Heating Ventilation and Air Conditioning Market is valued at USD 264.06 Billion in 2020 and expected to reach USD 382.34 Billion by 2028 with the CAGR of 5.43% over the forecast period.
Global Heating Ventilation and Air Conditioning Market: Global Size, Trends, Competitive, Historical & Forecast Analysis, 2021-2027- Increasing urbanization, the emergence of energy-efficient heating ventilation and air conditioning and growing demand for safe and secure power supply are some of the major factors driving the growth of Global Heating Ventilation and Air Conditioning Market.
Heating, ventilation and air conditioning (HVAC) system is designed to realize the environmental desires of the comfort of inhabitants and a process. Heating ventilation and air conditioning are further used in different types of buildings such as industrial, commercial, residential and institutional buildings. It has become the required industry standard for construction of new buildings. These are milestones of building mechanical systems that provide thermal comfort for occupants accompanied with indoor air quality. Heating ventilation and air conditioning are often classified into central and local systems according to multiple zones, location and distribution. The main work of HVAC system is to satisfy the thermal comfort of occupants by adjusting and changing the outdoor air conditions to the specified conditions of occupied buildings. Upgrading the home to the latest heating and air conditioning units can save the money, improve the comfort of home, and pay for them if user ever decides to sell.
Global heating ventilation and air conditioning market report is segmented on the basis of type, application and region & country level. Based upon type, heating ventilation and air conditioning market is classified into heating furnaces, heat pumps, boilers, and unitary heaters. Based upon application, heating ventilation and air conditioning market is classified into commercial, industrial and residential.
The regions covered in this Global Heating Ventilation and Air Conditioning industry report are North America, Europe, Asia-Pacific and Rest of the World. On the basis of country level market of Heating Ventilation and Air Conditioning is sub divided into U.S., Mexico, Canada, UK, France, Germany, Italy, China, Japan, India, South East Asia, GCC, Africa, etc.
Global Heating Ventilation and Air Conditioning market Report covers prominent players are like Daikin, Ingersoll-Rand, Johnson Controls, LG Electronics, United Technologies, Electrolux, Emerson, Honeywell, Lennox, Nortek, Mitsubishi Electric, Panasonic, Qingdao Haier, Samsung Electronics, Whirlpool, Midea, Gree, Fujitsu, Hitachi, Danfoss and others.
September 17th, 2020; nationwide distributor of insulation and interior building products, CCF, has invested in supplying a new HVAC range at its Harmondsworth site. CCF’s HVAC debut will see the specialist distributor stock a range of Rockwool, Kingspan and Isover branded pipe and duct slab insulation products designed for HVAC systems, in order to better serve local building contractors across Greater and Central London. To further support the launch, all CCF staff has been provided with tailored HVAC product training, which has been underpinned by expertise from CCF’s supplier partners. Additionally, while CCF Harmondsworth is the first location to benefit the new HVAC range, other sites will be reviewed in the future.
The growth of the global heating ventilation and air conditioning market is driven by factors such as increasing urbanization, the emergence of energy-efficient heating ventilation and air conditioning and growing demand for safe and secure power supply. One of the key drivers of increasing global electricity demand is urbanization. Although urbanization rates in industrial countries are generally above 75 percent, urbanization is still in a relatively early stage in developing countries. According to Department of Economic and Social Affairs, 68% of the world population projected to live in urban areas by 2050, says united nation. In addition, increasing technological advancements such as; remote control access, (IoT) internet of things and automated control systems are transforming and are also revolutionizing the HVAC equipment market. For example; According to Arista Company, the Department of Energy has found that save up to 35% annually in energy costs if they increase HVAC energy efficiency by adding or replacing parts. Retrofits put off total upgrades and can improve comfort with consistent temperatures and humidity. In addition, growing inclination towards the replacement and reinstallation of conventional electrical devices with improved high-quality systems will further accelerate the HV system demand. According to international Energy Agency, in 2017, world total final electricity consumption reached 21 372 TWh, 2.6% higher than 2016. In 2017, OECD total final electricity consumption was 9 518 TWh, 0.2% higher than in 2016, while final electricity consumption in non-OECD countries was 11 854 TWh, an increase of 4.6% from 2016.
However, high installation and maintenance costs coupled with complexity of retrofit HVAC installations may hamper the market growth. In spite of that, the rapid transformation of IoT within HVAC industry and increasing penetration of VRF systems in residential and commercial applications can offer more opportunities for the further growth of the HVAC market globally.
North America is expected to dominate the global heating ventilation and air conditioning market due to growing demand for safe and reliable electricity supply in this region. According to Smart Grid System Report 2018, U.S. utilities invested approximately USD 144 billion in electricity generation, transmission, and distribution infrastructure in 2016. Investor-owned utilities, serving 73% of U.S. electricity customers spent USD 21 billion and USD 27 billion in 2016 on transmission and distribution delivery infrastructure.
Europe is second largest market for the heating ventilation and air conditioning. In Europe, rise in population index across cities and favorable measures for electrification across grid-isolated areas have led to significant growth in energy consumption. The apparent increase in peak load demand has impelled utilities to upscale & upgrade regional electric supply infrastructure with an aim to ensure grid security & reliability is also supplementing the market growth in this region. In Asia pacific, heating ventilation and air conditioning market growth is attributed to the rising disposable income and awareness regarding energy-efficient products.
|Market Size in 2021:
|US$ 264.06 Billion
|Market Historical Analysis:
|Forecast Period CAGR %:
|Market Size Expected to reach in 2028:
|US$ 382.34 Billion
|Tables, Charts & Figures:
|Daikin, Ingersoll-Rand, Johnson Controls, LG Electronics, United Technologies, Electrolux, Emerson, Honeywell, Lennox, Nortek, Mitsubishi Electric, Panasonic, Qingdao Haier, Samsung Electronics, Whirlpool, Midea, Gree, Fujitsu, Hitachi, Danfoss
|North America, U.S., Mexico, Canada, Europe, UK, France, Germany, Italy, Asia Pacific, China, Japan, India, Southeast Asia, South America, Brazil, Argentina, Columbia, The Middle East and Africa, GCC, Africa, Rest of the Middle East and Africa
Key Benefits for Global Heating Ventilation and Air Conditioning Market Report–
Global Heating Ventilation and Air Conditioning Market Segmentation:–
Middle East and Africa
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