New Examine from StrategyR Highlights a $252.7 Billion International Marketplace for Heating, Air flow and Air Conditioning (HVAC) Programs by 2026

January 14, 2022

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New Examine from StrategyR Highlights a 2.7 Billion International Marketplace for Heating, Air flow and Air Conditioning (HVAC) Programs by 2026

Heating, ventilation and air conditioning (HVAC) systems are important and essential with ubiquitous applications in virtually every building and factory. HVAC systems are widely used in residential and commercial buildings in various sectors including education, healthcare, retail, offices, government and airports. The growth of the market is expected to be driven by the 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 for energy efficient systems such as air conditioning and HVAC encourage commercial building occupants to implement and upgrade HVAC systems. In recent years, the industry has seen a major shift in the technology deployed, largely due to consumers’ desire to integrate advanced microcontrollers into their systems, and also a surge in demand for green refrigerants. As such, recent technological improvements have been aimed at achieving the energy efficiency levels mandated by governments around the world and the level of comfort expected by the average consumer.

Amid the COVID-19 crisis, the global heating, ventilation and air conditioning (HVAC) market is estimated at $175.9 billion in 2020 is expected to reach a revised size of $252.7 billion to 2026 and growing at a CAGR of 6.3% over the analysis period. Refrigeration Systems, one of the segments analyzed in the report, is expected to reach a CAGR of 6.6% $198.3 billion until the end of the analysis period. After a thorough analysis of the business impact of the pandemic and the economic crisis it caused, growth in the Heating Systems segment is adjusted to a revised annual growth rate of 5.6% for the next 7 years. This segment currently accounts for 17.8% share of the global heating, ventilation and air conditioning (HVAC) market. The demand for heat pumps is attributed to the availability of systems with advanced features that enable space heating and cooling while providing domestic hot water. The ability of heat pumps to offer higher efficiencies compared to other space heating and cooling devices is expected to further increase their acceptance in the years to come. Climate change and gradually increasing average temperature are driving the adoption of cooling devices in summer.

The US market is estimated at $31 billion in 2021, while China is expected to reach $53.3 billion until 2026

The US heating, ventilating, and air conditioning (HVAC) market is estimated at $31 billion in 2021. The country currently has a 16.9% share of the world market. China, the second largest economy in the world, is expected to reach an estimated market size of $53.3 billion in 2026 with a CAGR of 7.2% over the analysis period. Among the other notable geographic markets are Japan and Canada, forecasting growth of 4.2% and 6.2%, respectively, over the analysis period. Inside Europe, Germany is forecast to grow at approx. 4.4% CAGR while reaching the rest of the European market (as defined in the study). $10.6 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 own more than one unit, while the demand for air conditioners from the developed regions remains comparatively low. the market one Asia Pacific is also expected to benefit from technological advances and increasing investment in the consumer electronics sector across the region. The market in developed regions is being driven by increasing consumer awareness of star-rated HVAC products, increasing use of VRV and adoption of inverter-based air conditioners.

Segment to be reached for ventilation systems $22.9 billion until 2026

In the global Ventilation Systems segment United States of America, Canada, Japan, China and Europe will drive the 4.26% CAGR estimated for this segment. These regional markets together make up a market size of $12 billion reach a projected size of in 2020 $16.2 billion until the end of the analysis period. China will be among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market one Asia Pacific is forecast to achieve $5 billion by 2026, while Latin America will expand at a CAGR of 5.5% during the analysis period. More

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SOURCE Global Industry Analysts, Inc.