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. Factors that drive the growth
of the market include the 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.
Heat pumps are expected to hold the largest share of the
HVAC system market for heating equipment. The acceptance for heat pumps is
increasing owing to their evolving capabilities; these capabilities include
performing both space-cooling and -heating functions along with the ability to
heat water. Furthermore, heat pumps have higher efficiency than many other
cooling or space-heating units, which is expected to increase the demand for
the same.
The air handling units hold the largest share of the HVAC
system market for ventilation equipment. Air handling units are used to
regulate and circulate air in an enclosed environment. It draws the ambient
air, reconditions (filtered and cooled) it, and supplies fresh air to the room.
Main factors controlled by air handling units are temperature, humidity, air
movement, and air cleanliness. Various benefits of air handling units include
restriction in cross contamination, simple and safer damper for regulating air,
minimal space utility, and portability.
The market for the unitary air conditioners of the HVAC
systems for cooling equipment is expected to grow at the highest CAGR between
2018 and 2023. Unitary air conditioners are used in residential, industrial,
and commercial applications due to their advantages including low failure risk,
space efficiency, and high cooling performance. These air conditioners are used
in most classes of buildings, from schools to offices and retail stores,
particularly at places where the facilities are associated with low initial
cost, and simplified installation is needed.
The HVAC system 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 positively driving the
market for commercial buildings. HVAC systems consume the highest energy in
commercial places around 30% of the energy at a business place. Replacing a
traditional HVAC system with an advanced and energy-efficient one can help save
a lot of energy.
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