The fastest-growing energy use in buildings worldwide and Southeast Asia is for space cooling. Over the past few decades, there has been significant growth in the region’s use of electricity for cooling buildings. With 6.4% CAGR between 2021 and 2030, the Southeast Asia HVAC market is expected to produce $32,824.1 million revenue by 2030, largely as a result of expanding infrastructure and the expanding hospitality sector.
The expansion of commercial buildings and the region’s energy-saving measures, which force people to swap out their old HVAC equipment for more energy-efficient models, is what is driving the Southeast Asian HVAC industry. For example, The PELP has released energy efficiency standards for air conditioners, refrigerators, televisions, and lights in the Philippines.
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These recommendations support the use of the EEPR system and particular mechanical, electrical, and plumbing (MEP) requirements for AC goods. The Philippines’ air conditioner market will grow even more as a result of IoT and other energy-saving technology.
The commercial category has the biggest revenue share, mostly as a result of the expansion of commercial buildings and offices as well as the expanding hospitality industry. Southeast Asia’s tourism industry is expanding, which has resulted in significant expenditures on infrastructure like hotels, airports, and entertainment venues.
Due to the region’s glistening white beaches, the spiciness of its food, and rich cultural past, the tourism industry is seeing unheard-of expansion year after year. In the upcoming years, it is anticipated that this would increase need for HVAC systems in the hotel industry. Therefore, the hospitality sector now holds the greatest HVAC market share in Southeast Asia and will grow at the fastest CAGR in the coming years.
For instance, 120 hotels are predicted to open in Indonesia in 2024, with the majority (75) falling under the four-star tier and the remaining 45 falling under the five-star tier. The nation’s more than 17,000 islands offer a big potential for adventure and a tremendous possibility for the country’s tourist industry to flourish.
Moreover, Air-Fi wireless sensors were introduced by Trane Technologies plc in April 2022 for the Mitsubishi Electric CITY MULTI VRF system. By detecting and monitoring temperature, occupancy, humidity, and CO2 from a single device, this sensor eliminates the need for additional sensors and, thus, lowers the energy consumption of the appliance.
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Southeast Asia HVAC market is being driven by the region’s expanding hotel sector. The area is one of the well-known tourist attractions since it has beaches and historical sites. Additionally, it is favored since it is less expensive than other trip locations, particularly those in North America and Europe.
Since this is a particularly price-sensitive market, the Southeast Asian HVAC sector value created by the volume sales of HVACR in the SEA area varies greatly. Products with stronger name recognition, higher quality, more energy efficiency, and better production are maintaining a larger market share. Due to their lower prices but inferior quality products, several Chinese and other local and regional brands are dominating their respective markets.
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This release was published on openPR.
