The
HVAC
system market is expected to
grow from USD 181.00 Billion in 2018 to USD 251.60 Billion by 2023, at a CAGR
of 6.80% between 2018 and 2023. Major factors driving the growth of the market
include increasing demand for HVAC systems for reducing energy consumption,
extreme weather conditions, government tax credit and rebate programs, and
growing demand for HVAC systems to upgrade old systems. However, complexities
in HVAC retrofit pose a challenge for the players in the market.
The
HVAC system market for furnaces of heating equipment is expected to grow at the
highest CAGR between 2018 and 2023. A furnace is heating equipment that
generates heat by using various sources of energy, such as fossil fuel,
electric energy, or chemical energy. It provides warm and comfortable environment
for a wide range of applications, including residential, commercial, and
industrial applications. The lifespan of a furnace is usually 20–30 years.
The
market for air purifiers of HVAC system for ventilation equipment is expected
to grow at the highest CAGR between 2018 and 2023. Air purifier is used to
removing contaminants present in the air. Air purifier helps improve the
quality of the air flowing through HVAC systems. Air purifiers use the latest
nanotechnologies that remove 99% of the particles from the air. Nowadays, air
purifiers are becoming popular in healthcare institutions, as they can remove
bacteria, viruses, and DNA-damaging particulates present in the air through the
use of ultraviolet lighting technology.
The
market for the VRF systems of HVAC system for cooling equipment is expected to
grow at the highest CAGR between 2018 and 2023. The maintenance of VRF systems
is mostly limited to changing filters and cleaning coils for the fan coil
units. Therefore, these systems do not require regular maintenance of the
compressor unit, allowing significant savings in maintenance costs, whereas
conventional systems, such as chillers, conventional HVAC systems, and hot
water plant equipment, require regular inspection and maintenance for conventional
systems. Furthermore, the maintenance of VRF systems is far less time-consuming
than that of other conventional systems.
The
market for commercial application is expected to grow at the highest CAGR
between 2018 and 2023. HVAC systems are widely used in commercial buildings,
which include healthcare, education, government, office, airport, and retail.
This factor is driving the HVAC system market for commercial buildings. HVAC
systems consume the highest energy in commercial places—around 30% of the energy
at a business place is consumed by HVAC systems. Replacing a traditional HVAC
system with an advanced and energy-efficient one can help save a lot of energy.
The
HVAC system market in APAC is expected to grow at the highest CAGR between 2018
and 2023. The demand for HVAC systems in APAC countries such as China, India,
and Japan is gradually increasing. The adoption of Smart Cities Mission in
India has influenced the transformation of commercial buildings into green
buildings. A green building is a building that preserves the natural
environment around the project site and promotes a healthy environment for all
the involved entities without disrupting land, water, resources, and energy in
and around the building. Green buildings have low-energy consumption and are
expected to have an efficient HVAC system. For this purpose, these buildings
require the adoption of various types of HVAC equipment to meet the requirement
of green buildings.
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