Dallas, Feb. 22, 2022 (GLOBE NEWSWIRE) -- According to the new report published by The Brainy Insights, The global HVAC System market is expected to grow from USD 193.13 billion in 2020 to USD 302.49 billion by 2028 at a CAGR of 5.72% during the forecast period 2021-2028.
HVAC equipment is transformed by technology such as the Internet of Things (IoT), automated control systems, and remote access control. Automated control systems track the surrounding climate and automatically regulate the temperature and speed of the fans to provide optimum comfort. These technologies will drive the HVAC system market growth over the forecast period.
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Heating, ventilation and air-conditioning (HVAC) is the environmental comfort technology for vehicles and indoors. Its aim is to provide thermal comfort and adequate indoor air quality. It is a mechanical engineering sub-discipline, based on the concepts of fluid mechanics, thermodynamics and heat transfer.These systems monitor buildings and automobiles 'indoor air quality, humidity, and temperature. HVAC systems are used in commercial, industrial and residential buildings.
Market growth is driven by the need for energy-efficient technologies, expanded opportunities from government by tax credit schemes, and a growing smart home trend.Moreover, because of rising temperatures and unstable climatic conditions, a majority of consumers consider HVAC equipment as a good investment. In addition, the increasing tendency of consumers for comfort has boosted demand for HVAC systems. Higher installation costs of an energy- HVAC system and shortage of qualified labour are, however, limiting market growth.
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Key players operating in the global HVAC system marketinclude are Daikin, Electrolux, Emerson, Honeywell, Johnson Controls, Ingersoll Rand, Lennox, LG Electronics, Mitsubishi Electric, Nortek, Samsung Electronics and United Technologies among others. The key players are now concentrating on implementing strategies such as adopting new technology, product innovations, mergers & acquisitions, joint venture, alliances and partnerships to improve their market position in the global HVAC System industry.
• For instance, in January 2018, Mitsubishi Electric Corporation and Ingersoll Rand announced a joint-venture. The joint venture aimed to market, sell, and distribute VRF and ductless HVAC systems.
The heat pumpssegment dominated the market with a market share of around 48%and market value of USD 92.70 billion in 2020
The heating equipment segment is divided into heat pumps, furnaces and unitary heaters. Due to its increased demand for heat pumps in the European region, the heat pumps segment dominated the market with a market share of around 48% and a market value of USD 92.70 billion in 2020.
The dehumidifiers ventilation equipment segment is anticipated to grow at a CAGR of around 5.8% over the forecast period
The ventilation equipment segment includes air-handling units, air filters, dehumidifiers, ventilation fans and humidifiers. As natural gas usage increases, installation of smaller diameter pipelines is growing, contributing to increased sales of HVAC systems. Additionally, low-pressure and small-diameter pipes are used for transport networks composed of gathering systems. These factors are anticipated to showcase growth potential to HVAC system of dehumidifiers ventilation equipment range. Therefore, the dehumidifiers ventilation equipment segment is anticipated to grow at a CAGR of around 5.8% over the forecast period.
The liquid segment is anticipated to grow at the highest CAGR of around 6.0% over the forecast period
The cooling equipment segment includes liquid, gas and oil. As population growth rises coupled with intense water stress, freshwater supplies are expected to be affected. Water infrastructure is also projected to grow more, and with growing water demand, the ageing water system is needed to be sustained. This factor is primarily responsible for the substantial portion of the HVAC system’s liquid segment. Therefore, the liquid segment is anticipated to grow at the highest CAGR of around 6.0% over the forecast period.
The drinking water distribution segment is anticipated to expand at the highest CAGR of around 6.6% over the forecast period.
The application segment includes wastewater systems, drinking water distribution, gas solution and petroleum solution. As demand for the pipeline water and sewage water services in the U.S. community is continuously bouncing back. Majority of demand for pipes is due to the drinking systems repair and replacement market. Therefore, the drinking water distribution segment is anticipated to expand at the highest CAGR of around 6.6% over the forecast period.
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Regional Segment Analysis of the HVAC System Market
• North America (Canada, U.S., Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of the Europe)
• South America (Brazil and Rest of South America)
• Asia-Pacific (China, Japan India, Rest of APAC)
• Middle East and Africa (UAE, South Africa, Rest of MEA)
Asia Pacific is expected to be the fastest-growing HVAC system market during the forecast period. Increasing construction activities and growing population are a couple of the factors that fuel APAC's HVAC system market growth. Smart homes are in large demand in countries like South Korea, Japan, and China. The increasingurbanization and leading sophisticated infrastructure is increasing the region's demand for HVAC systems. Moreover, technological advances and growing investments in the consumer electronics industry in the Asia Pacific region are accelerating further the growth of the market for HVAC systems. Consequently, the Asia Pacific region is projected to have substantial market share over the anticipated period. Owing to the well-established service industry and rising real estate business, commercial HVAC units dominate the North American and European markets. Implementation of strict government regulations, expanded construction activities and a stable industrial base are projected to boost the regional market growth.
About the report:
The global HVAC System market is analysed on the basis of value (USD billion).All the segments have been analyzed on global, regional and country basis. The study includes an analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.
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