Dublin, July 13, 2021 (GLOBE NEWSWIRE) -- The "Heating, Ventilation and Air Conditioning (HVAC) Systems - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.
Global Heating, Ventilation and Air Conditioning (HVAC) Systems Market to Reach $286.8 Billion by 2026
Amid the COVID-19 crisis, the global market for Heating, Ventilation and Air Conditioning (HVAC) Systems estimated at US$201 Billion in the year 2020, is projected to reach a revised size of US$286.8 Billion by 2026, growing at a CAGR of 5.9% over the analysis period.
Rising concerns over climate change, increasing energy prices and carbon emissions continue to push the adoption of HVAC systems in commercial spaces. The market is also set to gain from the increasing demand for energy saving products. Rebates for energy-efficient systems such as air conditioning and HVAC are encouraging commercial building users to implement and upgrade HVAC systems.
Cooling Systems, one of the segments analyzed in the report, is projected to grow at a 6.2% CAGR to reach US$204 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Heating Systems segment is readjusted to a revised 5.5% CAGR for the next 7-year period.
This segment currently accounts for a 20.8% share of the global Heating, Ventilation and Air Conditioning (HVAC) Systems market. Demand for heat pumps is attributed to availability of systems with advanced functions that allow space heating and cooling while also heating water.
The ability of heat pumps to offer higher efficiency as compared to other space heating and cooling unit is expected to further increase their adoption in the coming years. The climate change and gradually increasing average temperature are driving the adoption of cooling equipment during summers.
Ventilation Systems Segment to Reach $34 Billion by 2026
In the global Ventilation Systems segment, USA, Canada, Japan, China and Europe will drive the 4.2% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$19.4 Billion in the year 2020 will reach a projected size of US$25.8 Billion by the close of the analysis period.
China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$4.5 Billion by the year 2026, while Latin America will expand at a 5.6% CAGR through the analysis period.
The U.S. Market is Estimated at $58.1 Billion in 2021, While China is Forecast to Reach $59.3 Billion by 2026
The Heating, Ventilation and Air Conditioning (HVAC) Systems market in the U.S. is estimated at US$58.1 Billion in the year 2021. The country currently accounts for a 27.1% share in the global market. China, the world`s second largest economy, is forecast to reach an estimated market size of US$59.3 Billion in the year 2026 trailing a CAGR of 9% through the analysis period.
Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 3.2% and 5.3% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 3.6% CAGR while Rest of European market (as defined in the study) will reach US$63.8 Billion by the end of the analysis period. The demand for air conditioners in developing regions such as Asia-Pacific is very high with some households owning more than one appliance, whereas the demand for air conditioners from the developed regions remains comparatively low.
The market in Asia-Pacific is anticipated to also benefit from technological advancements and increasing investment in the consumer electronics sector across the region. The market in developed regions is propelled by rising consumer awareness about star-labeled HVAC products, increasing use of VRV and adoption of inverter-based air conditioning systems.
Key Topics Covered:
II. EXECUTIVE SUMMARY
Influencer Market Insights
Impact of Covid-19 and a Looming Global Recession
HVAC Market Analysis and Outlook
Asia-Pacific Continues to Dominate Global Market
Changing Economic Scenario Influence Market Dynamics
Global Economic Outlook: Real GDP Growth Rates in % by Country/Region for the Years 2017 through 2020
Climate Change: An Important Driving Factor for Energy-efficient HVAC Systems
Millennial Generation: To Play an Important Role
Carrier Corporation (USA)
Daikin Industries Ltd. (Japan)
Emerson Electric Co. (USA)
Fujitsu General Limited (Japan)
Gree Electric Appliances, Inc. (China)
Havells India Limited (India)
Hitachi Ltd. (Japan)
Honeywell International, Inc. (USA)
Johnson Controls, Inc. (USA)
Johnson Controls-Hitachi Air Conditioning (Japan)
Lennox International, Inc. (USA)
LG Electronics, Inc. (South Korea)
Midea Group (China)
Mitsubishi Electric Trane HVAC US LLC (USA)
Panasonic Corporation of North America (USA)
Rheem Manufacturing Company (USA)
Samsung HVAC (USA)
Trane Inc. (USA)
Whirlpool Corp. (USA)
Pressing Need to Cut Energy Consumption and Operational Costs Impels Energy Efficient HVAC Systems Market
Other Important Innovations Enabling Efficient and High-Performance HVAC Systems
Use of Multi-Enzyme Solutions
Air Conditioning with Ice Power
Sustainable HVAC Ductwork
Major Market Restraints
Smart HVAC Systems Hold Immense Potential
Smart Thermotats: An Important Development
Integration of HVAC Systems and IoT Offers New Opportunities
AI for Reduced Building Heating & Cooling Expenses
Cloud-Connected HVAC Systems Enable Creation of Smart and Efficient Facilities
Automated Control Systems for HVAC Equipment Gain Traction in Buildings
Alternative Energy Sources Garner Attention
Solar Powered HVAC Systems Gain Traction
Heat Pumps Dominate the HVAC Market
Geothermal Cooling & Heating Presents Viable Option to Improve Building Efficiency
Closed- and Open-Loop Systems
Demand for Ductless ACs on Rise
Strong Growth in Demand for Ductless Multi-Zone Systems
Global VRF System Market to Gain Pace
Outdoor Units Lead the Market
HVACs with Air Quality Systems: High in Demand
Air Conditioning Systems: Climate Change and Rising Temperatures Drive Market Growth
Deployment of Environment-Friendly Refrigerants Increases in ACs
Green Refrigerants to Replace Hydro Fluorocarbons
Rise in Adoption of DeVAP systems
Rising Interest in Indoor Growth Facilities: An Emerging Market Driver
Huge Investments in Construction Sector Boosts HVAC Systems Market Prospects
Growing Replacement and Refurbishment Demand for HVAC Systems
Growing Urbanization to Increase the Need for HVAC Systems
World Urban Population in Thousands: 1950-2050P
Affluent Middle Class Opens Up Asia into a Major Market
III. MARKET ANALYSIS
Government Initiatives Prop Up Demand for Energy Efficient Models
Positive Signs of Revival in Construction Market Augurs Well for HVAC Systems
Total Construction Starts (in US$ Billion) in the US for the Years 2015 through 2020
Efforts toward Energy Conservation Impact Japanese HVAC Industry
China Evolves into Core Market for HVAC Systems
Rising Standards of Living Fuel Market Expansion
High Growth Opportunities Identified in India
Healthy Demand for Air Conditioner Systems
Regional Demand Patterns
Energy-Efficient Products Foray into the Market
Adoption of Natural Refrigerants
Eco-Friendly Air Conditioning Systems Gain Traction
Total Companies Profiled: 82
For more information about this report visit https://www.researchandmarkets.com/r/yy2gpz
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