifurcated into new installation and retrofit. The retrofit segment held 72.0% share of Asia Pacific HVAC controls market in 2022, amassing US$ 3,513.29 million. It is projected to garner US$ 16,411.17 million by 2030 to expand at 21.2% CAGR during 2022-2030.
Based on system, the Asia Pacific HVAC controls market is segmented into temperature control system, humidity control system, ventilation control system, and integrated control system. The temperature control system segment held 41.0% share of Asia Pacific HVAC controls market in 2022, amassing US$ 2,000.19 million. It is projected to garner US$ 9,774.60 million by 2030 to expand at 21.9% CAGR during 2022-2030.
Based on end user industry, the Asia Pacific HVAC controls market is segmented into residential, commercial, and industrial. The commercial segment held 63.5% share of Asia Pacific HVAC controls market in 2022, amassing US$ 3,101.02 million. It is projected to garner US$ 14,558.31 million by 2030 to expand at 21.3% CAGR during 2022-2030.
Based on country, the Asia Pacific HVAC controls market is segmented into China, Japan, South Korea, India, Australia, and the Rest of Asia Pacific. Our regional analysis states that China captured 42.0% share of Asia Pacific HVAC controls market in 2022. It was assessed at US$ 2,051.33 million in 2022 and is likely to hit US$ 10,445.50 million by 2030, exhibiting a CAGR of 22.6% during 2022-2030.
Key players operating in the Asia Pacific HVAC controls market report Carrier Global Corporation; DAIKIN INDUSTRIES, Ltd.; Acuity Brands, Inc.; Emerson Electric Co.; Honeywell International Inc.; Johnson Controls, Inc.; Schneider Electric SE; Siemens AG; and Lennox International Inc., among others.
Companies Mentioned
- Acuity Brands, Inc.
- Carrier Global Corporation
- DAIKIN INDUSTRIES, Ltd.
- Delta Controls
- Emerson Electric Co.
- Honeywell International Inc.
- Johnson Controls, Inc.
- Lennox International Inc.
- Schneider Electric SE
- Siemens AG
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 114 |
| Published | December 2023 |
| Forecast Period | 2022 - 2030 |
| Estimated Market Value in 2022 | 4.88 Billion |
| Forecasted Market Value by 2030 | 22.09 Billion |
| Compound Annual Growth Rate | 20.8% |
| Regions Covered | Asia Pacific |
| No. of Companies Mentioned | 10 |
