London, May 25, 2023 (GLOBE NEWSWIRE) -- Owing to a steady surge in global population levels, there has been an exponential spike in the demand for both residential and commercial construction projects across the world. This is particularly evident in various emerging regions. Rapid urbanization and efforts to boost infrastructure development by respective governments play critical roles in furthering growth prospects for the global HVAC equipment market.
Additionally, the imposition of stringent regulations and energy-efficiency standards by these governments and various other environmental agencies is also leading to the higher adoption of innovative HVAC systems globally. In doing so, these entities aim to promote sustainability and achieve their respective carbon emission targets. There is a greater need for better quality of indoor air. The onset of COVID-19 also played a significant role in channelling more focus to this area of concern.
On the other hand, the incorporation of various technological advancements such as energy management controls, smart and connected systems, as well as IoT has also led to enhanced functionality, remote monitoring, and control capabilities, as well as improved energy efficiency. Factors such as these are expected to have a profound influence on the growth trajectory of the global HVAC equipment market.
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Insights into Segmentation Analysis
The global HVAC equipment market is generally segmented based on – Equipment Type, End-Use Application, and Region. Based on Equipment Type, the ‘Air-Conditioning Equipment’ sub-segment is projected to account for the largest share of this global market. With respect to End-Use Application, the ‘Commercial Sector’ is slated to account for the majority market share owing to the high demand for HVAC equipment in commercial applications.
Insights into Regional Analysis
As per a study conducted by Fairfield Market Research, North America, and Europe both account for a substantial share of this global market due to a greater emphasis being given to energy efficiency, the adoption of advanced technologies, as well as the existence of stringent regulations. However, the Asia Pacific is slated to index the fastest rate of growth in the HVAC equipment market over the forecast timeline owing to robust urbanization, increased infrastructural development, and a greater demand for more effective cooling solutions.
Key Market Players
Daikin Industries Ltd., LG Electronics Inc., Honeywell International Inc., Johnson Controls, Mitsubishi Electric Trane HVAC US LLC, and Danfoss AS., constitute some of the major competitors dominating the competitive landscape of the global HVAC equipment market.
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Global HVAC Equipment Market is Segmented as Below:
Product Coverage
- Heating
- Cooling
- Ventilation
End-user Coverage
- Residential
- Commercial
- Industrial
Geographical Coverage
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
Leading Market Companies
- Daikin
- Johnson Controls
- Ingersoll Rand
- LG Electronics
- Lennox International Inc.
- Nortek Holdings Inc
- Samsung Electronics
- Haier Group
- Panasonic Corporation
- Midea Group
- Emerson Electric Co.
- Trane Technologies
- Gree Electric Appliance Inc.
Key Elements Included In The Study: Global HVAC Equipment Market
- HVAC Equipment Market by Product/Technology/Grade, Application/End-user, and Region
- Executive Summary (Opportunity Analysis and Key Trends)
- Historical Market Size and Estimates, Value and Volume, 2019 - 2022
- Volume Consumption at Regional and Country Level, 2023 - 2030
- Market Dynamics and Economic Overview
- Market Size in Value and Volume, Growth Rates, and Forecast Figures, 2023 - 2030
- Competitive Intelligence with Financials, Key Developments, and Portfolio of Leading Companies
- Regional and Product/Grade/Application/End-user Price Trends Analysis
- Value Chain and Five Force’s Analysis
- Regional/Sub-region/Country Market Size and Trend Analysis
- Company Market Share Analysis and Key Player Profiles
About Us
Fairfield Market Research is a UK-based market research provider. Fairfield offers a wide spectrum of services, ranging from customized reports to consulting solutions. With a strong European footprint, Fairfield operates globally and helps businesses navigate through business cycles, with quick responses and multi-pronged approaches. The company values an eye for insightful take on global matters, ably backed by a team of exceptionally experienced researchers. With a strong repository of syndicated market research reports that are continuously published & updated to ensure the ever-changing needs of customers are met with absolute promptness.
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