Dublin, May 20, 2021 (GLOBE NEWSWIRE) -- The "HVAC Systems Market Size, Share & Trends Analysis Report by Product, by End-use, by Region, and Segment Forecasts, 2021-2028" report has been added to ResearchAndMarkets.com's offering.
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.
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.
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.
Key Topics Covered:
Chapter 1. Methodology and Scope
Chapter 2. Executive Summary
2.1. HVAC Systems Market - Industry Snapshot & Key Buying Criteria, 2017 - 2028
Chapter 3. HVAC Systems Market Variables, Trends & Scope
3.1. Market Size and Growth Prospects, 2017 - 2028
3.2. Industry Value Chain Analysis
3.3. Market Dynamics
3.3.1. Market Driver Analysis
3.3.2. Market Restraint/Challenge Analysis
3.3.3. Market Opportunity Analysis
3.4. Penetration & Growth Prospect Mapping (Key Opportunities Prioritized)
3.5. Business Environment Analysis Tools
3.5.1. Industry Analysis - Porter's Five Forces Analysis
3.5.2. PEST Analysis
Chapter 4. HVAC Systems Market: Product Outlook
4.1. HVAC Systems Market Share by Product, 2020 & 2028 (USD Billion)
Chapter 5. HVAC Systems Market: End-use Outlook
5.1. HVAC Systems Market Share by Product, 2020 & 2028 (USD Billion)
Chapter 6. HVAC Systems Market: Regional Outlook
6.1. HVAC Systems Market Share by Region, 2020 & 2028 (USD Billion)
Chapter 7. Competitive Landscape
Daikin Industries, Ltd.
Emerson Electric Co.
Havells India Ltd.
Johnson Controls International plc
Lennox International, Inc.
Mitsubishi Electric U.S. Inc.
Rheem Manufacturing Company
Samsung Electronics Co. Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/xbq1nq
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