Singapore HVAC Systems Market by Equipment (Cooling Equipment, Heating Equipment, and Ventilation), by Implementation Type (New Construction, and Retrofit), By End User (Residential, Commercial, and Industrial) – Global Opportunity Analysis and Industry Forecast, 2024– 2030
Industry: Construction & Manufacturing | Publish Date: 25-Jun-2025 | No of Pages: 152 | No. of Tables: 117 | No. of Figures: 62 | Format: PDF | Report Code : CM1993
Market Definition
The Singapore HVAC System Market size was valued at USD 904.1 million in 2023, and is predicted to reach USD 1620.2 million by 2030, at a CAGR of 8.1% 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.
Surge in Electric Vehicle Demand Accelerates Aluminium Market Growth in Vietnam
Vietnam is experiencing rapid growth in the electric vehicle (EV) sector, driven by rising environmental awareness, government incentives, and the emergence of domestic manufacturers such as VinFast. This trend is significantly boosting demand for lightweight and durable materials like aluminium, which are essential for improving energy efficiency and vehicle performance.
According to the International Energy Agency, over 14 million new electric vehicles were registered globally in 2023, and Vietnam is following this global trajectory. The increased adoption of EVs is amplifying the utilization of aluminium in critical vehicle components such as battery enclosures, body frames, and heat exchangers, thanks to its corrosion resistance and strength-to-weight ratio. As a result, the aluminium market in Vietnam is witnessing substantial growth, aligned with the country’s transition toward cleaner mobility solutions.
Booming Construction Industry Fuels Aluminium Demand in Vietnam
Vietnam’s construction sector is expanding rapidly, driven by strong urbanization trends, infrastructure modernization, and increased foreign direct investment in real estate and industrial zones. Aluminium is a preferred material in this industry due to its strength, versatility, and lightweight nature, making it ideal for use in windows, doors, facades, roofing, and structural frameworks.
A report by McKinsey indicates that the global construction output reached USD 13 trillion in 2023, and Vietnam is one of the fastest-growing contributors in Southeast Asia. The country's emphasis on sustainable and energy-efficient building practices is further boosting the adoption of aluminium-based solutions. This rising infrastructure development across residential, commercial, and industrial projects is a key driver for the aluminium market growth in Vietnam.
Expansion of the Processed Food Industry Boosts Aluminium Market Growth in Vietnam
Vietnam's rapidly growing processed food industry is significantly contributing to the rising demand for high-quality, reliable packaging materials—particularly aluminium. With its superior barrier properties against light, moisture, and contaminants, aluminium ensures longer shelf life and preserves the nutritional quality and flavor of packaged foods. This makes it a preferred material for packaging ready-to-eat meals, snacks, beverages, and frozen foods.
The shift in Vietnamese consumer lifestyles—driven by urbanization, rising disposable income, and a growing appetite for convenience—has led to a surge in demand for processed and packaged food products. According to Vietnam’s Ministry of Industry and Trade, the food processing industry is one of the fastest-growing sectors, with processed food exports increasing steadily over the past five years.
As local and international food manufacturers ramp up production to meet domestic and export demand, the need for sustainable and effective packaging solutions is intensifying. This trend is expected to propel the aluminium market forward, as producers prioritize packaging that ensures food safety, freshness, and environmental compliance.
Environmental and Regulatory Constraints Hamper Vietnam Aluminium Market Growth
The growth of Vietnam's aluminium market is increasingly constrained by stringent environmental and regulatory policies. The EU's forthcoming Carbon Border Adjustment Mechanism (CBAM) poses a significant challenge to Vietnamese aluminium exporters by imposing carbon tariffs, compelling local producers to adopt cleaner technologies. Domestically, the implementation of Extended Producer Responsibility (EPR) regulations in 2024 mandates aluminium manufacturers to manage recycling and waste, increasing compliance costs. Additionally, Vietnam's national air quality initiatives require costly emission control upgrades. These factors, combined with market overcapacity, create financial and operational pressures. While these constraints limit growth, they are also pushing the industry toward more sustainable practices, such as recycling and renewable energy adoption.
Sustainable Packaging Demand Fuels Growth In Vietnam's Aluminium Market
Vietnam’s aluminium market is witnessing significant growth, driven by the rising demand for sustainable packaging solutions. With the government aiming for a 90% metal recycling rate by 2025 and increasing consumer preference for eco-friendly products—57.4% willing to pay more for sustainable options—aluminium’s recyclability positions it as a key material in packaging, especially for food and beverages. As the country’s packaging industry grows at an annual rate of 15–20%, aluminium offers a lucrative opportunity for businesses seeking to align with Vietnam’s environmental goals and capitalize on shifting market dynamics.
Competitive Landscape
The market players operating in the Singapore HVAC System market include Midea Group Co Ltd., Honeywell International Inc., Gree Electric Appliances Inc., Johnson Controls International Plc., Panasonic Holdings Corporation, Daikin Industries Ltd., Carrier Singapore Corporation, LG Electronics Inc, Trane Technologies Plc., Samsung Electronics Co., Ltd.,Watts, Mitsubishi Electric Corporation, TOSHIBA CORPORATION, AIREDALE INTERNATIONAL AIR CONDITIONING LTD., Electrolux, and others.
Singapore HVAC System Market Key Segments
By Equipment
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Cooling Equipment
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Unitary Air Conditioners
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Variable Refrigerant Flow Systems (VRF)
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Chillers
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Room Air Conditioners
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Coolers
-
Cooling Towers
-
-
Heating Equipment
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Heat Pumps
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Furnaces
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Unitary Heaters
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Boilers
-
-
Ventilation
-
Air-handling Units (AHUs)
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Air Filtration Systems
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Ventilation Fans
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HRVs & ERVs
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Air Purification Systems
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Others
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By Implementation Type
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New Construction
-
Retrofit
By End User
-
Residential
-
Commercial
-
Industrial
Key Players
-
Midea Group Co Ltd.
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Honeywell International Inc.
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Gree Electric Appliances Inc.
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Johnson Controls International Plc.
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Panasonic Holdings Corporation
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Daikin Industries Ltd.
-
Carrier Singapore Corporation
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LG Electronics Inc
-
Trane Technologies Plc.
-
Samsung Electronics Co., Ltd.
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Watts
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Mitsubishi Electric Corporation
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Toshiba Corporation
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Airedale International Air Conditioning Ltd.
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Electrolux
REPORT SCOPE AND SEGMENTATION:
|
Parameters |
Details |
|
Market Size in 2023 |
USD 904.1 Million |
|
Revenue Forecast in 2030 |
USD 1620.2 Million |
|
Growth Rate |
CAGR of 8.1% from 2024 to 2030 |
|
Analysis Period |
2023–2030 |
|
Base Year Considered |
2023 |
|
Forecast Period |
2024–2030 |
|
Market Size Estimation |
Million (USD) |
|
Growth Factors |
|
|
Companies Profiled |
15 |
|
Market Share |
Available for 20 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. |
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