HVAC System Market worth $271.5 billion by 2026 - Exclusive Report by MarketsandMarkets™
CHICAGO, Dec. 13, 2021 /PRNewswire/ -- According to a research report "HVAC System Market with COVID-19 Impact, by Cooling Equipment, Heating Equipment, Ventilation Equipment, Implementation Type, Application (Residential, Commercial, Industrial) and Region (North America, Europe, APAC, RoW) - Global Forecast to 2026", published by MarketsandMarkets™, the HVAC system market size is estimated to be USD 197.0 billion in 2021 and is projected to reach USD 271.5 billion by 2026; it is expected to grow at a CAGR of 6.6% from 2021 to 2026.
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Constant efforts for developing next-generation low global warming potential refrigerants for HVAC systems is expected to be the key growth opportunity for the market players.
The HVAC system market includes major Tier I and II players like DAIKIN INDUSTRIES (Japan), Johnson Controls (US), Carrier (US), Trane Technologies plc, (US), LG Electronics (South Korea), and others. These players have a strong market presence for HVAC system across various countries in North America, Europe, APAC, and RoW.
Surging demand for energy efficient solutions
The rising need for energy-efficient and sustainable buildings is expected to propel the growth of the HVAC system market during the forecast period. Residential, commercial, and industrial buildings use heating, cooling, or climate control technologies to obtain thermal comfort and satisfactory indoor air quality levels. Variations in climatic changes have led to the growing demand for cooling and heating systems. Long-term climate change is the major reason for the increased energy consumption to meet the cooling demand from buildings, which increases the load on air conditioners. The energy consumed by these equipment varies according to the ambient temperature and humidity conditions.
Unitary air conditioners is expected to hold the highest market share during the forecast period
Split air conditioners hold the majority share of the unitary air conditioners market. The rising demand for split air conditioners in APAC is expected to drive market growth. Unitary air conditioners offer high energy efficiency and cooling capacity and are best suited for retail stores, offices, government buildings, and educational buildings. The increased expenditure on energy-efficient systems and government grants and rebate programs are expected to drive the demand for unitary air conditioners during the forecast period.
Commercial applications to hold the largest market size of HVAC system market during the forecast period
The commercial application segment is expected to hold the largest market share during the forecast period. The office segment is expected to hold the largest size of the HVAC system market for commercial application by 2026. HVAC systems provide appropriate temperature and ventilation conditions at offices, which helps in improving employee productivity, working conditions, and preventing health issues arising from improper humidity levels. Thus, the adoption of HVAC systems is expected to increase in office buildings. Moreover, increasing investments by governments for the construction of commercial spaces are also expected to propel the growth of the HVAC system market for commercial application.
Browse in-depth TOC on "HVAC System Market"
190 – Tables
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235 – Pages
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HVAC system market in APAC to hold the highest market share during the forecast period
APAC is expected to lead the global HVAC system market. China held the largest size of the HVAC system market in APAC in 2020. Rapid industrialization and urbanization have created the need for energy saving. The Chinese government promotes efficient use of energy, which is expected to drive the demand for energy-efficient HVAC systems. India is among the largest emitters of greenhouse gases in the world because of rapid industrialization. The growing concern about the effect of environmental pollution has increased the adoption of HVAC systems in the country. Several government regulatory policies, acts, and associations in the APAC region are supporting the adoption of HVAC systems.
DAIKIN INDUSTRIES (Japan), Johnson Controls (US), Carrier (US), Trane Technologies plc, (US), LG Electronics (South Korea), Emerson Electric Co. (US), Honeywell International Inc. (US), Mitsubishi Electric Corporation (Japan), Nortek Air Management (US), Samsung Electronics (South Korea), Danfoss (Denmark), FUJITSU (Japan), GREE (China), Hitachi (Japan), Midea (China), Panasonic (Japan), Haier Smart Home (China), Toshiba (Japan), Whirlpool (US), Siemens (Germany), Electrolux (Sweden), Lennox (US), Schneider Electric (France), Ferroli (Italy), and Bosch Thermotechnology (Germany) are among the many players in the HVAC system market.
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