일본의 HVAC : 시장 점유율 분석, 산업 동향과 통계, 성장 예측(2024-2029년)

The Japan HVAC Market size is estimated at USD 17.41 billion in 2024, and is expected to reach USD 22.75 billion by 2029, growing at a CAGR of 5.49% during the forecast period (2024-2029).

Key Highlights

• HVAC plays an essential role in various settings, including residential buildings like apartments, single-family homes, hotels, and senior living facilities, as well as in medium-to-large industrial and office structures such as hospitals. HVAC systems help create safe and healthy environments by controlling temperature and humidity and incorporating fresh outdoor air.
• Japan's HVAC market growth is primarily fueled by swift industrialization and urbanization. The surge in industrial, commercial, and residential building construction is leading to a substantial demand for the HVAC market.
• In Japan, a significant number of individuals have relocated from rural to urban areas, resulting in increased investments in housing, commercial construction, and industrial infrastructure. The need to install new HVAC equipment in newly constructed buildings further propels the market growth.
• Japan has been witnessing a demand for liquid cooling systems for applications such as data centers. The increasing expansion of data centers in the country will further drive the demand for HVAC equipment and services. For instance, in January 2024, Amazon Web Services Inc. plans to invest USD 15.24 billion in Japan by 2027 to enhance its local data center network. The expansion of infrastructure is expected to contribute approximately USD 38 billion to Japan's gross domestic product, as stated by the Amazon.com Inc. subsidiary.
• The HVAC services market has seen a notable challenge in the form of a labor shortage. Nevertheless, despite these obstacles, the market has thrived thanks to the proactive measures taken by manufacturers and other service providers.
• The HVAC market in Japan is fragmented, with a large number of players occupying a small market share. Vendors operating in the industry are focusing on new product development, strategic partnership, acquisition, and expansion to meet the rising customer demand, further supporting the market growth.
• For instance, in June 2024, Carrier Corporation announced the launch of a new service-based model for comfort and energy solutions. Carrier's cooling-as-a-service offering enables customers to secure extended performance and consistent payments instead of facing an initial capital expense for system or equipment acquisitions. This innovative financial approach empowers customers to concentrate on their primary operations, leveraging Carrier's comprehensive expertise to ensure comfort and operational effectiveness.
• Additionally, the rising pollution levels in Japan are driving the nation to enhance its emphasis on eco-friendly buildings, potentially opening up numerous opportunities for businesses to invest and grow in the Japanese HVAC market.
• The HVAC market in Japan is highly affected by macroeconomic factors such as government regulations and new initiatives to boost the adoption of energy-efficient equipment. For instance, Japan aims to cut its greenhouse gas emissions by 46% by 2030, steadfastly committed to achieving an even more ambitious 50% reduction.

Japan HVAC Market Trends

HVAC Equipment Holds Significant Market Share

• The increasing need for better indoor and outdoor air quality is a major factor fueling the expansion of HVAC equipment in Japan. Growing recognition of the crucial role of air quality encourages homeowners and business owners to purchase HVAC systems that can effectively filter and purify indoor air and minimize outdoor emissions.
• Ventilation systems, such as air handling units (AHUs), are frequently utilized in spacious establishments that numerous individuals, such as shopping centers, frequently access. These establishments are required to adhere to strict regulations concerning air quality and CO2 levels. By introducing outside air into the rooms, air handling units can effectively decrease the necessity for multiple blower fans typically used in large facilities.
• Heat pumps are essential HVAC equipment that moves heat from a colder area to a hotter area through a refrigeration cycle. This results in cooling the colder area and warming the hotter area. During colder temperatures, a heat pump is able to draw heat from the external environment to warm a home, whereas during hotter temperatures, it can expel heat from the house to the outdoors. Heat pumps are considered more energy-efficient than alternative heating or cooling systems for residential use, considering the capability of heat pumps to transfer heat rather than produce it.
• The Japan Member Country Report also focused on the advancement of heat pumps in Japan, highlighting the latest legislation targeting 2050 net zero. The government is actively promoting the use of heat pumps by setting specific targets for industrial HPs (IHP) and commercial and household heat pump water heaters (HPWH) as crucial technologies for decarbonization.
• Although the air conditioners (AC) market will witness growth in residential room ACs, there is a pressing need for accelerated deployment of industrial HPs and HPWHs to effectively achieve the outlined goals. Thus, the growing construction activities in the country will propel the adoption of HVAC equipment. According to MLIT (Japan), in 2023, Japan initiated approximately 9,580 office construction projects, the total floor area of which remained consistent with the previous year.

Residential Segment Holds Significant Market Share

• The rise in rural populations moving to urban centers has resulted in a surge in the development of residential structures. Consequently, there has been a direct impact on the need for HVAC equipment, as these buildings necessitate effective cooling and air quality management systems to cater to the expanding urban populace.
• According to MLIT Japan, in 2023, approximately 819.6 thousand housing units were initiated in Japan. Residential construction investment by the private sector was forecasted to increase to JPY 17.4 trillion in fiscal year 2023. Similarly, in Japan, construction began on approximately 366.8 thousand detached houses in 2023.
• The demand for air conditioning and ventilation systems in Japan's residential sector is increasing. AC and ventilation systems play a crucial role in preserving indoor air quality using filtration and ventilation. The rising levels of air pollution and the spread of viruses drive the need for more advanced HVAC systems to deliver improved air quality.
• Regular maintenance and repairs of the HVAC equipment in the residential industry guarantee peak performance of HVAC systems, thus increasing demand for HVAC services in the country. One key benefit of routine HVAC upkeep and repairs is the capacity to enhance the system's effectiveness. In the absence of proper maintenance, the system could encounter operational challenges, leading to heightened energy usage and greater expenses over time. With the growing demand for efficient practices in the residential sector, the requirement for HVAC services will also grow.
• The players in the country are focusing on expanding their presence to capture a significant market share, further supporting the market growth. For instance, in August 2023, Daikin Industries Ltd announced that it would purchase land in Tsukubamirai City, Ibaraki Prefecture, Japan, to create a new manufacturing facility for air conditioners. This strategic move will enhance the company's local production capabilities and support its goal of expanding its presence in the Japanese market.

Japan HVAC Industry Overview

The Japanese HVAC market is fragmented and consists of several players. Companies continuously try to increase their market presence by introducing new products, expanding their operations, or entering strategic mergers and acquisitions, partnerships, and collaborations. Some of the major players include Carrier Corporation, Daikin Industries Ltd, Mitsubishi Electric Corporation, Hitachi Ltd, Panasonic Corporation, and many more.

• May 2024: Daikin Industries Ltd and Miura Co. Ltd, an industrial boiler manufacturer, revealed their plans to establish a capital and business alliance. This collaboration aims to offer comprehensive solution proposals encompassing heating, ventilation, air conditioning, steam boilers, and water treatment systems for factories throughout Japan.
• May 2024: Carrier Corporation introduced the Carrier AquaEdge 19DV centrifugal chiller series in Japan, expanding its HVAC solutions for large-scale facilities. This new series, AquaEdge 19DV, will be a valuable addition to the popular Universal Smart X series of modular chillers in Japan. The AquaEdge 19DV series is designed to meet the demands of commercial customers in Japan, providing a cutting-edge and reliable system that guarantees both efficiency and comfort.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

TABLE OF CONTENTS

1 INTRODUCTION

• 1.1 Study Assumptions and Market Definition
• 1.2 Scope of the Study

2 RESEARCH METHODOLOGY

3 EXECUTIVE SUMMARY

4 MARKET INSIGHTS

• 4.1 Market Overview
• 4.2 Industry Attractiveness - Porter's Five Forces Analysis
  • 4.2.1 Bargaining Power of Suppliers
  • 4.2.2 Bargaining Power of Consumers
  • 4.2.3 Threat of New Entrants
  • 4.2.4 Threat of Substitute Products
  • 4.2.5 Intensity of Competitive Rivalry
• 4.3 Industry Value Chain Analysis
• 4.4 Impact of COVID-19 Aftereffects and Other Macroeconomic Factors on the Market

5 MARKET DYNAMICS

• 5.1 Market Drivers
  • 5.1.1 Supportive Government Regulations Including Incentives for Saving Energy through Tax Credit Programs
  • 5.1.2 Increasing Demand For Energy Efficient Devices
  • 5.1.3 Increased Construction And Retrofit Activity To Aid Demand
• 5.2 Market Challenges
  • 5.2.1 High Initial Cost of Energy Efficient Systems

6 MARKET SEGMENTATION

• 6.1 By Type of Component
  • 6.1.1 HVAC Equipment
    • 6.1.1.1 Heating Equipment
    • 6.1.1.2 Air Conditioning /Ventilation Equipment
  • 6.1.2 HVAC Services
• 6.2 By End-user Industry
  • 6.2.1 Residential
  • 6.2.2 Commercial
  • 6.2.3 Industrial

7 COMPETITIVE LANDSCAPE

• 7.1 Company Profiles
  • 7.1.1 Johnson Controls International PLC
  • 7.1.2 Carrier Corporation
  • 7.1.3 Robert Bosch GmbH
  • 7.1.4 Daikin Industries Ltd
  • 7.1.5 Midea Group Co. Ltd
  • 7.1.6 System Air AB
  • 7.1.7 LG Electronics Inc.
  • 7.1.8 Mitsubishi Electric Corporation
  • 7.1.9 Danfoss A/S
  • 7.1.10 Lennox International Inc.
  • 7.1.11 Hitachi Ltd
  • 7.1.12 Panasonic Corporation

8 INVESTMENT ANALYSIS

9 FUTURE OF THE MARKET