Dublin, Jan. 24, 2022 (GLOBE NEWSWIRE) — The “Heating, Ventilation and Air Conditioning (HVAC) Systems – Global Market Trajectory & Analytics” report has been added to ResearchAndMarkets.com’s offering.
Global Heating, Ventilation and Air Conditioning (HVAC) Systems Market to Reach US$252.7 Billion by the Year 2026
Growth in the market is anticipated to be propelled by increasing demand for energy-efficient HVAC systems for reducing energy consumption and carbon emissions. Rising concerns over climate change, increasing energy prices and carbon emissions continue to push the adoption of HVAC systems in commercial spaces. The market is also set to gain from the increasing demand for energy saving products.
Rebates for energy-efficient systems such as air conditioning and HVAC are encouraging commercial building users to implement and upgrade HVAC systems. In recent years the industry witnessed a sea of change in the technology employed largely as a result of consumers’ desire to have advanced micro controls integrated into their systems, and also due to a spurt in demand for eco-friendly refrigerants. Therefore, technology improvements in the recent past have been geared towards meeting energy efficiency levels mandated by Governments across the world and convenience expected by average consumers.
Amid the COVID-19 crisis, the global market for Heating, Ventilation and Air Conditioning (HVAC) Systems estimated at US$175.9 Billion in the year 2020, is projected to reach a revised size of US$252.7 Billion by 2026, growing at a CAGR of 6.3% over the analysis period. Cooling Systems, one of the segments analyzed in the report, is projected to grow at a 6.6% CAGR to reach US$198.3 Billion by the end of the analysis period.
After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Heating Systems segment is readjusted to a revised 5.6% CAGR for the next 7-year period. This segment currently accounts for a 17.8% share of the global Heating, Ventilation and Air Conditioning (HVAC) Systems market.
Demand for heat pumps is attributed to availability of systems with advanced functions that allow space heating and cooling while also heating water. The ability of heat pumps to offer higher efficiency as compared to other space heating and cooling unit is expected to further increase their adoption in the coming years. The climate change and gradually increasing average temperature are driving the adoption of cooling equipment during summers.
The U.S. Market is Estimated at $31 Billion in 2021, While China is Forecast to Reach $53.3 Billion by 2026
The Heating, Ventilation and Air Conditioning (HVAC) Systems market in the U.S. is estimated at US$31 Billion in the year 2021. The country currently accounts for a 16.9% share in the global market. China, the world’s second largest economy, is forecast to reach an estimated market size of US$53.3 Billion in the year 2026 trailing a CAGR of 7.2% through the analysis period.
Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 4.2% and 6.2% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 4.4% CAGR while Rest of European market (as defined in the study) will reach US$10.6 Billion by the end of the analysis period.
The demand for air conditioners in developing regions such as Asia-Pacific is very high with some households owning more than one appliance, whereas the demand for air conditioners from the developed regions remains comparatively low. The market in Asia-Pacific is anticipated to also benefit from technological advancements and increasing investment in the consumer electronics sector across the region. The market in developed regions is propelled by rising consumer awareness about star-labeled HVAC products, increasing use of VRV and adoption of inverter-based air conditioning systems.
Ventilation Systems Segment to Reach $22.9 Billion by 2026
In the global Ventilation Systems segment, USA, Canada, Japan, China and Europe will drive the 4.26% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$12 Billion in the year 2020 will reach a projected size of US$16.2 Billion by the close of the analysis period.
China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$5 Billion by the year 2026, while Latin America will expand at a 5.5% CAGR through the analysis period.
Select Competitors (Total 136 Featured)
- Daikin Industries Ltd.
- Danfoss A/S
- Electrolux AB
- Emerson Electric Company
- Fujitsu Ltd.
- GREE, Inc.
- Hitachi Ltd.
- Honeywell International, Inc.
- Ingersoll-Rand PLC
- Johnson Controls International PLC
- Lennox International Inc.
- LG Electronics Inc.
- Midea Group Co. Ltd.
- Mitsubishi Electric Corporation
- Nortek Global HVAC LLC
- Panasonic Corporation
- Qingdao Haier Co. Ltd.
- Samsung Electronics Co. Ltd.
- United Technologies Corporation (UTC)
- Whirlpool Corporation
Key Topics Covered
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
- Impact of COVID-19 Pandemic and Looming Global Recession: 2020 Marked as a Year of Disruption & Transformation
- As the Race between the Virus & Vaccines Intensifies, Where is the World Economy Headed in 2021?
- Pandemic-Led Challenges Leave Commercial HVAC Industry Out in the Cold
- COVID-19-Led Bright Points
- Pandemic-Hit HVAC Manufacturers Find Solace in Changing Customer Needs
- COVID-19 Disruptions Lead to Spike in Unit Prices for HVAC Systems
- Role of HVAC Systems in Increasing or Mitigating the Risk of COVID-19 Transmission
- Key Recommendations and Tools for Improving Building Ventilation
- HVAC Systems with Filtration: Relevant Answer to Tough COVID-19 Test
- Global Market Prospects & Outlook
- Prominent Challenges Daring Expansion of HVAC Market
- HVAC Industry Deep Dive Reveals Upcoming, Game-Changing Trends
- Sustainability & Technology: Elements Central to Latest Trends in HVAC Industry
- Climate Change: An Important Driving Factor for Energy-efficient HVAC Systems
- Millennial Generation Plays an Important Role
- Asia-Pacific Continues to Dominate Global Market
- Competitive Scenario
- HVAC Companies Adapt Strategies to Navigate Unsettling Phase of COVID-19
- Recent Market Activity
- Select Global Brands
2. FOCUS ON SELECT PLAYERS
3. MARKET TRENDS & DRIVERS
- Pressing Need to Cut Energy Consumption and Operational Costs Impels Energy Efficient HVAC Systems Market
- Select Innovations Enabling Efficient and High-Performance HVAC Systems
- Use of Multi-Enzyme Solutions
- Sustainable Retrofit
- Air Conditioning with Ice Power
- Digital Ceilings
- Smart Glasses
- Sustainable HVAC Ductwork
- Major Market Restraints
- Trends in HVAC Industry Taking Energy Efficiency to Next Level
- Smart HVAC Systems Hold Immense Potential
- Smart Thermostats: An Important Development
- Integration of HVAC Systems and IoT Offers New Opportunities
- AI for Reduced Building Heating & Cooling Expenses
- Importance of Improving the Efficiency of HVAC Systems in US School Buildings
- Cloud-Connected HVAC Systems Enable Creation of Smart and Efficient Facilities
- Automated Control Systems for HVAC Equipment Gain Traction in Buildings
- Alternative Energy Sources Garner Attention
- Solar Powered HVAC Systems Gain Traction
- Heat Pumps Dominate the HVAC Market
- Geothermal Cooling & Heating Presents Viable Option to Improve Building Efficiency
- Closed- and Open-Loop Systems
- Demand for Ductless ACs on the Rise
- Strong Growth in Demand for Ductless Multi-Zone Systems
- Global VRF System Market to Gain Pace
- Outdoor Units Lead the Market
- HVACs with Air Quality Systems: High in Demand
- Air Conditioning Systems: Climate Change and Rising Temperatures Drive Market Growth
- Deployment of Environment-Friendly Refrigerants Increases in ACs
- List of Various Refrigerants Types
- Green Refrigerants to Replace Hydro Fluorocarbons
- Next-generation Factory Assembled Cooling Towers to Positively Impact Bottom Line of HVAC and Industrial Processes
- Rise in Adoption of DeVAP systems
- Rising Interest in Indoor Growth Facilities: An Emerging Market Driver
- Construction Sector Investments Strongly Influence Market Prospects
- Replacement and Refurbishment Demand for HVAC Systems
- Urbanization Remains a Key Growth Driver
- Affluent Middle Class Opens Up Asia into a Major Market
- Impact of COVID-19 on the Operation and Energy Consumption of Future HVAC Systems: Challenges Associated with Designing of HVAC Systems
4. GLOBAL MARKET PERSPECTIVE
III. MARKET ANALYSIS
- Total Companies Profiled: 136
For more information about this report visit https://www.researchandmarkets.com/r/k0z3cs