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|HVACR 2019 introduces and displays a variety of modern machinery to serve the industries|
More than 250 participating companies and brands gathered at the 13th HVACR Vietnam, hailing from countries such as China, Germany, Japan, Korea, Malaysia, Singapore, Taiwan, Thailand, Turkey, UK, USA, and Vietnam.
This year, the expo also has more than 1,600 visitors who have pre-registered for the show, 180 pre-qualified buyers attending the show, and over 600 pre-scheduled meetings lined up.
The expo is a bridge linking suppliers with industry buyers, and a platform where business negotiations and deals are made. Many deals are expected to be made in the years to come, as Vietnam, Southeast Asia, and the world continues to have a voracious appetite for HVACR systems.
According to Navigant Research, the global HVACR systems market is expected to increase to $265.2 billion by 2024. The Southeast Asian HVACR market alone is projected to reach $13.63 billion by 2023.
The growth in the global HVACR market is due to a few factors. The first is the rising temperature due to global warming. Another is the worldwide boom in the construction sector.
Asia’s hot and humid climate, along with strong economic development, has driven the demand for HVACR products, making it one of the strongest HVACR markets in the world. According to a report from TechSci Research, the Vietnamese air-conditioner market is predicted to increase by 14.64 per cent on average annually until 2021.
Because of global warming, governments and societies are calling for the construction of green buildings and energy-efficient HVACR solutions. As a result, HVACR products are now moving towards the integration of new technologies, such as IoT sensors, remote control systems, and hybrid HVACR units. This shift has created new business opportunities for the industry.
Within Vietnam, there are many government-funded infrastructure development projects, expansions in the tourism industry, increases in construction activities in hospitality, and increases in investments in industrial and commercial sectors.
As more and more leading HVACR manufacturers move their operations to Vietnam, the industry is expected to expand tremendously over the coming years with the increase in the construction of new buildings.