Global HVAC Systems Market is valued at USD 246.35 Billion in 2022 and expected to reach USD 389.92 Billion by 2029 with the CAGR of 6.78% over the forecast period.
Heating, ventilation, and air conditioning (HVAC) system is designed to achieve the environmental requirements of the comfort of occupants and a process. HVAC systems are more used in different types of buildings such as industrial, commercial, residential and institutional buildings. HVAC systems have 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. HVAC systems can be classified into central and local systems according to multiple zones, location and distribution. The main mission of HVAC system is to satisfy the thermal comfort of occupants by adjusting and changing the outdoor air conditions to the desired conditions of occupied buildings.
Global HVAC Systems market report is segmented on the basis of Type and Application. Based upon Type HVAC Systems is classified into Heating Furnaces, Heat Pumps, Boilers, and Unitary Heaters. Based upon Application HVAC Systems is classified into Commercial, Industrial, and Residential.
The regions covered in this Global HVAC Systems market report are North America, Europe, Asia-Pacific and Rest of the World. On the basis of country level market of HVAC Systems is sub divided into U.S., Mexico, Canada, UK, France, Germany, Italy, China, Japan, India, South East Asia, GCC, Africa, etc.
Global HVAC Systems market Report covers prominent players are like
News: - May 13, 2020, During this unprecedented societal shutdown due to COVID-19, many individuals are working from home, so most commercial buildings have either been closed down or are operating with a limited number of occupants. As a result, the HVAC systems in those buildings are likely operating on a reduced schedule or else they may have been turned off completely. However, just because buildings are closed does not mean that routine maintenance on HVAC equipment should be put off until occupants return to the building.
The growth of the global HVAC Systems market is driven by factors such as Increasing urbanization, the emergence of energy-efficient HVAC systems 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. Technologies for instance, remote control access, (IoT) Internet of Things, and automated control systems are transforming and revolutionizing the HVAC equipment. 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 toward 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.On the other hand, high installation and maintenance costs coupled with complexity of retrofit HVAC installations may hinder the market growth. The rapid transformation of IoT within HVAC industry and increasing penetration of VRF systems in residential and commercial applications can offer opportunity for HVAC system market globally.
North America is expected to drive the growth of HVAC Systems Market, due to growing demand for safe and reliable electricity supply. 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 USD27 billion in 2016 on transmission and distribution delivery infrastructure. Europe is second largest region for the growth of HVAC Systems Market. In Europe, Rise in population index across cities and favorable measures for electrification across grid-isolated areas has 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. In Asia pacific HVAC systems market growth is attributed to the rising disposable income and awareness regarding energy-efficient products.
|Historical data||2015 - 2022|
|Forecast Period||2021 - 2029|
|Market Size in 2022:||USD 246.35 Billion|
|Base year considered||2021|
|Forecast Period CAGR %:||6.78%|
|Market Size Expected in 2029:||USD 389.92 Billion|
|Tables, Charts & Figures:||175|
|Key Players/Companies||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 , Others|
|Segments Covered||By Type, By Application|
|Regional Analysis||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|
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