The Global HVAC Market is Expected to Grow at a CAGR of over 4.40% During 2021-2026

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Feb 21, 2022, 08:15 ET

DUBLIN, Feb. 21, 2022 /PRNewswire/ -- The "Global HVAC Market, By Type (Direct Expansion Systems and Central Air Conditioning Systems), By Direct Expansion Systems Product Type, By Central Air Conditioning Systems Product Type, By End User, By Region, Competition, Forecast & Opportunities, 2026" report has been added to ResearchAndMarkets.com's offering.

The global HVAC market is expected to reach USD198.10 billion by 2026, growing at a CAGR of 4.40%

The global HVAC market is mainly driven by the booming construction and residential sector, energy efficiency regulations and increasing technological advancements. One of the upcoming core developments in the global HVAC industry is a step towards green technology.

End-users and HVAC vendors are moving towards green technology with the introduction of hybrid systems and non-polluting refrigerants such as hydrofluorocarbons (HFC). New heating and cooling equipment are being produced by HVAC manufacturers that are compatible with environmentally friendly refrigerants like R32, R290, R600a, R744 and R717. In 2020, Daikin launched its first European VRV air conditioning system which runs on lower global warming potential refrigerant R32.

Moreover, the rapid urbanization in developing countries has resulted in a significant increase in the demand for HVAC equipment. The rise in disposable income has led to a change in the lifestyle of consumers as the preferences of people are inclining more towards smart connected equipment.

The global HVAC market is segmented into by type, by direct expansions systems product type, by central air conditioning product type, by end user, by region and by company. In terms of type, the global HVAC market can be segregated into direct expansion systems and central air conditioning systems.

Among which, direct expansions have accounted majority of market share of around 74% in 2020 followed by central air conditioning systems. This is primarily due to various advantages associated with them such as energy efficiency, lower running cost, easy availability and integration of latest technologies along with rising urban population and increasing construction activities.

In terms of end user, the global HVAC market is segmented into residential, commercial real estate, institutional, power, oil & gas, marine & offshore, and others. Due to robust growth in residential space, growing population, and increasing urbanization, the residential sector accounted for the majority of market share in 2020. Furthermore, rising consumer awareness of the latest air conditioner technologies, combined with rising purchasing power is driving up the demand for air conditioners in the residential sector around the world.

Regionally, Asia-Pacific dominated the global HVAC market in 2020 and it is the leading market followed by North America on account of growing middle-class population base, rising temperatures due to climate change, a growing commercial sector, and rising consumer purchasing power. Furthermore, rising commercial and residential construction activities in various APAC countries, particularly India and China, as well as consumer preference for lifestyle products, are expected to drive the Asia Pacific HVAC market.

Company Profiles

Daikin Industries, Ltd.
Gree Electric Appliances Inc.
Midea Group Co., Ltd.
Carrier Global Corporation
Samsung Electronics Co. Ltd.
Panasonic Corporation
Mitsubishi Electric Corporation
Toshiba Corporation
Ingersoll Rand Public Limited Company
Johnson Controls-Hitachi Air Conditioning Limited

Report Scope:

Years considered for this report:

Historical Years: 2016-2019
Base Year: 2020
Estimated Year: 2021
Forecast Period: 2022-2026

Global HVAC Market, By Type:

Direct Expansion Systems
Central Air Conditioning Systems

Global HVAC Market, By Direct Expansion Systems Market, By Product Type:

Split
VRF
Ductable Split
Window
Cassette
Others

Global HVAC Market, By Central Air Conditioning Systems Market, By Product Type:

Chillers
Air Handling Units
HVAC Control Systems
Fan Coil Units
Boilers
Cooling Towers
Others

Global HVAC Market, By End Use:

Residential
Commercial Real Estate
Institutional
Power
Oil & Gas
Marine & Offshore
Others

Global Air Conditioners Market, By Region:

Asia-Pacific
China
Japan
India
Indonesia
Vietnam
North America
United States
Mexico
Canada
Europe
Russia
Italy
Spain
France
United Kingdom
Middle East & Africa
Saudi Arabia
Egypt
Turkey
UAE
South America
Brazil
Argentina
Colombia

For more information about this report visit https://www.researchandmarkets.com/r/ftpz9i

Media Contact:

Research and Markets
Laura Wood, Senior Manager
[email protected]

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SOURCE Research and Markets