The global HVAC systems market size is anticipated to reach
USD 183.8 billion by 2025, according to a new report by Grand View Research
Inc. The market is estimated to witness a CAGR of 5.7% during the forecast
period. Growing commercial sector and rapid urbanization across the globe are
driving the demand for HVAC equipment. Furthermore, incentives and rebates
programs offered by various governments to promote the use of energy-efficient
units is anticipated to bolster the HVAC equipment market growth.
Moreover, HVAC systems are being
integrated with next-generation technologies, such as IoT sensors, remote
control systems, and hybrid HVAC units, to provide optimum comfort with reduced
energy consumption. This is also anticipated to support the global market
expansion over the forecast period. On the other hand, high installation and
maintenance costs coupled with complexity of retrofit HVAC installations may
hinder the market growth. However, many prominent manufacturers are investing
in R&D to develop cost- and energy-efficient units; which will fuel the
product demand.
For instance, a California-based
company developed an ice-powered air conditioning system. The new system
reduces the energy consumption of the building by freezing a significant amount
of water overnight and offers six hours of cooling the next day. Several
residential complexes and businesses are replacing old HVAC systems with new
energy-efficient units for higher performance, energy savings, and cost
reduction. Moreover, remodeling and new construction of residential, commercial
or industrial buildings requires HVAC systems. These factors are expected to
propel the market development over the forecast period.
Asia Pacific region led the HVAC
equipment market, in terms of market share. This growth is attributed to the
rising disposable income and awareness regarding energy-efficient products.
Furthermore, growing real estate industry across the region as a result of
increasing population will also have a positive impact on the product demand.
The emergence of smart buildings and government initiatives promoting the use
of energy- and cost-efficient systems are also expected to boost the market
growth in this region.
Browse full research report on HVAC Systems Market: https://www.grandviewresearch.com/industry-analysis/hvac-equipment-industry
Further key findings from the study suggest:
- Cooling systems led the HVAC equipment market in 2017 and is
likely to grow further on account of rising demand from the residential
and commercial sectors
- The residential segment held the majority share of the total
revenue in 2017 owing to rise in real estate sector in developing regions
- Driven by Japan and China, Asia Pacific was the dominant
region in the global market. It is projected to maintain its dominance in
future on account of growing real estate market and consumer disposable
income levels
- Leading companies and several governments across the globe
are promoting HVAC systems through endorsement labels like ENERGY STAR and
incentive programs, which will boost the market growth
- Some of the top companies in this market are LG Electronics,
Inc.; Lennox International, Inc.; Carrier Corporation; Samsung Electronics
Co. Ltd.; United Technologies Corporation; Johnson Controls International
PLC; and Daikin Industries Ltd.
Browse
request sample of this report by Grand View Research: https://www.grandviewresearch.com/industry-analysis/hvac-equipment-industry/request/rs1
Grand View Research has segmented the global HVAC systems market
on the basis of product, end use, and region:
HVAC Systems Product Outlook (Revenue, USD Billion, 2015
- 2025)
- Heating
- Ventilation
- Cooling
HVAC Systems End Use Outlook (Revenue, USD Billion, 2015
- 2025)
- Residential
- Commercial
- Industrial
HVAC Systems Regional Outlook (Revenue, USD Billion, 2015 - 2025)
- North
America
- U.S.
- Canada
- Mexico
- Europe
- U.K.
- Germany
- Italy
- Spain
- France
- Asia
Pacific
- India
- China
- Japan
- South
Korea
- Australia
- South
America
- Brazil
- Argentina
- Chile
- Middle
East & Africa (MEA)
About
Grand View Research
Grand View Research, Inc. is a U.S.
based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides syndicated
research reports, customized research reports, and consulting services. To help
clients make informed business decisions, we offer market intelligence studies
ensuring relevant and fact-based research across a range of industries, from
technology to chemicals, materials and healthcare.
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