According to
a research report "HVAC System Market
with COVID-19 Impact, by Cooling Equipment, Heating Equipment, Ventilation
Equipment, Implementation Type, Application (Residential, Commercial,
Industrial) and Region (North America, Europe, APAC, RoW) - Global Forecast to
2026" published by MarketsandMarkets, the HVAC system market size is
estimated to be USD 197.0 billion in 2021 and is projected to reach USD 271.5
billion by 2026; it is expected to grow at a CAGR of 6.6% from 2021 to 2026.
Constant efforts for developing
next-generation low global warming potential refrigerants for HVAC systems is
expected to be the key growth opportunity for the market players.
The HVAC system market includes major
Tier I and II players like DAIKIN INDUSTRIES (Japan), Johnson Controls (US),
Carrier (US), Trane Technologies plc, (US), LG Electronics (South Korea), and
others. These players have a strong market presence for HVAC system across
various countries in North America, Europe, APAC, and RoW.
Surging demand for energy efficient
solutions
The rising need for energy-efficient
and sustainable buildings is expected to propel the growth of the HVAC system
market during the forecast period. Residential, commercial, and industrial
buildings use heating, cooling, or climate control technologies to obtain
thermal comfort and satisfactory indoor air quality levels. Variations in
climatic changes have led to the growing demand for cooling and heating
systems. Long-term climate change is the major reason for the increased energy
consumption to meet the cooling demand from buildings, which increases the load
on air conditioners. The energy consumed by these equipment varies according to
the ambient temperature and humidity conditions.
Unitary air conditioners is expected
to hold the highest market share during the forecast period
Split air conditioners hold the
majority share of the unitary air conditioners market. The rising demand for
split air conditioners in APAC is expected to drive market growth. Unitary air
conditioners offer high energy efficiency and cooling capacity and are best
suited for retail stores, offices, government buildings, and educational
buildings. The increased expenditure on energy-efficient systems and government
grants and rebate programs are expected to drive the demand for unitary air
conditioners during the forecast period.
Commercial applications to hold the
largest market size of HVAC system market during the forecast period
The commercial application segment is
expected to hold the largest market share during the forecast period. The
office segment is expected to hold the largest size of the HVAC system market
for commercial application by 2026. HVAC systems provide appropriate
temperature 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 office buildings. Moreover, increasing investments by
governments for the construction of commercial spaces are also expected to
propel the growth of the HVAC system market for commercial application.
HVAC system market in APAC to hold
the highest market share during the forecast period
APAC is expected to lead the global
HVAC system market. China held the largest size of the HVAC system market in
APAC in 2020. Rapid industrialization and urbanization have created the need
for energy saving. The Chinese government promotes efficient use of energy,
which is expected to drive the demand for energy-efficient HVAC systems. India
is among the largest emitters of greenhouse gases in the world because of rapid
industrialization. The growing concern about the effect of environmental
pollution has increased the adoption of HVAC systems in the country. Several
government regulatory policies, acts, and associations in the APAC region are
supporting the adoption of HVAC systems.
Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=202111288
DAIKIN INDUSTRIES (Japan), Johnson
Controls (US), Carrier (US), Trane Technologies plc, (US), LG Electronics
(South Korea), Emerson Electric Co. (US), Honeywell International Inc. (US),
Mitsubishi Electric Corporation (Japan), Nortek Air Management (US), Samsung
Electronics (South Korea), Danfoss (Denmark), FUJITSU (Japan), GREE (China),
Hitachi (Japan), Midea (China), Panasonic (Japan), Haier Smart Home (China),
Toshiba (Japan), Whirlpool (US), Siemens (Germany), Electrolux (Sweden), Lennox
(US), Schneider Electric (France), Ferroli (Italy), and Bosch Thermotechnology
(Germany) are among the many players in the HVAC system market.
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