Market Forecast by Countries (China, India, Japan, Australia, Indonesia, Philippines, Thailand, Malaysia, Singapore, Rest of Asia), By Heating Equipment (Heating Pumps, Furnaces, Boilers, Space heaters, Unitary heaters, Others), By Cooling Equipments (Cooling Towers, Chillers, Coolers, Air conditioners, Others), By General Components (Condensers, Compressors, Radiators, Sensors, Transducers, Others), By End-User Industries (Residential, Commercial, Healthcare Industry, Educational and government institutions, Others) And Competitive Landscape
| Product Code: ETC056874 | Publication Date: May 2021 | Updated Date: Sep 2025 | Product Type: Market Research Report | |
| Publisher: 6Wresearch | No. of Pages: 200 | No. of Figures: 90 | No. of Tables: 30 | |
According to 6Wresearch internal database and industry insights, the Asia Pacific Refrigeration and Heating Equipment Market was valued at USD 78.7 billion in 2024 and is projected to reach USD 148.4 billion by 2031, indicating a compound annual growth rate (CAGR) of 9.3% during the forecast period (2025-2031).
| Report Name | Asia Pacific Refrigeration and Heating Equipment Market | 
| Forecast Period | 2025-2031 | 
| CAGR | 9.3% | 
| Market Size | USD 148.4 billion by 2031 | 
| Growing Sector | Commercial and Residential | 
The Asia Pacific Refrigeration and Heating Equipment Market report thoroughly covers the market by heating equipment, cooling equipment, general components, end-user industries, and countries. The market report provides an unbiased and detailed analysis of the ongoing market trends, opportunities/high growth areas, and market drivers which would help stakeholders to devise and align their market strategies according to the current and future market dynamics.
Asia Pacific Refrigeration and Heating Equipment Market is projected to gain traction over the years on account of rising demand for energy-efficient systems and green building solutions. In addition, rapid industrialization, urban expansion, and the widespread adoption of smart climate control systems are bolstering the Asia Pacific Refrigeration and Heating Equipment Market Growth. In addition to this, the growing middle-class population with higher purchasing power is boosting demand for air conditioners, chillers, and advanced heating solutions across the region.
Asia Pacific Refrigeration and Heating Equipment Market is projected to expand at significant pace, recording a CAGR of 9.3% during 2025-2031. Several factors are bolstering this expansion which includes government energy-efficiency initiatives, the transition toward renewable-powered heating solutions, and heavy investment in commercial real estate development. Additionally, the Asia Pacific region is witnessing substantial demand for refrigeration in the healthcare Industry, food preservation, and cold-chain logistics, strengthening the Asia Pacific Refrigeration and Heating Equipment Market opportunities for leading players.
On the contrary, the Asia Pacific Refrigeration and Heating Equipment Market is expected to deter by a few challenges such as high initial installation costs, dependence on imported advanced components, and fluctuating raw material prices. Limited awareness about energy-efficient heating solutions in rural areas and the lack of standardized regulatory frameworks across emerging economies also restrict Asia Pacific Refrigeration and Heating Equipment Market Share. In addition, rising energy consumption and power supply shortages in some countries act as barriers for large-scale adoption.
Asia Pacific Refrigeration and Heating Equipment Industry is experiencing key trends such as the integration of IoT-enabled HVAC systems, growing adoption of inverter-based compressors, and development of low-GWP refrigerants. Smart building automation and AI-driven climate monitoring are becoming mainstream across commercial and healthcare facilities. In addition, eco-friendly district cooling systems and hybrid heating solutions are gaining traction as governments push for carbon-neutral infrastructure. Several leading companies are also focusing on modular and compact equipment designs suitable for high-density urban environments.
Asia Pacific Refrigeration and Heating Equipment Industry is expected to proliferate in the coming years due to investment opportunities in sustainable heating pumps, cold storage infrastructure, and solar-powered HVAC systems. Strategic partnerships between global manufacturers and local distributors are creating expansion opportunities in mid-tier cities. Moreover, government-backed programs such as India’s “Energy Efficiency Financing Platform” and China’s “Dual Carbon Goals” provide further avenues for Industry Growth.
Asia Pacific Refrigeration and Heating Equipment Market is dominated by multinational and regional companies focusing on energy-efficient products, technological integration, and long-term service contracts. Leading players include Daikin Industries, Mitsubishi Electric, Haier, Panasonic, Carrier, and LG Electronics. In addition, regional companies in China and India are expanding aggressively with cost-effective product portfolios, while global players strengthen their share through acquisitions and joint ventures.
In the Asia Pacific Refrigeration and Heating Equipment Market, the governments are implementing strict energy and safety regulations to improve efficiency standards. For example, Japan’s Top Runner Program sets benchmarks for high-efficiency HVAC products, while China’s Energy Efficiency Standards for Air Conditioners (GB21455-2019) mandate lower power consumption. In India, the Bureau of Energy Efficiency (BEE) enforces star labeling on refrigerators and air conditioners to improve consumer awareness. Australia has introduced Minimum Energy Performance Standards (MEPS) to ensure product compliance with sustainability norms.
Asia Pacific Refrigeration and Heating Equipment Market is projected to continue its strong growth trajectory, supported by smart city initiatives, AI-powered predictive climate systems, and the use of renewable energy sources for heating and cooling applications. Drone-enabled remote monitoring of HVAC units and blockchain-based energy efficiency tracking are expected to reshape future Industry operations. The rising demand for healthcare cold storage, combined with the growing adoption of plant-based and frozen food items, will further expand refrigeration requirements.
The report offers a comprehensive study of the following market segments and their leading categories:
China is expected to dominate the market due to its massive industrial base, government-backed energy efficiency regulations, and strong manufacturing ecosystem. The country’s rapid urbanization and expansion of healthcare cold storage facilities further boost Asia Pacific Refrigeration and Heating Equipment Market Growth.
According to Vasudha, Senior Research Analyst, 6Wresearch, among heating equipment, heating pumps dominate Market Share due to their dual capability of heating and cooling, making them highly suitable for residential and commercial applications. The push for electrification and decarbonization across Asia Pacific countries has accelerated the adoption of heat pumps, especially in China, Japan, and South Korea.
Air conditioners hold the largest Market Share under cooling equipment, owing to rising temperatures, urban density, and expanding middle-class households in the region. Consumers prefer inverter ACs with IoT integration for energy savings and personalized climate control. The surge in commercial real estate, corporate offices, and educational institutions has further amplified air conditioner demand, making it the most dominant segment.
Compressors dominate the general components segment as they serve as the backbone of both heating and cooling systems. With increasing demand for high-performance and energy-efficient HVAC systems, manufacturers are investing heavily in developing smart, variable-speed compressors.
The commercial sector dominates Market Revenue due to large-scale adoption of HVAC and refrigeration systems in malls, offices, hotels, and hospitals. Rapid urbanization and expansion of service-based industries in Asia Pacific have made commercial applications the largest contributor to industry size.
The market report covers the following segments:
| 1 Executive Summary | 
| 2 Introduction | 
| 2.1 Key Highlights of the Report | 
| 2.2 Report Description | 
| 2.3 Market Scope & Segmentation | 
| 2.4 Research Methodology | 
| 2.5 Assumptions | 
| 3 Asia Pacific Refrigeration and Heating Equipment Market Overview | 
| 3.1 Asia Pacific Regional Macro Economic Indicators | 
| 3.2 Asia Pacific Refrigeration and Heating Equipment Market Revenues & Volume, 2021 & 2031F | 
| 3.3 Asia Pacific Refrigeration and Heating Equipment Market - Industry Life Cycle | 
| 3.4 Asia Pacific Refrigeration and Heating Equipment Market - Porter's Five Forces | 
| 3.5 Asia Pacific Refrigeration and Heating Equipment Market Revenues & Volume Share, By Countries, 2021 & 2031F | 
| 3.6 Asia Pacific Refrigeration and Heating Equipment Market Revenues & Volume Share, By Heating equipment, 2021 & 2031F | 
| 3.7 Asia Pacific Refrigeration and Heating Equipment Market Revenues & Volume Share, By Cooling Equipments, 2021 & 2031F | 
| 3.8 Asia Pacific Refrigeration and Heating Equipment Market Revenues & Volume Share, By General Components, 2021 & 2031F | 
| 3.9 Asia Pacific Refrigeration and Heating Equipment Market Revenues & Volume Share, By End-User Industries, 2021 & 2031F | 
| 4 Asia Pacific Refrigeration and Heating Equipment Market Dynamics | 
| 4.1 Impact Analysis | 
| 4.2 Market Drivers | 
| 4.3 Market Restraints | 
| 5 Asia Pacific Refrigeration and Heating Equipment Market Trends | 
| 6 Asia Pacific Refrigeration and Heating Equipment Market, 2021 - 2031 | 
| 6.1 Asia Pacific Refrigeration and Heating Equipment Market, Revenues & Volume, By Heating equipment, 2021 - 2031 | 
| 6.2 Asia Pacific Refrigeration and Heating Equipment Market, Revenues & Volume, By Cooling Equipments, 2021 - 2031 | 
| 6.3 Asia Pacific Refrigeration and Heating Equipment Market, Revenues & Volume, By General Components, 2021 - 2031 | 
| 6.4 Asia Pacific Refrigeration and Heating Equipment Market, Revenues & Volume, By End-User Industries, 2021 - 2031 | 
| 7 China Refrigeration and Heating Equipment Market, 2021 - 2031 | 
| 7.1 China Refrigeration and Heating Equipment Market, Revenues & Volume, By Heating equipment, 2021 - 2031 | 
| 7.2 China Refrigeration and Heating Equipment Market, Revenues & Volume, By Cooling Equipments, 2021 - 2031 | 
| 7.3 China Refrigeration and Heating Equipment Market, Revenues & Volume, By General Components, 2021 - 2031 | 
| 7.4 China Refrigeration and Heating Equipment Market, Revenues & Volume, By End-User Industries, 2021 - 2031 | 
| 8 India Refrigeration and Heating Equipment Market, 2021 - 2031 | 
| 8.1 India Refrigeration and Heating Equipment Market, Revenues & Volume, By Heating equipment, 2021 - 2031 | 
| 8.2 India Refrigeration and Heating Equipment Market, Revenues & Volume, By Cooling Equipments, 2021 - 2031 | 
| 8.3 India Refrigeration and Heating Equipment Market, Revenues & Volume, By General Components, 2021 - 2031 | 
| 8.4 India Refrigeration and Heating Equipment Market, Revenues & Volume, By End-User Industries, 2021 - 2031 | 
| 9 Japan Refrigeration and Heating Equipment Market, 2021 - 2031 | 
| 9.1 Japan Refrigeration and Heating Equipment Market, Revenues & Volume, By Heating equipment, 2021 - 2031 | 
| 9.2 Japan Refrigeration and Heating Equipment Market, Revenues & Volume, By Cooling Equipments, 2021 - 2031 | 
| 9.3 Japan Refrigeration and Heating Equipment Market, Revenues & Volume, By General Components, 2021 - 2031 | 
| 9.4 Japan Refrigeration and Heating Equipment Market, Revenues & Volume, By End-User Industries, 2021 - 2031 | 
| 10 Australia Refrigeration and Heating Equipment Market, 2021 - 2031 | 
| 10.1 Australia Refrigeration and Heating Equipment Market, Revenues & Volume, By Heating equipment, 2021 - 2031 | 
| 10.2 Australia Refrigeration and Heating Equipment Market, Revenues & Volume, By Cooling Equipments, 2021 - 2031 | 
| 10.3 Australia Refrigeration and Heating Equipment Market, Revenues & Volume, By General Components, 2021 - 2031 | 
| 10.4 Australia Refrigeration and Heating Equipment Market, Revenues & Volume, By End-User Industries, 2021 - 2031 | 
| 11 Indonesia Refrigeration and Heating Equipment Market, 2021 - 2031 | 
| 11.1 Indonesia Refrigeration and Heating Equipment Market, Revenues & Volume, By Heating equipment, 2021 - 2031 | 
| 11.2 Indonesia Refrigeration and Heating Equipment Market, Revenues & Volume, By Cooling Equipments, 2021 - 2031 | 
| 11.3 Indonesia Refrigeration and Heating Equipment Market, Revenues & Volume, By General Components, 2021 - 2031 | 
| 11.4 Indonesia Refrigeration and Heating Equipment Market, Revenues & Volume, By End-User Industries, 2021 - 2031 | 
| 12 Philippines Refrigeration and Heating Equipment Market, 2021 - 2031 | 
| 12.1 Philippines Refrigeration and Heating Equipment Market, Revenues & Volume, By Heating equipment, 2021 - 2031 | 
| 12.2 Philippines Refrigeration and Heating Equipment Market, Revenues & Volume, By Cooling Equipments, 2021 - 2031 | 
| 12.3 Philippines Refrigeration and Heating Equipment Market, Revenues & Volume, By General Components, 2021 - 2031 | 
| 12.4 Philippines Refrigeration and Heating Equipment Market, Revenues & Volume, By End-User Industries, 2021 - 2031 | 
| 13 Thailand Refrigeration and Heating Equipment Market, 2021 - 2031 | 
| 13.1 Thailand Refrigeration and Heating Equipment Market, Revenues & Volume, By Heating equipment, 2021 - 2031 | 
| 13.2 Thailand Refrigeration and Heating Equipment Market, Revenues & Volume, By Cooling Equipments, 2021 - 2031 | 
| 13.3 Thailand Refrigeration and Heating Equipment Market, Revenues & Volume, By General Components, 2021 - 2031 | 
| 13.4 Thailand Refrigeration and Heating Equipment Market, Revenues & Volume, By End-User Industries, 2021 - 2031 | 
| 14 Malaysia Refrigeration and Heating Equipment Market, 2021 - 2031 | 
| 14.1 Malaysia Refrigeration and Heating Equipment Market, Revenues & Volume, By Heating equipment, 2021 - 2031 | 
| 14.2 Malaysia Refrigeration and Heating Equipment Market, Revenues & Volume, By Cooling Equipments, 2021 - 2031 | 
| 14.3 Malaysia Refrigeration and Heating Equipment Market, Revenues & Volume, By General Components, 2021 - 2031 | 
| 14.4 Malaysia Refrigeration and Heating Equipment Market, Revenues & Volume, By End-User Industries, 2021 - 2031 | 
| 15 Singapore Refrigeration and Heating Equipment Market, 2021 - 2031 | 
| 16 Rest of Asia Refrigeration and Heating Equipment Market, 2021 - 2031 | 
| 16.1 Rest of Asia Refrigeration and Heating Equipment Market, Revenues & Volume, By Heating equipment, 2021 - 2031 | 
| 16.2 Rest of Asia Refrigeration and Heating Equipment Market, Revenues & Volume, By Cooling Equipments, 2021 - 2031 | 
| 16.3 Rest of Asia Refrigeration and Heating Equipment Market, Revenues & Volume, By General Components, 2021 - 2031 | 
| 16.4 Rest of Asia Refrigeration and Heating Equipment Market, Revenues & Volume, By End-User Industries, 2021 - 2031 | 
| 17 Asia Pacific Refrigeration and Heating Equipment Market Key Performance Indicators | 
| 18 Asia Pacific Refrigeration and Heating Equipment Market - Opportunity Assessment | 
| 18.1 Asia Pacific Refrigeration and Heating Equipment Market Opportunity Assessment, By Countries, 2021 & 2031F | 
| 18.2 Asia Pacific Refrigeration and Heating Equipment Market Opportunity Assessment, By Heating equipment, 2021 & 2031F | 
| 18.3 Asia Pacific Refrigeration and Heating Equipment Market Opportunity Assessment, By Cooling Equipments, 2021 & 2031F | 
| 18.4 Asia Pacific Refrigeration and Heating Equipment Market Opportunity Assessment, By General Components, 2021 & 2031F | 
| 18.5 Asia Pacific Refrigeration and Heating Equipment Market Opportunity Assessment, By End-User Industries, 2021 & 2031F | 
| 19 Asia Pacific Refrigeration and Heating Equipment Market - Competitive Landscape | 
| 19.1 Asia Pacific Refrigeration and Heating Equipment Market Revenue Share, By Companies, 2024 | 
| 19.2 Asia Pacific Refrigeration and Heating Equipment Market Competitive Benchmarking, By Operating and Technical Parameters | 
| 20 Company Profiles | 
| 21 Recommendations | 
| 22 Disclaimer |