The construction industry in Asia-Pacific (APAC) is growing rapidly, due to population boom. Moreover, the migration rate from rural to urban areas is quite high in countries such as India and China, because of which the construction of both residential and commercial buildings is bound to witness a hike.
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The APAC infrastructure sector is predicted to register a growth of about 7–8% a year during this decade, generating revenue of $5.36 trillion a year by 2025, according to PwC Australia. As the expansion of infrastructure, which includes transport network, commercial spaces, and power plants and water treatment plants, represents the healthy growth of the nation, several countries are investing heavily for the same.
Attributed to this, the requirement for heating, ventilation, and air conditioning (HVAC) systems is also expected to surge in the coming years. As the name suggests, HVAC systems facilitate the movement of air between outdoor and indoor areas and heating and cooling of both commercial and residential buildings.
According to a P&S Intelligence report, in 2018, the APAC HVAC market attained a value of $54.6 billion and is projected to reach $70.7 billion by 2024, at a 4.3% CAGR during the forecast period (2019–2024).
The three major types of these systems, ventilation, heating, and cooling, have further types, so that users can choose the equipment that best suits their need. Unitary heaters, furnaces, boilers, and heat pumps are the different types of heating equipment.
Similarly, the four kinds of ventilation systems are air handling units and fan coil units, humidifiers/dehumidifiers, ventilation fans, and air cleaners. Cooling equipment comes in the form of room ACs, variable refrigerant flow, systems chillers, ducted split/packaged units, and split units. Among the three broad systems, cooling equipment has been the most in demand in the region because of the increasing average temperature.