According to the new market research
report "HVAC System Market by Heating Equipment (Heat Pumps,
Furnaces), Ventilation Equipment (Air-Handling Units, Air Filters), Cooling
Equipment (Unitary Air Conditioners, VRF Systems), Application, Implementation
Type, and Geography - Global Forecast to 2025" is estimated to reach USD 277 billion by 2025 from USD 202
billion in 2020, at a CAGR of 6.5% during the forecast period.
Heating,
ventilation, and air conditioning (HVAC) is a mechanical system that provides
thermal comfort and improves air quality in an enclosed space. A complete
system controls air temperature & humidity, allows fresh air intake, and
maintains the quality of air in residential, commercial, or industrial
buildings. Heating equipment is an important part of HVAC systems. These types
of equipment are used to heat buildings to a particular temperature. The
ventilation process removes the unpleasant smell and excessive moisture from
the air in an indoor space and introduces fresh air. Cooling systems are used
to lower the temperature and enable the proper distribution of air and the
control of humidification in a space.
“HVAC system market for heating
equipment to grow at highest CAGR during the forecast period”
The
heating equipment market is expected to grow at the highest CAGR during the
forecast period. Heating equipment is an important part of HVAC systems. These
types of equipment are used to heat buildings to a particular temperature. The
rapid climate changes and increasing need for renewable energy sources, along
with the extensive government support in the form of subsidiaries and other
monetary benefits, have increased the demand for heating equipment globally.
“New constructions to hold the largest
share of the global HVAC system market from 2020 to 2025.”
The
governments of various countries are making heavy investments in infrastructure
development, such as expansion projects of hotels, retail stores, airports, and
educational buildings. Growing construction activities are driving the demand
for HVAC systems to remove pollutants, maintain air quality, and control the
temperature and humidity in buildings. Moreover, government regulations for
smart homes and incentives for the installation of the energy-efficient HVAC
system in new construction projects are expected to propel the market growth.
“APAC to be fastest-growing market for
HVAC system during the forecast period”
The
HVAC system market in APAC is expected to grow at the highest CAGR during
2020–2025. The growing construction activities and rising population are some
of the factors boosting the growth of HVAC systems in the region. There is a
considerable demand for smart homes in countries such as Japan, South Korea,
and China. The rapid urbanization and industrialization are increasing demand
for HVAC systems in the region.
Major
players involved in the global HVAC system market include Daikin (Japan),
Ingersoll Rand (Ireland), Johnson Controls (US), LG Electronics (South Korea),
United Technologies (US), Electrolux (Sweden), Emerson (US), Honeywell (US),
Lennox (US), Mitsubishi Electric (Japan), Nortek (US), and Samsung Electronics
(Korea).
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