Heating & Cooling - Singapore | Statista Market Forecast

In Singapore, the revenue in the Heating & Cooling market is projected to reach US$25.30m in 2024.
According to forecasts, the market is expected to witness an annual growth rate of 2.76% (CAGR 2024-2029).
When compared globally, United States generates the highest revenue in this market segment, amounting to a staggering US$126bn in 2024.
In terms of per capita figures, the revenue generated in Singapore is estimated to be US$4.18 per person in 2024.
Singapore is experiencing a growing demand for energy-efficient air conditioning systems due to the country's hot and humid climate.

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 Heating & Cooling market within the DIY & Hardware Store Market in Singapore has seen a slow growth rate, influenced by factors such as fluctuating consumer demand, increased competition, and economic uncertainties. Despite this, the market is expected to maintain its stability due to the convenience and cost-effectiveness of DIY products and the growing trend of home improvement projects.

Customer preferences: Growing awareness among consumers about the importance of energy efficiency and sustainability has led to a rise in demand for eco-friendly home cooling and heating solutions. This has resulted in an increase in sales of energy-efficient air conditioning and heating systems at DIY and hardware stores in Singapore. Additionally, with the rise in urbanization and smaller living spaces, there is a growing preference for smart, space-saving heating and cooling solutions. This shift towards eco-friendly and smart heating and cooling options is a reflection of Singapore's focus on promoting sustainable living and its tech-savvy population.

Trends in the market: In Singapore, the Heating & Cooling market within the DIY & Hardware Store Market is seeing a surge in demand for smart home technology. This trend is driven by the increasing adoption of Internet of Things (IoT) devices, which allow for remote monitoring and control of home temperature. Additionally, there is a growing trend of energy efficiency, with consumers opting for more eco-friendly and cost-effective heating and cooling solutions. These trends are significant as they cater to the needs of an increasingly technologically savvy and environmentally conscious consumer base. Industry stakeholders must adapt to these trends by offering a wide range of smart and energy-efficient products and services to stay competitive in the market.

Local special circumstances: In Singapore, the Heating & Cooling Market within the DIY & Hardware Store Market is highly influenced by the country's hot and humid climate. This factor has led to a high demand for air conditioning units and cooling solutions in both residential and commercial spaces. Additionally, Singapore's strict regulations on energy efficiency have also played a significant role in shaping the market. As a result, there is a growing trend of eco-friendly and energy-efficient cooling solutions, driving the growth of the market. The country's multicultural society also leads to diverse preferences for heating and cooling products, creating a competitive market with a wide range of options.

Underlying macroeconomic factors: The Heating & Cooling Market within the DIY & Hardware Store Market in Singapore is heavily influenced by macroeconomic factors such as the overall economic health of the country and global economic trends. Strong economic growth and steady consumer spending in Singapore have led to a booming market for home improvement and renovation products, including heating and cooling systems. Additionally, government initiatives and fiscal policies aimed at promoting sustainability and energy efficiency have also provided a boost to the market. The demand for heating and cooling products is also driven by the increasing focus on smart home technologies and the need for efficient home management systems. Overall, the stable economic conditions and favorable regulatory climate in Singapore have created a conducive environment for the growth of the Heating & Cooling Market within 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.