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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