SAN FRANCISCO, Feb 22, 2022 /PRNewswire/ — A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, released today its report titled “Heating, Ventilation and Air Conditioning (HVAC) Systems – Global Market Trajectory & Analytics”. The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
Heating, Ventilation and Air Conditioning (HVAC) Systems – FEB 2022 Report
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What’s New for 2022?
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Edition: 11; Released: February 2022
Executive Pool: 12911
Companies: 136 – 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 geographies and key segments
Segments: Segment (Cooling Systems, Heating Systems, Ventilation Systems); implementation (new construction, retrofit); Applications (commercial, residential, industrial)
Geographies: World; United States; Canada; Japan; China; Europe (France; Germany; Italy; United Kingdom; Spain; Russia; and rest of Europe); Asia Pacific (Australia; India; south korea; and rest of Asia Pacific); Latin America (Argentina; Brazil; Mexico; and rest of Latin America); Middle East (Iran; Israel; Saudi Arabia; United Arab Emirates; and rest of Middle East); other Africa.
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Global Heating, Ventilation and Air Conditioning (HVAC) Systems Market to Reach US$252.7 trillion by the year 2026
Heating, ventilation, and air conditioning (HVAC) systems are important and indispensable with omnipresent applications in virtually all buildings and factories. HVAC systems are extensively employed in residential and commercial buildings across various sectors, including education, healthcare, retail, office, government and airport. Growth in the market is anticipated to be propelled by increasing demand for energy-efficient HVAC systems for reducing energy consumption and carbon emissions. Rising concerns about climate change, increasing energy prices and carbon emissions continue to push the adoption of HVAC systems in commercial spaces. The market is also set to gain from the increasing demand for energy saving products. Rebates for energy-efficient systems such as air conditioning and HVAC are encouraging commercial building users to implement and upgrade HVAC systems. In recent years the industry witnessed a sea of change in the technology employed largely as a result of consumers’ desire to have advanced micro controls integrated into their systems, and also due to a spurt in demand for eco-friendly refrigerants. Therefore, technology improvements in the recent past have been geared towards meeting energy efficiency levels mandated by Governments across the world and convenience expected by average consumers. The performance of the HVAC market also bears a direct correlation with the expansion of the construction industry. The increasing focus of companies in the construction industry on sustainable building designs is expected to also create the requirement of eco-friendly HVAC systems built on new technology or alternative power sources.
Amid the COVID-19 crisis, the global market for Heating, Ventilation and Air Conditioning (HVAC) Systems estimated at US$193.2 trillion in the year 2022, is projected to reach a revised size of US$252.7 trillion by 2026, growing at a CAGR of 6.3% over the analysis period. Cooling Systems, one of the segments analyzed in the report, is projected to grow at a 6.6% CAGR to reach US$198.3 trillion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Heating Systems segment is readjusted to a revised 5.6% CAGR for the next 7-year period. This segment currently accounts for a 17.8% share of the global Heating, Ventilation and Air Conditioning (HVAC) Systems market. Demand for heat pumps is attributed to availability of systems with advanced functions that allow space heating and cooling while also heating water. The ability of heat pumps to offer higher efficiency as compared to other space heating and cooling unit is expected to further increase their adoption in the coming years. The climate change and gradually increasing average temperature are driving the adoption of cooling equipment during summers.
The US Market is Estimated at $32.6 trillion in 2022, While China is Forecast to Reach $53.3 trillion by 2026
The Heating, Ventilation and Air Conditioning (HVAC) Systems market in the US is estimated at US$32.6 trillion in the year 2022. The country currently accounts for a 16.9% share in the global market. Chinathe world’s second largest economy, is forecast to reach an estimated market size of US$53.3 trillion in the year 2026 trailing a CAGR of 7.2% through the analysis period. Among the other noteworthy geographic markets are Japan other Canada, each forecast to grow at 4.2% and 6.2% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 4.4% CAGR while Rest of European market (as defined in the study) will reach US$10.6 trillion by the end of the analysis period. The demand for air conditioners in developing regions such as Asia Pacific is very high with some households owning more than one appliance, whereas the demand for air conditioners from the developed regions remains comparatively low. The market in Asia Pacific is anticipated to also benefit from technological advancements and increasing investment in the consumer electronics sector across the region. The market in developed regions is propelled by rising consumer awareness about star-labeled HVAC products, increasing use of VRV and adoption of inverter-based air conditioning systems.
Ventilation Systems Segment to Reach $22.9 trillion by 2026
In the global Ventilation Systems segment, United States, Canada, Japan, China other Europe will drive the 4.26% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$12 trillion will reach a projected size of US$16.2 trillion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, Indiaand south koreathe market in Asia Pacific is forecast to reach US$5 trillion by the year 2026, while Latin America will expand at a 5.5% CAGR through the analysis period. More
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