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Asia Pacific Commercial HVAC Market Analysis

The Asia Pacific Commercial HVAC Market size is estimated at USD 76.39 billion in 2024, and is expected to reach USD 108.92 billion by 2029, growing at a CAGR of 7.35% during the forecast period (2024-2029).

• The APAC commercial HVAC market is predicted to rise steadily due to increasing investments in commercial construction activity in developing economies in the region. In addition, the region's strong economic growth, urbanization, and expanding consumer market drive demand for commercial spaces, which is expected to increase the demand for innovative and high-quality HVAC equipment and services.
• Significant drivers of the regional HVAC equipment market's growth in the commercial industry over the forecast period include the surging demand for energy-efficient and sustainable technologies. According to the IEA, electricity consumption in Southeast Asia is expected to double by 2040, with air conditioning systems becoming a significant contributor to overall and peak electricity requirements. The study by the IEA highlights the urgent need to find sustainable solutions for meeting growing energy demand in the region.
• Several regional governments have established rules and regulations in the market that adhere to sustainability and energy efficiency, which expedites technological developments in the market. For instance, in February 2024, Panasonic unveiled its 2024 air conditioner lineup, prominently featuring its range of Matter-enabled room ACs. Matter, a cutting-edge connectivity standard for smart home appliances, facilitates seamless interoperability via brand-agnostic mobile apps. This move positions Panasonic as the pioneer in India, being the first to introduce ACs adhering to this protocol. The brand's launch encompasses a diverse portfolio, with 60 models spanning 1.0-ton, 1.5-ton, and 2.0-ton variants, all equipped with Matter technology.
• The commercial space's heating, ventilation, and air conditioning sectors are changing. The cooling and heating units are smaller, more compact, and more efficient than ever. However, manufacturers and service providers must keep pace with these technological developments. The need for more skilled workers is a significant problem for several regional companies. The HVAC services are often time-consuming and entertaining and need a supervisor to supervise the entire process and closing phase, apart from those installing the necessary equipment. Team management is a real challenge when handling several projects simultaneously.
• The region is home to several HVAC manufacturers and service providers in the commercial segment. They focus on enhancing their market presence by establishing domestic manufacturing facilities to remain competitive. For instance, Japan's Daikin Industries aims to make India a central export hub to nearly triple the Made in India products sold abroad by 2025. Daikin has built a new plant in India, making room air conditioners and compressors a key component. The company will also pursue exports of Made in India aircon products to 100 markets in 2025.
• The conflict between Russia and Ukraine has caused significant problems with regional supply chains. After the COVID-19 pandemic, the region was recovering logistics and supply chains, and this conflict created new market problems. It has contributed to exacerbating existing supply chain problems like commodity exports. On the other hand, Japanese factories are directly affected by the lack of raw materials and components from Ukraine.

Asia Pacific Commercial HVAC Market Trends

Commercial Buildings Segment is Expected to Hold Significant Share

Asia Pacific Commercial HVAC Industry Segmentation

Commercial HVAC involves heating and cooling large properties, such as commercial buildings, restaurants, rental properties, hospitals, schools, etc. As a result of the scale, commercial heating and air conditioning differ significantly from their residential counterpart in terms of size, capacity, and operational complexity. The study tracks the revenue accrued through the sale of HVAC by various players in Asia-Pacific. The study also tracks the key market parameters, underlying growth influencers, and major vendors operating in the industry, which supports the market estimations and growth rates over the forecast period. The study further analyses the overall impact of COVID-19 aftereffects and other macroeconomic factors on the market. The report’s scope encompasses market sizing and forecasts for the various market segments.

The Asia-Pacific commercial HVAC market is segmented by type of component (HVAC equipment [heating equipment and air conditioning/ventilation equipment] and HVAC services), end-user industries (hospitality, commercial buildings, public buildings, and other end-user industries), and country (China, India, Japan, and Rest of Asia-Pacific). The report offers market forecasts and size in value (USD) for all the above segments.