Global HVAC Systems Market Size, Share, Forecast Report, 2020-2027
The report provides rational insights along with historical and forecast data to aid in better understanding of the Global HVAC Systems Market. The report provides a comprehensive analysis of key factors that are expected to drive the growth of the HVAC Systems market. This study also provides a detailed overview of the opportunities along with the current trends observed in the target market.
The global HVAC systems market size was valued at USD 130.5 billion in 2019 and is projected to register a CAGR of 6.1% from 2020 to 2027. Increasing urbanization and emergence of energy-efficient HVAC systems are the factors driving the market growth. Furthermore, governments across the globe are engaged in promoting the usage of energy-efficient HVAC units by offering incentives and rebate programs. Such programs and initiatives are also anticipated to drive the market growth over the forecast period.
The demand for HVAC equipment is rapidly increasing owing to growing spending in the construction sector and rising disposable incomes across major economies. Another major factor contributing to the high demand for HVAC equipment across the globe is climate change. Due to rising temperature and unpredictable climatic conditions, several customers consider HVAC equipment as a beneficial investment. Furthermore, rising customer inclination toward comfort has increased the demand for HVAC systems.
Technologies such as Internet of Things (IoT), automated control systems, and remote control access are transforming HVAC equipment. Automated control systems detect the surrounding climate and automatically control the temperature and fan speed to offer optimum comfort. Remote control access allows users to operate connected systems through mobile applications with the help of internet. IoT-enabled HVAC units can be connected to the internet and can provide real-time information about the condition of the systems to users and manufacturers, helping them anticipate defects and reduce maintenance costs.
Heating, ventilation, and air conditioning (HVAC) units add to the aesthetic value of residential and commercial places. Companies are heavily investing in R&D to manufacture innovative products such as hybrid HVAC equipment that use multiple sources of energy for heating and cooling applications. For instance, Trane offers a dual fuel XL16c EarthWise Hybrid heating system, a hybrid heating and cooling system which combines a heat pump and dual-stage furnace contained in a single cabinet.
Although the market is anticipated to witness steady growth owing to the aforementioned benefits, high installation and maintenance cost, high-energy consumption, and other operational challenges can hinder the HVAC systems market. Climatic conditions in different regions can have adverse effects on the life cycle of HVAC systems. Regions with generally damp climatic conditions often tend to reduce the life expectancy of HVAC systems due to their corrosive effects, which is anticipated to hinder the market growth
The report covers major players operating in the market along with the key strategies implemented to achieve a competitive edge against a majority of the vendors which provides a competitive outlook of the industry. The competitive landscape further includes details about different players and their position on a global and a local level is also explained in detail in this compiled study. These insights were prepared through mapping business strategies and products that offer high revenue generation capacities. Key players of the global HVAC Systems market are included as given below:
The market is characterized by intense competition amongst the major players that dominate the market. The key participants in the market include Mitsubishi Electric Corp.; Arkema S.A.; LG Corporation; Lennox International, Inc.; Carrier Corporation; Samsung Electronics; and Daikin Industries Ltd. HVAC equipment are an essential part of industrial, commercial, and residential structures and are hence used in buildings to control and manage temperature, humidity, and air quality.
Air conditioning systems dominate the market for heating, ventilation, and air conditioning with an annual consumption of more than 100 million units worldwide. Manufacturers invest heavily in R&D to manufacture cost-effective, energy-efficient, and innovative products. Furthermore, market players focus on mergers and acquisitions or forming strategic partnerships with smaller firms to expand their product portfolio and gain a larger market share. For instance, Mitsubishi Electric Corporation and Ingersoll Rand announced a joint venture in January 2018. The joint venture was aimed at the marketing, sales, and distribution of VRF and ductless HVAC systems.
The global HVAC Systems market has been segmented as below:
- Global HVAC Systems Market by Region
- North America
- Asia Pacific
- Rest of the World
Reasons to Purchase this Report:
Estimates HVAC Systems development trends with SWOT analysis
- Detailed business profiles including product offerings, recent developments, key financial information, and strategies employed by main market players
- Analysis of various regions and countries that includes the demand and supply based actions, which consequently have a major influence on the market’s expansion
- Market dynamics scenario, along with growth opportunities for players in the years to come
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the mentioned forecast period
- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects