Residential HVAC Market size to grow by USD 33.02 Bn | Dominated by Carrier Global Corp. and Daikin Industries Ltd.

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Residential HVAC Market: Segmentation Analysis

The 120-page report segments the residential HVAC market by product (air conditioning systems, heating systems, and ventilation system) and geography (APAC, Europe, North America, MEA, and South America).

By product, the market witnessed significant growth in the air conditioning systems segment in 2020. Factors such as increasing population density and rapid urbanization are driving the demand for air conditioning systems. The market growth in this segment will be significant over the forecast period. Similarly, in terms of geography, the market will observe maximum growth in APAC. The region currently holds 60% of the global market share and will continue to remain as the largest market for residential HVAC during the forecast period. Increasing population, rising urbanization, and the increased need for smart and sustainable infrastructure solutions will fuel the growth of the market in APAC.

Residential HVAC Market: Growth Drivers

The residential HVAC market is driven by the availability of energy-efficient HVAC systems. Growing concerns over the environmental damage caused by HVAC systems have forced governments to frame stricter regulations to monitor chlorofluorocarbon and hydrofluorocarbon levels during the production of these systems. To comply with such regulations, vendors in the market are starting to offer energy-efficient HVAC systems for end-user applications. The increasing availability of such systems is encouraging residential users to shift from traditional HVAC systems to more energy-efficient ones. All these factors are positively influencing the growth of the market.

In addition, changing climatic conditions worldwide will further accelerate the market growth. However, increasing competition levels might adversely impact the growth of the market during the forecast period.

Some of key Residential HVAC Players:

Carrier Global Corp.: The company offers a wide range of residential HVAC such as air conditioning, furnaces, heat pumps, ductless systems, healthy homes, thermostats, and many more.

Daikin Industries Ltd.: The company offers a wide range of residential HVAC such as total heating and hot water solution, split and multi-split type air conditioning systems, and gas furnaces.

Danfoss AS: The company offers a wide range of residential HVAC such as heat pumps, room temperature control, smart heating, underfloor heating, energy metering, and frost and snow protection.

Haier Smart Home Co. Ltd.: The company offers multi-spit and mono-split air conditioning units, and ductless mini split systems such as MRV Series Multi Zone Air Conditioners, MRV-S Series Outdoor, and many more.

Johnson Controls International Plc: The company offers a wide range of residential HVAC such as air-cooled chillers, water-cooled chillers, condensing units, and absorption chillers.

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Residential HVAC Market Product Outlook (Revenue, USD Bn, 2020-2025)

  • Air conditioning systems – size and forecast 2020-2025
  • Heating systems – size and forecast 2020-2025
  • Ventilation system – size and forecast 2020-2025

Residential HVAC Market Geography Outlook (Revenue, USD Bn, 2020-2025)

  • APAC – size and forecast 2020-2025
  • Europe – size and forecast 2020-2025
  • North America – size and forecast 2020-2025
  • MEA – size and forecast 2020-2025
  • South America – size and forecast 2020-2025

Related Reports:

HVAC Services Market by End-user and Geography – Forecast and Analysis 2021-2025

Industrial HVAC Market by End-user and Geography – Forecast and Analysis 2021-2025

Residential HVAC Market Scope

Report Coverage

Details

Page number

120

Base year

2020

Forecast period

2021-2025

Growth momentum & CAGR

Accelerate at a CAGR of 8.46%

Market growth 2021-2025

USD 33.02 billion

Market structure

Fragmented

YoY growth (%)

4.99

Regional analysis

APAC, Europe, North America, MEA, and South America

Performing market contribution

APAC at 60%

Key consumer countries

China, US, Japan, Germany, and UK

Competitive landscape

Leading companies, competitive strategies, consumer engagement scope

Companies profiled

Carrier Global Corp., Daikin Industries Ltd., Danfoss AS, Haier Smart Home Co. Ltd., Johnson Controls International Plc, Lennox International Inc., LG Electronics Inc., Panasonic Corp., Samsung Electronics Co. Ltd., and Trane Technologies Plc

Market Dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and future consumer dynamics, market condition analysis for the forecast period

Customization purview

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