Singapore: Hvac Equipment Market 2024

Hvac Equipment Market Size in Singapore

In 2022, the Singaporean HVAC equipment market increased by X% to $X, rising for the second year in a row after two years of decline. The market value increased at an average annual rate of X% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Consumption peaked in 2022 and is expected to retain growth in the near future.

Hvac Equipment Production in Singapore

In value terms, HVAC equipment production declined to $X in 2022 estimated in export price. Overall, production recorded resilient growth. The most prominent rate of growth was recorded in 2016 when the production volume increased by X% against the previous year. Production peaked at $X in 2017; however, from 2018 to 2022, production stood at a somewhat lower figure.

Hvac Equipment Exports

Exports from Singapore

In 2022, shipments abroad of HVAC equipment increased by X% to X units, rising for the second year in a row after three years of decline. Overall, exports saw a buoyant expansion. The most prominent rate of growth was recorded in 2016 when exports increased by X% against the previous year. The exports peaked at X units in 2017; however, from 2018 to 2022, the exports stood at a somewhat lower figure.

In value terms, HVAC equipment exports rose significantly to $X in 2022. The total export value increased at an average annual rate of X% from 2012 to 2022; however, the trend pattern remained consistent, with somewhat noticeable fluctuations in certain years. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

Malaysia (X units), Indonesia (X units) and Qatar (X units) were the main destinations of HVAC equipment exports from Singapore, together comprising X% of total exports.

From 2012 to 2022, the biggest increases were recorded for Qatar (with a CAGR of X%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Japan ($X), Thailand ($X) and Malaysia ($X) were the largest markets for HVAC equipment exported from Singapore worldwide, with a combined X% share of total exports. Indonesia, Bangladesh, the United States, Qatar, China, Vietnam, Hong Kong SAR, India and the Netherlands lagged somewhat behind, together accounting for a further X%.

Qatar, with a CAGR of X%, saw the highest rates of growth with regard to the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average HVAC equipment export price stood at $X per unit in 2022, therefore, remained relatively stable against the previous year. Overall, the export price, however, saw a abrupt setback. The most prominent rate of growth was recorded in 2018 when the average export price increased by X% against the previous year. The export price peaked at $X per unit in 2013; however, from 2014 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Bangladesh ($X per unit), while the average price for exports to Qatar ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Thailand (X%), while the prices for the other major destinations experienced more modest paces of growth.

Hvac Equipment Imports

Imports into Singapore

For the fourth year in a row, Singapore recorded growth in overseas purchases of HVAC equipment, which increased by X% to X units in 2022. Overall, imports posted prominent growth. The growth pace was the most rapid in 2017 when imports increased by X% against the previous year. Imports peaked in 2022 and are likely to see gradual growth in the near future.

In value terms, HVAC equipment imports expanded to $X in 2022. The total import value increased at an average annual rate of X% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2021 with an increase of X%. Imports peaked in 2022 and are likely to see gradual growth in years to come.

Imports by Country

In 2022, China (X units) constituted the largest supplier of HVAC equipment to Singapore, accounting for a X% share of total imports. Moreover, HVAC equipment imports from China exceeded the figures recorded by the second-largest supplier, Hong Kong SAR (X units), fourfold. Thailand (X units) ranked third in terms of total imports with an X% share.

From 2012 to 2022, the average annual growth rate of volume from China totaled X%. The remaining supplying countries recorded the following average annual rates of imports growth: Hong Kong SAR (X% per year) and Thailand (X% per year).

In value terms, Thailand ($X), the United States ($X) and China ($X) constituted the largest HVAC equipment suppliers to Singapore, with a combined X% share of total imports.

In terms of the main suppliers, the United States, with a CAGR of X%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average HVAC equipment import price stood at $X per unit in 2022, which is down by X% against the previous year. In general, the import price recorded a abrupt descent. The most prominent rate of growth was recorded in 2018 when the average import price increased by X% against the previous year. Over the period under review, average import prices reached the maximum at $X per unit in 2015; however, from 2016 to 2022, import prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the United States ($X per unit), while the price for Hong Kong SAR ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Germany (X%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform