NEW YORK, March 19, 2020 (GLOBE NEWSWIRE) -- In 2017, a total of $11 trillion was spent on construction projects around the world, which, by 2024, is projected to rise to $13.5 trillion, at a CAGR of 3% between 2018 and 2024. China, India, the U.A.E., the U.S., Qatar, and Saudi Arabia will host numerous international events in the coming years, the preparations of which involve the construction of stadia, hotels, shopping malls, and other buildings.
Once complete, all such physical infrastructure will be equipped with heating, ventilation, and air conditioning (HVAC) appliances. As a result, the global HVAC market share is predicted to record a revenue growth from $240.8 billion in 2019 to $367.5 billion by 2030, at a 3.9% CAGR between 2020 and 2030 (forecast period).
Services to Dominate Market till 2030
Services would keep dominating the HVAC market, in terms of revenue, till 2030, as the clean air, energy consumption reduction, and long-life advantages of properly functioning equipment is driving the demand for regular maintenance, upgradation, part replacement, and consulting.
Get the Sample Copy of this Report at: https://www.psmarketresearch.com/market-analysis/hvac-market/report-sample
During the historical period (2014–2019), cooling systems held the largest revenue share in the HVAC market. This is because the rise in the global temperature has made air conditioning equipment necessary, while the increase in the disposable income has made it affordable.
During the forecast period, the residential category is expected to experience the fastest revenue growth in the HVAC market. This is attributed to the rapid increase in the population, especially in urban areas, which would lead to a strong emphasis on the construction of housing units, where HVAC systems would be required in high numbers.
Browse report overview with 212 tables and 95 figures spread through 259 pages and detailed TOC on "HVAC Market Research Report: Global Industry Size, Share Analysis and Growth Forecast to 2030" at: https://www.psmarketresearch.com/market-analysis/hvac-market
In 2019, the upgradation/replacement division generated the highest revenue in the HVAC market, as an increasing number of HVAC owners got the faulty parts replaced or their entire equipment upgraded, in order to make it more energy-efficient and longer lasting.
In the coming years, the highest revenue CAGR in the HVAC market would be witnessed in Asia-Pacific. As a result of the swift industrialization in countries such as China and India, the disposable income of the people is growing, which is making equipment including refrigerators and air conditioners more easily affordable.
Market Players Leveraging Product Launches to Augment their Revenue
In the recent past, several major HVAC market players have successfully used product launches as a strategic measure to sustain their growth. By launching new and improved HVAC systems, the market players have been able to:
- Reduce the energy consumption of the systems, by making them lighter
- Gain an edge over their major competitors
- Strengthen their position in numerous countries, by catering to the specific demands there
- Give customers wider options of HVAC equipment
- Minimize environmental damage by following green practices in equipment manufacturing
Make Enquiry Before Purchase at: https://www.psmarketresearch.com/send-enquiry?enquiry-url=hvac-market
The competitive landscape of the global HVAC market is characterized by a number of players, such as Johnson Controls International PLC, Mitsubishi Electric Corporation, Daikin Industries Ltd., Danfoss A/S, Gree Electric Appliances Inc. of Zhuhai, LG Electronics Inc., Smardt Chiller Group Inc., Ingersoll-Rand Plc, Qingdao Haier Co. Ltd., SKM Air Conditioning LLC, United Technologies Corporation, GAMI Air Conditioners Manufacturing, Petra Engineering Industries Co., Thermal Care Inc., Thermax Limited, The Arctic Chiller Group Ltd., Blue Star Limited, Midea Group Co. Ltd., Frigel Firenze SpA, Dunham-Bush Holding Bhd., Hero-Tech Refrigeration Equipment Co. Ltd., Multistack LLC, Fluid Chillers Inc., Aermec UK Ltd., Airedale International Air Conditioning Limited, Havells India Limited, Lennox International Inc., Fujitsu General Limited, Panasonic Corporation, Whirlpool Corporation, Voltas Limited, Middle East Air Conditioner Co. Ltd., Zamil Air Conditioners, M.T.A. S.p.A., Kirby HVAC&R Pty Ltd., and Rheem Manufacturing Company.
More Reports of Semiconductor and Electronics by P&S Intelligence
Chiller Market
The surging requirement of cooling equipment in industrial applications is another factor driving the growth of the chiller market. Primarily chillers are used in industries for controlled cooling of products, and factory machinery in a wide range of industries.
https://www.psmarketresearch.com/market-analysis/chiller-market
Commercial Refrigeration Equipment Market
Based on region, APAC held the largest share in the commercial refrigeration equipment market in 2017, and it is expected to be the fastest growing market during the forecast period. This can be attributed to the rapid urbanization and increasing cultivation of fruits and vegetables, particularly in China and India.
https://www.psmarketresearch.com/market-analysis/commercial-refrigeration-equipment-market
About P&S Intelligence
P&S Intelligence is a provider of market research and consulting services catering to the market information needs of burgeoning industries across the world. Providing the plinth of market intelligence, P&S as an enterprising research and consulting company, believes in providing thorough landscape analyses on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness.
Contact:
P&S Intelligence
International: +1-347-960-6455
Email: enquiry@psmarketresearch.com