FACTS AT A GLANCE
Edition: 9; Published: May 2021
Executive engagements: 12897
Companies: 125 – Players Covered include Daikin Industries Ltd .; Danfoss A / S; Electrolux AB; Emerson Electric Company; Fujitsu Ltd .; GREE, Inc .; Hitachi Ltd .; Honeywell International, Inc .; Ingersoll-Rand PLC; Johnson Controls International PLC; Lennox International Inc .; LG Electronics Inc .; Midea Group Co., Ltd .; Mitsubishi Electric Corporation; Nortek Global HVAC LLC; Panasonic Corporation; Qingdao Haier Co., Ltd .; Samsung Electronics Co., Ltd .; United Technologies Corporation (UTC); Whirlpool Corporation and others.
Coverage: All major regions and key segments
Segments: segment (cooling systems, heating systems, ventilation systems); Implementation (new construction, retrofit); Application (commercial, residential, industrial)
Geographies: World; United States; Canada; Japan; China; Europe (France; Germany; Italy; United Kingdom; Spain; Russia; and rest Europe); Asia Pacific (Australia; India; South Korea; and rest Asia Pacific); Latin America (Argentina; Brazil; Mexico; and rest Latin America); middle East (Iran; Israel; Saudi Arabia; United Arab Emirates; and rest middle East); and Africa.
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Reaching global heating, ventilation and air conditioning (HVAC) market $ 286.8 billion by 2026
Heating, ventilation, and air conditioning (HVAC) systems are essential and indispensable in ubiquitous applications in virtually all buildings and factories. HVAC systems are widely used in residential and commercial buildings in a variety of sectors including education, healthcare, retail, offices, government, and airports. Market growth is expected to be driven by increasing demand for energy efficient HVAC systems to reduce energy consumption and CO2 emissions. Rising concerns about climate change, rising energy prices and carbon emissions continue to drive the adoption of HVAC systems in commercial spaces. The market will also benefit from the increasing demand for energy-saving products. Discounts on energy efficient systems such as air conditioning and HVAC encourage commercial building users to implement and upgrade HVAC systems.
In the midst of the COVID-19 crisis, the world market for heating, ventilation and air conditioning systems (HVAC) is estimated at $ 201 billion in 2020 is expected to reach a revised size of $ 286.8 billion until 2026 with a CAGR of 5.9% in the analysis period. Cooling Systems, one of the segments analyzed in the report, is expected to grow 6.2% CAGR to achieve that $ 204 billion until the end of the analysis period. After a thorough analysis of the business impact of the pandemic and the economic crisis caused, growth in the heating systems segment will be adjusted to a revised CAGR of 5.5% for the next 7 year period. This segment currently accounts for 20.8% of the global heating, ventilation and air conditioning (HVAC) market. The demand for heat pumps is attributed to the availability of systems with advanced functions that allow heating and cooling of rooms, as well as heating of water. It is expected that the ability of heat pumps to be more efficient than other space heating and cooling units will continue to increase their prevalence in the years to come. Climate change and the gradually rising average temperature are driving the use of cooling devices in summer.
The US market is estimated at $ 58.1 billion in 2021, while China is expected to reach $ 59.3 billion by 2026
The heating, ventilation, and air conditioning (HVAC) market in the United States is estimated at $ 58.1 billion in 2021. The country currently has a 27.1% share of the world market. China, the second largest economy in the world, is expected to have an estimated market size of. to reach $ 59.3 billion in 2026 with a CAGR of 9% over the analysis period. Other notable geographic markets include Japan and Canada, which will grow by 3.2% and 5.3% respectively over the analysis period. Within Europe, Germany is forecast to grow around 3.6% CAGR while reaching the rest of the European market (as defined in the study) $ 63.8 billion until the end of the analysis period. The demand for air conditioning in developing regions such as Asia Pacific is very high as some households have more than one device, while the demand for air conditioning from developed regions remains comparatively low. The market in Asia Pacific is also expected to benefit from advances in technology and increased investment in the consumer electronics sector across the region. The market in developed regions is being driven by rising consumer awareness of starred HVAC products, increasing use of VRV and the introduction of inverter-based air conditioning.
Achieve segment ventilation systems $ 34 billion by 2026
In the global ventilation systems segment United States, Canada, Japan, China and Europe will drive the estimated CAGR of 4.2% for this segment. These regional markets make a combined market size of $ 19.4 billion in 2020 a forecast size of $ 25.8 billion until the end of the analysis period. China will be one of the fastest growing in this cluster of regional markets. Led by countries like Australia, India, and South Korea, the market in Asia Pacific is expected to be achieved $ 4.5 billion until 2026 while Latin America will grow with a CAGR of 5.6% over the analysis period. More
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