South Korea HVAC Market Size, Share, and COVID-19 Impact Analysis, By Implementation Type (New Constructions and Retrofit), By Equipment (Heating, Ventilation, and Cooling), and South Korea HVAC Market Insights, Industry Trend, Forecasts to 2035

South Korea HVAC Market Insights Forecasts to 2035

• The South Korea HVAC Market Size was Estimated at USD 5.40 Billion in 2024
• The Market Size is Expected to Grow at a CAGR of around 7.35% from 2025 to 2035
• The South Korea HVAC Market Size is Expected to Reach USD 11.78 Billion by 2035

According to a Research Report Published by Spherical Insights & Consulting, the South Korea HVAC Market Size is Anticipated to Reach USD 11.78 Billion by 2035, Growing at a CAGR of 7.35% from 2025 to 2035. Trends in urbanization and building are important drivers of the HVAC industry's growth. There is a growing need for HVAC installations in a variety of buildings, including residential, commercial, and industrial establishments like factories, office buildings, shopping malls, and apartment buildings, as urban populations grow.

Market Overview

The HVAC market in South Korea is the sector that includes heating, ventilation, and air conditioning (HVAC) systems that control indoor temperatures in residential, business, and industrial buildings. Additionally, The HVAC industry has a significant market opportunity due to the convergence of Internet of Things (IoT) technology. Increased energy efficiency, predictive maintenance, and remote-control features are made possible by the integration of IoT technology. HVAC systems can be remotely monitored and adjusted, energy consumption can be optimized, and maintenance issues can be proactively addressed before they become more serious by integrating IoT devices and sensors. Moreover, since they provide better performance and greater efficiency, technological developments like inverter-driven compressors and smart HVAC systems are anticipated to grow in the South Korean market. Motion-activated HVAC systems, for instance, use motion sensors to recognize when a person enters a room and automatically turn the air conditioners on or off, saving more energy.

Report Coverage

This research report categorizes the market for the South Korea HVAC market based on various segments and regions and forecasts revenue growth and analyses trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the South Korea HVAC market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the South Korea HVAC market.

Driving Factors

Since the growing health concerns associated with poor air quality, there is also a greater emphasis on installing high-end HVAC systems that offer ventilation and air filtration capabilities. The market is also boosted by middle-class consumers' growing purchasing power and the growing need for comfortable living spaces in homes and businesses.

Restraining Factors

Modern HVAC retrofitting of older buildings can be costly and technically difficult, especially in crowded cities with deteriorating infrastructure.

Market Segmentation

The South Korea HVAC market share is classified into implementation type and equipment.

• The retrofits segment held a significant share in 2024 and is expected to grow at a significant CAGR during the forecast period.

The South Korea HVAC market is segmented by implementation type into new constructions and retrofits. Among these, the retrofits segment held a significant share in 2024 and is expected to grow at a significant CAGR during the forecast period. Government subsidies, energy-efficiency regulations, and the rapid modernization of aging infrastructure are the main drivers of this dominance.

• The cooling segment held a significant share in 2024 and is expected to grow at a significant CAGR during the forecast period.

The South Korea HVAC market is segmented by equipment into heating, ventilation and cooling. Among these, the cooling segment held a significant share in 2024 and is expected to grow at a significant CAGR during the forecast period. driven by the growing need for air conditioning in both commercial and residential settings. South Korea's hot summers, rising urbanization, and rising demand for energy-efficient cooling technologies all contribute to this dominance.

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 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.

List of Key Companies

• Daikin Industries Ltd.
• LG Electronics Inc
• Samsung Electronics Co. Ltd.
• Carrier Global Corp.
• Johnson Controls International PLC
• Others

Recent Developments:

• In May 2025, Samsung Electronics announced that it had signed an agreement to acquire all shares of FläktGroup, a leading global HVAC solutions provider, for €1.5 billion from European investment firm Triton. With the global applied HVAC market experiencing rapid growth, the acquisition reinforced Samsung’s commitment to expanding and strengthening its HVAC business.

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting and Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Market Segment

This study forecasts revenue at South Korea, regional, and country levels from 2020 to 2035. Spherical Insights has segmented the South Korea HVAC Market based on the below-mentioned segments:

South Korea HVAC Market, By Implementation Type

• New Constructions
• Retrofit

South Korea HVAC Market, By Equipment

• Heating
• Ventilation
• Cooling