Heating, Ventilation and Cooling (HVAC) System Market to

Pune, India, May 25, 2021 (GLOBE NEWSWIRE) – The global HVAC system market size is projected to achieve $ 202.14 billion by 2028, with a CAGR of 5.1% during the forecast period. Rising demand for ventilation systems for filtering air in residential sectors and industries will drive market growth, states states Fortune Business Insights ™ in the report entitled ‘ Market size, share and COVID-19 impact analysis of heating, ventilation and cooling systems (HVAC systems), by type (Single Split systems, Variable refrigerant flow (VRF) systems, chillers and others), by application (residential, commercial and industrial) and regional forecast, 2021-2028

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The demand for heating, ventilation and cooling (HVAC) systems is increasing due to their use in residential and industrial sectors for filtering air and maintaining temperatures. It maintains air quality and creates a good climate in the facility by maintaining proper temperatures. In addition, such ventilation systems are increasingly used in commercial and residential buildings to maintain a good breathing environment and ensure good air flow. It is used in the food and beverage industry to maintain temperature, maintain quality of goods and prevent spoilage. Furthermore, the hybrid ventilation systems regulate the temperature by adapting it to the outside environment. For example, Carrier launched the “Carrier Hybrid Heat” system with adjustable temperature technology in October 2019. The product contains an electric heating pump and a gas oven system to adjust the temperature according to different environmental conditions. These ventilation systems help reduce costs due to their efficient energy management. The systems have a longer shelf life and reduce the impact of greenhouse gases on the environment through ventilation systems, driving market growth in the foreseeable period.

Impact of COVID-19

Strict government regulations to halt production activities and hinder the market during pandemic

This market is negatively impacted during the COVID-19 impact due to the rising cases in several countries. The government has set strict standards for lockdown in several regions, which has negatively impacted the market. Countries like India are still facing an alarming spike in the number of patients affected by COVID-19, resulting in the closure of the factories. However, the demand for heating, ventilation and cooling (HVAC) systems is slowly increasing in residential sectors. This demand will fuel the growth of the market in the coming years.

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Segments

Based on the type, the market is divided into single splits, variable refrigerant flow (VRF) systems, chillers, multi-split systems and others. Based on the application, it is classified into commercial, industrial and residential. Geographically, it is clubbed in North America, Europe, Asia Pacific, the Middle East and Africa and Latin America.

Highlights of the report

  • This report analyzes emerging trends and the leading segments of the market.
  • The report extensively examines the impact of COVID-19 on the market and the driving and braking factors.
  • It examines the strategies employed by the major market players and regional developments.

Directors and Restrictions

Increasing advancements in ventilation technologies to stimulate development

The integration of advanced technologies into heating, ventilation and cooling (HVAC) systems will drive the demand for products. The products are energy efficient, offer automatic temperature adjustment, lower maintenance costs, longer shelf life and cost efficiency. Daikin Industries, Ltd., Lennox International Inc. and others, for example, have used solar energy and natural gas to produce energy-efficient cooling systems. In addition, smart sensors and thermostats are used for commercial purposes to reduce maintenance costs and provide energy-efficient systems, driving market growth for heating, ventilation and cooling (HVAC) systems. However, the lack of skilled technicians can hinder market growth.

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Regional insights

Government of India FDI Schemes to Boost Market Growth in Asia Pacific

Asia Pacific is expected to lead the heating, ventilation and cooling (HVAC) market share as the government provides foreign direct investment (FDI) to manufacturers in India. This has resulted in the companies opening production facilities. For example, Johnson Controls-Hitachi Air Conditioning invested $ 22.5 million in Gujarat to launch a new, modern development facility in October 2019.

In Europe, government regulations for the production of cost-effective ventilation systems will drive demand. In addition, the increasing demand for heating, ventilation and cooling (HVAC) systems for commercial purposes can stimulate market growth.

Rising demand for the residential sector systems in North America is expected to bolster growth.

Competitive landscape

Strategies implemented by key players to improve the product portfolio

Companies in the competitive space are focusing on expanding heating, ventilation and cooling (HVAC) systems to strengthen their product portfolio. For example, Johnson Controls acquired the acquisition of Lux Products Corporation in October 2018 to enhance its portfolio of smart home thermostats. Furthermore, the main players are focusing on providing advanced factories to strengthen their market position in the US. LG Electronics, for example, expanded its unique allergen-lowering home appliance portfolio in April 2020. The facility has received asthma and allergy certification. Foundation of America (AAFA) regarding the opening of its advanced cleaning facility. This initiative has given the company a substantial market position in the US.

Industry development

  • January 2020: Daikin Industries Ltd. announced a Fit heat pump system for residential sectors with high-performance inverter compressors.

List of Major Players Profiled in the Heating, Ventilation and Cooling (HVAC) Market Report

  • Johnson Controls
  • DAIKIN INDUSTRIES, Ltd.
  • Mitsubishi Electric Corporation
  • Carrier
  • GREE ELECTRIC APPLIANCES, INC.
  • Schneider Electric
  • From Lennox International Inc.
  • From Haier Inc.
  • LG Electronics
  • SAMSUNG
  • Panasonic Corporation
  • AB Electrolux
  • Nortek Global HVAC LLC
  • Emerson Electric Co.
  • Danfoss A / S
  • FERROLI SpACF epVA
  • Vaillant Group
  • Armstrong fluid technology
  • Robert Bosch LLC
  • Evapo, Inc.

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Index:

  • Introduction
    • Definition, by segment
    • Research methodology / approach
    • Data sources
  • Management summary
  • Market dynamics
    • Macro and microeconomic indicators
    • Directors, constraints, opportunities and trends
    • Impact of COVID-19 on the heating, ventilation and cooling (HVAC) market
      • Short-term consequences
      • Long-term impact
  • Competition landscape
    • Business strategies adopted by key players
    • Consolidated SWOT analysis of major players
    • Porter’s Five Forces Analysis
    • Global Heating, Ventilation and Cooling (HVAC) System Market Share Analysis and Matrix, 2020
  • Important market insights and strategic recommendations
  • Profiles of important players (only available for 10 players)
      • Key management
      • Headquarters etc.
    • Offers / business segments
    • Main details (The main details depend on the availability of data in the public domain and / or on paid databases)
      • Size of the worker
      • Past and current earnings
      • Geographic share
      • Share business segment
    • Recent developments
  • Primary Interview Responses
  • Annexure / Appendix
    • Global Heating, Ventilation and Cooling (HVAC) System Market Analysis, Insights and Forecasts (Quantitative Data), by Segment, 2017-2028
      • By type (value)
        • Single Split Systems
        • Variable Refrigerant Flow (VRF) Systems
        • Coolers
        • Other (multi-split systems, etc.)
      • By application (value)
        • Residential
        • Advertisement
        • Industrial
      • By geography (value)
        • North America
        • Europe
        • Asia Pacific
        • Middle East and Africa
        • Latin America

TOC Continued.

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