The global HVAC systems market size is estimated to touch USD 208.6 billion by the end of 2027, as per a new report by Million Insights. The market is anticipated to touch register 6.1% of CAGR from 2020 to 2027. The rise in the commercial sector and urbanization are attributing to the growth of the market. Additionally, incentives provided by the government to encourage the adoption of the energy-efficient HVAC system is further bolstering market growth.
The emergence of various technologies such as IoT, hybrid HVAC system and remote control has resulted in the improvement of efficiency of these systems. However, high maintenance and installation cost along with intricacy involved in HVAC installation are executed to adversely affect the market growth. To address this problem, key players are investing in research and development to offer cost-effective HVAC system. For example, a company based in California developed an air conditioner that is powered by ice. This system works by freezing ice in considerable amount overnight and provide cooling for nearly six hours the next day.
Various residential complexes are aiming to replace the old HVAC system with a new one for better performance. Additionally, reconstruction of new commercial, industrial and residential buildings need HVAC system, which, in turn, proliferating the market growth.
In 2019, Asia Pacific accounted for the highest share in the HVAC system market owing to increasing consumer spending and rising awareness about the energy-efficient system. Further, government initiatives aimed at higher adoption of the energy-efficient HVAC system is driving the regional growth.
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Further key findings from the report suggest:
• In 2019, the cooling system accounted for the largest market share and the segment is projected to continue its domination over the forecast duration.
• Owing to growing real-estate market, the residential segment emerged as the leading segment in 2019.
• In 2019, Asia Pacific accounted for the highest market share, of which, Japan and China together accounted for over 50% of the market share.
• Government organizations and major market players are encouraging the adoption of the HVAC system with endorsement level like ENERGY STAR for HVAC that are energy efficient.
• Major players operating in the market are Lennox International, Samsung Electronics Co. Ltd., Johnson Controls, Daikin Industries Ltd. and Carrier Corporation among others.
Million Insights has segmented the global HVAC system market on the basis of product, end use, and region:
HVAC Systems Product Outlook (Revenue, USD Billion, 2016 - 2027)
HVAC Systems End-use Outlook (Revenue, USD Billion, 2016 - 2027)
HVAC Systems Regional Outlook (Revenue, USD Billion, 2016 - 2027)
• North America
• Asia Pacific
• South Korea
• South America
• Middle East & Africa (MEA)