HVAC Market: key Vendors, Trends, Analysis, Segmentation, F

Posted by devonte carlo on December 8th, 2019

TheHVAC Market - Global Market Share, Trends, Analysis and Forecasts, 2020-2030 provides insights on key developments, sales network, business strategies, research & development activities, production and consumption, supply chain analysis, competitive landscape, and market composition analysis.

Rapid urbanization, burgeoning demand for energy efficient systems, and regulatory interventions to dynamically shape the HVAC market

Rapid urbanization has increased stress on natural resources, thereby creating a demand for clean energy sources as well as energy efficient systems. Moreover, with increase in population density and rise in corporate offices across urban areas, the demand for products and solutions to maintain working spaces in favourable working conditions has increased exponentially. In the U.S., HVAC accounts for an average of 42% of the total energy consumption of a commercial building, as stated by the Department of Energy, United States. This has triggered a demand for development of energy efficient HVAC systems across corporate destinations over the globe. Moreover, increase in pollution levels has resulted in rising ambient temperature, with a major impact on urban areas, and is analysed to be the prime factor driving growth of HVAC market. However, environmental impacts associated with traditional (mechanical) HVAC systems has alarmed regulatory authorities to devise strict actions, thereby forcing the HVAC market leaders to develop sophisticated products and systems, which is anticipated to offer new opportunities during the forecast period.

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Cooling equipment to drive market growth fuelled by increase in temperature levels across the Globe

The HVAC market study takes into consideration market segmentation based equipment type, implementation type, application, and geography. The equipment segment is further segmented into heating equipment, ventilation equipment, and cooling equipment. The heating equipment is further sub-segmented into heat pumps, furnaces, boilers, and unitary heaters. The ventilation equipment is further sub-segmented into humidifiers, dehumidifiers, air purifiers, air heaters, ventilation filters, and air handling units. Similarly cooling equipment is further sub-segmented into room air conditioners, unitary conditioners, chillers, coolers, cooling towers, and VRF units. The cooling equipment accounted for the largest share to the HVAC market in 2018 and are anticipated to grow at a CAGR of 6.2% during forecast period. Demand from industrial and commercial applications such as food preservation, chemical and pharmaceutical storage are anticipated to be prime factors contributing to burgeoning demand for cooling equipment across the globe.

Rising demand for corporate spaces to bolster growth of HVAC products in Commercial applications

Based on application, the market is segmented into Commercial (Offices and buildings, Supermarkets/Hypermarkets, Government, Healthcare, Hospitality, and Transportation), Industrial (Oil and Gas, Food and Beverage, Automotive, and Energy and Utilities) and Residential. Residential applications contributed the largest share to the global HVAC market owing to high demand form expanding real estate across North America and Asia Pacific. However, expansion of corporate business centers, fueled by rapid urbanization across the globe, has resulted in growth in demand for HVAC products and service from commercial applications. Consequently, the commercial applications are anticipated to be the fastest growing segment during the forecast period. Asia Pacific and North America are anticipated to dominate market demand owing to expansion of commercial and residential real estate across these geographies

Major market players include Johnson Controls International PLC, Samsung Electronics Co., Ltd., Lennox International Inc., Ingersoll-Rand plc, United Technologies Co., Carrier Corporation, Daikin Industries Ltd., Mitsubishi Electric Co., Arkema S.A., LG Corporation, and Lennox International, Inc.