The global heating, ventilation, and cooling (HVAC) system market size is projected to reach USD 191.35 billion by 2026, exhibiting a CAGR of 5.7% during the forecast period. Soaring demand for high energy-efficiency rated HVAC units will play a key role in driving the growth of the market, shares Fortune Business Insights™ in its report, titled “Heating, Ventilation, and Cooling (HVAC) System Market Size, Share & Industry Analysis, By Type (Single Split Systems, Variable Refrigerant Flow Systems, Chillers and Others), By Application (Residential, Commercial and Industrial), and Regional Forecast, 2019-2026”. HVAC systems have emerged as economically viable solutions to efficiently regulate the internal environmental conditions of a building or a house. However, despite their economic feasibility, these systems can account for a large share of a structure’s energy consumption. As a result, consumers are actively demanding energy-efficient HVAC systems to bring down their power costs, which is one of the prominent HVAC system market trends. In addition to this, governments in several countries are constantly upgrading energy consumption standards for heating and cooling technologies. For example, the minimum Seasonal Energy Efficiency Ratio (SEER) rating was raised by the US Department of Energy to elevate energy efficiency quotient of HVAC systems in the country.
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List of Top Companies Covered in the HVAC System Market Report:
- Panasonic Corporation
- LG Electronics
- Lennox International Inc.
- GREE ELECTRIC APPLIANCES, INC.
- Mitsubishi Electric Corporation
- Johnson Controls
- Haier Inc.
- Schneider Electric
- Carrier Corporation
- DAIKIN INDUSTRIES, Ltd.
Growing Emphasis on Smart Energy Management in Urban Areas to Fuel the Market
Urban agglomerations are one of the main contributors to pollution across the globe. The UN Habitat, in a study in 2017, found that urban areas are responsible for nearly 50% to 60% of the global greenhouse gas emissions. In light of this fact, many governments have undertaken novel initiatives to make urban spaces for sustainable through efficient energy management techniques and equipment. For instance, the Indian government launched the Smart Cities Mission in 2015 with a view to establish energy-efficient infrastructure in urban spaces and promote green technologies in the construction industry. HVAC systems will play an instrumental role in minimizing the carbon footprint of urban sprawls, reducing pollution levels, and achieving far-reaching sustainability targets. Together, these factors are likely to fuel the heating, ventilation, and cooling system market growth in the near future.
Asia-Pacific to Establish Commanding Hold on Market Share; North America to Display Healthy Growth
With a market size of USD 60.62 billion in 2018, Asia-Pacific is predicted to dominate the HVAC system market share during the forecast period, primarily as a result of increasing disposable income in the region. Higher purchasing power is enabling households and businesses in the region to demand advanced heating, ventilation, and cooling units, which bodes well for the market. On the other hand, North America is expected to present lucrative sales opportunities owing to the region’s rapidly expanding residential sector. In Europe, sudden rise in demand for HVAC systems as a means to combat the worsening effects of global warming is propelling the market.
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