The global residential HVAC market size is expected to grow by USD 16.97 billion as per Technavio. This marks a significant market slow down compared to the 2019 growth estimates due to the impact of the COVID-19 pandemic in the first half of 2020. However, steady growth is expected to continue throughout the forecast period, and the market is expected to grow at a CAGR of 5%. Request Free Sample Report on COVID-19 Impacts
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Technavio has announced its latest market research report titled Global Residential HVAC Market 2020-2024 (Graphic: Business Wire)
Read the 120-page report with TOC on "Residential HVAC Market Analysis Report by Product (Air conditioning system, Heating system, and Ventilation system) and Geography (APAC, Europe, North America, MEA, and South America), and the Segment Forecasts, 2020-2024".
The market is driven by the increasing demand for energy-efficient HVAC systems. In addition, the rising residential construction activity is anticipated to boost the growth of the Residential HVAC Market.
Growing concerns regarding emissions from HVAC systems and the environmental damage caused by them are compelling several regulatory bodies to frame stringent regulations and mandate manufacturers and users to comply with those regulations. Developed countries such as the US, Canada, and various European countries have framed regulations to increase the adoption of environment-friendly refrigerants and the use of energy-efficient equipment. In order to comply with these regulations and ensure the high efficiency of HVAC systems, several vendors are offering energy-efficient HVAC systems for residential buyers. Therefore, residential buyers are persistently opting for energy-efficient HVAC systems. Thus, the increasing demand for energy-efficient HVAC systems is expected to drive the growth of the market.
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Major Five Residential HVAC Companies:
Carrier Global Corp.
Carrier Global Corp. has business operations under three segments: HVAC, refrigeration, and fire & security. The company offers air conditioners, heat pumps, packaged products, geothermal heat pumps, ductless systems, furnaces, evaporator coils, fan coils, and boilers.
Daikin Industries Ltd.
Daikin Industries Ltd. operates its business through four segments: air conditioning, chemicals, oil hydraulics, and defense. The company offers split and multi-split type air conditioners, unitary (ducted split), air to water heat pump systems, heating systems, air purifiers, VRV (multi-split type air conditioners), and ventilation products.
Danfoss AS has business operations under various segments such as Danfoss Power Solutions, Danfoss Cooling, Danfoss Drives, and Danfoss Heating. The company offers heating, ventilation and air conditioning systems for residential buildings.
Haier Smart Home Co. Ltd.
Haier Smart Home Co. Ltd. operates its business through various segments such as refrigerator, air conditioner, washing machine, kitchen appliances, water appliance, and equipment product and integrated channel services. The company offers multi-spit and mono-split air conditioning unit, and ductless mini split systems.
Johnson Controls International Plc
Johnson Controls International Plc has business operations under four divisions: Building Solutions North America, Building Solutions EMEA and LA, Building Solutions Asia Pacific, and Global Products. The company offers furnaces, air conditioning units, packaged systems, split systems, mini-splits/duct-free splits, and heat pumps.
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Residential HVAC Market Product Outlook (Revenue, USD bn, 2020-2024)
Air conditioning system - size and forecast 2019-2024
Heating system - size and forecast 2019-2024
Ventilation system - size and forecast 2019-2024
Residential HVAC Market Regional Outlook (Revenue, USD bn, 2020-2024)
APAC - size and forecast 2019-2024
Europe - size and forecast 2019-2024
North America - size and forecast 2019-2024
MEA - size and forecast 2019-2024
South America - size and forecast 2019-2024
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View source version on businesswire.com: https://www.businesswire.com/news/home/20200915005513/en/