What are Key Factors Responsible for Boom in Heating, Ventilation, and Air Conditioning (HVAC) Market in Asia-Pacific (APAC)?

The biggest factor fuelling the demand for heating, ventilation, and air conditioning (HVAC) services is the booming construction sector globally, primarily due to the rising population level and increasing urbanization rate. As a result, the HVAC market is predicted to see an increase in value from USD 198.45 billion in 2021 to USD 278.96 billion by 2027 and progress at a CAGR of 5.1% during the forecast period (2022–2027).?

The biggest rage currently being observed in the HVAC market is the rising adoption of energy-efficient appliances, in order to reduce the pressure on power plants, which will, in turn, check the burning of fossil fuels. In order to achieve this, the governments of several countries are enacting stringent policies, such as energy conservation building code for residential buildings, called Eco Niwas Samhita, launched by Government of India in 2018, and the C40 China Building Program adopted by the Chinese government, in order to rapidly implement energy conservation schemes for buildings.??

Globally, the highest demand for HVAC equipment and services was witnessed in the Asia-Pacific (APAC) region during the historical period (2014–2019). This is primarily attributed to the surging economy and soaring urban population level of various countries in the region. According to the World Bank, the urban population of India increased from 27.8% in 2011 to 34.0% in 2018. The rise in the disposable income of the people of India and China has boosted the sales of refrigeration and air conditioning systems, thereby driving the demand for HVAC industry trends in the region.

Therefore, the demand for HVAC systems and services, on account of the rising global temperature and pollution levels, is expected to register a massive upswing in the coming years.