Pune, India, Jan. 27, 2023 (GLOBE NEWSWIRE) -- The HVAC System market size stood at USD 142.72 billion in 2021. The market is estimated to rise from USD 149.80 billion in 2022 to USD 215.23 billion by 2029 at a 5.3% CAGR during the forecast period. Fortune Business Insights™ has deep-dived into these insights in its latest research report, titled, “HVAC System Market, 2022-2029.”
According to the analysis, stakeholders have exhibited increased traction for hybrid heating and cooling systems. Besides, a surge in construction activities could add fillip to the industry growth over the next few years. Leading companies are poised to inject funds into the food and beverage and telecom industries, auguring well for the business outlook.
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COVID-19 Impact:
Moderate Demand for Air Filters to Foster Trend for HVAC
In the midst of the COVID-19 pandemic, prominent players have upped investments in air filter equipment. Health governing bodies are expected to encourage the adoption of industrial equipment to help contain the spread of coronavirus. However, the potential economic impact of the pandemic across end-use industries could have a compelling effect on the industry outlook.
Report Coverage:
The report has been prepared meticulously through quantitative and qualitative assessments to offer a comprehensive market view. Notably, many primary interviews have been conducted with major stakeholders and suppliers. Primary data has been collected through questionnaires, telephonic conversations and emails. Moreover, the report also includes secondary sources, such as government websites, SEC filings and press releases. The report also gives an in-depth view of market size, share, revenue, volume and delves into SWOT analysis.
Segmentation:
In terms of type, the market is segmented into variable refrigerant flow (VRF) systems, single split systems, chillers and others.
Based on application, the industry is segmented into commercial, residential and industrial.
On the basis of region, the market is segregated into North America, Asia Pacific, Europe, the Middle East & Africa and Latin America.
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Drivers and Restraints
Energy Efficiency Trend to Usher in Innovations
At the time when stakeholders, including governments and NGOs have been advocating for energy-efficient equipment, HVAC System market growth could be pronounced. The trend for green-labeled products has become noticeable following the rise in environmental awareness across emerging and developed economies. For instance, major players, such as Daikin Industries, Ltd., and Lennox International Inc., have upped investments in air conditioners made from solar energy and natural gas. Not to mention, the penetration of smart sensors and thermostats has become trendier, boding well for the global outlook.
Meanwhile, a possible shortage of skilled labor could deter the growth prospect during the forecast period.
Regional Insights:
Asia Pacific to Gain Ground with Rising Presence of Leading Players
The prevailing trends suggest key players could further their investments across China, India, Japan and Australia, partly due to growing purchasing power. To illustrate, India has become a happy hunting ground on the back of implementing FDI policies. Moreover, the penetration of single split systems could be pronounced across the region on the back of rising demand for commercial heating.
North America HVAC System market share will observe a notable gain against the backdrop of the adoption of advanced technologies. The U.S. has emerged as a lucrative region to expand the footfall of smart HVAC systems that could enhance energy efficiency. Furthermore, residential and commercial sectors will continue to infuse funds into the landscape.
Well-established and emerging players are likely to bank on the robust Latin America market forecast. Prominently, VRF systems and multi-split systems have gained considerable traction across Brazil and Mexico. Equipment demand could be noticeable across industrial, residential and commercial sectors.
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Competitive Landscape:
Prominent Companies Emphasize Product Portfolio Expansion to Gain Ground
Key players are likely to invest in product launches, technological advancements, collaborations and mergers & acquisitions. Major companies could further inject funds into research and development activities to gain a competitive edge.
Key Industry Development
December 2021: Carrier Malaysia rolled out a new VRF cooling system XCT7 for commercial spaces.
Major Players Profiled in the Market Report:
- Johnson Controls (Ireland)
- DAIKIN INDUSTRIES, Ltd. (Japan)
- Lennox International Inc. (U.S.)
- Carrier (U.S.)
- Mitsubishi Electric Corporation (Japan)
- Nortek Global HVAC LLC (U.S.)
- LG Electronics (South Korea)
- Emerson Electric Co. (U.S.)
- Trane (Ireland)
- SAMSUNG (South Korea)
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Table of Content:
- 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
- Short-term Impact
- Long-term Impact
- Competition Landscape
- Business Strategies Adopted by Key Players
- Consolidated SWOT Analysis of Key Players
- Global HVAC System Key Players Market Share Insights and Analysis, 2021
- Global HVAC System Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2018-2029
- Key Findings
- By Type (USD)
- Single Split Systems
- Variable Refrigerant Flow (VRF) Systems
- Chillers
- Others (Multi-split Systems, and others.)
- By Application (USD)
- Commercial
- Residential
- Industrial
- By Region (USD)
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
- North America HVAC System Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2018-2029
- Key Findings
- By Type (USD)
- Single Split Systems
- Variable Refrigerant Flow (VRF) Systems
- Chillers
- Others (Multi-split Systems, and others.)
- By Application (USD)
- Commercial
- Residential
- Industrial
- By Country (USD)
- U.S.
- By Type
- Single Split Systems
- Variable Refrigerant Flow (VRF) Systems
- Chillers
- Others (Multi-split Systems, and others.)
- Canada
- By Type
- Single Split Systems
- Variable Refrigerant Flow (VRF) Systems
- Chillers
- Others (Multi-split Systems, and others.)
TOC Continued
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