Wilmington, Delaware, United States, June 10, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. – The Global HVAC Equipment Market was valued at US$ 114.7 Bn in 2021 and is projected to expand at a CAGR of 5.8% from 2022 to 2031.
Rise in incorporation of the Internet-of-Things (IoT) in smart HVAC systems is expected to pave the way for advanced functionalities such as automation, predictive maintenance, and remote monitoring benefits. Considerable demand for energy-efficient air conditioning systems is likely to fuel the commercialization of smart HVAC systems.
Rapid adoption of energy-efficient HVAC systems among commercial users is anticipated to augment market growth in the next few years. Introduction of HVAC systems that conform to energy standard codes, such as Refrigerating and Air Conditioning Engineers (ASHRAE) and green building Leadership in Energy and Environmental Design (LEED) ratings, is broadening the market outlook. Rise in development of HVAC systems that are solar-powered is anticipated to boost market size.
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Key Findings of Study
- Rise in Adoption of Environmentally-friendly Refrigerants and Smart Technologies: Recent market trends underscore a perceptible shift in the usage of environmentally friendly refrigerants in HVAC systems. Regulatory agencies such as the U.S. EPA are actively promoting the adoption of safe refrigerants in industrial refrigerators, residential and commercial air conditioners, centrifugal chillers, and air and water chillers.
Considerable initiatives by regular agencies to phase out toxic refrigerants such as freon have positively influenced market dynamics. In addition to the utilization of environmentally friendly refrigerants, smart refrigeration technologies are gaining ground in home automation. Significant efforts to supplant or phase out refrigerants with higher global warming potential (GWP) and ODP (ozone depletion potential) are anticipated to accelerate market development. - Surge in Demand for Energy-Efficient HVAC Systems from Residential and Commercial Users: Rapid increase in the deployment of HVAC systems in residential, institutional, and commercial buildings is estimated to boost the market. Rise in demand for energy-efficient systems in commercial buildings presents lucrative business opportunities for companies. Significant demand for hydronic HVAC systems among these end-users is projected to bolster the market size in the next few years
HVAC Equipment Market: Regional Growth Dynamics
- Asia Pacific is projected to expand at a significant pace from 2022 to 2031. The region accounted for 52.9% revenue share of the global HVAC equipment market in 2021. The prominence of the market in the region can be ascribed to the considerable production of HVAC equipment and rise in its demand globally. Surge in demand for low-cost HVAC systems in South America and Africa is expected to fuel the market in Asia Pacific. Companies in China and India are anticipated to witness significant revenue opportunities.
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Key Growth Drivers
- Rapid expansion of the construction sector, especially the booming residential and commercial sectors in developing countries, is a key factor expected to drive demand for HVAC equipment. Surge in adoption of HVAC systems to ensure safe and comfortable air quality inside buildings is propelling market growth.
- Significant increase in demand for energy-efficient HVAC systems among end-users in residential, industrial, and commercial sectors is a key factor augmenting market size. Pressing need to reduce energy consumption and greenhouse gas emissions from HVAC equipment is expected to accelerate research in energy-efficient technologies such as desiccant-based cooling systems, variable flow volume systems, solar cooling, and refrigeration.
As per recent statistics, usage of air conditioners and electric fans contributes nearly 20% of the total electricity used in buildings around the globe. Energy consumption is usually higher for commercial buildings. Thus, need to reduce energy consumption in these buildings and make them more environmentally-friendly is intense.
Competition Landscape
Leading players are focusing on product portfolio expansion and mergers and acquisitions to increase market share. Prominent companies are launching eco-friendly HVAC systems to stay ahead in the competition.
Key players operating in the HVAC equipment market are:
- Daikin Industries, Ltd.
- Fujitsu General Ltd.
- Hitachi Ltd.
- Ingersoll-Rand
- Mitsubishi Electric Corporation
- Panasonic Corporation
- Sanden Holdings Corp.
- Moon Environment Technology Co., Ltd
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HVAC Equipment Market Segmentation
Product Type
- Heating Equipment
- Heat Pumps
- Furnaces
- Unitary Pumps
- Boilers
- Others
- Cooling Equipment
- Chillers
- Air Conditioners
- Water Cooling Towers
- Others
- Air Delivery Equipment
- Ventilation Fans
- Humidifiers/Dehumidifiers
- Others
Application
- Residential
- Commercial
- Industrial
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