InsightAce Analytic Pvt. GmbH.
Companies covered in this report are Daikin Industries, Johnson Controls, Carrier, Trane Technologies plc., LG Electronics, Emersion Electronic Co., Honeywell International Inc., Mitsubishi Electric Corporation, Nortek Air Management and Samsung Electronics
JERSEY CITY, NJ, March 30, 2023 (GLOBE NEWSWIRE) – The Global HVAC systems market It is estimated that the range will be exceeded $338.84 billion by 2031exhibition a CAGR of 5.46% in the forecast period.
HVAC units are a type of comfort technology for indoor and vehicle environments that provide thermal comfort and good indoor air quality. It is predicted that the increased demand for hybrid systems will increase the demand for heating, ventilation and cooling systems. The advantages of hybrid systems, such as automatic temperature adjustment to changing environmental conditions, are becoming increasingly important.
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In addition, the overall development of residential construction is being driven by the increasing urbanization of various locations. As more and more people move to cities, commercial and industrial development is expected to drive the use of HVAC equipment in different regions.
In addition, industry specialists prefer heating systems such as boilers, heat pumps and others because of their use in space heating, steam generation, evaporation and other fields. Therefore, this equipment is suitable for locations with extremely cold climates and helps companies to maintain their operations with precision.
Recent Developments:
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In April 2022, Daikin confirmed its support for REPowerEU, which aims to increase heat pump deployment from 10 million units in 2027 to 30 million units by 2030. This is also related to the decarbonization of homes, as the movement can help the European Union help meet the decarbonization goals of the housing sector by 2050. Other HVAC service providers also support such projects.
The story goes on
List of Major Players in HVAC Systems Market:
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Carrier Corporation
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Daikin Industries, Ltd. (Japan)
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Emersion Electronic Co.
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Hitachi Ltd.
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Honeywell International Inc.
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Johnson Controls International plc
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Lennox International, Inc.
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LG Electronics
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Mitsubishi Electric Corp
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Nortek Air Management
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Samsung electronics
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Trane Technologies plc
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Market Scope for HVAC Systems:
|
report attribute |
specifications |
|
Market size value in 2022 |
$213.88 billion |
|
Sales forecast for 2031 |
$338.84 billion |
|
Growth rate CAGR |
CAGR of 5.46% from 2023 to 2031 |
|
Quantitative Units |
Showing the revenue in billion US$ and the CAGR from 2023 to 2031 |
|
historical year |
2019 to 2022 |
|
forecast year |
2023-2031 |
|
report coverage |
The revenue forecast, company position, competitive market statistics, growth prospects and trends |
|
Covered Segments |
Cooling devices, heating devices, ventilation devices, type of implementation and application |
|
Regional Scope |
North America; Europe; Asia Pacific; Latin America; Middle East and Africa |
|
country scope |
US; Canada; UNITED KINGDOM; Germany; China; India; Japan; Brazil; Mexico; The UK; France; Italy; Spain; China; Japan; India; South Korea; South East Asia; South Korea; South East Asia |
Market Dynamics:
Driver-
The increasing demand for technologically sophisticated heating, ventilation and cooling systems will drive the market expansion. Due to growing environmental concerns, thermally powered air conditioners are gaining in popularity. Advanced systems are available from manufacturers such as Lennox International Inc., Daikin Industries, Ltd. and others available. These air conditioners use both natural gas and solar energy, resulting in energy efficiency. Other benefits include reduced maintenance, independent control of the heating and cooling tubes, automatic adjustment to current needs, and improved overall costs and efficiency.
Challenges:
The shortage of skilled HVAC professionals is likely to have a negative impact on the market growth in the coming years. According to the Bureau of Labor Statistics, 25.0% of the workforce in the United States will retire by 2020. In addition, companies are expected to hire around 115,000 new qualified heating, ventilation, cooling and refrigeration technicians over the following four years. As a result, a shortage of experienced technicians is likely to hamper market expansion in the coming years.
Regional trends:
The Asia-Pacific HVAC Systems Market is expected to capture a significant market share in terms of revenue and will soon grow at a high Compound Annual Growth Rate (CAGR). Rising demand for air purifiers and humidifiers due to chronic disease outbreaks is a major driver for market expansion in this area. Air purifiers and humidifiers are commonly used in hospitals and homes to keep indoor air healthy and free of toxins. In addition, the increasing adoption of modern technologies has shifted the preferences of industry professionals towards smart manufacturing techniques and necessitated the building of energy-efficient HVAC systems in their manufacturing facilities in this region. In addition, growth in disposable income has enabled customers in this region to live more luxuriously, fueling demand for novel HVAC systems.
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HVAC System Market Segmentation –
by cooling devices
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Uniform air conditioning
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VRF systems
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cooler
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scroll cooler
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screw cooler
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centrifugal cooler
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piston cooler
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absorption chillers
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room air conditioners
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cooler
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channel cooler
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window cooler
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cooling towers
through heaters
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heat pumps
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ovens
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oil stoves
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gas ovens
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electric oven
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Uniform heaters
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gas heaters
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Oil Fired Heaters
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Electric heaters
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boiler
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steam cooker
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hot water boiler
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through ventilation devices
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ventilation devices
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air filter
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dehumidifier
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fans
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Crossflow fan
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axial fans
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centrifugal fans
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home fans
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Extractor hood fans
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Electric roof fans
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humidifier
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Warm mist humidifier
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ultrasonic humidifier
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Cool mist humidifier
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air cleaner
By implementation type-
On application-
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residential
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Advertising
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Office
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Government
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healthcare
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Training
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retail trade
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Airport
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Industrial
By Region-
North America-
Europe-
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Germany
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The UK
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France
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Italy
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Spain
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rest of Europe
asia pacific
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China
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Japan
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India
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South Korea
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South East Asia
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Rest of Asia Pacific
Latin America-
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Brazil
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Argentina
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rest of Latin America
Middle East and Africa-
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