Asia-Pacific Marine HVAC Market to Portray $1,284.6 Million by 2031 at 5.5% CAGR: Allied Market Research
Allied Market Research
6 min read
Allied Market Research
Rise in seaborne trade activities, increase in demand for shipbuilding, rise in offshore oil and gas exploration, and stringent environmental regulations to drive the growth of the Asia-Pacific marine HVAC market.
Wilmington, Delaware, Nov. 15, 2023 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, “Asia-Pacific Marine HVAC Market by Vessel Type (Passenger, Cargo, Fishing, Others), by Capacity (Less Than 20RT, 20-90RT, Above 90RT), By Technology Type (Marine Ventilation System, Marine Air Conditioning, Marine Heating System, Marine Refrigeration System): Opportunity Analysis and Industry Forecast, 2022-2031”. According to the report, the Asia-Pacific marine HVAC market size generated $764.3 million in 2021, and is anticipated to generate $1,284.6 million by 2031, witnessing a CAGR of 5.5% from 2022 to 2031.
Prime determinants of growth Factors such as Rise in seaborne trade activities, an increase in demand for shipbuilding, rise in offshore oil and gas exploration, and stringent environmental regulations to drive the growth of the Asia-Pacific marine HVAC market. However, high initial investment costs and high maintenance costs are anticipated to hinder market growth. On the other hand, the development of energy-efficient HVAC systems and growth in maritime tourism provides a remarkable growth opportunity for the market players operating in the market.
Report Coverage & Details:
Report Coverage
Details
Forecast Period
2022–2031
Base Year
2021
Market Size in 2021
$764.3 million
Market Size in 2031
$1,284.6 million
CAGR
5.5 %
No. of Pages in Report
209
Segments covered
Vessel Type, Capacity, and Technology Type.
Drivers
Rise in seaborne trade activities
Increase in demand for shipbuilding
Rise in offshore oil and gas exploration
Stringent environment regulation
Opportunities
Development of energy-efficient HVAC systems
Growth in maritime tourism
Restraints
High initial investment
High maintenance cost
COVID-19 Pandemic Impact
The COVID-19 pandemic resulted in disruptions in supply chains, reduced demand for marine vessels, and led to delays or cancellations of new ship construction projects. Travel restrictions and physical distancing measures impacted the maintenance and repair of existing marine HVAC systems.
The impact of the pandemic slowed the global economy, resulting in reduced trade and shipping activity in the region. For instance, according to Australian Competition & Consumer Commission reports, in November 2021, The COVID-19 pandemic destabilized the global container freight supply chain and delayed shipments and increased freight rates, leading to major disruptions and delays for container trade in Australia. Therefore, this resulted in declining orders for new vessels, impacting demand for marine HVAC systems.
However, post-pandemic, there is growth in the tourism and cruise industry in different countries of the region. There is also a surge in the resumption of international cruise ship activities. For instance, in December 2022, International cruise ship operations resumed in Japan after an almost three-year suspension due to the coronavirus pandemic.
Cargo segment to maintain its leadership status throughout the forecast period.
Based on vessel type, the cargo segment held the highest market share in 2021, accounting for more than three-fourths of the Asia-Pacific marine HVAC market revenue and is estimated to maintain its leadership status throughout the forecast period. HVAC systems are crucial for regulating the temperature and humidity levels inside the cargo and maintaining the quality and condition of the cargo during transportation. However, the passenger segment is projected to manifest the highest CAGR of 6.6% from 2022 to 2031, owing to increasing demand for maintaining a comfortable and secure atmosphere for the passengers and crew.
The Above 90RT segment to maintain its leadership status throughout the forecast period
Based on capacity, the above 90RT segment held the highest market share in 2021, accounting for nearly half of the Asia-Pacific marine HVAC market revenue and is estimated to maintain its leadership status throughout the forecast period. However, the less than 20RT segment is expected to witness the fastest CAGR of 6.8% from 2022 to 2031. Marine HVAC systems with a cooling capacity of less than 20 RT are typically used in smaller vessels and ships where the cooling requirements are relatively low, the increasing penetration of supply vessels, tugboats and barges, fishing vessels, research vessels, patrol boats and coast guard vessels, and small passenger ferries, stimulating market growth.
The marine ventilation system segment to maintain its lead position during the forecast period
Based on technology, the marine ventilation system accounted for the largest share in 2021, contributing to nearly one-third of the Asia-Pacific marine HVAC market revenue, and is estimated to maintain its leadership status throughout the forecast period as Ventilation systems are increasingly being installed for the ventilation and air conditioning of the various interior areas to ensure passenger comfort and comfortable working conditions for the crew. However, the Marine Refrigeration Systems is expected to portray the highest CAGR of 7.0% from 2022 to 2031. This is owing to the rise in refrigerated cargo and increased demand for refrigerated food for crew and passengers.
The report provides a detailed analysis of these key players of the Asia-Pacific marine HVAC market. These players have adopted different strategies such as partnership, acquisition, expansion, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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