HVAC System Market Price USD 202.14 Billion at 5.1% CAGR by 2028 Backed by Growing Shopper Spending Capability in Asia-Pacific

Major Companies Covered In The HVAC Systems Market Research Report Include Johnson Controls, DAIKIN INDUSTRIES, Ltd., Mitsubishi Electric Corporation, Carrier, GREE ELECTRIC APPLIANCES, INC., Schneider Electric, Lennox International Inc., Haier Inc., LG Electronics, SAMSUNG, Panasonic Corporation, AB Electrolux, Nortek Global HVAC LLC, Emerson Electric Co., Danfoss A / S, FERROLI SpACF epVA., Vaillant Group, Armstrong Fluid Technology, Robert Bosch LLC, Evapco, Inc.

Pune, India, June 21, 2021 (GLOBE NEWSWIRE) – The global HVAC systems market is expected to grow exponentially, reaching USD 202.14 billion by 2028, while it has a CAGR of 5.1% between 2021 and 2028. This information is published by Fortune Business Insights in its most recent report, entitled “Heating, Ventilation and Cooling (HVAC) System Market, 2021-2028”. The report goes on to mention that the market was worth $ 136.15 billion in 2020. According to the World Health Organization (WHO), around 4 million people die prematurely from diseases such as lung cancer and ischemic heart disease caused by pollutants in households. Heating, ventilation and cooling systems offer an optimal solution to this problem, as these systems mechanically draw the outside air into the house and clean the indoor air and remove pollutants efficiently. This should increase the demand for the product worldwide.

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The shutdown of manufacturing processes means that the market has a sluggish growth rate of 4.6% in 2020

The lockdown announced by government agencies resulted in the suspension and postponement of several industrial activities. This resulted in a complete disruption of the supply chain, resulting in sluggish growth in the market. Because of this, the market had a slower growth rate of 4.6% in 2020. However, the increasing demand for air filters in the residential and commercial sectors amid COVID-19 will fuel the growth of the market in the years to come.

The story goes on

Click here to see the short and long term impact of COVID-19 on this market.

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Market segmentation:

Depending on the type, the market is divided into single-split systems with variable refrigerant flow (VRF), water chillers and others.

• Based on the type, the single-split systems segment held a global heating, ventilation and cooling systems (HVAC) market share of approximately 52.1% in 2020 and is expected to show significant growth over the forecast period. This is due to the increasing demand for such systems, which provide several benefits to consumers, such as: B. Cost efficiency, improved additional heating performance and others.

Depending on the application, the market is divided into residential, commercial and industrial areas. Finally, the market is segmented by regions in North America, Europe, Asia-Pacific, Middle East and Africa, and Latin America.

What does the report provide?

• Valuable insights into the various trends and drivers that are shaping the growth path of the market;

• Thorough analysis of the various barriers hindering market growth;

• Critical evaluation of the regional perspectives and competitive dynamics of the market; and

• Comprehensive study of all market segments.

DRIVING FACTORS

The growing threat of the spread of COVID-19 in the air can lead to high demand for HVAC systems

In July 2020, the WHO recognized the danger that the coronavirus could spread through the air. This has brought to light the role of traditional heating, ventilation and cooling systems in spreading the virus indoors. The main argument in this regard is that poor ventilation of energy-inefficient air conditioning systems is the main cause of the transmission of the virus. For example, according to a study by the University of Oregon, the virus was present in 25% of HVAC systems in hospitals with COVID-19 patients. Therefore, many experts recommend installing these systems that let in 20% fresh air from the outside. As a result, several building owners and managers are upgrading their ventilation systems with more advanced equipment.

In response to the sudden surge in demand, companies such as Carrier and Honeywell are offering portable filter machines and air monitoring sensors to provide improved ventilation. This is expected to contribute to the global growth of the heating, ventilation and cooling systems (HVAC) market during the forecast period.

REGIONAL INSIGHTS

Asia-Pacific remains dominant; Increase consumer spending capacity to support growth

Of all regions, Asia-Pacific is expected to remain at the top and the highest position in the market in the coming years. This is due to the increasing purchasing power of consumers pushing them to choose advanced global HVAC systems. In addition, growing awareness of indoor pollution and stringent government regulations for urban sustainability will fuel regional growth.

The North American market is expected to experience exponential growth between 2021 and 2028, supported by increasing demand for residential HVAC systems.

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COMPETITIVE LANDSCAPE

Product launch by key players to intensify industry competition

The momentum governing this market has expanded its scope, opening exciting opportunities for key players to innovate and adopt advanced global HVAC systems. In addition, various market companies are increasing their R&D capacities and working with different units to expand their portfolio and expand their business presence.

Industry development:

• January 2020 – Daikin Industries, Ltd. announced the introduction of Fit Heat Pump Systems for dual fuel applications. The company reports that the system is focused on residential applications equipped with powerful inverter compressors.

List of companies active on the world market:

• Johnson Controls (Cork, Ireland)

• DAIKIN INDUSTRIES, Ltd. (Osaka, Japan)

• Mitsubishi Electric Corporation (Tokyo, Japan)

• Freight Forwarder (Florida, USA)

• GREE ELECTRIC APPLIANCES, INC. (Guangdong, China)

• Schneider Electric (Paris, France)

• Lennox International Inc. (Texas, USA)

• Haier Inc. (Qingdao, China)

• LG Electronics (Seoul, South Korea)

• SAMSUNG (Seoul, South Korea)

• Panasonic Corporation (Osaka, Japan)

• AB Electrolux (Stockholm, Sweden)

• Nortek Global HVAC LLC (Missouri, USA)

• Emerson Electric Co. (Missouri, USA)

• Danfoss A / S (Syddanmark, Denmark)

• FERROLI SpACF epVA. (San Bonifacio, Italy)

• Vaillant Group (North Rhine-Westphalia, Germany)

• Armstrong Fluid Technology (Ontario, Canada)

• Robert Bosch GmbH (Baden-Württemberg, Germany)

• Evapco, Inc. (Maryland, USA)

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Detailed table of contents

• introduction

• Summary

• Market dynamics

  • Macro and microeconomic indicators

  • Drivers, restrictions, opportunities and trends

  • Effects of COVID-19 on the Heating, Ventilation, and Cooling Systems (HVAC) Market

    • Short term effects

    • Long term effects

• Competitive landscape

  • Business strategies adopted by key players

  • Consolidated SWOT Analysis of Key Players

  • Porter’s Five Forces Analysis

  • Global Heating, Ventilation, and Cooling Systems (HVAC) Market Share Analysis and Matrix, 2020

• Key market insights and strategic recommendations

• Key player profiles (only provided for 10 players)

• 6.1. overview

  • • Key management

    • Headquarters etc.

  • Offers / business segments

  • Key details (key details are subject to data availability in the public area and / or in chargeable databases)

    • Employee size

    • Past and current earnings

    • Geographical share

    • Business segment share

  • Recent developments

• Primary interview responses

Table of contents continued …

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