According to BlueWeave Consulting, the Global HVAC Market stood at USD 145 billion in 2018 and is projected to reach USD 183 billion by 2025, with a CAGR of 3.2%. Rising infrastructure and construction activities, along with the focus on adopting energy-efficient HVAC systems is anticipated to increase the demand for HVAC across the globe in the coming years. Moisture regulation is essential for both building and personal health. High moisture can cause mold and decay growth, and a lesser amount makes discomfort and temperature loss. HVAC system offers moisture regulation as a part of the system’s process, make sure that an optimum moisture level is regulated and dependable.
Technological trends are driving the market growth, such as movement-activated Air Conditioning, Thermally Driven Air Conditioning, On-Demand Hot Water Re-circulator, Ice-Powered Air Conditioning. Other trends like Dual-Fuel Heat Pumps, Sensor-Enhanced Ventilation, Geothermal Heat Pumps, Smart Homes, 3-D Printed Air Conditioners, and Harnessing Heat from a Computer are also pushing up the market.
Rising R&D expenditures and activities by the leading players are impacting the growth of the market positively. Additionally, more proficient heating and air conditioning units offer more air circulation options and moving air throughout the surroundings than ever before. The usage of fans and air strainers will expand the air quality of atmospheres while also producing a more common temperature. Since the technology used to build HVAC systems has enhanced together with better manufacturing resources, these systems are now durable and energy-efficient.
Browse Detailed Analysis with TOC, "Global HVAC Market, by HVAC Type (Heating [Furnaces, Heat Pumps, Boilers], Ventilation [Humidifiers/Dehumidifiers, Air Cleaners, Ventilation Fans], Cooling [Ducted Split/Packaged Unit, Split Units, Chillers]), by End-User (Commercial, Industrial and Residential), By Regions (North America, Europe, Asia Pacific, Middle East & Africa and Latin America); Trend Analysis, Competitive Market Share & Forecast, 2015-2025"
Among Type, the Cooling segment is the fastest growing market and expected to showcase a substantial growth rate over the forecast period.
Increasing temperature and changing climate across the globe are accelerating the demand for cooling systems. High efficient systems help to reduce the power bills and provide a high level of comfort. The increasing number of connected home devices equipped with wireless technology is expected to boost cooling systems across the globe.
The Commercial category was leading the market and anticipated to grow at a significant CAGR over the forecast period among End-User.
The commercial is the leading end-user segment, mainly driven by the increasing number of workstations and buildings and emerging hospitality sector worldwide. Enduring industrialization and growing income levels in evolving nations and the sizeable connected base of HVAC systems in developed countries, which creates stable replacement demand favoring the market’s growth.
Asia-Pacific is the dominating region and estimated to project momentous growth in the coming years.
Increasing customer demand for comfort cooling and government incentives encouraging energy-efficient HVAC systems to decrease greenhouse gas emissions is accelerating the HVAC market’s growth in the region. High installation and maintenance expenditure coupled with complications of retrofit HVAC connections may hamper the market growth. Though, many leading manufacturers are capitalizing in R&D to progress cost- and energy-efficient units, which will boost the product demand.
The major players in the global HVAC market include Johnson Controls International PLC, Daikin Industries Ltd, Gree Electric Appliances, Samsung Electronics Co. Ltd, Lennox International Inc., LG Electronics Inc, Danfoss, Carrier Corporation, Mitsubishi Electric Corporation, Haier, Other Prominent Players.