The global HVAC
system market size is expected to grow from USD 202 billion in 2020 to USD 277 billion
by 2025, at a CAGR of 6.5%. The market growth is fueled by growing demand for
energy-efficient solutions, rising government incentives through tax credit
programs, and an increasing trend of smart homes.
HVAC system
market for heating equipment to exhibit high growth during the forecast period
The heating
equipment is expected to register the highest CAGR during the forecast period.
Heating equipment is an integral part of HVAC systems. These types of equipment
are used to heat buildings to a particular temperature, a practice rampant in
cold countries. The rapid climate changes and increasing need for renewable
energy sources, along with extensive government support in the form of
subsidiaries is expected to increase the demand for heating equipment.
Commercial
market to lead and exhibit high growth during the forecast period
The commercial
segment is expected to lead the global HVAC system market during the forecast
period. HVAC systems are used widely in commercial buildings. The office
segment is anticipated to hold the largest share of the HVAC system industry
within the commercial segment by 2025. HVAC systems provide appropriate
temperatures and ventilation conditions at offices, which helps in improving
employee productivity, working conditions, and preventing health issues arising
from improper humidity levels. Thus, the adoption of HVAC systems is expected
to increase in commercial buildings in tandem with the growing building stock.
HVAC system
market in APAC to grow at highest CAGR during the forecast period
The HVAC system
industry in APAC is expected to grow at the highest CAGR during the forecast
period. China, India, and Japan are the major contributors to the growth of
this market. Increasing construction activities and rising population are a few
of the factors boosting the growth of the market in the region.
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Key Market
Players
As of 2019, 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) were the major players in the global HVAC system market.
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