Global HVAC Market, by HVAC Type (Heating [Furnaces, Heat Pumps, Boilers], Ventilation [Humidifiers/Dehumidifiers, Air Cleaners, Ventilation Fans], Cooling [Ducted Split/Packaged Unit, Split Units, Chillers]), by End-User (Commercial, Industrial and Residential), By Regions (North America, Europe, Asia Pacific, Middle East & Africa and Latin America); Trend Analysis, Competitive Market Share & Forecast, 2015-2025
- Published Date: September 2019
- Report ID: BWC19280
- Available Format: PDF
- Page: 125
Global HVAC Market: Overview
Global HVAC market stood at USD 145 billion in 2018 and is projected to reach USD 183 billion by 2025 with a CAGR of 3.2%. HVAC stands for heating, ventilation, and air conditioning. It is a technology of vehicular and indoor environmental comfort. The goal of HVAC is to provide acceptable indoor air quality and thermal comfort. Further, HVAC systems control the ambient environment (humidity, temperature, air filtering, and airflow). The modern HVAC controls systems work with the programmable controllers and computer programs and maintain and monitor the air quality and temperature in buildings so that people sitting inside can have healthy indoor air to breath and feel comfortable. These systems provide automatically switch the humidity levels of heating and cooling as per the requirement. HVAC systems made to provide humidity control, and together humidifiers and dehumidifiers added as selections to heating and cooling systems. Demand from people that live in very dehydrated atmospheres or the tropics is higher owing to these add-ons to the HVAC system. People favor installing a distinct humidifier or dehumidifier systems so that they can control the humidity of their surroundings without having to turn on the air conditioner. The advanced HVAC systems maintain the vitality consumption of the building by freezing a substantial amount of water overnight and provide about 6 hours of cooling in the coming day. Numerous residential multiplexes and industries are substituting old HVAC systems with new energy-efficient units for better performance, energy savings, and expenditure reduction.
Global HVAC Market forecast and trends
The global HVAC market stood at USD billion in 2018 and is projected to reach USD billion by 2025. Rising infrastructure and construction activities along with the focus on the adoption of energy-efficient HVAC systems, is anticipated to fuel the demand for HVAC across the globe in the coming years. Rising government initiatives worldwide and expansion in the research and development activities by the leading players. Additionally, the increasing temperature in various part of the globe is reinforcing market growth.
Transformations in technological capabilities
Increasing technological advancements are strengthening the capabilities of HVAC systems and offer a wide range of benefits to the customers. New air purifying technologies, integrated HVAC systems, and wireless interface solution are generating huge demand for HVAC across the globe.
Enhanced Indoor Air Quality and Reduced Risk of Illnesses
Increasing temperature and air pollution worldwide triggering diseases such as asthma or allergy symptoms, leading to sore throats, rashes, and eye irritation. HVAC systems offer improved air quality by continuously replacing the indoor air with fresh, outdoor air, and comfort to prevent the risk of illness.
High maintenance and installation cost of HVAC systems
HVAC comprises of many systems including heating system, water heater, circulation pump boiler or controls, which further increase maintenance costs and also face the possible leakage problems. Installation of combined systems is costly and hard to operate, which hamper the growth of the market.
HVAC Market: type analysis
Based on HVAC type, the HVAC market characterized by heating, ventilation, and cooling. The heating segment further divided into the Furnaces, Heat Pumps, Boilers, and Unitary Heaters. Ventilation segment is subdivided into the Humidifiers/Dehumidifiers, Air Cleaners, and Ventilation Fans. Cooling segmented is further bifurcated into the Ducted Split/Packaged Unit, Split Units and Chillers. Cooling segment is expected to register the highest market share in 2018 and estimated to reach USD XXX billion by 2025. Increasing temperature and growing disposable income have been the main drivers for the growing demand for HVAC systems across the globe.
Global HVAC Market: End-User analysis
Based on the End-user, the market bifurcated into the Commercial, Industrial, and Residential. Commercial is the leading end-user segment, primarily driven by the increasing number of workplaces and constructions and booming hospitality sector worldwide. Furthermore, enticements and allowances plans offered by several governments to encourage the use of energy-efficient units is estimated to strengthen the HVAC market growth. Additionally, renovation and innovative construction of domestic, commercial, or industrial buildings involve HVAC systems. These dynamics are anticipated to boost the market expansion during the forecast period.
Global HVAC Market: Regional insights
Geographically, the market is divided into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Asia-Pacific is the leading region owing to technological advancements such as IoT sensors, wireless control systems, and hybrid HVAC units, to offer optimal comfort with condensed vitality consumption. Many leading producers are capitalizing in Research and development activities to cultivate cost and energy-efficient components; which will fuel the product demand. Additionally, rising real estate sector across the region as a result of a growing population will also have a progressive impact on the growth of the market.
The objective of the Study:
To analyze and forecast the global HVAC market size of the market, in terms of value.
To examine the careful market segmentation and forecast the market size, in terms value, based on the region by segmenting the global HVAC market into five regions, namely, North America, Europe, Asia Pacific, Middle East, South America and their leading countries.
To outline, categorized and forecast the global HVAC market based on the type and Application.
To examine competitive developments like technological advancement, services, and regulative framework within the global HVAC Market.
To highlight the impact analysis of the factors, affecting the market dynamics such as drivers, restraints, opportunities, and challenges.
To strategically profile the key players and comprehensively analyze their market shares along with detailing the competitive landscape for market leaders.
Scope of the Report
By HVAC Type
· Heat Pumps
· Air Cleaners
· Ventilation Fans
· Ducted Split/Packaged Unit
· Split Units
· North America
· Asia Pacific
· Middle East & Africa
· Latin America
· Johnson Controls International PLC
· Daikin Industries Ltd
· Gree Electric Appliances
· Samsung Electronics Co. Ltd
· Lennox International Inc.
· LG Electronics Inc
· Carrier Corporation
· Mitsubishi Electric Corporation
· Other Prominent Players
Business Questions answer by the report
· How will the market drivers, restraints and opportunities affect the market dynamics?
· What will be the market size in terms of value and volume and market statistics with a detailed classification?
· Which segment dominates the market or region and one will be the fastest growing and why?
· A comprehensive survey of the competitive landscape and the market participant players
· Analysis of strategy adopted by the key player and their impact on other players.
Customization Scope for the Client
Client satisfaction is our first and last priority and that’s why BlueWeave Consulting offers customization according to Company’s specific needs. The following customization options are available for the report:
Additional Company Information
· With five additional company detail analysis
· Additional country analysis
· Detailed segment analysis
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