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Global Residential HVAC market: COVID-19 Business Continuity Plan | Evolving Opportunities with Carrier Global Corp. and Daikin Industries Ltd. | Technavio

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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

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

Technavio’s sample reports are free of charge and contain multiple sections of the report, such as the market size and forecast, drivers, challenges, trends, and more. Request a free sample report

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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