The Singapore air conditioners (AC) market size reached approximately USD 80.13 Million in 2024. The market is estimated to grow at a CAGR of 4.90% in the forecast period of 2025-2034, reaching a value of around USD 129.29 Million by 2034.

In 2022, the demand for air conditioning devices in Singapore amounted to approximately *** thousand units, the second lowest number of the past decade. Within the observed period, demand for air conditioning decreased steadily, with the year 2020 recording an exceptional drop from the downward trend to around *** thousand units.

The Asia Pacific Commercial HVAC market, valued at $76.39 billion in 2025, is projected to experience robust growth, driven by burgeoning urbanization, expanding commercial construction activities, and increasing government initiatives promoting energy efficiency. Stringent environmental regulations and a rising focus on sustainability are further propelling market expansion. Key growth segments include HVAC equipment (particularly air conditioning and ventilation systems for energy-efficient buildings), and services encompassing installation, maintenance, and repair. The hospitality, commercial building, and public building sectors are major end-users, showing strong demand for advanced and technologically sophisticated HVAC systems. Competition is fierce, with major players like Daikin, Carrier, Johnson Controls, and Mitsubishi Electric vying for market share through technological innovation, strategic partnerships, and expansion into new markets. Growth in regions like China, India, and Southeast Asia is particularly significant, fueled by rapid economic development and rising disposable incomes. While increasing raw material costs and supply chain disruptions pose challenges, the long-term outlook remains positive, with a projected CAGR of 7.35% from 2025 to 2033. The market's growth trajectory is influenced by several factors. Technological advancements, such as the adoption of smart HVAC systems and IoT-enabled solutions, are enhancing efficiency and reducing operational costs. Furthermore, the increasing adoption of sustainable and eco-friendly refrigerants is driving the shift towards environmentally responsible solutions. However, challenges remain, including the high initial investment costs associated with advanced HVAC systems and the need for skilled technicians for installation and maintenance. Despite these headwinds, the sustained growth in the construction industry and increasing demand for better indoor air quality are anticipated to mitigate these challenges and fuel market expansion throughout the forecast period. The Asia Pacific region, with its diverse economies and expanding infrastructure, is poised to remain a key focal point for global HVAC players seeking growth opportunities. Recent developments include: February 2024: ABB India launched its next-generation compact drive, ACH180, for HVACR (heating, ventilation, air conditioning, and refrigeration) equipment at ACREX 2024. The ACH180 is the latest addition to ABB's HVACR drive portfolio. It allows experts to control its highly efficient motors while using a minimal design for space savings, reduced capital expenditure, and easier installation. ABB’s new drive is designed for commercial buildings such as data centers, hotels, and shopping malls., September 2023: ECM Technologies partnered with Singapore-based AC Wise, an energy-saving company, to distribute ThermaClear, a heating, ventilation, and air conditioning anti-thermal degradation technology to reach the Asian market. Through the partnership, AC Wise will be the exclusive distributor of ThermaClear in the Asia-Pacific region, harnessing its distribution network and industry knowledge to serve key markets, including Hong Kong, Singapore, Vietnam, Taiwan, Philippines, Malaysia, Maldives, and Thailand, with substantial growth opportunities in regions like Indonesia and India.. Key drivers for this market are: Increasing Demand for Energy Efficiency and Sustainable Technology, Increasing Investment Toward Commercial Real-Estate in the Region. Potential restraints include: Increasing Demand for Energy Efficiency and Sustainable Technology, Increasing Investment Toward Commercial Real-Estate in the Region. Notable trends are: Commercial Buildings Segment is Expected to Hold Significant Share.

The Asia-Pacific Commercial HVAC market is experiencing robust growth, projected to reach $76.39 billion in 2025 and maintain a Compound Annual Growth Rate (CAGR) of 7.35% from 2025 to 2033. This expansion is driven by several key factors. Firstly, rapid urbanization and infrastructure development across the region, particularly in countries like China, India, and Southeast Asian nations, are fueling strong demand for commercial buildings, creating a significant market for HVAC systems. Secondly, rising disposable incomes and a growing middle class are increasing the demand for comfortable and energy-efficient commercial spaces, pushing adoption of advanced HVAC technologies. Furthermore, stringent government regulations aimed at improving energy efficiency and reducing carbon emissions are compelling businesses to invest in high-performance HVAC equipment. The hospitality sector, with its constant need for climate control, is a significant driver, followed by the expanding commercial and public building sectors. However, the market faces certain constraints. The initial high investment cost associated with installing sophisticated HVAC systems can be a deterrent for smaller businesses. Moreover, the increasing price of raw materials, particularly metals used in manufacturing, can impact profitability and potentially influence pricing. Fluctuations in energy prices also pose a challenge, impacting operational costs for businesses. Despite these challenges, the long-term outlook remains positive. The market is segmented by component type (HVAC equipment, including heating and air conditioning/ventilation, and HVAC services) and end-user industry (hospitality, commercial buildings, public buildings, and others). Key players like Daikin, Carrier, Johnson Controls, and Mitsubishi Electric are aggressively competing through product innovation, strategic partnerships, and expansion into emerging markets to capitalize on the growth opportunities. The Asia-Pacific region, particularly China, Japan, South Korea, and India, will remain the major contributors to market expansion due to their rapid economic growth and substantial construction activities. This comprehensive report provides an in-depth analysis of the Asia Pacific Commercial HVAC market, encompassing the period from 2019 to 2033. With a base year of 2025 and an estimated year of 2025, this report offers valuable insights into market trends, growth drivers, challenges, and future projections. The study covers key segments including HVAC equipment (heating, air conditioning, and ventilation), HVAC services, and end-user industries like hospitality, commercial buildings, and public buildings. The report also highlights the activities of key players such as Daikin Industries, Carrier Corporation, and Johnson Controls, offering a complete picture of this dynamic market expected to reach XXX million units by 2033. Recent developments include: February 2024: ABB India launched its next-generation compact drive, ACH180, for HVACR (heating, ventilation, air conditioning, and refrigeration) equipment at ACREX 2024. The ACH180 is the latest addition to ABB's HVACR drive portfolio. It allows experts to control its highly efficient motors while using a minimal design for space savings, reduced capital expenditure, and easier installation. ABB’s new drive is designed for commercial buildings such as data centers, hotels, and shopping malls., September 2023: ECM Technologies partnered with Singapore-based AC Wise, an energy-saving company, to distribute ThermaClear, a heating, ventilation, and air conditioning anti-thermal degradation technology to reach the Asian market. Through the partnership, AC Wise will be the exclusive distributor of ThermaClear in the Asia-Pacific region, harnessing its distribution network and industry knowledge to serve key markets, including Hong Kong, Singapore, Vietnam, Taiwan, Philippines, Malaysia, Maldives, and Thailand, with substantial growth opportunities in regions like Indonesia and India.. Key drivers for this market are: Increasing Demand for Energy Efficiency and Sustainable Technology, Increasing Investment Toward Commercial Real-Estate in the Region. Potential restraints include: Increasing Demand for Energy Efficiency and Sustainable Technology, Increasing Investment Toward Commercial Real-Estate in the Region. Notable trends are: Commercial Buildings Segment is Expected to Hold Significant Share.