HVAC System Market Size, Latest Trend, Growth By Size, Application And Forecast 2028
The global HVAC system market size is expected to showcase exponential growth by reaching USD 202.14 billion by 2028 while exhibiting a CAGR of 5.1% between 2021 and 2028. This information is published by Fortune Business Insights in its latest report, titled “Heating, Ventilation, and Cooling (HVAC) System Market, 2021-2028”. The report further mentions that the market stood at USD 136.15 billion in 2020. According to the World Health Organization (WHO), around 4 million people die prematurely from illnesses such as lung cancer and ischemic heart disease, developed due to household pollutants. Heating, ventilation, and cooling systems provide an optimal solution to this problem as these systems can mechanically pull outdoor air into the home and purifies the indoor air, removing pollutants in an efficient manner. This is likely to boost the product’s demand worldwide.
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Shutdown of Manufacturing Processes Leads to Market Exhibiting a Sluggish Growth Rate of 4.6% in 2020
The lockdown announced by the government agencies led to the halting and postponement of several industrial activities. This led to a complete disruption in the supply chain leading to the sluggish growth of the market. Owing to this, the market exhibited a slower growth rate of 4.6% in 2020. However, the increasing demand for air filters amid COVID-19 across residential and commercial sectors will boost the growth of the market in the forthcoming years.
Based on type, the market is segregated into single split, variable refrigerant flow (VRF) systems, chillers, and others.
- On the basis of type, the single split systems segment held a global heating, ventilation, and cooling (HVAC) system market share of about 52.1% in 2020 and is expected to showcase significant growth during the forecast period. This is due to the increasing demand for these types of systems that provide several benefits to the consumers such as cost-effectiveness, improved add-on heating capacity, and others.
Based on application, the market is trifurcated into residential, commercial, and industrial. Lastly, on the basis of region, the market is categorized into North America, Europe, Asia Pacific, the 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;
- Thorough analysis of the different hindrances obstructing market growth;
- Critical evaluation of the regional prospects and competitive dynamics of the market; and
- Exhaustive study of all the market segments.
Growing Threat of Airborne Spread of COVID-19 May Lead to High Demand for HVAC Systems
In July 2020, the WHO acknowledged the threat that the coronavirus can spread through the air. This has brought to light the role of traditional heating, ventilation, and cooling systems in spreading the virus in enclosed spaces. The main argument in this context is that poor ventilation of energy-inefficient air conditioners is the primary cause of transmission of the virus. For instance, according to a study conducted by the University of Oregon, the virus was present in 25% of the HVAC systems in hospitals with COVID-19 patients. Therefore, many experts recommend installing these systems that let in 20% 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 demand spike, companies such as Carrier and Honeywell offer portable filter machines and air-monitoring sensors to provide improved ventilation. This is expected to contribute to the global heating, ventilation, and cooling (HVAC) system market growth during the forecast period.
Asia Pacific to Remain Dominant; Increasing Consumer Spending Capacity to Aid Growth
Among all the regions, Asia-Pacific is expected to remain at the forefront and hold the highest position in the market in the forthcoming years. This is attributable to the increasing spending capacity of the consumers, which is pushing them to opt for advanced global HVAC systems. Additionally, the growing awareness regarding indoor pollution and stringent governmental regulations for urban sustainability will favor regional growth.
The market in North America is expected to showcase exponential growth backed by the escalating demand for HVAC systems from the residential sector between 2021 and 2028.
List of the Companies Operating in the Global Market:
- Johnson Controls (Cork, Ireland)
- DAIKIN INDUSTRIES, Ltd. (Osaka, Japan)
- Mitsubishi Electric Corporation (Tokyo, Japan)
- Carrier (Florida, U.S.)
- GREE ELECTRIC APPLIANCES, INC. (Guangdong, China)
- Schneider Electric (Paris, France)
- Lennox International Inc. (Texas, U.S.)
- 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, U.S.)
- Emerson Electric Co. (Missouri, U.S.)
- Danfoss A/S (Syddanmark, Denmark)
- FERROLI S.p.A. C.F. epVA. (San Bonifacio, Italy)
- Vaillant Group (North Rhine-Westphalia, Germany)
- Armstrong Fluid Technology (Ontario, Canada)
- Robert Bosch LLC (Baden-Württemberg, Germany)
- Evapco, Inc. (Maryland, U.S.)
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