Key HVAC system market players such as Daikin (Japan), United Technologies (US), Johnson Controls (US), Ingersoll-Rand (Ireland), and LG Electronics (South Korea) have adopted strategies such as product launches and developments, expansions, acquisitions, agreements, contracts, collaborations, and partnerships to gain a competitive edge in the HVAC system market and expand their distribution networks.
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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 growth of 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.
Key Target Audience
- Government and research organizations
- HVAC component manufacturers
- HVAC contractors
- HVAC system providers
- Maintenance and service providers
- Original equipment manufacturers
- Research organizations and consulting companies
- System integrators
- Technology investors
Heat pumps are expected to hold largest share of HVAC system market for heating equipment.
The acceptance for heat pumps is increasing owing to their evolving capabilities; these capabilities include performing both space-cooling and -heating functions along with the ability to heat water. Furthermore, heat pumps have higher efficiency than many other cooling or space-heating units, which is expected to increase the demand for the same.
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APAC is expected to hold largest share of HVAC system market between 2018 and 2023. Growing urbanization and increasing population led to increase in residential and commercial constructional activities.
Also, due to change in climatic conditions, 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.
1 Attractive Growth Opportunities in the HVAC System Market
2 HVAC System Market, By Equipment Type
3 HVAC System Market, By Application
4 HVAC System Market, By Implementation Type
5 HVAC System Market in APAC, By Cooling Equipment & Country
6 HVAC System Market, By Geography
Research report analyzes HVAC system market on basis of heating equipment, ventilation equipment, cooling equipment, implementation type, application, and geography. Based on heating equipment, HVAC system market has been classified into heat pumps, furnaces, boilers, and unitary heaters.
Market has been segmented on the basis of ventilation equipment into humidifiers, dehumidifiers, air purifiers, air filters, ventilation fans, and air handling units.
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The HVAC system market for commercial application is expected to grow at the highest CAGR between 2018 and 2023. HVAC systems are widely used in commercial buildings, which include healthcare, education, government, office, airport, and retail.
This factor is positively driving the HVAC system market for commercial buildings.
HVAC systems consume the highest energy in commercial places around 30% of the energy at a business place. Replacing a traditional HVAC system with an advanced and energy-efficient one can help save a lot of energy.
Key Benefits of Getting 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.
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