The Asia Pacific HVAC Systems Market would witness market growth of 5.5% CAGR during the forecast period (2021-2027).
The constant upsurge in the adoption of heating & cooling equipment is due to climate change. Numerous customers are adopting HVAC equipment as a useful investment because of the unpredictable climatic conditions and increasing temperatures. In addition, HVAC systems increase the aesthetic value of commercial as well as residential places. Organizations offer products that are attractive and providing options of choosing from various designs. The demand for the product is expected to be fueled by the emergence of advanced designs and the shifting preferences of customers.
The growth of this region would be fueled by the existence of companies in providing low-cost equipment in China and neighbouring nations. The fast urbanization in emerging countries like India, Japan, and China is encouraging the consumers towards adopting more lavish lifestyles, hence augmenting the demand for HVAC systems in these countries. The surge in the number of partnerships between regulatory bodies and companies in the market in order to increase awareness regarding the star-labeled HVAC units would create new growth avenues for the regional HVAC systems market during the forecast period.
Moreover, several governments across this region introduced supportive initiatives and programs in order to support the usage of sophisticated energy-efficient units in new building structures, hence will boost the growth of the market. Therefore, these aspects are expected to create a positive outlook for the growth of the regional HVAC systems market in the upcoming years.
The Cooling market dominated the Malaysia HVAC Systems Market by Product 2020, thereby, achieving a market value of $2,617.2 million by 2027. The Heating market is showcasing a CAGR of 9.8% during (2021 - 2027). Additionally, The Ventilation market is estimated to grow at the highest CAGR of 10.8% during (2021 - 2027).
Based on Product, the market is segmented into Cooling, Heating and Ventilation. Based on End User, the market is segmented into Residential, Commercial, and Industrial. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
Free Valuable Insights: The Worldwide HVAC Systems Market is Projected to reach USD 191.1 Billion by 2027, at a CAGR of 5.5%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Carrier Global Corporation, Johnson Controls International PLC, Hitachi, Ltd., Emerson Electric Co., Mitsubishi Electric Corporation, Trane Technologies PLC, Samsung Electronics Co., Ltd., Daikin Industries, Ltd., LG Electronics, Inc. and Lennox International, Inc.
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