HVAC System Market Worth USD 202.14 Billion at 5.1% CAGR by 2028 Backed by Increasing Consumer Spending Capacity in Asia-Pacific

The key companies covered in the HVAC System Market Research Report are Johnson Controls, DAIKIN INDUSTRIES, Ltd., Mitsubishi Electric Corporation, Carrier, GREE ELECTRIC APPLIANCES, INC., Schneider Electric, Lennox International Inc., 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, Evapco, Inc.

Pune, India, June 21, 2021 (GLOBE NEWSWIRE) — The global HVAC System Market: size is expected to show exponential growth by reaching USD 202.14 billion in 2028 while showing a CAGR of 5.1% between 2021 and 2028. This information was published by Fortune Business Insights in its latest report, titled “Heating, Ventilation and Cooling Systems (HVAC) Market, 2021-2028”. The report further states that the market was USD 136.15 billion in 2020. According to the World Health Organization (WHO), about 4 million people die prematurely from diseases such as lung cancer and ischemic heart disease, developed as a result of household pollutants. Heating, ventilation and cooling systems provide an optimal solution to this problem, as these systems can mechanically draw the outside air into the home and purify the indoor air, efficiently removing pollutants. This is likely to boost demand for the product worldwide.

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Shutdown of production processes leads to market with slow growth of 4.6% in 2020

The lockdown announced by the government authorities has led to the cessation and postponement of several industrial activities. This led to a complete disruption of the supply chain, which led to a slow growth of the market. As a result, the market showed a slower growth rate of 4.6% in 2020. However, the increasing demand for air filters during COVID-19 in the residential and commercial sectors will drive the growth of the market in the coming years.

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Market share:

Based on type, the market is divided into single-split, variable refrigerant flow (VRF) systems, chillers, and others.

  • Based on type, the single split systems segment had a global market share of approximately 52.1% for heating, ventilation and cooling (HVAC) systems in 2020 and is expected to show significant growth over the forecast period. This is due to the increasing demand for these types of systems which provide various benefits to the consumers such as cost effectiveness, improved supplemental heating capacity and others.

Based on the application, the market is divided into residential, commercial and industrial. Finally, based on region, the market is divided into North America, Europe, Asia-Pacific, Middle East and Africa, and Latin America.

What does the report provide?

  • Valuable insights into the various trends and drivers shaping the growth trajectory of the market;

  • In-depth analysis of the various barriers that hinder market growth;

  • Critical evaluation of the regional prospects and competitive dynamics of the market; and

  • Extensive study of all market segments.

DRIVING FACTORS

Growing threat of airborne spread of COVID-19 could lead to high demand for HVAC systems

In July 2020, the WHO recognized the threat that the coronavirus could spread through the air. This has revealed the role of traditional heating, ventilation and cooling systems in the spread of the virus in closed spaces. The main argument in this regard is that poor ventilation of energy-inefficient air conditioners is the primary cause of virus transmission. For example, according to a study conducted by the University of Oregon, the virus was present in 25% of HVAC systems in hospitals with COVID-19 patients. That’s why many experts recommend installing these systems that let in 20% of fresh air from outside. As a result, several building owners and managers are upgrading their ventilation systems with more advanced units.

In response to the sudden spike in demand, companies such as Carrier and Honeywell are offering portable filter machines and air monitoring sensors for improved ventilation. This is expected to contribute to the global heating, ventilation and cooling (HVAC) system market growth during the forecast period.

REGIONAL INSIGHTS

Asia-Pacific remains dominant; Increasing consumer spending capacity to drive growth

All regions are expected to continue to lead the way and occupy the highest position in the market in the coming years. This is attributable to the increasing spending capacity of consumers, which is driving them to opt for advanced global HVAC systems. In addition, growing awareness of indoor pollution and strict government regulations for urban sustainability will fuel regional growth.

The market in North America is expected to show exponential growth, supported by escalating demand for HVAC systems from the residential sector between 2021 and 2028.

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COMPETITIVE LANDSCAPE

Product launch by key players to intensify industry competition

The dynamics that dominate this market have broadened its scope and created significant opportunities for key players to innovate and introduce advanced global HVAC systems. In addition, various market companies are increasing their R&D capabilities and collaborating with various entities to expand their portfolio and increase their business footprint.

Industry development:

  • January 2020 – Daikin Industries, Ltd. announced the launch of Fit Heat Pump Systems for dual-fuel applications. The company reports that the system targets residential applications equipped with high-performance inverter compressors.

List of companies operating in the global market:

  • Johnson Controls (Cork, Ireland)

  • DAIKIN INDUSTRIES, Ltd. (Osaka, Japan)

  • Mitsubishi Electric Corporation (Tokyo, Japan)

  • Carrier (Florida, USA)

  • GREE ELECTRIC APPLIANCES, INC. (Guangdong, China)

  • Schneider Electric (Paris, France)

  • Lennox International Inc. (Texas, USA)

  • Haier Inc. (Qingdao, China)

  • LG Electronics (Seoul, South Korea)

  • SAMSUNG (Seoul, South Korea)

  • Panasonic Corporation (Osaka, Japan)

  • AB Electrolux (Stockholm, Sweden)

  • Nortek Global HVAC LLC (Missouri, USA)

  • Emerson Electric Co. (Missouri, USA)

  • Danfoss A/S (Syddanmark, Denmark)

  • FERROLI SpACF epVA. (San Bonifacio, Italy)

  • Vaillant Group (North Rhine-Westphalia, Germany)

  • Armstrong Fluid Technology (Ontario, Canada)

  • Robert Bosch LLC (Baden-Württemberg, Germany)

  • Evapco, Inc. (Maryland, USA)

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Detailed table of contents

  • Introduction

  • Management summary

  • Market dynamics

    • Macro and Microeconomic Indicators

    • Drivers, limitations, opportunities and trends

    • Impact of COVID-19 on the Heating, Ventilating and Cooling (HVAC) Systems Market

      • Short term effect Effect

      • Long term effect Effect

  • Competition landscape

    • Business strategies adopted by key players

    • Consolidated SWOT Analysis of Key Players

    • Porter’s Five Forces Analysis

    • Global Heating, Ventilation and Cooling (HVAC) Market Share Analysis and Matrix, 2020

  • Key market insights and strategic recommendations

  • Profiles of protagonists (provided for 10 players only)

  • 6.1. Overview

      • key management

      • Headquarters etc.

    • Offers/Business Segments

    • Key data (key data is subject to the availability of data in the public domain and/or in paid databases)

      • Employee Size Employee

      • Past and Current Earnings

      • Geographical sharing

      • Share of business segment

    • Recent developments

  • Primary Interview Responses

TOC Continued

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