Dublin, October 12, 2022 /PRNewswire/ — “Global Heating, Ventilation and Air Conditioning Markets: Analysis by Type (Equipment and Aftermarket and Services), End User (Residential and Commercial), and Region (Asia Pacific, North America, Europe and ROW), Magnitude and Trends with Impact of COVID-19, and Forecasts to 2027” report added of ResearchAndMarkets.com Recruitment.
The global heating, ventilation and air conditioning (HVAC) market is $156.44 billion Expected to be worth in 2021 $231.1 billion In 2027, it will grow at a CAGR of 6.72% from 2022 to 2027.
Heating, ventilation, and air conditioning (HVAC) is a technological system used to provide cooling ventilation and heating facilities in buildings. Heating appliances such as heaters, furnaces, and heat pumps are used to generate heat in buildings by central or local heating. A ventilator is used to exchange or replace the air in a building to regulate temperature. Air conditioners are used to cool the air in a room to a comfortable temperature.
The HVAC industry is gradually shifting its focus to energy efficiency. Several OEMs are focusing on green initiatives to save money while reducing greenhouse gas emissions. As a result, in recent years there has been a move towards environmentally friendly his HVAC units. This includes products that consume less power and run on renewable energy sources, reducing energy costs.
Market segmentation analysis:
The residential segment is projected to be the fastest growing segment, growing at a CAGR of around 9% during the forecast period. The growing number of multifamily and single homeowners is creating opportunities for the residential HVAC segment.
Residential HVAC demand is expected to remain more or less stagnant in developed regions of the world. However, demand from new markets, especially developing markets, is expected to be significantly higher. This is mainly due to population growth in emerging markets and market maturity in developed markets.
Asia Pacific Dominating the HVAC market, accounting for over 50% of revenue in 2021. Rapid urbanization, population growth, and rising consumer disposable income have all contributed to the region’s tremendous growth over the years. More recently, the commercial sector has expanded, creating opportunities for future regional growth.
North America are the second largest consumer of HVAC systems, followed by EuropeThe market for HVAC systems in this region is mature. However, replacement sales due to aging infrastructure or retrofit projects create another revenue stream for OEMs. North America In addition to expanding into service and maintenance categories. The region is expected to grow at a CAGR of over 7% during the forecast period.
Technology and energy efficiency are two buzzwords OEMs are looking to target in the near term to remain relevant and profitable. To gain a competitive advantage, market players prioritize research and development to develop technologically advanced and differentiated products.
Companies also focus on developing products that comply with local regulatory standards to eliminate the risk of business loss due to regulatory violations.
For example, Lenox International has installed four ultra-low emission reactors developed to comply with the new California South Coast Air Management District regulations.
One of the major drivers of market growth is the increasing adoption of sustainable building designs. Growing awareness among the public about the energy efficiency of HVAC equipment and aftermarket services is driving the economy towards adopting sustainable building designs.
The growth of green label products due to increased environmental awareness gave birth to heat-driven air conditioners. These air conditioners utilize both natural gas and solar energy, ensuring energy efficiency. Additional benefits offered are reduced maintenance, independent control of pipes for heating and cooling purposes, and automatic adjustment to current requirements, in addition to increased lifetime cost and efficiency.
Other important growth factors for the market include population growth, increasing construction activity, smart thermostat market growth, increasing average annual temperatures, and increasing e-commerce retail sales.
However, several challenges such as rising raw material prices, tightening government regulations, data infrastructure system security, and retail consolidation hinder the market growth. Copper and iron ore price volatility has been on the rise over the past few years and has proven to be a major concern for all companies in the HVAC market.
This rising volatility in iron ore and copper prices limits the availability of the key raw materials (copper, iron and steel) used in HVAC manufacturing. As such, fluctuations in raw material prices are disrupting market earnings.
The market is projected to grow rapidly during the forecast period owing to the emerging home automation market, surge in demand for inverter air conditioners (AC) China and technological progress. In recent years, the use of geothermal heating and cooling equipment has increased, reducing reliance on fuel-based equipment.
Customer preferences for comfort are opening up new opportunities. To meet demand, OEMs are developing products that incorporate cutting-edge technologies that are not only energy efficient, but also improve connectivity. Today’s buildings are ‘green’ with an increasing installation of thermostats, sensors and smart meters that can be controlled by smartphones and PCs.
HVAC systems with software are also a trend and are expected to create opportunities during the forecast period.The technology is slowly penetrating the HVAC market, opening long-term growth opportunities.
COVID-19 impact analysis and future outlook:
In its early stages, the pandemic triggered a massive global recession that was felt at every level of the heating, ventilation, and air conditioning (HVAC) industry.
The commercial sector was particularly hard hit in all regions of the world. Customer demand, operations and plans among HVAC manufacturers and distributors have changed. Many of his HVAC manufacturers also halted production in the early stages of the pandemic.
Since mid-2020, the HVAC industry has focused more on sustainability, diversity, technological solutions and environmental stewardship. They were sophisticated about finances and hands-on about operations. New digital technologies such as artificial intelligence (AI and IoT) are supporting the market growth and further technological advancements are expected to support the market growth in he post-COVID period.
The global heating, ventilation and air conditioning (HVAC) market is moderately concentrated. Market players are implementing sustainable growth technologies in the market. To strengthen their market position, some of the major competitors are pursuing various growth methods such as mergers, acquisitions, collaborations and agreements.
Major Players in the Global Heating, Ventilation and Air Conditioning (HVAC) Market are:
- Daikin Industries
- Johnson Controls International Plc.
- Raytheon Technologies Co., Ltd.
- Trane Technologies, Inc.
- Lenox International, Inc.
- Honeywell International Inc.
- emerson electric company
- Mitsubishi Electric Corporation
- Samsung Electronics
- Schneider Electric SE
- Nortec Co., Ltd.
- Danfoss AS
- jackson systems
2.1 Heating, Ventilation and Air Conditioning (HVAC): An Overview
2.1.1 Types of HVAC Appliances
2.1.2 HVAC components
2.2 HVAC Segmentation: An Overview
2.2.1 Heating, Ventilation and Air Conditioning (HVAC) Segmentation
3. Global market analysis
3.1 Global Heating, Ventilation and Air Conditioning (HVAC) Market: Analysis
3.2 Global HVAC Market: Type Analysis
3.3 Global HVAC Equipment Market: End User Analysis
4. Regional market analysis
4.1 Asia-Pacific HVAC Market: Analysis
4.2 North America HVAC Market: Analysis
4.3 European HVAC Market: Analysis
4.4 Rest of World HVAC Market: Analysis
5. Impact of Covid-19
5.1 Impact of COVID-19
5.1.1 Impact of COVID-19 on HVAC Market
5.1.2 Impact on AC Industry
5.1.3 Impact on heating industry
6. Market dynamics
6.1 Growth drivers
6.1.1 Growth of world population
6.1.2 Increase in construction activity
6.1.3 Growing Smart Thermostat Market
6.1.4 Increase in mean annual temperature
6.1.5 Escalation of e-commerce retail sales
6.1.6 Adoption of sustainable building design
6.2.1 Increase in raw material prices
6.2.2 Increasing government regulation
6.2.3 Security of Data Infrastructure Systems
6.2.4 Retail integration
6.3 Market trends
6.3.1 Emerging Home Automation Market
6.3.2 Rapid increase in demand for inverter air conditioners (AC)
6.3.3 Advances in technology
7. Competitive environment
7.1 Global HVAC Equipment Players by Market Share
7.2 Global Residential Unitary HVAC Equipment Market Players by Share
7.3 Global Commercial Unitary HVAC Equipment Players by Market Share
7.4 Global Commercial Application HVAC Equipment Players by Market Share
7.5 Global HVAC Aftermarket and Service Players by Market Share
7.6 North America HVAC Equipment Players by Market Share
8. Company profile
8.1 Business overview
8.2 Operating segment
8.3 Business strategy
For more information on this report, please visit https://www.researchandmarkets.com/r/irbgeq.
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