Pune, India, March 18, 2021 (GLOBE NEWSWIRE) -- The global HVAC system market size is projected to reach USD 191.83 billion by 2027, exhibiting a CAGR of 5.0% during the forecast period. Increasing indoor air pollution worldwide will emerge as a major factor propelling the adoption of HVAC systems, finds Fortune Business Insights™ in its report, titled “Heating, Ventilation, and Cooling (HVAC) System Market Size, Share & COVID-19 Impact Analysis, By Type (Single Split Systems, Variable Refrigerant Flow (VRF) Systems, Chillers and Others), By Application (Residential, Commercial and Industrial), and Regional Forecast, 2020-2027”.
Indoor air quality in enclosed structures such as schools, homes, and commercial spaces is hampered by the presence of different pollutants such as volatile organic compounds and carbon monoxide. The US Environmental Protection Agency estimates that concentrations of pollutants indoors are 2 to 5 times higher than outdoors. In many countries around the world, inefficient cooking practices are the primary for indoor household pollution. According to the World Health Organization (WHO), around 4 million people die prematurely from illnesses, such as lung cancer and ischemic heart disease, developed due to household pollutants. Heating, ventilation, and cooling systems provide an optimal solution to this problem as these systems can mechanically pulls outdoor air into the home and purifies the indoor air, removing pollutants in an efficient manner.
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The report states that the global market value stood at USD 130.19 billion in 2019 and also shares the following information:
- Valuable insights into the various trends and drivers shaping the growth trajectory of the market;
- A thorough analysis of the different hindrances obstructing market growth;
- Critical evaluation of the regional prospects and competitive dynamics of the market; and
- An exhaustive study of all the market segments.
Market Driver
The threat of Airborne Spread of COVID-19 May Spike the Demand for HVAC Systems
In July 2020, the WHO acknowledged the threat that the coronavirus can spread through air. This has brought to light the role played by traditional heating, ventilation, and cooling systems in spreading the virus in enclosed spaces. The main argument in this context is that poor ventilation of energy-inefficient air conditioners is the primary cause of transmission of the virus. For example, a study conducted by the University of Oregon found that the virus was present in 25% of the HVAC systems in hospitals with COVID-19 patients.
Therefore, many experts are recommending installing HVAC systems that let in 20% fresh air from outside. As a result, several building owners and managers are upgrading their ventilation systems with more advanced units. In response to the sudden demand spike, companies such as Carrier and Honeywell are offering portable filter machines and air-monitoring sensors to provide improved ventilation. The COVID-19 pandemic is, therefore, generating unprecedented opportunities for market players and boosting the heating, ventilation, and cooling system market growth.
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Regional Insights
Asia Pacific to Command Market Share; North America to Grow Considerably
With a market size of USD 64.86 billion, Asia Pacific dominated the heating, ventilation, and cooling system market share in 2019 and is expected to continue its impressive performance during the forecast period. The main factor augmenting the market in this region is the rising spending capacity of the consumers, which is pushing them to opt for advanced HVAC systems. Additionally, increasing awareness about indoor pollution and governmental regulations governing urban sustainability are anticipated to provide further impetus to the market.
In North America, the market will be mainly driven by the escalating demand for HVAC systems from the residential sector. On the other hand, the market in Latin America is set to experience dynamic growth owing to the expansion activities of several manufacturers to boost production and sales in Mexico and Brazil.
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Competitive Landscape
Portfolio Diversification to be the Core Growth Strategy for Key Players
The dynamics governing this market have widened its scope and spawned exciting opportunities for key players to innovate and diversify their offerings. As a result, several market companies are raising their R&D capacities and collaborating with different entities to expand their portfolio and broaden their business horizons.
Industry Developments:
- January 2020: Daikin North America announced the inclusion of heat pump systems in its widely popular Daikin Fit Systems. This inclusion is aimed at transforming the heating and ventilation scenario in North America, where unitary HVAC systems are currently prevalent in the region.
- November 2019: Danfoss entered into a partnership with Microsoft to bring its expertise and experience in HVAC systems and refrigeration on cloud systems. Bringing its knowledge on Microsoft Azure, Danfoss aims to enable HVAC and refrigeration owners and vendors to accelerate their sales.
List of Companies Profiled in the HVAC System Market Are:
- Evapco, Inc. (Maryland, U.S.)
- Armstrong Fluid Technology (Ontario, Canada)
- FERROLI S.p.A. C.F. epVA. (San Bonifacio, Italy)
- Emerson Electric Co. (Missouri, U.S.)
- AB Electrolux (Stockholm, Sweden)
- SAMSUNG (Seoul, South Korea)
- Haier Inc. (Qingdao, China)
- Schneider Electric (Paris, France)
- Carrier (Florida, U.S.)
- DAIKIN INDUSTRIES, Ltd. (Osaka, Japan)
- Robert Bosch LLC (Baden-Württemberg, Germany)
- Valliant Group (North Rhine-Westphalia, Germany)
- Danfoss A/S (Syddanmark, Denmark)
- Nortek Global HVAC LLC (Missouri, U.S.)
- Panasonic Corporation (Osaka, Japan)
- LG Electronics (Seoul, South Korea)
- GREE ELECTRIC APPLIANCES, INC. (Guangdong, China)
- Mitsubishi Electric Corporation (Tokyo, Japan)
- Johnson Controls (Cork, Ireland)
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Major Table of Content:
- Introduction
- Definition, By Segment
- Research Methodology/Approach
- Data Sources
- Executive Summary
- Market Dynamics
- Macro and Micro Economic Indicators
- Drivers, Restraints, Opportunities and Trends
- Impact of COVID-19 on Heating, Ventilation, and Cooling (HVAC) System Market
- Short-term Impact
- Long-term Impact
- Competition Landscape
- Business Strategies Adopted by Key Players
- Consolidated SWOT Analysis of Key Players
- Porter’s Five Forces Analysis
- Global Market Share Analysis and Matrix, 2019
- Key Heating, Ventilation, and Cooling (HVAC) System Market Insights and Analysis, By Segments
- Global Heating, Ventilation, and Cooling (HVAC) System Market Analysis, Insights and Forecast (Quantitative Data), By Segments, 2016-2027
- By Type (Value)
- Single Split Systems
- Variable Refrigerant Flow (VRF) Systems
- Chillers
- Others (Multi-split Systems, etc.)
- By Application (Value)
- Residential
- Commercial
- Industrial
- By Geography (Value)
- North America
- Europe
- Asia Pacific
- Middle East and Africa
- Latin America
- By Type (Value)
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