Global Heating, Ventilation and Air Conditioning (HVAC) Systems Market Report 2021: U.S. Market is Estimated at $58.1 Billion in 2021, While China is Forecast to Reach $59.3 Billion by 2026

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:

I. METHODOLOGY

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)

• Danfoss (Denmark)

• 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

• Sustainable Retrofit

• Air Conditioning with Ice Power

• Digital Ceilings

• Smart Glasses

• 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

• Market Overview

• 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

IV. COMPETITION

• Total Companies Profiled: 82

For more information about this report visit https://www.researchandmarkets.com/r/yy2gpz

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