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South Korea HVAC Market

South Korea HVAC Market Size, Share, Trends, Analysis: By Equipment: Heating, Ventilation, Cooling; By Implementation Type: New Constructions, Retrofits; By End Use: Residential, Commercial, Industrial; Market Dynamics: SWOT Analysis, Porter’s Five Forces Analysis; Value Chain Analysis; Competitive Landscape; 2024-2032

South Korea HVAC Market Size

The South Korea HVAC market reached approximately USD 2.92 billion in 2023. The market is projected to grow at a CAGR of 6.10% between 2024 and 2032, reaching a value of around USD 5.01 billion by 2032.

 

South Korea HVAC Market Outlook

  • As per the industry reports, South Korea ranked as the 9th largest exporter of air conditioners in the world in 2022.
  • An average HVAC system accounts for around 12 per cent of the overall usage of energy in households.
  • The HVAC Korea 2024, set to take place from May 22 to May 24, 2024, in Seoul, South Korea, aims to provide the market players valuable insights and aid them in gaining a competitive edge in the market.

 

South Korea HVAC Market Growth

The rapid urbanisation, increase in infrastructure development, and government regulations encouraging the adoption of eco-efficient HVAC systems in the country are some of the major factors driving the market growth. For instance, the South Korean government mandated the display of Cooling Seasonal Performance Factor (CSPF) on the energy efficiency labels of air conditioners to offer proper guidance to customers so they can make an informed decision.

 

There is also an increased emphasis on the installation of high-end HVAC systems which offer air filtration and ventilation properties, due to the rising health concerns related to poor air quality. The increasing purchasing power of middle-class consumers and the rising demand for a comfortable environment in households and the commercial sector also boost the market.

 

Technological advancements such as the development of smart HVAC systems as well as inverter-driven compressors are expected to witness an upward trajectory in the South Korean market as they offer superior performance and increased efficiency. For example, motion-activated HVAC systems use motion sensors to detect when a person enters the room, turning the air conditioners on or off autonomously, which results in higher energy savings.

 

Moreover, ductless HVAC systems are gaining popularity due to their ease of installation, space-saving design, and energy-efficient nature. These systems are readily implemented in the renovation or retrofitting projects in the country. HVAC systems with in-built diagnostics and predictive maintenance features that can reduce downtime, optimise performance, and increase the longevity of the equipment are also high in demand.

 

South Korea HVAC Market

 

South Korea HVAC Industry Segmentation

“South Korea HVAC Market Report and Forecast 2024-2032” offers a detailed analysis of the market based on the following segments:

 

Market Breakup by Equipment

  • Heating
    • Heat Pumps
    • Furnaces
    • Unitary Heaters
  • Ventilation
    • Air-Handling Units
    • Air Filters and Purifiers
    • Ventilation Fans
    • Dehumidifiers and Humidifiers
    • Others
  • Cooling
    • Unitary Air Conditioners
    • VRF Systems
    • Chillers
    • Coolers
    • Cooling Towers
    • Others

 

Market Breakup by Implementation Type

  • New Constructions
  • Retrofits

 

Market Breakup by End Use

  • Residential
  • Commercial
  • Industrial

 

South Korea HVAC Market Share

The residential HVAC market is witnessing significant growth due to a rise in single-family and multi-family housing. The desire for cozy living spaces has surged due to factors such as urbanisation, rising disposable incomes, and growing awareness of energy efficiency. During the forecast period, these factors are expected to drive the adoption of HVAC systems, including air conditioning, air filtration, air purifiers, and dehumidifiers.

 

Leading Companies in South Korea HVAC Market

The market players are engaging in the development of innovative HVAC products to gain a competitive edge in the market.

 

  • LG Corp.
  • Robert Bosch GmbH
  • Hitachi Ltd.
  • Samsung Electronics Co. Ltd.  
  • Haier Smart Home Co. Ltd.
  • Mitsubishi Electric Corporation
  • Panasonic Holdings Corp.
  • Daikin Industries Ltd.
  • Johnson Controls International Plc 
  • Trane Technologies Plc
  • Others

 

Key Highlights of the Report

REPORT FEATURES DETAILS
Base Year 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Scope of the Report

Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:

  • Equipment
  • Implementation Type
  • End Use
Breakup by Equipment
  • Heating
  • Ventilation
  • Cooling
Breakup by Implementation Type
  • New Constructions
  • Retrofits
Breakup by End Use
  • Residential
  • Commercial
  • Industrial
Market Dynamics
  • SWOT Analysis
  • Porter's Five Forces Analysis
  • Key Indicators for Demand
  • Key Indicators for Price
Competitive Landscape
  • Market Structure
  • Company Profiles
    • Company Overview
    • Product Portfolio
    • Demographic Reach and Achievements
    • Certifications
Companies Covered
  • LG Corp.
  • Robert Bosch GmbH
  • Hitachi Ltd.
  • Samsung Electronics Co. Ltd.  
  • Haier Smart Home Co. Ltd.
  • Mitsubishi Electric Corporation
  • Panasonic Holdings Corp.
  • Daikin Industries Ltd.
  • Johnson Controls International Plc 
  • Trane Technologies Plc
  • Others

 

*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.

1    Preface  
2    Report Coverage – Key Segmentation and Scope
3    Report Description

    3.1    Market Definition and Outlook
    3.2    Properties and Applications
    3.3    Market Analysis
    3.4    Key Players
4    Key Assumptions
5    Executive Summary

    5.1    Overview
    5.2    Key Drivers    
    5.3    Key Developments
    5.4    Competitive Structure
    5.5    Key Industrial Trends
6    Market Snapshot
7    Opportunities and Challenges in the Market
8    Asia Pacific HVAC Market Overview

    8.1    Key Industry Highlights
    8.2    Asia Pacific HVAC Historical Market (2018-2023) 
    8.3    Asia Pacific HVAC Market Forecast (2024-2032)
9    South Korea HVAC Market Overview
    9.1    Key Industry Highlights
    9.2    South Korea HVAC Historical Market (2018-2023) 
    9.3    South Korea HVAC Market Forecast (2024-2032)
10    South Korea HVAC Market by Equipment
    10.1    Heating
        10.1.1    Historical Trend (2018-2023)
        10.1.2    Forecast Trend (2024-2032)
        10.1.3    Breakup by Type
            10.1.3.1    Heat Pumps
            10.1.3.2    Furnaces
            10.1.3.3    Unitary Heaters
    10.2    Ventilation
        10.2.1    Historical Trend (2018-2023)
        10.2.2    Forecast Trend (2024-2032)
        10.2.3    Market by Type
            10.2.3.1    Air-Handling Units
            10.2.3.2    Air Filters and Purifiers
            10.2.3.3    Ventilation Fans
            10.2.3.4    Dehumidifiers and Humidifiers
            10.2.3.5    Others
    10.3    Cooling
        10.3.1    Historical Trend (2018-2023)
        10.3.2    Forecast Trend (2024-2032)
        10.3.3    Breakup by Type
            10.3.3.1    Unitary Air Conditioners
            10.3.3.2    VRF Systems
            10.3.3.3    Chillers
            10.3.3.4    Coolers
            10.3.3.5    Cooling Towers
            10.3.3.6    Others
11    South Korea HVAC Market by Implementation Type
    11.1    New Constructions
        11.1.1    Historical Trend (2018-2023)
        11.1.2    Forecast Trend (2024-2032)
    11.2    Retrofits
        11.2.1    Historical Trend (2018-2023)
        11.2.2    Forecast Trend (2024-2032)
12    South Korea HVAC Market by End Use
    12.1    Residential
        12.1.1    Historical Trend (2018-2023)
        12.1.2    Forecast Trend (2024-2032)
    12.2    Commercial
        12.2.1    Historical Trend (2018-2023)
        12.2.2    Forecast Trend (2024-2032)
    12.3    Industrial
        12.3.1    Historical Trend (2018-2023)
        12.3.2    Forecast Trend (2024-2032)
13    Market Dynamics
    13.1    SWOT Analysis
        13.1.1    Strengths
        13.1.2    Weaknesses
        13.1.3    Opportunities
        13.1.4    Threats
    13.2    Porter’s Five Forces Analysis
        13.2.1    Supplier’s Power
        13.2.2    Buyer’s Power
        13.2.3    Threat of New Entrants
        13.2.4    Degree of Rivalry
        13.2.5    Threat of Substitutes
    13.3    Key Indicators for Demand
    13.4    Key Indicators for Price
14    Value Chain Analysis
15    Trade Data Analysis (HS Code – 8415, 841861)

    15.1    Major Exporting Countries 
        15.1.1    By Value
        15.1.2    By Volume
    15.2    Major Importing Countries 
        15.2.1    By Value
        15.2.2    By Volume
16    Competitive Landscape
    16.1    Market Structure
    16.2    Company Profiles
        16.2.1    LG Corp.  
            16.2.1.1    Company Overview
            16.2.1.2    Product Portfolio
            16.2.1.3    Demographic Reach and Achievements
            16.2.1.4    Certifications
        16.2.2    Robert Bosch GmbH  
            16.2.2.1    Company Overview
            16.2.2.2    Product Portfolio
            16.2.2.3    Demographic Reach and Achievements
            16.2.2.4    Certifications
        16.2.3    Hitachi Ltd.   
            16.2.3.1    Company Overview
            16.2.3.2    Product Portfolio
            16.2.3.3    Demographic Reach and Achievements
            16.2.3.4    Certifications
        16.2.4    Samsung Electronics Co. Ltd.   
            16.2.4.1    Company Overview
            16.2.4.2    Product Portfolio
            16.2.4.3    Demographic Reach and Achievements
            16.2.4.4    Certifications
        16.2.5     Haier Smart Home Co. Ltd.  
            16.2.5.1    Company Overview
            16.2.5.2    Product Portfolio
            16.2.5.3    Demographic Reach and Achievements
            16.2.5.4    Certifications
        16.2.6    Mitsubishi Electric Corporation  
            16.2.6.1    Company Overview
            16.2.6.2    Product Portfolio
            16.2.6.3    Demographic Reach and Achievements
            16.2.6.4    Certifications
        16.2.7    Panasonic Holdings Corp.   
            16.2.7.1    Company Overview
            16.2.7.2    Product Portfolio
            16.2.7.3    Demographic Reach and Achievements
            16.2.7.4    Certifications
        16.2.8    Daikin Industries Ltd.  
            16.2.8.1    Company Overview
            16.2.8.2    Product Portfolio
            16.2.8.3    Demographic Reach and Achievements
            16.2.8.4    Certifications
        16.2.9    Johnson Controls International Plc  
            16.2.9.1    Company Overview
            16.2.9.2    Product Portfolio
            16.2.9.3    Demographic Reach and Achievements
            16.2.9.4    Certifications
        16.2.10    Trane Technologies Plc   
            16.2.10.1    Company Overview
            16.2.10.2    Product Portfolio
            16.2.10.3    Demographic Reach and Achievements
            16.2.10.4    Certifications
        16.2.11    Others
17    Key Trends and Developments in the Market

 

List of Key Figures and Tables

1.    Asia Pacific HVAC Market: Key Industry Highlights, 2018 and 2032
2.    South Korea HVAC Market: Key Industry Highlights, 2018 and 2032
3.    South Korea HVAC Historical Market: Breakup by Equipment (USD Billion), 2018-2023
4.    South Korea HVAC Market Forecast: Breakup by Equipment (USD Billion), 2024-2032
5.    South Korea HVAC Historical Market: Breakup by Implementation Type (USD Billion), 2018-2023
6.    South Korea HVAC Market Forecast: Breakup by Implementation Type (USD Billion), 2024-2032
7.    South Korea HVAC Historical Market: Breakup by End Use (USD Billion), 2018-2023
8.    South Korea HVAC Market Forecast: Breakup by End Use (USD Billion), 2024-2032
9.    Major Exporting Countries by Value
10.    Major Importing Countries by Value
11.    Major Exporting Countries by Volume
12.    Major Importing Countries by Volume
13.    South Korea HVAC Market Structure

Key Questions Answered in the Report

In 2023, the market reached an approximate value of USD 2.92 billion.

The market is estimated to grow at a CAGR of 6.10% between 2024 and 2032.

The market is estimated to witness a healthy growth during 2024-2032 to reach around USD 5.01 billion by 2032.

The market is being driven due to rapid urbanisation, an increase in infrastructure development, and favourable government regulations.

The key trends aiding the market include the development of smart HVAC systems and rising popularity of ductless HVAC systems.

Based on equipment, market segmentations include heating, ventilation, and cooling.

Different end-uses are residential, commercial, and industrial, among others.

The major players in the market are LG Corp., Robert Bosch GmbH, Hitachi Ltd., Samsung Electronics Co. Ltd., Haier Smart Home Co. Ltd., Mitsubishi Electric Corporation, Panasonic Holdings Corp., Daikin Industries Ltd., Johnson Controls International Plc, and Trane Technologies Plc, among others.

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