South Korea HVAC Market Insight
Published: 26 June 2026 | Report Format: Electronic (PDF) | Author: Aditi and Govind
The HVAC market in South Korea is expected to develop at compound annual growth rate (CAGR) of approximately 10.03% between 2025 and 2035 because to factors such as infrastructure expansion.
South Korea HVAC Market Insights Forecasts to 2035
- The South Korea HVAC Market Size Was Estimated USD 10.04 Billion in 2025
- The Market Size is Expected to Grow at a CAGR of around 10.03% from 2025 to 2035
- The South Korea HVAC Market Size is Expected to rise around USD 26.12 Billion by 2035
Notable Insights for the South Korea HVAC Market
- Based on component segmentation, HVAC equipment accounts for over 67% of the South Korean HVAC market, while HVAC services are growing at the quickest rate nearly 9.51% CAGR driven by lifecycle optimization, maintenance, and retrofits.
- Based on equipment type segmentation, the South Korean HVAC market is characterized by significant cooling demand via VRF, chillers, and air conditioners, heating equipment headed by heat pumps, and ventilation systems including AHUs, air purification, fans, and filtration.
- Urban renewal projects funded by the Korea Housing and Urban Guarantee can reach KRW 8 trillion over a number of years, indirectly increasing HVAC demand through extensive rebuilding, retrofits, and energy-efficient system upgrades across the country.
- With programs worth about KRW 38 billion, South Korea's MOTIE promotes HVAC efficiency. It reimburses up to 40% of equipment costs and caps subsidies at KRW 1.5 million per installation
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Why Buy This Report
- By providing thorough insights into South Korea's HVAC market, including growth drivers, trends, and projections through 2035, it aids in strategic investment decisions.
- In order to pinpoint high-growth regions in South Korea's HVAC market, it offers comprehensive segmentation analysis across components, end users, and installation methods.
- It examines the effects of changes in regulations, such as the Kigali Amendment's phase-down of high-GWP refrigerants and Zero Energy Building (ZEB) requirements.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the South Korea HVAC Market, along with a comparative evaluation primarily based on their product of offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.
Top Companies in South Korea HVAC Market
- Samsung Electronics
- LG Electronics
- Carrier Korea
- Daikin Korea
- Johnson Controls-Hitachi Air Conditioning
- Midea Group
- Trane Technologies
- Gree Electric Appliances
- Fujitsu General
- Panasonic Corporation
Recent Developments:
- In April 2025, worked with regional construction companies to implement intelligent HVAC systems in significant infrastructure and mixed-use projects throughout major Korean cities.
- In March 2025, introduced cutting-edge AI-driven VRF HVAC systems with energy efficiency and smart controls for commercial buildings in South Korea.
Market Segmentation:
South Korea HVAC Market, By Equipment Type
- Heating Equipment.
- Cooling Equipment
- Ventilation Equipment
South Korea HVAC Market, By End-User
- Residential
- Industrial
South Korea HVAC Market, By Installation Type
- New Construction
- Retrofit
Expert Views:
The demand for HVAC systems in South Korea is expected to increase due to the government’s energy efficiency policies, ZEB rules, and the increasing demand for air conditioning of AI data centers. The use of government subsidies for purchasing energy-efficient systems and renovation of old buildings together with the Kigali Amendment, which promotes the use of low global warming potential refrigerants, will revolutionize the industry.
Author: Aditi and Govind By Decisions Advisors and Consulting