Published Date: November, 2017
Global HVAC systems market size is expected to exceed USD X.xx billion by 2023, growing at a CAGR between 5.5% and 5.9% over the period of 2017 – 2023. Heating, Ventilation and Air Conditioning systems are mechanical systems which impart thermal comfort as well as quality air in a particular indoor space. HVAC systems control the environmental conditions in the working space by cooling. HVAC systems filterair, controls moisture and temperature as per predetermined requirements. HVAC systems remove airborne contaminants, improve the odor and infuse fresh air into the space. Boilers, centralized air conditioners, chillers, coolers, cooling towers, furnaces, heat pumps, packaged systems, rooftop units, unitary air-conditioners and unitary heaters are some of the major HVAC systems used for commercial, residential, and industrial purposes. Forced air and radiant are two major types of heating systems with furnace or heat pump as sources for heat. Ventilation is a process by which outdoor air is brought into the building and circulated and exhausted to the atmosphere by natural or mechanical means. Meanwhile, air conditioner dehumidifies and cools the air while it passes through cold coil surfaces. Heat exchangers are now widely used as part of HVAC systems for heat recovery and thereby improving the energy efficiency, with significant reduction in energy consumption. Modern HVAC systems include software systems for scheduling, setting predetermined conditions, managing and monitoring the functioning of the equipment.
Figure: Global HVAC Systems Market by value 2015-2023
Global warming induced change in climate in various regions drive the demand for HVAC systems, as the extreme weather conditions affect the human comfort and productivity. Technological advancements are anticipated to drive the growth of the global HVAC market, as new applications emerge in commercial, industrial and residential sectors.The preference for smart homes among customers who look for energy efficient homes is expected to drive the growth of the HVAC systems during the forecast period. Tax credit programmes and regulations aimed at promoting energy efficient systems are expected to enhance the demand for HVAC systems. Globally, increasing investments in the construction sector such as real estate and infrastructure is expected to generate demand for HVAC systems, as the buildings require modern energy efficient solutions for heating, ventilation and air-conditioning. The stability in the automobile industry is expected to drive the demand for HVAC systems, as customers prefer to have air-conditioning or heating systems in their vehicles, depending upon the local weather conditions. Increasing demand for up gradation or refurbishment of the old ones with energy efficient HVAC systems for meeting new regulations and standards are expected to enhance the growth of the global HVAC systems market. Cooling equipment segment dominate the global HVAC systems market, as there is more demand for air-conditioning and other cooling applications. Condensing boilers segment is anticipated to witness significant growth during the forecast period 2017-2023, as they are far more energy efficient and cause less emissions.
Higher energy consumption by HVAC systems is a major restraint for the global HVAC market, as it make unaffordable to many consumers. High emissions from boiler based HVAC systems is another restraint for the global HVAC market, as stringent regulations are formulated for curbing emissions and improving energy efficiency. The countries with extreme weather conditions are expected to provide opportunities for major players in the market as consumers will need solutions for air-conditioning and heating. Construction boom is anticipated to provide growth opportunities for major players, especially in emerging economies. Eco-friendly and energy efficient systems are anticipated to provide growth opportunities as it will help the companies to meet the stringent regulations.
The report covers the analysis of global as well as regional markets of HVAC systems Market. Moreover, the global HVAC systems market is segmented by application, by equipment type, by implementation type and by software & service. The global HVAC systems market by application covers automotive, commercial, industrial and residential. On the basis of equipment type, the market is segmented as heating, ventilation and cooling. Based on implementation type, the market is segmented as new construction and retrofit building among others. Based on software and service, the market is segmented as heat load calculation software, design software, scheduling software, service software, installation and maintenance & repair among others.
The global HVAC systems market covers the analysis of geographies such as North America, Europe, Asia-Pacific and RoW. In this section, the key trends and market size for each region is provided over the period of 2017 – 2023.
Among geographies, North America is the largest HVAC systems market, followed by Europe. Asia-Pacific is anticipated to become the fastest growing and largest HVAC systems market during the forecast period. The emergence of adoption of new technologies, new regulations that stipulate adoption of energy efficient HVAC systems and need for refurbishing or upgrading the existing HVAC systems are the major factors that drive the growth of the North American HVAC systems market. The incentive programs for replacing old HVAC systems in countries such as France, Germany and UK are driving the growth of the European HVAC systems market. Presence of huge population, changing lifestyles, favorable government regulations and programs that promote adoption of HVAC systems, varying weather conditions related to global warming , boom in construction activities in the region and increasing demand from countries such as China, India and Japan drive the growth of the Asia-Pacific HVAC systems market.
The companies covered in the report include manufacturers of Global HVAC systems market include Daikin Industries Ltd, Electrolux AB, Johnson Controls Inc, Ingersoll-Rand Plc, LG Electronics, Lennox International, Mitsubishi Electric, Nortek Inc,Qingdao Haier Co. Ltd, Samsung Electronics, United Technologies Corporation and Whirlpool Corporation.
The report provides deep insights on demand forecasts, market trends and micro and macro indicators. In addition, this report provides insights on the factors that are driving and restraining the demand of HVAC systems globally as well as regionally. Moreover, IGR-growth matrix analysis given in the report brings an insight on the investment areas that existing or new market players can consider.
Moreover, the study highlights current market trends and provides forecast from 2017 to 2023. We also have highlighted future trends in the HVAC systems market that will impact the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight on the market share of the leading players. Additionally, the analysis highlights rise and fall in the market shares of the key players in the market. This report will help manufacturers, suppliers and distributors of the HVAC systems market to understand the present and future trends in this market and formulate their strategies accordingly.
Get free analyst support for the queries before and post purchasing report.
Be assured of 100% customer satisfaction about the research and get 24X7 customer support.
Infinium has achieved over 400%+ growth in its repository and revenue over the last 2 years. Yes, we are proud to say we are growing at a great pace and becoming a trusted partner among our clients.
sign up for our newsletter