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Heating, Ventilation and Cooling (HVAC) Market size was valued at $8.4 billion in 2021, and it is estimated to grow at a CAGR of 6.2% during 2022-2027.
HYDERABAD, TELANGANA, INDIA, September 6, 2022 /EINPresswire.com/ — Heating, Ventilation and Cooling (HVAC) Market size was valued at $8.4 billion in 2021, and it is estimated to grow at a CAGR of 6.2% during 2022-2027. The growth is mainly attributed to the increasing adoption of split units owing to its easier installation, high energy efficiency, driving the LATAM Heating, Ventilation and Cooling Market. Release of greenhouse gases and increasing pollution due to the presence of oil and gas industries has led to the global warming potential which is set to create opportunities for the adoption of new refrigerants in the HVAC industry. The increasing demand in residential and commercial infrastructure have led to the rise in urbanization. This growing demand in the construction industry will drive the HVAC equipment market including heat Pumps, air conditioners, air handlers, cooling towers and dehumidifiers. The rising adoption of split units with humidity control solutions, especially ducted split air conditioners will drive the market growth. The continuous increase in the prices and availability of these raw materials and components such as cooling panels has been a major challenge for the growth of the HVAC equipment market.
Key takeaways:
1. Brazil dominated the LATAM Heating, Ventilation and Cooling Market in term of revenue in 2021.
2. Integration of IoT technology has been pushing the HVAC industry with growing trend of smart homes in APAC and European regions.
3. Increasing adoption of variable refrigerant technology HVAC systems in commercial sector provide opportunities for the global market.
4. High initial investment and stiff competition are the major challenges that hamper the growth of the market.
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Segmental Analysis:
1. Air Conditioners held the major market share of 66.9% in 2021 owing to high adoption of HVAC systems in residential sector. There is high adoption of split type HVAC systems as it involves in easier installation process compared to traditional systems.
2. Commercial sector is the fastest growing segment in LATAM Heating, Ventilation and Cooling Market and is estimated to grow at a CAGR of 7.2% during forecast period 2022-2027 despite unstable economic performance in the region.
3. Brazil dominated the LATAM Heating, Ventilation and Cooling Market in 2021 with a market share of 37.1%, followed closely by Mexico owing to implementation of new refrigerants in chillers and Air Conditioning units.
Competitive Landscape:
The top 5 players in the LATAM Heating, Ventilation and Cooling industry are –
1. Johnson Controls International plc
2. United Technologies Corporation
3. Ingersoll-Rand plc
4. Daikin Industries Ltd
5. Mitsubishi Electric Corporation
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Related Reports:
A. HVAC Equipment Market – Forecast(2021 – 2026)
https://www.industryarc.com/Report/105/HVAC-Systems-equipment-Market.html
B. Automotive Heating, Ventilation and Cooling Market – Industry Analysis, Market Size, Share, Trends, Application Analysis, Growth and Forecast 2019 – 2024
https://www.industryarc.com/Research/Automotive-Hvac-Market-Research-501061
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September 06, 2022, 13:30 GMT
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