The heat, ventilation and air-conditioning (HVAC) equipment market is estimated to gain a large amount of revenue by growing at a notable CAGR over the forecast period, i.e., 2021 – 2029. The growth of the market can be attributed to increasing demand for energy efficient HVAC equipment, rising urbanization and the growing trend of smart commercial buildings and homes in the recent years. Global climate change and unpredictable rise in temperature are another factors expected to boost market growth. According to the Data Provided by NASA, 19 of the warmest years have occurred since the last two decades, with the rise in temperature growing exponentially since 2012. Apart from these, the growing emergence of technologies such as Internet of Things (IoT) and remote control access are anticipated to provide opportunities to manufacturers to develop improved HVAC units that enhance customer experience. This in turn is projected to lead to an increased demand for these air-conditioning systems, therefore stimulating progress of the market.
The market is segmented by equipment type into heating, ventilation, and cooling equipment, out of which, the cooling equipment segment is anticipated to hold the largest share in the HVAC equipment market in 2021 and is evaluated to continue this trend on account of surge in demand for these machines from commercial and industrial sectors, and their effectiveness to bring engines at the right operating temperature in a short span of time. As per our analysis, the demand for unitary air conditioners (measured in unit: billion USD) witnessed the largest hike in 2019, amounting to approximately 9 billion USD share in the market, in comparison to heat pumps, warm furnaces and other types of HVAC equipment. In addition to these, cooling systems find a wide variety of applications, therefore fuelling the growth of the market over the forecast period. Furthermore, based on application, the commercial segment is predicted to witness significant growth accounting to the capability of these equipment to offer the appropriate ventilation and temperatures required at commercial spaces such as offices, warehouses and factories.
Regionally, the heat, ventilation and air-conditioning equipment market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa. The market in North America is estimated to witness noteworthy growth over the forecast period on the back of increase in adoption of HVAC equipment, which can be credited to the rising industrial activities and the presence of advanced manufacturing units of air conditioning equipment in the region. Additionally, Asia Pacific region is foreseen to present ample growth opportunities to the market owing to the increasing population, growing industrialization and the rising need to install comfortable ventilation systems in the region. In accordance with our analysis, the industrial output in China observed a whopping growth from July 2020 to January 2021, growing up from 7% to 35% in such a short span. Moreover, government initiatives to encourage the implementation of energy efficient equipment in government offices and newly constructed buildings is also estimated to drive growth to the market. CLICK TO DOWNLOAD SAMPLE REPORT
The heat, ventilation and air-conditioning (HVAC) equipment market is further classified on the basis of region as follows:
Our in-depth analysis of the heat, ventilation and air-conditioning (HVAC) equipment market includes the following segments:
FREQUENTLY ASKED QUESTIONS
Increasing demand for developing energy efficient HVAC solutions is the major factor driving market growth.
The market is anticipated to attain a notable CAGR over the forecast period, i.e., 2021 – 2029.
High cost of raw materials for manufacturing the equipment is estimated to hamper market growth.
Asia Pacific region will provide more growth opportunities on the back of rising population rapid urbanization.
The major players in the market are DAIKIN INDUSTRIES, Johnson Controls, Inc., LG Electronics, Electrolux Home Products, Inc., and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by equipment type, application, and by region.
The commercial segment is anticipated to hold the largest market size and is estimated grow at a significant CAGR over the forecast period and display significant growth opportunities.
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