According to
the new market research report "HVAC System Market by Heating Equipment (Heat Pumps, Furnaces),
Ventilation Equipment (Humidifiers, Dehumidifiers), Cooling Type (VRF Systems,
Unitary Air Conditioners), Implementation Type, Application, and Geography -
Global Forecast to 2023", the HVAC system market was
valued at USD 181.00 Billion in 2018 and is expected to reach USD 251.60
Billion by 2023, at a CAGR of 6.80% between 2018 and 2023.
Factors that
are driving the growth of the market include increasing demand for HVAC systems
for reducing energy consumption, extreme weather conditions, government tax
credit and rebate programs, and growing demand for HVAC systems to upgrade old
systems.
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Heat pumps
to hold the largest size of the HVAC system market for heating equipment
throughout the forecast period
In the HVAC
system, a heat pump transfers heat from one point to another. A heat pump is
the vital part of cooling and heating processes, which use the air available
outside and inside a particular space to perform these functions. The
acceptance for heat pumps is increasing owing to their evolving capabilities;
these capabilities include performing both space cooling and heating functions
along with the ability to heat water. Furthermore, heat pumps have higher
efficiency than many other cooling or space-heating units, which is expected to
increase the demand for the same.
Air handling
units held a major share of the HVAC system market for ventilation equipment in
2017
Air handling
units held a major share of the HVAC system market for ventilation equipment in
2017. Increasing pollution levels have triggered a rise in the number of health
issues among people. Hence, there is a high demand for air purifying systems,
such as AHUs, which can provide clean and fresh air. Although, till date, the
commercial application of AHUs accounts for a major share of the HVAC system
market, the market share of the residential application of AHUs is also
expected to increase in the near future.
New
construction to hold the largest size of the HVAC system market during the
forecast period
The increase
in urbanization has led to the demand for smart buildings. These buildings require
efficient HVAC equipment, leading to the growth of the HVAC system market.
Smart buildings are not only green/sustainable but are also intelligent; these
buildings are equipped with advanced technologies, which include HVAC systems.
HVAC systems provide a comfortable standard living environment. Governments are
relying on smart buildings, which ensure a lower carbon footprint, 40%
reduction in the usage of water, and less electricity consumption. Thus,
developers and owners of buildings are trying to meet energy-efficiency
guidelines related to HVAC systems.
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HVAC system market
in APAC to grow at the highest CAGR between 2018 and 2023
Major APAC
countries such as China, Japan, and India are the major consumers of HVAC
systems. The governments of these countries have taken various measures to
ensure that energy-efficient HVAC systems are being installed in new buildings.
The collaboration of HVAC companies with major regulatory bodies is required to
create awareness regarding HVAC implementation. Awareness among real-estate
developers, architects, and engineers would ensure effective installation of
HVAC in buildings, right from the designing stage. This would support the
market for HVAC equipment. Increased awareness among consumers regarding the
adoption of the star-labelled HVAC products, high use of VRV, and invertor-based
AC systems have boosted the growth of the HVAC equipment market
Major
players operating in the HVAC system market
are Daikin (Japan), United Technologies (US), Johnson Controls (US),
Ingersoll-Rand (Ireland), LG Electronics (South Korea), Electrolux (Sweden),
Emerson (US), Honeywell (US), Lennox (US), and Nortek (US).
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