South Korea HVAC Systems Market

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South Korea HVAC Systems Market by Equipment (Cooling Equipment, Heating Equipment, and Ventilation), by Implementation Type (New Construction and Retrofit), and by End User (Residential, Commercial, and Industrial) - Opportunity Analysis and Industry Forecast, 2024– 2030

Industry: Construction & Manufacturing | Publish Date: 20-Apr-2024 | No of Pages: 119 | No. of Tables: 87 | No. of Figures: 52 | Format: PDF | Report Code : N/A

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Market Definition

The South Korea HAVC System Market size was valued at USD 3.63 billion in 2023, and is predicted to reach USD 5.57 billion by 2030, at a CAGR of 5.8% from 2024 to 2030.

HVAC (Heating, Ventilation, and Air Conditioning) refers to the technology and systems used in buildings to regulate indoor environmental conditions such as temperature, humidity, and air quality to ensure comfort and safety for occupants. Heating systems provide warmth during colder months, ventilation systems circulate and replenish indoor air, and air conditioning systems cool and dehumidify indoor air during warmer months.

HVAC systems offer several advantages, including improved occupant comfort and health, increased energy efficiency leading to cost savings, better indoor air quality through filtration and ventilation, precise temperature control for enhanced productivity in commercial settings, and protection of building infrastructure from extreme weather conditions. Additionally, these systems can be designed to meet specific requirements, contributing to sustainability goals by reducing carbon emissions and promoting eco-friendly practices in building operations.

Rising Urbanization and Construction Trends Propels the Market Expansion

Urbanization and construction trends serve as significant catalysts for expansion within the HVAC sector. As urban populations burgeon, there arises an increased demand for HVAC installations across various structures including residential, commercial, and industrial facilities such as apartments, office complexes, shopping centers, and factories.

Simultaneously, there is a noticeable shift in construction methodologies towards sustainability and energy efficiency, spurred by green building initiatives mandated by governments and driven by environmental concerns. These initiatives necessitate stringent HVAC standards in new constructions, thereby fostering a market for environmentally-friendly solutions.

Additionally, the inclination towards renovating and retrofitting existing buildings further accentuates the necessity for HVAC upgrades, aligning with contemporary energy-saving technologies. The integration of HVAC systems with building automation and smart technology further enhances building performance and energy efficiency, highlighting the intertwined influence of urbanization, sustainable construction, and technological innovation in driving the growth trajectory of the HVAC industry.

 

Environmental Concerns Drive Growth in the HVAC Systems Industry

Environmental considerations play a pivotal role in propelling growth within the HVAC systems industry. With heightened awareness surrounding issues such as climate change, air pollution, and ozone depletion, there exists mounting pressure for the adoption of sustainable practices and adherence to regulatory frameworks.

Governments globally are imposing mandates aimed at mitigating the environmental impact of HVAC systems, consequently driving the development and integration of eco-conscious technologies.

Price Volatility of Raw Materials Restrains the Growth of the HVAC system Market

Inflation and supply chain disturbances contribute to the escalating expenses of raw materials, thereby negatively impacting the manufacturing outlay of HVAC systems. The surge in costs pertaining to critical raw materials including steel, copper, and aluminum further compounds the production costs for HVAC manufacturers.

Consequently, small and mid-scale players in the HVAC sector encounter margin squeezes, impeding their profitability and hampering investment in research and development. This poses a limitation on market expansion.

 

IoT Integration Creates Ample Opportunities for the HVAC System Market

The convergence of Internet of Things (IoT) technology represents a substantial market opportunity within the HVAC industry. The integration of IoT technology enables remote control functionalities, heightened energy efficiency, and predictive maintenance solutions. By integrating IoT devices and sensors into HVAC systems, users can remotely monitor and adjust settings, optimize energy consumption, and proactively address maintenance issues before they escalate.

This enhances user experience and comfort levels, reduces energy expenditures, and extends the longevity of HVAC equipment. Given the rising demand for smarter and more efficient buildings, surpassing current infrastructure capabilities, the adoption of IoT integration is forecasted to create numerous opportunities within the HVAC system market.

 

Competitive Landscape

The market players operating in the South Korea HVAC System market include Midea Group Co Ltd, Daikin Industries Ltd., Gree Electric Appliances Inc., Johnson Controls International Plc., Carrier Global Corporation, Samsung Electronics Co., Ltd., Trane Technologies Plc., LG Electronics Inc., Panasonic Holdings Corporation, Lennox International Inc. and others.

South Korea HVAC System Market Key Segments

By Equipment

  • Cooling Equipment

    • Unitary Air Conditioners 

    • Variable Refrigerant Flow Systems (VRF)

    • Chillers

    • Room Air Conditioners 

    • Coolers

    • Cooling Towers

  • Heating Equipment

    • Heat Pumps

    • Furnaces

    • Unitary Heaters

    • Boilers

  • Ventilation 

    • Air-handling Units (AHUs)

    • Air Filtration Systems

    • Ventilation Fans

    • HRVs & ERVs

    • Air Purification Systems

    • Others

By Implementation Type

  • New Construction

  • Retrofit

By End User

  • Residential

  • Commercial

  • Industrial

REPORT SCOPE AND SEGMENTATION:

Parameters

Details

Market Size in 2023

USD 3.63 Billion

Revenue Forecast in 2030

USD 5.57 Billion

Growth Rate

CAGR of 5.8% from 2024 to 2030

Analysis Period

2023–2030

Base Year Considered

2023

Forecast Period

2024–2030

Market Size Estimation

Billion (USD)

Growth Factors

  • Rising urbanization and construction trends propels the market expansion

  • Environmental concerns drive the growth of industry

Companies Profiled

10

Market Share

Available for 10 companies

Customization Scope

Free customization (equivalent up to 80 working hours of analysts) after purchase. Addition or alteration to country, regional, and segment scope.

Pricing and Purchase Options

Avail customized purchase options to meet your exact research needs.

KEY PLAYERS

  • Midea Group Co Ltd.

  • Daikin Industries Ltd.

  • Gree Electric Appliances Inc.

  • Johnson Controls International Plc.

  • Carrier Global Corporation

  • Samsung Electronics Co., Ltd.

  • Trane Technologies Plc.

  • LG Electronics Inc.

  • Panasonic Holdings Corporation

  • Lennox International Inc.

Bar chart Pie chart Pie chart

Frequently Asked Questions

The key market players operating in the South Korea HVAC system market are Midea Group Co Ltd, Daikin Industries Ltd., Gree Electric Appliances Inc., Johnson Controls International Plc., Carrier Global Corporation, Samsung Electronics Co., Ltd., Trane Technologies Plc., LG Electronics Inc., Panasonic Holdings Corporation, Lennox International Inc. and others.

According to the Next Move Strategy Consulting, the size of the South Korea HVAC system market is estimated to be at USD 5.57 Billion in 2030.

Upgrading to an energy-efficient HVAC system can lead to lower energy bills, reduced environmental impact, improved indoor comfort, enhanced indoor air quality, and potentially qualify you for incentives from utility companies or government programs.

Key challenges are the high raw materials costs & regulatory compliances associated with HVAC systems.

According to the Next Move Strategy Consulting, the size of the South Korea HVAC system market is estimated at USD 3.63 Billion in 2023.

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