The rapid transformation of IoT within HVAC
industry and increasing penetration of VRF systems in residential and
commercial applications can offer opportunity for HVAC system market globally.
Which
are the major applications of this market?
The commercial application is expected to
lead the HVAC
system market. The growth is
due to increasing adoption of HVAC systems in commercial buildings, growing
demand for energy-efficient devices, and increasing consumer awareness toward
energy conservation in developing regions.
Which
region is expected to witness significant demand for HVAC systems in the coming
years?
APAC is expected to have the largest market
share in terms of value, as the region. Countries such as China, Japan, and
India are a few of the major contributors to the HVAC system market in the APAC
region. Growing construction activities and rising population are a few of the
factors boosting the growth of the HVAC system market in the region.
Which
are the major companies in the market? What are their major strategies to
strengthen their market presence?
Daikin, Ingersoll Rand, Johnson Controls, LG
Electronics, and United Technologies are some of the major companies providing
HVAC systems. The key strategies adopted by most of the companies operating in
the HVAC system market include product launches, partnerships, joint ventures,
and agreements, acquisitions, and expansions.
Why
there is increasing need of heat pumps? Which heating equipment is expected to
drive the growth of the market in the next 5 years?
Heat pumps are gaining higher acceptance
owing to their multiple capabilities. Many models feature both cooling and
space heating capabilities and a few also have the ability to heat water.
Further, heat pumps have higher efficiency compared with many other cooling or
space heating units, which is expected to increase the demand for the same in
next 5 years.
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