Global HVAC Systems Market Report 2021-2028
Dublin, May 20, 2021 (GLOBE NEWSWIRE) – The “Market size of HVAC systems, share and trend analysis by product, by end use, by region and forecasts by segment, 2021-2028” report has been added to From ResearchAndMarkets.com to offer.
The global HVAC systems market is projected to reach $ 197.50 billion by 2028, registering a CAGR of 5.9% over the forecast period.
Increasing acceptance of energy efficient and renewable energy products is expected to be a major driver of the market. In addition, climate changes have made heating and cooling equipment a necessity rather than a luxury. Thus, the deteriorating climate condition is likely to positively impact the market over the forecast period.
Proactive government initiatives will emerge during the forecast period as drivers of market growth.
For example, under the Taxpayer Relief Act of 2012 (US) -2017, customers can apply for the Federal Energy Tax Credit. Likewise, the Australian Department of the Environment and Energy has introduced the “Energy Efficient Household Air Conditioners” program, which offers a rebate of between $ 200-1000 for New South Wales residents who purchase high-efficiency domestic air conditioners. Various governments around the world are introducing such initiatives to promote the adoption of products.
In addition, the market is expected to experience healthy growth as a result of renovation and replacement demand. Several customers are replacing old equipment with new energy efficient units for energy saving, better performance and cost reduction. The factors responsible for the replacement of the HVAC unit (heating, ventilation and air conditioning) are the age of the system, remodeling of the building, poor air quality and high repair costs.
The spread of the novel coronavirus in 2020 resulted in the first quarter of production facilities being shut down around the world. As a result, several major players recorded significant sales declines in the first half of 2020.
However, pent-up demand and increasing awareness of a hygienic environment have led to higher product sales in recent times and are expected to continue in the coming years. Overall, the Covid-19 pandemic has had a minor impact on the market and the industry is expected to show steady growth in the coming years.
Highlights of the HVAC System Market Report
- The refrigeration systems segment dominated the market in 2020 and is expected to maintain its leading position in the future due to increasing demand for air conditioning systems in various sectors.
- With a steady increase in the global real estate sector, the residential segment achieved a significant revenue share in 2020.
- The segment is expected to grow at a steady CAGR from 2021 to 2028 as a result of rising demand from modern households in emerging economies.
- The Middle East and Africa are expected to grow over the forecast period with a healthy CAGR as a result of increasing construction activity, the growing tourism industry and rising temperatures in the region.
- Since the coronavirus outbreak, major market players have focused on introducing products that can improve air quality.
- In February 2020, Havells India Ltd. Grande Heavy-Duty Air Conditioner under the brand name Llyod. The AC features a catechin-coated dust filter and a Green Bio air filter, along with anti-bacterial Eva coils, which improve air quality.
Chapter 1. Methodology and scope
Chapter 2. Summary
2.1. HVAC Systems Market – Industry Snapshot & Key Buying Criteria, 2017-2028
Chapter 3. Market variables, trends and scope of HVAC systems
3.1. Market size and growth outlook, 2017-2028
3.2. Industry value chain analysis
3.3. Market dynamics
3.3.1. Market indicator analysis
3.3.2. Market Restriction / Challenge Analysis
3.3.3. Analysis of market opportunities
3.4. Mapping penetration and growth prospects (priority given to key opportunities)
3.5. Analysis tools for the business environment
3.5.1. Industry Analysis – Porter’s Five Forces Analysis
3.5.2. PEST analysis
Chapter 4. Market for HVAC systems: product outlook
4.1. HVAC systems market share by product, 2020 and 2028 (USD billion)
Chapter 5. Market for HVAC systems: Outlook for end use
5.1. HVAC systems market share by product, 2020 and 2028 (USD billion)
Chapter 6. Market for HVAC systems: regional outlook
6.1. HVAC systems market share by region, 2020 and 2028 (USD billion)
Chapter 7. Competitive landscape
- Carrier Corporation
- Daikin Industries, Ltd.
- Emerson Electric Co.
- Haier Group
- Havells India Ltd.
- Hitachi Ltd.
- Johnson Controls International plc
- LG Electronics
- From Lennox International, Inc.
- Mitsubishi Electric US Inc.
- Rheem Manufacturing Company
- Samsung Electronics Co. Ltd.
- Trane Technologies
For more information on this report, visit https://www.researchandmarkets.com/r/xbq1nq