China HVAC Field Device Market Size

China HVAC Field Device Market Analysis

The China HVAC Field Device Market size is estimated at USD 5.24 billion in 2024, and is expected to reach USD 8.11 billion by 2029, growing at a CAGR of 9.10% during the forecast period (2024-2029).

Heating, ventilation, and air conditioning (HVAC) systems are finding widespread adoption across China due to the multiple advantages offered by HVAC systems, most notably the power-saving techniques.

• Rising disposable income, growing concern for CO2 emissions, and high consumption of heating and cooling systems are some of the major factors driving the studied market's growth in China. According to the Organization for Economic Cooperation and Development (OECD) models, China may witness a seven-fold increase in income per capita by 2060.
• In addition, according to the National Bureau of Statistics of China, the average disposable income per capita for residents in China was 36,883 yuan, a nominal increase of 5.0% compared to the previous year and an absolute increase of 2.9% after adjusting for inflation in 2022.
• Furthermore, an increase in new households, rising average construction spending, and rapid urbanization across several major economies. According to BP plc, China is a significant consumer of primary energy globally, using some 157.65 exajoules recently. This is far more than what the United States consumed, which ranks second.
• The growth in construction activities, along with the rise in disposable income, increased the availability of HVAC field devices for a broader consumer base in the country. For instance, according to the National Bureau of Statistics of China, the output value of construction in China from 2011 to 2022 indicated a progressive growth in the industry. In 2022, the construction output value in China peaked at around CNY 31.2 trillion.
• The high initial cost of HVAC field instruments can be challenging for their demand because it may deter some customers from buying or upgrading their systems. This is especially true for homeowners or small business owners who may have limited budgets and be unable to afford the upfront charges of a new system.
• Moreover, the pandemic significantly influenced the HVAC industry. System demand observed a significant drop during the initial months, owing to lockdown restrictions and businesses refraining from investing in new equipment. However, the market was expected to grow in the forecasted period due to the rapidly increasing commercial, residential, and industrial construction projects across the country.