DUBLIN–(BUSINESS WIRE)–The “Heating, Ventilation, Air Conditioning, and Refrigeration (HVAC-R) Market – A Global and Regional Analysis: Focus on Products, Application, and Country-Wise Analysis – Analysis and Forecast, 2022-2027” report has been added to ResearchAndMarkets.com’s offering.
The global HVAC-R market was valued at $193.6 billion in 2021 and is projected to reach $257.9 billion in 2027, following a CAGR of 5% during the forecast period 2022-2027. The growth in the global HVAC-R market is expected to be driven by increasing population and rapid urbanization, drastic change in weather conditions, and emerging innovation in HVAC-R.
The HVAC-R market is at the growing stage. There have been numerous research and development activities underway to enhance HVAC-R products and new innovative technologies in the HVAC-R have been introduced in the market.
The rise of smart technology adoption across HVAC-R industry, technologies for smart home has also been increasing rapidly. The smart buyers increasingly updating new homes to be equipped with the latest technological advances, and the HVAC-R system is no exception. Owing to swift in the trend, the HVAC-R industry is undergoing a technological revolution to keep up with the demand of home buyers and builders.
Impact
- With an increased worldwide focus on green energy by using technologies such as geothermal, solar power, smart thermostats, even ice-powered air-conditioning, and others energy saving products brings significant sales and financing opportunities. The shift is more prominent in regions such as North America and Asia-Pacific.
- Furthermore, HVAC-R market has witnessed adoption of environment friendly refrigerants. Companies such as Chemours, Daikin, has been dominating by manufacturing environment friendly refrigerants across the globe. For example, Daikin have introduced refrigerants with lower values which are more environment friendly, such as R-134a, R-32 and R-410A which possesses huge opportunity for the HVAC market.
Impact of COVID-19
Impact of Covid-19 on HVAC-R market was positive in comparison of other industries across the globe. Airborne spread of Covid-19 offered opportunities to HVAC-R market to improve the performance of indoor air quality of multi-occupancy buildings. HVAC-R strengthen the resilience of the infection control environment, in public, commercial and multi-unit residential buildings. In addition to this, Shift in the trend of work from home during and post covid-19 has witnessed demand in Air Conditioning sector.
Market Dynamics
Drivers
- Increasing Population and Rapid Urbanization
- Drastic Change in Weather Conditions
Challenges
- Adherence to Stringent Regulations to Maintain Energy Efficiency Standards
- Growing Alternative Technologies
- Harmful Effect of Chlorofluorocarbons (CFCs) and Hydrochlorofluorocarbons (HCFCs)
Opportunities
- Gradual Shift toward Renewable Source of Energy
- Adoption of Environment-Friendly Refrigerants
- Development of Green Buildings and Smart Cities
Market Segmentation
by Application (Industrial, Commercial, Residential)
The global HVAC-R market in the application segment is expected to be dominated by the Commercial sector. This is due to increasing commercial projects across the globe, which includes offices, schools, colleges, hotels, restaurants, among others.
by Product
- Heating
- Ventilation
- Air Conditioning
- Refrigeration
by Region
- North America – U.S., Canada, and Mexico
- Europe – Germany, France, Italy, Rest-of-Europe
- China
- U.K.
- Asia-Pacific – Japan, India, South Korea, Australia, Singapore, Malaysia, Thailand, and Rest-of-Asia-Pacific
- South America- Brazil, Argentina, Rest-of-South America
- Middle East and Africa- South Africa, UAE, Rest-of-Middle East and Africa
Asia-Pacific and North America is dominating the market and these region are an attractive region for the HVAC-R market because of the availability of the different market fragments.
Key Market Players and Competition Synopsis
The companies that are profiled have been selected based on inputs gathered from primary experts, and analyzing company coverage, product portfolio, market penetration.
Some of the prominent names established in this market are:
Company Type 1: Air Conditioning and Heating
- Carrier
- DAIKIN INDUSTRIES, Ltd.
- Hitachi, Ltd.
- Johnson Controls
- Koryo
- Lennox International
- LG Electronics
- Nortek Global HVAC
- Robert Bosch GmbH
- SAMSUNG ELECTRONICS CO., LTD.
- Trane
- Zamil Industrial
Company Type 2: Ventilation
- Condair Group
- Coway
- Dyson
- FUJITSU GENERAL
- GEFA SYSTEM
- Munters
- Resideo Technologies Inc.
- Vornado Air, LLC
Company Type 3: Refrigeration
- Blue Star Limited
- BSH Home Appliances Group
- Valeo Transport Refrigeration
- Voltas, Inc.
- Whirlpool
For more information about this report visit https://www.researchandmarkets.com/r/8bll74
