World Heating, Air flow and Air Conditioning (HVAC) Programs Market to Attain $286.8 Billion by 2026
SAN FRANCISCO, June 2, 2021 /PRNewswire/ — A new market study from Global Industry Analysts Inc. (GIA), the leading market research firm, today released its report titled “Heating, Ventilation and Air Conditioning (HVAC) Systems – Global Market Trajectory & Analytics.” The report presents new perspectives on opportunities and challenges in a significantly changed market post-COVID-19.
FACTS AT A GLANCE
Edition: 9; Published: May 2021
Management positions: 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, renovation); Application (commercial, private, industrial)
Geographies: World; United States; Canada; Japan; China; Europe (France; Germany; Italy; Great Britain; 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); And Africa.
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ABSTRACT-
To reach global heating, ventilation and air conditioning (HVAC) market $286.8 billion until 2026
Heating, ventilation and air conditioning (HVAC) systems are important and essential and are used ubiquitously in almost all buildings and factories. HVAC systems are widely used in residential and commercial buildings across sectors including education, healthcare, retail, offices, government and airports. The market growth is expected to be driven by increasing demand for energy efficient HVAC systems to reduce energy consumption and CO2 emissions. Growing concerns about climate change, rising energy prices and carbon emissions continue to drive the adoption of HVAC systems in commercial spaces. The market is also likely to benefit from the increasing demand for energy-saving products. Rebates for energy efficient systems such as air conditioning and HVAC encourage commercial building users to adopt and upgrade HVAC systems.
Amid the COVID-19 crisis, the global heating, ventilation and air conditioning (HVAC) market is estimated at $201 billion in 2020 is expected to reach a revised size of $286.8 billion until 2026 and grows at an average annual growth rate of 5.9% during the analysis period. Cooling systems, one of the segments analyzed in the report, is expected to achieve a CAGR of 6.2% $204 billion until the end of the analysis period. After a thorough analysis of the business impact of the pandemic and the resulting economic crisis, growth in the heating systems segment is adjusted to a revised average annual growth rate of 5.5% for the next 7-year period. This segment currently accounts for 20.8% 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 also providing hot water. Heat pumps' ability to provide greater efficiency compared to other space heating and cooling devices is expected to further increase their adoption in the coming years. Climate change and gradually rising average temperatures 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 until 2026
The Heating, Ventilation and Air Conditioning (HVAC) market in the US is estimated at $58.1 billion in 2021. The country currently has a 27.1% share of the global market. Chinathe world's second largest economy, is expected to reach an estimated market size of $59.3 billion in 2026 with a CAGR of 9% during the analysis period. Other notable geographic markets include Japan And Canada, respectively forecast to grow by 3.2% and 5.3% over the analysis period. Within Europe, Germany is expected to grow at approximately 3.6% CAGR, while the rest of the European market (as defined in the study) will achieve this $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 own more than one unit, whereas the demand for air conditioners from developed regions remains comparatively low. The market in Asia Pacific It is also expected to benefit from technological advancements and increasing investment in the consumer electronics sector across the region. The market in developed regions is driven by increasing consumer awareness of star-rated HVAC products, increasing use of VRV and adoption of inverter-based air conditioners.
to achieve the ventilation systems segment 34 billion dollars until 2026
In the global ventilation systems segment USA, Canada, Japan, China And Europe will drive the 4.2% CAGR estimated for this segment. These regional markets together account for a market size of $19.4 billion in 2020 a forecast size of will be reached $25.8 billion until the end of the analysis period. China will continue to be among the fastest growing in this cluster of regional markets. Led by countries like Australia, IndiaAnd South Koreathe market in Asia Pacific is expected to be achieved $4.5 billion until 2026, during Latin America will grow at a compound annual growth rate of 5.6% during the analysis period. More
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