Heating & Cooling - Bhutan | Statista Market Forecast

In the year 2024, the revenue generated in the Heating & Cooling market in Bhutan amounts to US$2.75m.
It is projected that this market segment will experience an annual growth rate of 7.62%, compounded annually, from 2024 to 2029.
When compared to other countries globally, United States generates the highest revenue in this market segment, amounting to US$126bn in 2024.
In terms of per capita revenue, in Bhutan generates US$3.47 per person in 2024.
Bhutan's focus on sustainability and renewable energy has driven a growing demand for eco-friendly heating and cooling solutions.

Definition:

In the segment of Heating & Cooling, the focus lies on various heating and cooling systems which can be found inside buildings. Included in this segment regarding cooling are mainly air conditioners and cooling supplies.

Additional Information:

The market consists of revenue and average revenue per capita data. Per capita figures take into account the whole population. This market includes only B2C (business to consumer) sales. B2B (business to business) sales (e. g., hardware for coffee shops, offices, etc.) are excluded. For more information on the displayed data, click the info button on the right hand side of each box.

Air conditioners & coolers
Heating systems & heaters
Stoves, fireplaces & chimneys
Heating & cooling supplies

Air treatment devices (purifier, humidifier, etc.)
Ventilators
Solar systems for heating support

The DIY & Hardware Store Market in Bhutan is experiencing subdued growth, influenced by factors such as limited consumer awareness and low adoption of digital technologies. Despite this, convenience and increasing health awareness are driving some growth in the Heating & Cooling Market.

Customer preferences: With the rise of environmental awareness, consumers in Bhutan are increasingly looking for energy-efficient solutions in the Heating & Cooling Market within the DIY & Hardware Store Market. This has led to a growing demand for eco-friendly heating and cooling systems, such as solar-powered air conditioners and geothermal systems. Additionally, with the country's emphasis on Gross National Happiness, there is a growing trend towards natural and sustainable materials for home renovations and improvements, influencing purchasing decisions in the DIY & Hardware Store Market.

Trends in the market: In Bhutan, there is a growing demand for energy-efficient heating and cooling solutions in the DIY and hardware store market. With rising awareness about sustainability and the need to reduce energy costs, consumers are increasingly turning towards products such as solar-powered heaters and air conditioners. This trend is expected to continue in the coming years, as the country aims to become carbon neutral by 2030. For industry stakeholders, this presents opportunities to expand their product portfolios and cater to the changing needs of consumers. However, they will also need to keep up with technological advancements and invest in R&D to stay competitive in the market.

Local special circumstances: In Bhutan, the Heating & Cooling Market within the DIY & Hardware Store Market is heavily influenced by the country's mountainous terrain and cool climate. This creates a demand for heating solutions, such as electric blankets and space heaters, as well as cooling options, such as fans and air conditioner units. Bhutan also has a strong cultural emphasis on local traditional building methods, which can influence the types of heating and cooling products sold in DIY and hardware stores. Additionally, government regulations on energy efficiency play a significant role in shaping the market and driving the demand for more environmentally-friendly heating and cooling options.

Underlying macroeconomic factors: The Heating & Cooling Market within the DIY & Hardware Store Market in Bhutan is affected by macroeconomic factors such as the country's economic growth and fiscal policies. With its small and open economy, Bhutan is heavily influenced by global economic trends and trade relationships. Additionally, increasing government initiatives towards sustainable development and energy conservation are driving the demand for more energy-efficient heating and cooling solutions, making the market more attractive for international investments. Moreover, the rise in disposable income and the growing construction and housing sector in Bhutan are also fueling the demand for heating and cooling systems in the DIY & Hardware Store Market.

Data coverage:

Data encompasses B2C enterprises. Figures are segmented by product type and consist of the following: Paint, Wallpaper & Supplies, Tools & Machines, Hardware and Building Materials, Lawn & Garden, Heating & Cooling, Bathroom Hardware, and Floor Covering.

Modeling approach / Market size:

Market sizes are determined by a top-down approach, based on a specific rationale for each market segment. As a basis for evaluating markets, we use national statistical offices, international institutions, in-house market research, and resources from the Statista platform. Next we use relevant key market indicators and data from country-specific associations such as product value, import value, and export value to determine domestic supply. This data helps us to estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, exponential trend smoothing. The main drivers are turnover indices, GDP per capita, and consumer spending per capita.

Additional Notes:

The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.

This report presents a comprehensive analysis and additional information on the Consumer market, in a PDF format.

The heating, ventilation, and air conditioning (HVAC) technology provides environmental comfort through thermal manipulation (heating and air conditioning) and acceptable indoor air quality (ventilation). Sometimes refrigeration is also included in the field as HVACR. The HVAC industry is largely fueled by regional regulations and differences: Asia was said to have one of the largest HVAC market sizes, with a larger demand for air conditioners than in other regions. Meanwhile, Italy was one of the European countries with the biggest heat pump markets in 2020. Due to these differences between countries, there is little to no comparative information on this competitive market. In the United States alone, for example, a certain level of fragmentation can be observed, as the number of employees in the plumbing and HVAC industry varied widely from state to state.