Global HVAC Systems Market Is Likely To Grow At A CAGR Value Of Around 6.50 % By 2028

26-May-2022 | Zion Market Research

The global HVAC Systems market was worth around USD 196.10 billion in 2021 and is estimated to grow to about USD 286.14 billion by 2028, with a compound annual growth rate (CAGR) of approximately 6.50 percent over the forecast period. The report analyzes the digital remittance market’s drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the digital remittance market.

Heating, ventilation, and air conditioning (HVAC) equipment is a sort of indoor and vehicular comfort technology that aids in thermal comfort and good indoor air quality. It is used in single-family homes, apartment buildings, hotels, and senior living facilities, as well as medium to large industrial and office buildings, such as skyscrapers and hospitals, vehicles, such as cars, trains, planes, ships, and submarines, and marine environments, where safe and healthy building conditions, such as temperature and humidity, are regulated using fresh air from the outside.

Future development is being paved by an increase in multi-family and single-family residences. Energy efficiency is becoming increasingly important in the HVAC industry. Several automakers are concentrating on green initiatives in order to save money while reducing greenhouse gas emissions. As a result, in recent years, there has been a shift toward ecologically friendly HVAC equipment. This comprises things that consume less energy and are powered by renewable energy sources, resulting in lower energy costs. As a result, geothermal cooling and heating equipment has become more popular in recent years, eliminating the need for fuel-powered equipment. Customers' desire for comfort is paving the way for expansion.

Global HVAC Systems Market

The global HVAC Systems market is segregated based on cooling equipment,heating equipment, ventilation equipment, implementation type, application and region The market is divided into unitary air conditioners, VRF systems, chillers, room air conditioners, coolers, and cooling towers based on cooling equipment. Buildings, schools, businesses, and retail facilities all use unitary systems, particularly where low initial costs and ease of installation are important. A unitary air conditioner is a small self-contained electrical unit that includes a motor-driven refrigeration compressor, evaporative cooling coil, and air-cooled condenser, as well as filters, fans, and controls. Unitary air conditioners are installed on the roof or the outside of buildings. They are high-performing as well as energy-efficient. Split and packaged air conditioners are examples of unitary air conditioners. Unitary air conditioners are made by Daikin, Ingersoll Rand, Johnson Controls, Nortek, and Lennox, among others.

Heat pumps, furnaces, unitary heaters, and boilers are the several types of heating equipment on the market. The market for furnaces is estimated to grow at the quickest CAGR during the forecast period. The furnaces segment is being growing due to the cheap initial costs, longer lifespans, and increased demand in residential applications. The HVAC system market was controlled by the residential furnace sector. Demand for furnaces in residential applications is likely to rise as a result of government grants and rebates for homeowners replacing ageing heating equipment with new furnaces. For instance, the government of British Columbia (BC) offers rebates of up to USD 700 to homeowners who purchase a new gas heater.

The HVAC systems market in APAC is predicted to have the largest market share throughout the forecast period. China, Japan, and India are just a handful of the major APAC HVAC system manufacturers. The HVAC system sector in the region is being propelled forward by two key factors: increasing development activity and a growing population. Smart houses are in high demand in nations such as Japan, South Korea, and China. As a result of increased urbanisation and industry, the need for HVAC systems in the region is growing.Furthermore, regulatory programmes such as Australia's Commercial Building Disclosure (CBD) Program, India's Energy Conservation Building Codes, the LEED-India project, and the formation of the Indian Society of Heating, Refrigeration, and Air-Conditioning Engineers (ISHRAE) all contribute to the region's HVAC system adoption.

Key players functioning in the global HVAC Systems market include 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), and Samsung Electronics (South Korea. (US)

Recent developments:

  • In September 2021, Johnson Controls has announced that its market-leading OpenBlue Healthy Buildings portfolio will be combined with the new UL-SafeTraces collaboration. Using science-based performance data backed by cutting-edge technology, K-12 managers can ensure that schools comply with indoor air quality laws, prevent infection risks, and create a healthy environment for students, teachers, and staff.
  • In September 2021- Johnson Controls and Apollo Worldwide Management, Inc., a major global alternative asset management firm, have formed a strategic partnership to provide sustainability and energy efficiency services to help their customers meet their decarbonization and operational cost objectives for their buildings. The cooperation establishes a new strategic option for targeting the USD 240 billion global market for decarbonization retrofit and services in North America over the next decade.

Browse the full HVAC Systems Market By Category HVAC system market, By (Cooling Equipment, Unitary air conditioners, VRF systems, ChillersRoom air conditioners, Coolers, Cooling towers), By Heating (Equipment, Heat pumps, Furnaces, Unitary heaters, Boilers), By (Ventilation Equipment, Air handling units, Air filters, Dehumidifiers, Ventilation fans, Humidifiers, Air purifiers), By Implementation Type( New Construction, Retrofit), By Application(Residential, Commercial, Industrial) and By Region – Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data and Forecasts 2022 – 2028. Report at https://www.zionmarketresearch.com/report/hvac-systems-market

Global HVAC Systems market is segmented as follows:

By Cooling Equipment

  • Unitary air conditioners
  • VRF systems
  • Chillers
  • Room air conditioners
  • Coolers
  • Cooling towers

By Heating Equipment

  • Heat pumps
  • Furnaces
  • Unitary heaters
  • Boilers

By Ventilation Equipment

  • Air handling units
  • Air filters
  • Dehumidifiers
  • Ventilation fans
  • Humidifiers
  • Air purifiers

By Implementation Type

  • New Construction
  • Retrofit

By Application

  • Residential
  • Commercial
  • Industrial

By Region

  • North America
    • The U.S.
    • Canada
  • Europe
    • France
    • The UK
    • Spain
    • Germany
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Southeast Asia
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC
    • South Africa
    • Rest of Middle East & Africa

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