A heating, ventilation and cooling (HVAC) system is a critical component of a home's or building's climate control system. As the name suggests, it's designed to both heat and cool an indoor space. In this report, you'll learn more about the HVAC systems market and where it's headed.
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A functional heating, ventilation and cooling (HVAC) system is something that many people take for granted. It's not until a homeowner's or business owner's HVAC system stops working when he or she realizes its importance. During the summer, a nonfunctional HVAC system can lead to uncomfortably hot -- potentially even dangerously hot -- indoor temperatures. During the summer, a nonfunctional HVAC system can create a bone-chilling environment that's equally uncomfortable for occupants.
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Thankfully, an HVAC system can solve these problems by creating a comfortable indoor climate. Whether used inside a home or business, it regulates the temperature to create a safe, comfortable climate. How does an HVAC system work exactly? There are different types of HVAC systems, but they generally consist of a few basic components, including a heating unit, an air conditioning unit and a ventilation unit. For heating, HVAC systems typically use either a furnace or boiler. For the air conditioning unit, HVAC systems typically use either a central air conditioning unit or one or more window air conditioning units.
Window air conditioning units, of course, are characterized by their window-mounted design. They are installed directly in a window where a small unit blows cool air into the surrounding space. Central air conditioning units, on the other hand, are designed to blow cool air throughout the entire home or building. Central air conditioning units are more effective than their window counterparts, but not surprisingly, they also cost more.
The Global Heating, Ventilation & Air Conditioning (HVAC) Market Report: Insights, Trends and Forecast (2019-2023) report ReportsnReports is a comprehensive study of the global HVAC systems market. In this report, you'll learn more about current and future prospective scenarios associated with the global HVAC systems market.
According to the report, the global HVAC systems market is expected to grow at a compound annual growth rate (CAGR) of approximately 6.72% from 2018 to 2023, at which point it will reach an estimated $201.4 billion. Several factors are fueling the market's growth, some of which include a higher global population, new construction projects, higher annual mean temperature and escalating e-commerce retail sales. For these reasons and others, the global HVAC systems market is expected to grow at a rapid pace through the forecast period.
Some of the key HVAC vendors profiled in this report include Daikin Industries, Ltd., United Technologies Corporation (Carrier), Ingersoll-Rand Plc (Trane), Johnson Controls International Plc (York), Lennox International Inc. and Honeywell International Inc.). Each vendor is scrutinized to provide an in-depth analysis of their respective operations.