The global HVAC systems market size is anticipated to reach USD 197.50 billion by 2028, registering a CAGR of 5.9% over the forecast period, according to a new study by Grand View Research Inc. The rising adoption of energy-efficient and renewable energy products is anticipated to be a significant driving factor for the market. Furthermore, climate changes have rendered heating and cooling equipment a necessity rather than a luxury. Thus, the deteriorating climate condition is likely to positively influence the market over the forecast period. Proactive government initiatives will emerge as market growth drivers over the forecast period.
For
instance, under the Taxpayer Relief Act of 2012 (U.S.)-2017, customers can
apply for the Federal Energy Tax Credit. Similarly, Australia’s Department of
the Environment and Energy has introduced the “discounted energy-efficient air
conditioners for households program” that provides a discount ranging between
USD 200 to USD 1,000 to New South Wales residents buying high-efficiency air conditioners
for household purposes. Several governments worldwide introduce such
initiatives to promote product adoption.
In
addition, the market is expected to experience healthy growth owing to
refurbishment and replacement demand. Several customers are replacing old
equipment with new energy-efficient units for energy savings, improved
performance, and cost reduction. The factors responsible for the replacement of
the HVAC (Heating, ventilation, and air conditioning) unit are the system’s
age, building remodeling, poor air quality, and high cost of repair.
The
spread of the novel coronavirus in 2020 resulted in the shutting down of
production plants across the globe in the first quarter. As a result, several
major players recorded substantial revenue drop in the initial part of 2020.
However, pent-up demand and increasing awareness about hygienic surroundings
have resulted in higher product sales in recent times and are expected to
continue in the subsequent years. Overall, the Covid-19 pandemic has had a
minor impact on the market and the industry is expected to record steady growth
in the years to come.
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HVAC Systems
Market Report Highlights
- The cooling
systems segment dominated the market in 2020 and is expected to retain the
leading position in the future due to a rise in demand for air conditioning
systems across several sectors
- With a steady
increase in the global real estate sector, the residential segment
captured significant revenue share in 2020
- The segment
is expected to grow at a steady CAGR from 2021 to 2028 due to the rising
demand from modern households in developing economies
- Middle East
& Africa is anticipated to grow at a healthy CAGR over the forecast
period owing to the increasing construction activities, growing tourism
sector, and rising temperatures in the region
- Since the
outbreak of coronavirus, key market players are focused on introducing
products that can improve the air quality
- In February
2020, Havells India Ltd. launched Grande Heavy-Duty Air Conditioner under
its brand Llyod. The AC features Catechine coated dust filter and Green
Bio air filter along with anti-bacterial Eva Coils, which enhances the air
quality
HVAC Systems
Market Segmentation
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, 2017 - 2028)
- Heating
- Ventilation
- Cooling
HVAC Systems
End-use Outlook (Revenue, USD Billion, 2017 - 2028)
- Residential
- Commercial
- Industrial
HVAC Systems
Regional Outlook (Revenue, USD Billion, 2017 - 2028)
- North America
- U.S.
- Canada
- Mexico
- Europe
- U.K.
- Germany
- France
- Spain
- Italy
- Latvia
- Asia Pacific
- China
- India
- Japan
- South Korea
- Australia
- South America
- Brazil
- Argentina
- Chile
- Middle East & Africa (MEA)
List of Key
Players of HVAC Systems Market
- Carrier Corporation
- Daikin Industries, Ltd.
- Emerson Electric Co.
- Hitachi Ltd.
- Johnson Controls International plc
- Lennox International, Inc.
- Trane Technologies
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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.
For more info visit @ https://www.grandviewresearch.com
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