Indonesia Textile Giant to Lay Off Workers as Lenders Deny Deal
By and Norman Harsono
Updated on
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Indonesian textile giant PT Sri Rejeki Isman will lay off thousands of workers as it prepares to shutter operations after failing to reach agreement with creditors.
Creditors of Sritex, as the garment maker is known, turned down a going concern request during a court-supervised meeting in Semarang, Central Java province, on Friday, the company said in a statement. They agreed to form a committee to settle the bankrupt company's assets, it added.
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Indonesia HVAC systems market demonstrates strong maturity through established distribution networks, local manufacturing capabilities, and regulatory frameworks, while untapped residential segments, secondary city expansion, and energy efficiency transitions present substantial growth opportunities for manufacturers and investors. Chicago, June 09, 2025 (GLOBE NEWSWIRE) -- The Indonesia HVAC systems market was valued to US$ 5.82 billion in 2024 and is expected to reach 17.56 billion by 2035, growing at a CAGR of 10.69% during the forecast period 2025–2035. The Indonesia HVAC systems market is experiencing a surge in demand in 2024, driven by rapid urbanization across the archipelago. Megacities like Jakarta, Surabaya, and Bandung are expanding, with sprawling high-rises and commercial complexes like Grand Indonesia mall requiring advanced climate control solutions. 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Key Findings in Indonesia HVAC Systems Market Market Forecast (2035) US$ 17.56 billion CAGR 10.69% By Technology Conventional HVAC Systems (79.95%) By Energy Source Electric-Powered HVAC Systems (74.01%) By Installation Type New Installations (57.50%) By Capacity 2-5 Tons (39.92%) By End Use Application Residential (50.26%) By Distribution Channel Offline (79.57%) Top Drivers Residential energy saving regulations mandate adoption of efficient systems Rapid urbanization drives demand for climate control in cities Rising middle class disposable incomes boost home comfort spending Top Trends Solar powered HVAC systems integrate photovoltaic technology for sustainability IoT enabled systems allow businesses to monitor energy consumption Commercial sector adopts Variable Refrigerant Flow systems for efficiency Top Challenges Solar powered HVAC systems integrate photovoltaic technology for sustainability IoT enabled systems allow businesses to monitor energy consumption Commercial sector adopts Variable Refrigerant Flow systems for efficiency Industrial Surge Powering HVAC Adoption Locally In 2024, the Indonesia HVAC systems market is significantly boosted by the nation's industrial growth, particularly in manufacturing hubs like Cikarang and Batam. Industries such as palm oil processing, automotive, and electronics require precise climate control for equipment and worker safety. The Indonesian Ministry of Industry recorded over 2,500 new industrial registrations in early 2024, with many facilities in West Java installing industrial-grade chillers. Local giants like Astra International are investing in tailored HVAC setups to maintain productivity in humid factory environments. This industrial momentum is amplified by foreign investments from countries like Japan, often tied to infrastructure mandates that include modern HVAC systems. The government's 'Making Indonesia 4.0' initiative further encourages smart industrial zones, as seen in the Karawang International Industrial City, where ventilation systems are critical due to year-round heat. Localized challenges, such as frequent power outages in rural industrial areas, drive demand for energy-resilient solutions. 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Ask Before You Buy: About Astute Analytica Astute Analytica is a global market research and advisory firm providing data-driven insights across industries such as technology, healthcare, chemicals, semiconductors, FMCG, and more. We publish multiple reports daily, equipping businesses with the intelligence they need to navigate market trends, emerging opportunities, competitive landscapes, and technological advancements. With a team of experienced business analysts, economists, and industry experts, we deliver accurate, in-depth, and actionable research tailored to meet the strategic needs of our clients. At Astute Analytica, our clients come first, and we are committed to delivering cost-effective, high-value research solutions that drive success in an evolving marketplace. Contact Us:Astute AnalyticaPhone: +1-888 429 6757 (US Toll Free); +91-0120- 4483891 (Rest of the World)For Sales Enquiries: sales@ Follow us on: LinkedIn | Twitter | YouTube CONTACT: Contact Us: Astute Analytica Phone: +1-888 429 6757 (US Toll Free); +91-0120- 4483891 (Rest of the World) For Sales Enquiries: sales@ Website: in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
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Indonesia HVAC systems market demonstrates strong maturity through established distribution networks, local manufacturing capabilities, and regulatory frameworks, while untapped residential segments, secondary city expansion, and energy efficiency transitions present substantial growth opportunities for manufacturers and investors. Chicago, June 09, 2025 (GLOBE NEWSWIRE) -- The Indonesia HVAC systems market was valued to US$ 5.82 billion in 2024 and is expected to reach 17.56 billion by 2035, growing at a CAGR of 10.69% during the forecast period 2025–2035. The Indonesia HVAC systems market is experiencing a surge in demand in 2024, driven by rapid urbanization across the archipelago. Megacities like Jakarta, Surabaya, and Bandung are expanding, with sprawling high-rises and commercial complexes like Grand Indonesia mall requiring advanced climate control solutions. The United Nations projects Indonesia's urban population to exceed 190 million by 2030, with significant growth already evident this year. Projects in emerging urban areas like Bekasi are integrating HVAC systems to cater to modern lifestyle needs, reflecting a deep-rooted demand shaped by local density and heat. Request Sample Pages: Beyond major cities, smaller towns like Depok and Tangerang are seeing a rise in middle-class housing projects, often incorporating split-type air conditioners as standard features. The Indonesian Ministry of Public Works and Housing reported over 500,000 new housing units built in 2023, with a similar trend in 2024, particularly in Java. Developments tied to the new capital, Nusantara, are prioritizing locally adapted HVAC technologies to withstand tropical conditions. This urban expansion, combined with cultural preferences for cooler indoor environments during religious and communal gatherings like Ramadan, underscores a unique market trajectory. The blend of urban growth and local lifestyle needs positions Indonesia as a hotspot for HVAC solutions tailored to its diverse, densely populated regions. Key Findings in Indonesia HVAC Systems Market Market Forecast (2035) US$ 17.56 billion CAGR 10.69% By Technology Conventional HVAC Systems (79.95%) By Energy Source Electric-Powered HVAC Systems (74.01%) By Installation Type New Installations (57.50%) By Capacity 2-5 Tons (39.92%) By End Use Application Residential (50.26%) By Distribution Channel Offline (79.57%) Top Drivers Residential energy saving regulations mandate adoption of efficient systems Rapid urbanization drives demand for climate control in cities Rising middle class disposable incomes boost home comfort spending Top Trends Solar powered HVAC systems integrate photovoltaic technology for sustainability IoT enabled systems allow businesses to monitor energy consumption Commercial sector adopts Variable Refrigerant Flow systems for efficiency Top Challenges Solar powered HVAC systems integrate photovoltaic technology for sustainability IoT enabled systems allow businesses to monitor energy consumption Commercial sector adopts Variable Refrigerant Flow systems for efficiency Industrial Surge Powering HVAC Adoption Locally In 2024, the Indonesia HVAC systems market is significantly boosted by the nation's industrial growth, particularly in manufacturing hubs like Cikarang and Batam. Industries such as palm oil processing, automotive, and electronics require precise climate control for equipment and worker safety. The Indonesian Ministry of Industry recorded over 2,500 new industrial registrations in early 2024, with many facilities in West Java installing industrial-grade chillers. Local giants like Astra International are investing in tailored HVAC setups to maintain productivity in humid factory environments. This industrial momentum is amplified by foreign investments from countries like Japan, often tied to infrastructure mandates that include modern HVAC systems. The government's 'Making Indonesia 4.0' initiative further encourages smart industrial zones, as seen in the Karawang International Industrial City, where ventilation systems are critical due to year-round heat. Localized challenges, such as frequent power outages in rural industrial areas, drive demand for energy-resilient solutions. Additionally, cultural workplace norms emphasizing employee comfort during long hours fuel HVAC adoption. As Indonesia cements its role as a manufacturing powerhouse in ASEAN, the market for specialized cooling systems continues to evolve, reflecting both global trends and distinctly local operational needs. Energy Efficiency Trends Reshaping Local HVAC Needs Energy efficiency is a cornerstone of the Indonesia HVAC systems market in 2024, influenced by rising electricity costs and local sustainability goals. With frequent power tariff adjustments by PLN (Perusahaan Listrik Negara), households and businesses in cities like Medan prioritize inverter-based units to manage expenses. The Indonesian Energy Ministry notes high energy consumption in residential sectors, pushing brands like Sharp to introduce eco-friendly refrigerants suited for local humid conditions. This shift is vital in a nation where cooling is a daily necessity. Moreover, Indonesia's National Energy Policy enforces stricter building codes, particularly in commercial hubs like Jakarta's Sudirman area, where over 300 green building certifications were granted in 2024 by the Green Building Council Indonesia. Local campaigns, often tied to cultural values of resource conservation, amplify public adoption of energy-saving HVAC units. For instance, shopping centers like Plaza Senayan are retrofitting systems to align with these standards, reflecting community-driven sustainability efforts. Government subsidies for energy-efficient appliances during festivals like Idul Fitri further boost uptake. As efficiency becomes a market differentiator, manufacturers are innovating with smart thermostats tailored to Indonesia's tropical climate, ensuring solutions resonate with both policy mandates and the unique energy challenges faced by local consumers. Tech Innovations Transforming HVAC in Indonesian Context The Indonesia HVAC systems market is embracing technological advancements in 2024, with smart and IoT-enabled systems gaining ground among urban Indonesians. Features like app-based controls are popular in tech hubs like Yogyakarta, where young professionals value convenience. The Indonesian Internet Service Providers Association reports over 200 million active internet users in 2024, driving demand for connected HVAC units in cities with high digital penetration. Local retailers are promoting Wi-Fi-enabled models by brands like Toshiba, aligning with Indonesia's digital lifestyle trends. Additionally, Variable Refrigerant Flow (VRF) systems are increasingly adopted in Bali's tourism-driven commercial spaces, where hotels like those in Nusa Dua optimize guest comfort amid fluctuating occupancy. Localized innovations address challenges like frequent dust and humidity, with AI-driven systems adjusting to seasonal monsoon patterns. For example, new office towers in Jakarta's SCBD district are integrating predictive maintenance tech to prevent downtime during peak rainy seasons. This tech wave, combined with cultural openness to modern conveniences, positions Indonesia uniquely in the regional HVAC innovation race. As digitalization intersects with local environmental needs, the market is witnessing a fusion of global advancements and solutions crafted for Indonesia's distinct climate and consumer behaviors. Regulatory Shifts Steering HVAC Standards Locally In 2024, the Indonesia HVAC systems market is shaped by stringent regulations reflecting national environmental and safety priorities. The Ministry of Energy and Mineral Resources aligns with the Kigali Amendment, phasing out high-GWP refrigerants and promoting alternatives like R-32, especially in densely populated Java. Over 50 compliant HVAC models were introduced this year, tailored to local manufacturing capabilities and tropical conditions. This regulatory push is reshaping product lines to meet Indonesia's commitment to global climate goals. Furthermore, building codes enforced by the Ministry of Public Works and Housing mandate energy certifications for structures in urban centers like Surabaya, with around 1,200 buildings audited in 2024. Local policies in Jakarta offer incentives for retrofitting traditional markets like Pasar Baru with sustainable systems, blending cultural preservation with modern standards. These regulations, while challenging for smaller local vendors, encourage innovation, as seen in partnerships with ASEAN counterparts for compliant tech transfers. Community-driven enforcement, often tied to regional governance in Kalimantan, ensures adherence reflects local needs. As regulatory frameworks tighten, they create a market where sustainability and compliance are intertwined, driving HVAC solutions that balance global standards with Indonesia's unique socio-economic and environmental landscape. Tropical Climate Challenges Impacting HVAC Durability The Indonesia HVAC systems market faces distinct hurdles in 2024 due to the country's tropical climate, marked by high humidity and temperatures averaging 28-32°C, per the Indonesian Meteorological Agency. In coastal cities like Semarang, constant heat strains systems, necessitating robust designs for continuous operation. Local power grid stress, especially during dry season peaks in Sumatra, amplifies the need for reliable HVAC units that can handle frequent usage without failure, a critical concern for urban and rural users alike. Moreover, extreme weather events, including heatwaves and monsoons, test system resilience, with over 1,500 monthly repair calls reported in Jakarta alone in 2024. Manufacturers like Samsung are developing corrosion-resistant units for humid regions like Sulawesi, while flooding risks in low-lying areas demand protective designs, as seen in post-flood retrofits in Kalimantan. Culturally, the reliance on cooling during communal events like weddings in open venues adds to wear and tear. Local service providers are adapting by offering monsoon-specific maintenance packages. As climate challenges intensify, the market responds with innovations tailored to Indonesia's environmental realities, ensuring HVAC systems endure the archipelago's unique weather patterns while meeting the cultural and practical needs of its diverse population. Consumer Behaviors Driving Local HVAC Choices Consumer preferences are pivotal in the Indonesia HVAC systems market in 2024, shaped by affordability and trust in local contexts. With over 70 million middle-income individuals, per the Indonesian Central Statistics Agency, cost-effective split units dominate purchases in smaller cities like Palembang. Local brands like Midea cater to budget-conscious buyers in rural Kalimantan, where cultural norms prioritize essential spending over luxury. 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Let Us Know: Emerging Horizons for HVAC Growth in Indonesia The Indonesia HVAC systems market holds promising opportunities in 2024, driven by localized sustainability and smart infrastructure initiatives. The development of Nusantara, the new capital in East Kalimantan, emphasizes renewable integration, with over 200 buildings piloting solar-powered HVAC systems this year. This aligns with cultural values of environmental stewardship often seen in Borneo communities, creating a niche for green technologies. Early adopters stand to gain as Indonesia pursues renewable energy targets tailored to its resource-rich regions. Additionally, smart city projects in Bandung and Makassar, with over 50 initiatives launched in 2024, integrate IoT-enabled HVAC systems into urban planning, reflecting local governance priorities for efficiency. Tourism recovery in Lombok drives hotel upgrades with modern cooling, leveraging cultural hospitality standards to attract visitors. Partnerships between local tech startups and global firms like Carrier are fostering innovations suited for Indonesia's tropical challenges. Community-driven demand for affordable smart solutions, especially in peri-urban areas, further shapes market potential. As these trends converge, the HVAC sector in Indonesia emerges as a landscape of opportunity, blending global advancements with deeply rooted local needs, offering vast potential for stakeholders attuned to the archipelago's unique economic and cultural fabric. Indonesia HVAC Systems Market Key Players: Mitsubishi Electric Corporation Daikin Industries, Ltd. Berca Carrier Indonesia Hitachi Samsung Carrier Global Corporation Johnson Controls LG Electronics Panasonic Corporation PT Trane Indonesia Other Prominent Players Key Segmentation: By System Heating Systems Furnaces Boilers Heat Pumps Others Ventilation Systems Air Handling Units (AHUs) Exhaust Fans Air Filters & Purifier Humidifiers & Dehumidifiers Others Air Conditioning Systems Residential AC Split Systems Wall-mounted Floor-standing Ceiling Cassette Ceiling Concealed AC Multi-split Systems Window AC Commercial AC Packaged Air Conditioners VRV/VRF Systems Unitary Systems Applied Systems (Large-scale) Chillers Air-cooled Water-cooled Air Handling Units (AHU) Fan Coil Units (FCU) Refrigeration & Cold Storage Systems/Equipment Walk-In Coolers and Freezers Cold Rooms & Warehousing Units Display Refrigerators Blast Chillers & Freezers Transport Refrigeration Units Ultra-Low Temperature (ULT) Freezers Others By Technology Conventional HVAC Systems Smart HVAC Systems By Energy Source Electric-Powered HVAC Systems Gas-Powered HVAC Systems Hybrid HVAC Systems (Electric + Gas) Renewable Energy HVAC Systems By Installation New Installations Residential Commercial Retrofits & Replacements Residential Commercial By Capacity <2 Tons 2-5 Tons 5-20 Tons 20-50 Tons 50 Tons By End Use Application Residential Building Type Single-Family Homes Multi-Family Apartments Luxury Homes & Villas Condominiums Income Level Low Income Mid Income High Income Commercial Office Buildings Retail Convenience Stores & Small Shops Supermarkets & Hypermarkets Department Stores Others Shopping Malls Hospitality Industry Hotels Others Healthcare Facilities Educational Institutions Transportation Station Airports Commercial Multi (VRF) Industrial Pharmaceutical Oil & Gas Construction Food Processing Data Centres Warehouses Others By Distribution Channel Online Offline Direct Sales Distributors Retail/Electronics Stores Brand Stores Multi Brand Stores Need More Info? Ask Before You Buy: About Astute Analytica Astute Analytica is a global market research and advisory firm providing data-driven insights across industries such as technology, healthcare, chemicals, semiconductors, FMCG, and more. We publish multiple reports daily, equipping businesses with the intelligence they need to navigate market trends, emerging opportunities, competitive landscapes, and technological advancements. With a team of experienced business analysts, economists, and industry experts, we deliver accurate, in-depth, and actionable research tailored to meet the strategic needs of our clients. At Astute Analytica, our clients come first, and we are committed to delivering cost-effective, high-value research solutions that drive success in an evolving marketplace. Contact Us:Astute AnalyticaPhone: +1-888 429 6757 (US Toll Free); +91-0120- 4483891 (Rest of the World)For Sales Enquiries: sales@ Follow us on: LinkedIn | Twitter | YouTube CONTACT: Contact Us: Astute Analytica Phone: +1-888 429 6757 (US Toll Free); +91-0120- 4483891 (Rest of the World) For Sales Enquiries: sales@ Website: in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
