The 2023 HVAC system market research report analyzes on the basis of heating equipment, ventilation equipment, cooling equipment, implementation type, application, and geography.HVAC System Market 2023 is Market Overview, Trends and Forecast till 2023 report added on RnRMarketresearch.com. 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.
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).
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.
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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.
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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
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