Portland, OR, Nov. 22, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global HVAC equipment market generated $171.8 billion in 2020, and is predicted to reach $290.8 billion by 2030, manifesting a CAGR of 5.3% from 2021 to 2030. The report offers an in-depth analysis of the market size, emerging and current trends, future estimations, and key players.
Introduction of IoT-enabled HVAC systems, growth of the construction market, and rise in demand for building automation systems (BASs) drive the global HVAC equipment market. On the other hand, slow acceptance toward HVAC controls and complications involved updating the existing HVAC systems hinder the market growth. On the contrary, rise in demand for cloud computing in HVAC can create many lucrative opportunities.
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COVID-19 scenario:
- The COVID-19 outbreak caused a delay in the manufacturing and production of HVAC equipment that are widely used in residential, commercial, and industrial spaces.
- Some businesses operating in the global HVAC equipment market can afford to survive in strict lockdown measures only for a short period, after which they would have to adjust their investment plans.
- As the number of COVID-19 cases is expected to decline in the near term due to the vaccines introduced in the market, the HVAC equipment market is expected to start operations at their full-scale capacities.
The report segments the global HVAC equipment market on the basis of business type, system type, end-user, and region.
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Based on business type, the new constructions segment accounted for the largest market share in 2020, contributing to more than half of the total share, and is expected to maintain the lead throughout the forecast period. On the other hand, the retrofits segment is estimated to witness the fastest CAGR of 5.8% from 2021 to 2030.
Based on system type, the central segment contributed to the highest market share in 2020, attributing to nearly three-fifths of the total market share, and is anticipated to dominate the market during the forecast period. On the other hand, the decentralized segment is expected to manifest the fastest CAGR of 5.6% from 2021 to2030.
Based on region, Asia-Pacific, followed by Europe and North America, contributed to the highest share in 2020, holding more than half of the total share, and is anticipated to maintain dominance throughout the forecast period. The global HVAC equipment market across LAMEA is anticipated to exhibit the fastest CAGR of 6.2% during the forecast period.
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Top Manufacturers:
Key players of the global HVAC equipment market analyzed in the research include Daikin Industries, Ltd., Hitachi Air Conditioning Company, Emerson Electric Co., Honeywell International, Inc., Mitsubishi Electric Trane HVAC US LLC, Johnson Controls, Raytheon Technologies Corporation (United Technologies), LG Electronics Inc., Danfoss AS, and Nortek Global HVAC.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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