Chicago, April 03, 2023 (GLOBE NEWSWIRE) -- The HVAC System Market by Cooling Equipment, Heating Equipment, Ventilation Equipment, Implementation Type, Application (Residential, Commercial, Industrial) and Region (North America, Europe, APAC, RoW) – [2021-2026], Product launches, acquisitions, partnerships, collaborations, strategic alliances, and expansions are the major growth strategies adopted by the market players. These strategies have enabled them to efficiently fulfill the growing demand for HVAC systems from end-user industries and expand their global footprint by offering their products in all the major regions.
IoT Integration Boosts HVAC System Popularity in Commercial and Residential Applications; Unitary Air Conditioners to Dominate Market Share
The integration of IoT into HVAC systems has increased their popularity in commercial and residential applications. During the forecast period, the market for unitary air conditioners is expected to have the highest market share, with unitary systems being used in buildings, schools, offices, and retail stores.
The major unitary air conditioner manufacturers, such as Daikin, Ingersoll Rand, Johnson Controls, Nortek, and Lennox. The boiler market is expected to grow at the fastest CAGR during the forecast period, with the residential segment dominating the market. The article also discusses the market for air handling units, which held the largest share of the ventilation equipment market in 2020. During the forecast period, the APAC region is expected to lead the market for ventilation equipment.
The commercial application segment and the new construction segment, which are expected to lead the global market during the forecast period. Finally, the article discusses key trends driving the growth of the HVAC system market, such as increased building activity, technological breakthroughs, government support and regulations, and rising awareness of energy efficiency.
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HVAC System Market Report Scope
| Report Metric | Details |
| Estimated Market Size | USD 210.0 billion |
| Projected Market Size | USD 271.5 billion |
| Growth Rate | 6.6% |
| Forecast Period | 2022-2030 |
| Forecast Units | Value (USD Million/Billion) |
| Segments Covered |
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| Geographies Covered |
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| Companies Covered |
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| Key Market Driver | Increasing government regulatory policies and incentives to ensure energy saving and conservation of natural resources |
| Key Market Opportunity | Rapid transformation of IoT within HVAC industry |
| Largest Growing Region | APAC |
| Highest CAGR Segment | Furnaces |
| Highest Market Share Units | Air Handling Unit |
| Highest Growing Application | Commercial Application |
Top Market Players:
Daikin was ranked first in the HVAC system market in 2020, with an approximate share of 10–11% in the market. Daikin It manufactures general air-conditioning equipment with in-house divisions covering both air conditioning and refrigerants. The company mainly operates through Air Conditioning, Chemicals, and Other business segments. The Air Conditioning segment offers HVAC products such as split/multi-split air conditioners, unitary air conditioners, air-to-water heat pumps, heating systems, air purifiers, medium/low-temperature refrigeration systems, ventilation products, control systems, chillers, filters, and marine HVAC.
“Browse in-depth TOC on " HVAC System Market Trends, Growth Drivers"
190 – Tables
58 – Figures
235 – Pages
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Johnson Controls held the second position in the HVAC system market in 2020, with an approximate share of 7–8% in the market. The company conducts its business through four business segments: Building Solutions North America, Building Solutions EMEA/LA, Building Solutions Asia Pacific, and Global Products. The company provides HVAC equipment, energy management systems, security systems, fire detection systems, and fire suppression solutions. Moreover, it offers products related to HVAC equipment, which include heating, cooling, air handling, and controls solutions. The company also provides HVAC operations, maintenance (planned and preventive), and repair services; remote monitoring management services; predictive and diagnostic services; system integration services; part replacement and supplies services; and managed and training services.
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