The ‘Global HVAC Market Size, Share Report and Forecast 2022-2027’ by Expert Market Research gives an extensive outlook of the global HVAC market, assessing the market on the basis of its segments like equipment, implementation types, and end uses, and major regions. The report studies the latest updates in the market, along with their impact across the market.
The introduction of various favourable government initiatives aimed at encouraging the replacement of old HVAC models with new, energy-efficient HVAC models with a higher SEER (seasonal energy-efficiency ratio) is anticipated to add to the market growth.
The rising emphasis on eco-friendly HVAC systems is likely to improve sales of HVAC products. Furthermore, the rapid development of ductless HVAC systems to bolster the convenience of occupants living in residential spaces with low space is likely to fuel the market growth in the coming years.
The key highlights of the report include:
Global HVAC Market Overview (2017-2027)
- Historical Market Size (2021): About USD 45 Billion
- Forecast CAGR (2022-2027): 1%
- Forecast Market Size (2027): Nearly USD 96 Billion
The increasing thermal loads in electrically powered buildings in residential areas, rising occupancy in residential complexes, and the increasing standards of living are driving the demand for HVAC systems.
The heightened adoption of HVAC across enterprises to boost productivity, adjust the temperature according to the environment, improve client relationships, and save electricity costs is adding to the market growth.
The main components of HVAC include boilers, air conditioning units, ducts, and moisture vents.
Based on equipment, the HVAC market can be segmented into:
- Heating
- Heat Pumps (Breakup by Product)
- Air-to-air
- Air-to-water
- Water-to-water
- Furnaces (Breakup by Product)
- Oil
- Gas
- Electric
- Others
- Boilers
- Others
- Heat Pumps (Breakup by Product)
- Ventilation
-
- Air-Handling Units
- Air Filters and Purifiers
- Ventilation Fans
- Axial Fans
- Centrifugal Fans
- Crossflow Fans
- Others
- Dehumidifiers and Humidifiers
- Others
- Cooling
- Unitary Air Conditioners
- Split
- Packaged
- VRF Systems
- Chillers
- Coolers
- Cooling Towers
- Evaporative
- Dry Cooling
- Hybrid
- Others
- Unitary Air Conditioners
The market can be broadly categorised based on implementation types into:
- New Constructions
- Retrofits
By end use, the market is classified into:
- Residential
- Commercial
- Industrial
On the basis of region, the market can be categorised into:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
HVAC Market Trends
The biggest rage currently being observed in the HVAC market is the rising adoption of energy-efficient appliances, in order to reduce the pressure on power plants, which will, in turn, check the burning of fossil fuels. In order to achieve this, the governments of several countries are enacting stringent policies, such as energy conservation building code for residential buildings, called Eco Niwas Samhita, launched by Government of India in 2018, and the C40 China Building Program adopted by the Chinese government, in order to rapidly implement energy conservation schemes for buildings.
Technological advancements, including the development of HVAC units with variable-speed motors, in HVAC systems are driving the growth of HVAC market.
Modern HVAC systems are compatible with Wi-Fi and Bluetooth connectivity features, which is likely to be a crucial trend in the market.
Over the forecast period, product innovations by major market players aimed towards bolstering their home appliance product portfolios are likely to spearhead the sale of HVAC systems in the coming years.
The introduction of various favourable government initiatives aimed at encouraging the replacement of old HVAC models with new, energy-efficient HVAC models with a higher SEER (seasonal energy-efficiency ratio) is anticipated to add to the market growth. The rising emphasis on eco-friendly HVAC systems is likely to improve sales of HVAC products.
Key Market Players
The major players in the market are:
- Lennox International, Inc.
- LG Electronics, Inc.
- Carrier Global Corporation
- Samsung Electronics Co. Ltd.
- Haier Smart Home Co., Ltd.
- Daikin Industries, Ltd
- Emerson Electric Co.
- Honeywell International Inc
- Johnson Controls International plc
- others
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
About Us:
Expert Market Research (EMR) is leading market research company with clients across the globe. Through comprehensive data collection and skillful analysis and interpretation of data, the company offers its clients extensive, latest, and actionable market intelligence which enables them to make informed and intelligent decisions and strengthen their position in the market. The clientele ranges from Fortune 1000 companies to small and medium scale enterprises.