“HVAC system market is expected to grow at a significant CAGR between 2018 and 2023”
The HVAC system market was valued at USD 181.00 billion in 2018 and is expected to reach USD 251.60 billion by 2023, at a CAGR of 6.80% between 2018 and 2023. Major factors driving the growth of the HVAC system market include increasing demand for HVAC systems for reducing energy consumption, extreme weather conditions, government tax credit and rebate programs, and growing demand for HVAC systems to upgrade old systems. However, complexities in HVAC retrofit pose a challenge to the players in the market.
“Market for VRF systems of cooling equipment is expected to grow at the highest CAGR between 2018 and 2023”
The VRF systems of cooling equipment is expected to grow at the highest CAGR between 2018 and 2023. VRF systems are known for their high-energy performance, which improves the energy efficiency in residential and commercial buildings. VRF systems can save up to 40% energy as compared to the traditional air conditioning systems. It consist of a network of zones, and these zones are heated and cooled only when they are in use. The system is thus designed to provide exactly the amount of cooling needed for the current conditions.
“Market for air purifiers of ventilation equipment is expected to grow at the highest CAGR between 2018 and 2023”
The demand for air purifiers is growing because of the degrading air quality. Furthermore, people are more exposed to a high risk of contracting respiratory and other cardiovascular diseases because of rising air pollution. The increase in the number of health issues regarding air contamination among people is expected to drive the demand for air purifiers globally.
“APAC to hold the largest share of the global HVAC system market during the forecast period”
APAC is expected to hold the largest share of the HVAC system market between 2018 and 2023. The growing urbanization and increasing population led to the increase in residential and commercial constructional activities. Also, due to change in climatic conditions, the adoption of HVAC systems has increased in APAC. The fast-growing economy and rapid industrialization in China have resulted in disastrous effects on the atmosphere, and thus the focus of the Government of China has shifted on reducing pollution and using energy-efficient technologies and devices. According to research by the Health Effects Institute (US), air pollution in China resulted in the death of more than 1.1 million people in 2015. Thus, the country has strict norms with regard to energy efficiency and green buildings. The strict regulations result in the use of high-quality and advanced HVAC equipment, resulting in the growth of the HVAC industry in China
Breakdown of the profiles of primary participants for the report has been given below:
- By Company Type: Tier 1 = 51%, Tier 2 = 28%, and Tier 3 = 21%
- By Designation: C-Level Executives = 38%, Directors = 43%, and Others = 19%
- By Region: North America = 38%, Europe= 29%, APAC = 27%, and RoW = 6%
Key players operating in the HVAC system market are Daikin (Japan), United Technologies (US), Johnson Controls (US), Ingersoll-Rand (Ireland), LG Electronics (South Korea), Electrolux (Sweden), Emerson (US), Honeywell (US), Lennox (US), and Nortek (US)
The research report analyzes the HVAC system market on the basis of heating equipment, ventilation equipment, cooling equipment, implementation type, application, and geography. Based on heating equipment, the HVAC system market has been classified into heat pumps, furnaces, boilers, and unitary heaters. The market has been segmented on the basis of ventilation equipment into humidifiers, dehumidifiers, air purifiers, air filters, ventilation fans, and air handling units. Based on cooling equipment, the market has been segmented into room air conditioners, unitary air conditioners, chillers, coolers, cooling towers, and VRF systems. Based on implementation type, the market has been segmented into new construction and retrofit. Based on application, the HVAC system market has been classified into residential, commercial and industrial. The report covers the market segmented into 4 major regions?North America, Europe, APAC, and RoW.
Key Benefits of Buying the Report:
Illustrative segmentation, analysis, and forecast of the market based on heating equipment, ventilation equipment, cooling equipment, implementation type, application, and geography have been conducted to give an overall view of the HVAC system market.
Major drivers, restraints, opportunities, and challenges pertaining to the HVAC system market have been detailed in this report.
The report includes a detailed competitive landscape, along with the profiles of key market players.