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Asia-Pacific Heating Equipment Market Size (2024 - 2029)

The Asia-Pacific heating equipment market is poised for growth, driven by the expanding construction industry and the increasing demand for energy-efficient solutions. The market's expansion is influenced by urbanization, industrialization, and migration, which have led to a rise in enterprises and residential complexes requiring heating equipment. The shift towards renewable energy sources and clean heating technologies is expected to further boost market demand. However, the market faces challenges due to the high costs of equipment and the negative impacts of the COVID-19 pandemic on production and supply chains.

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Market Size of Asia-Pacific Heating Equipment Industry

Asia-Pacific Heating Equipment Market Size
Study Period 2019 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2019 - 2022
CAGR 6.85 %
Market Concentration Medium

Major Players

Asia-Pacific Heating Equipment Market Major Players

*Disclaimer: Major Players sorted in no particular order

APAC Heating Equipment Market Analysis

The Asia Pacific Heating Equipment market is expected to grow at a CAGR of 6.85% over the forecast period (2022-2027). To meet Sustainable Development Scenario (SDS), the share of clean heating technologies, such as heat pumps, district heating, renewable, and hydrogen-based heating, is expected to be doubled by 50% of sales by 2030; thus, positively influencing the market demand.

  • Significant drivers of the heating equipment market's growth over the projection period include the burgeoning construction industry in various emerging economies and the expanding end-user markets. A few advantages of heating equipment are energy efficiency, better outcomes, and lifespan. A few key reasons impacting the market's expansion are changes in urbanization, industrialization, and migration, which have increased the number of enterprises, manufacturing facilities, and residential complexes that employ heating equipment.
  • According to International Energy Agency (IEA), global district heating production was 16 EJ of heat in 2020, jumping 30% from the 2000 level at an annual compound growth rate of around 1.3%. The striking 2.3% increase from 2019 to 2020 was prompted mainly by China and partially by Korea (7% growth each).
  • The COVID-19 outbreak in 2020 and 2021 had a negative impact on the market's growth. Lockdowns were imposed on the region's governments in 2020 and 2021. As end users' activities were suspended, this had a negative effect on the market. Additionally, production has slowed down, and the supply chain has been disrupted, putting a strain on the region's demand for heating equipment.
  • Rapid urbanization in the region is driving the demand and pushing to switch to renewable energy sources for centralized heating and cooling, which can help meet rising urban energy needs, improve efficiency, reduce emissions and provide cost-effective temperature control. For instance, driven by urbanization, China has rapidly increased its use of centralized systems in its northern regions. The Asia Pacific heating Market is facing a significant challenge due to the high costs of the equipment.

APAC Heating Equipment Industry Segmentation

Asia Pacific Heating Equipment market is segmented By Type (Boilers/Radiators/Other Heaters, Heat Pumps), by End User (Residential, Commercial, Industrial), and country. The study further analyzes the overall impact of COVID-19 on the demand-side market dynamics and the ecosystem, in the near & short-term basis. The recent changes in trade scenario are also analyzed in the study.

By Type
Boilers/Radiators/Other Heaters
Heat Pumps
By End User
Residential
Commercial
Industrial
Country
China
Japan
South Korea
India
Other Countries
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Asia-Pacific Heating Equipment Market Size Summary

The Asia-Pacific heating equipment market is poised for significant growth, driven by the increasing adoption of clean heating technologies such as heat pumps, district heating, and renewable energy sources. This shift is largely influenced by the region's rapid urbanization and industrialization, which have spurred the construction of new enterprises, manufacturing facilities, and residential complexes. The market is also benefiting from the growing demand for energy-efficient solutions that offer better outcomes and longer lifespans. However, the high costs of heating equipment present a challenge to market expansion. The COVID-19 pandemic initially disrupted market growth due to lockdowns and supply chain issues, but the market is expected to recover as activities resume and demand for heating solutions increases.

Key players in the Asia-Pacific heating equipment market are focusing on product development and strategic alliances to enhance their market presence and share. The demand for industrial heat pumps is rising, with companies like PHNIX introducing innovative products that utilize eco-friendly refrigerants. Government initiatives promoting green buildings and sustainable energy solutions are creating new opportunities for market participants. Countries like China and Japan are leading the way in adopting centralized heating systems to meet urban energy needs and reduce emissions. The collaboration between governments and local companies, along with the expansion of the construction sector, further supports the market's growth trajectory. Prominent industry players, including Daikin Industries Ltd., Johnson Controls - Hitachi Air Conditioning Company, and Honeywell International, Inc., continue to dominate the competitive landscape, driving innovation and market development.

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Asia-Pacific Heating Equipment Market Size - Table of Contents

  1. 1. MARKET INSIGHTS

    1. 1.1 Market Overview

    2. 1.2 Industry Attractiveness - Porters Five Forces Analysis

      1. 1.2.1 Threat of New Entrants

      2. 1.2.2 Bargaining Power of Buyers/Consumers

      3. 1.2.3 Bargaining Power of Suppliers

      4. 1.2.4 Threat of Substitute Products

      5. 1.2.5 Intensity of Competitive Rivalry

    3. 1.3 Value Chain / Supply Chain Analysis

    4. 1.4 Assessment of the Impact of COVID -19 on the Market

  2. 2. MARKET SEGMENTATION

    1. 2.1 By Type

      1. 2.1.1 Boilers/Radiators/Other Heaters

      2. 2.1.2 Heat Pumps

    2. 2.2 By End User

      1. 2.2.1 Residential

      2. 2.2.2 Commercial

      3. 2.2.3 Industrial

    3. 2.3 Country

      1. 2.3.1 China

      2. 2.3.2 Japan

      3. 2.3.3 South Korea

      4. 2.3.4 India

      5. 2.3.5 Other Countries

Asia-Pacific Heating Equipment Market Size FAQs

The Asia-Pacific Heating Equipment Market is projected to register a CAGR of 6.85% during the forecast period (2024-2029)

Daikin Industries Limited, Mitsubishi Electric Corporation, Panasonic Corporation, LG Electronics Inc. and Johnson Controls–Hitachi Air Conditioning are the major companies operating in the Asia-Pacific Heating Equipment Market.

Asia-Pacific Heating Equipment Report Snapshots

Asia-Pacific Heating Equipment Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)