$250+ Billion HVAC System Market - Global Forecast to 2023
DUBLIN, May 10, 2018 /PRNewswire/ --
The "HVAC System Market by Heating Equipment (Heat Pumps, Furnaces), Ventilation Equipment (Humidifiers, Dehumidifiers), Cooling Type (VRF Systems, Unitary Air Conditioners), Implementation Type, Application, and Geography - Global Forecast to 2023" report has been added to ResearchAndMarkets.com's offering.
The HVAC system market is expected to grow from USD 181.00 Billion in 2018 to USD 251.60 Billion by 2023, at a CAGR of 6.80% between 2018 and 2023.
Factors that drive the growth of the market include the increasing demand for HVAC systems for reducing energy consumption, extreme weather conditions, government tax credit and rebate programs, and growing demand for HVAC systems to upgrade old systems.
Heat pumps are expected to hold the largest share of the HVAC system market for heating equipment. The acceptance for heat pumps is increasing owing to their evolving capabilities; these capabilities include performing both space-cooling and -heating functions along with the ability to heat water. Furthermore, heat pumps have higher efficiency than many other cooling or space-heating units, which is expected to increase the demand for the same.
The air handling units hold the largest share of the HVAC system market for ventilation equipment. Air handling units are used to regulate and circulate air in an enclosed environment. It draws the ambient air, reconditions (filtered and cooled) it, and supplies fresh air to the room. Main factors controlled by air handling units are temperature, humidity, air movement, and air cleanliness. Various benefits of air handling units include restriction in cross contamination, simple and safer damper for regulating air, minimal space utility, and portability.
The market for the unitary air conditioners of the HVAC systems for cooling equipment is expected to grow at the highest CAGR between 2018 and 2023. Unitary air conditioners are used in residential, industrial, and commercial applications due to their advantages including low failure risk, space efficiency, and high cooling performance. These air conditioners are used in most classes of buildings, from schools to offices and retail stores, particularly at places where the facilities are associated with low initial cost, and simplified installation is needed.
The HVAC system market for commercial application is expected to grow at the highest CAGR between 2018 and 2023. HVAC systems are widely used in commercial buildings, which include healthcare, education, government, office, airport, and retail. This factor is positively driving the HVAC system market for commercial buildings. HVAC systems consume the highest energy in commercial places around 30% of the energy at a business place. Replacing a traditional HVAC system with an advanced and energy-efficient one can help save a lot of energy.
Major factors restraining the growth of the HVAC system market include high capital investment required for deployment, lack of availability of vendors, and project financing. Key market players such as Daikin (Japan), United Technologies (US), Johnson Controls (US), Ingersoll-Rand (Ireland), and LG Electronics (South Korea) have adopted strategies such as product launches and developments, expansions, acquisitions, agreements, contracts, collaborations, and partnerships to gain a competitive edge in the HVAC system market and expand their distribution networks.
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
4.1 Attractive Growth Opportunities in the HVAC System Market
4.2 HVAC System Market, By Equipment Type
4.3 HVAC System Market, By Application
4.4 HVAC System Market, By Implementation Type
4.5 HVAC System Market in APAC, By Cooling Equipment & Country
4.6 HVAC System Market, By Geography
5 Market Overview
5.1 Introduction
5.1.1 Drivers
5.1.1.1 Demand for Improved HVAC Systems to Reduce Energy Consumption
5.1.1.2 Government Tax Credit and Rebate Programs
5.1.1.3 Increasing Demand for HVAC Systems Because of the Need for Upgrade Or Refurbishment
5.1.1.4 Government Regulations and Policies for Conserving Energy
5.1.2 Restraints
5.1.2.1 Higher Installation Cost of Energy-Efficient HVAC Systems
5.1.2.2 Lack of Awareness Regarding Benefits of HVAC System in Developing Countries
5.1.3 Opportunities
5.1.3.1 Increasing Investments in Construction Sector
5.1.3.2 Integration of IoT With HVAC Systems
5.1.3.3 Increasing Penetration of VRF Systems in Residential Applications
5.1.4 Challenge
5.1.4.1 Complexities in HVAC Retrofit
6 Industry Trends
6.1 Introduction
6.2 Value Chain Analysis
6.3 Software & Services in HVAC Systems
6.3.1 Software
6.3.2 Services
7 HVAC System Market, By Heating Equipment
7.1 Introduction
7.2 Heat Pumps
7.2.1 Air-To-Air Heat Pumps
7.2.2 Air-To-Water Heat Pumps
7.2.3 Water-To-Water Heat Pumps
7.3 Furnaces
7.3.1 Oil Furnaces
7.3.2 Gas Furnaces
7.3.3 Electric Furnaces
7.4 Boilers
7.4.1 Steam Boilers
7.4.2 Hot Water Boilers
7.5 Unitary Heaters
7.5.1 Gas Unit Heaters
7.5.2 Oil-Fired Unit Heaters
7.5.3 Electric Unit Heaters
8 HVAC System Market, By Ventilation Equipment
8.1 Introduction
8.2 Humidifiers
8.2.1 Warm-Mist Humidifiers
8.2.2 Ultrasonic Humidifiers
8.2.3 Cool-Mist Humidifiers
8.3 Dehumidifiers
8.3.1 Refrigeration Dehumidifiers
8.3.2 Absorption Dehumidifiers
8.4 Air Purifiers
8.4.1 Hepa Air Purifiers
8.4.2 Activated Carbon Air Purifiers
8.4.3 Electrostatic Air Purifiers
8.4.4 Ionic Air Purifiers
8.5 Air Filters
8.6 Ventilation Fans
8.6.1 Crossflow Fans
8.6.2 Axial Fans
8.6.3 Centrifugal Fans
8.6.4 Domestic Fans
8.6.5 Range Hood Fans
8.6.6 Power Roof Fans
8.7 Air Handling Units
9 HVAC System Market, By Cooling Equipment
9.1 Introduction
9.2 Room Air Conditioners
9.3 Unitary Air Conditioners
9.3.1 Split Air Conditioners
9.3.2 Packaged Air Conditioners
9.4 Chillers
9.4.1 Scroll Chillers
9.4.2 Screw Chillers
9.4.3 Centrifugal Chillers
9.4.4 Reciprocating Chillers
9.4.5 Absorption Chillers
9.5 Coolers
9.5.1 Ducted Coolers
9.5.2 Window Coolers
9.6 Cooling Towers
9.6.1 Evaporative Cooling Towers
9.6.2 Dry Cooling Towers
9.6.3 Hybrid Cooling Towers
9.7 VRF Systems
10 HVAC System Market, By Implementation Type
10.1 Introduction
10.2 New Construction
10.3 Retrofit
11 HVAC System Market, By Application
11.1 Introduction
11.2 Residential
11.3 Commercial
11.3.1 Healthcare
11.3.2 Education
11.3.3 Government
11.3.4 Office
11.3.5 Airport
11.3.6 Retail
11.4 Industrial
12 Geographic Analysis
13 Competitive Landscape
13.1 Overview
13.2 Market Ranking Analysis: HVAC System Market
13.3 Competitive Situation & Trends
14 Company Profiles
14.1 Introduction
14.2 Key Players
14.2.1 Daikin
14.2.2 Ingersoll-Rand
14.2.3 Johnson Controls
14.2.4 LG Electronics
14.2.5 United Technologies
14.2.6 Electrolux
14.2.7 Emerson
14.2.8 Honeywell
14.2.9 Lennox
14.2.10 Nortek
14.3 Other Key Players
14.3.1 Mitsubishi Electric
14.3.2 Panasonic
14.3.3 Qingdao Haier
14.3.4 Samsung Electronics
14.3.5 Whirlpool
14.3.6 Midea
14.3.7 Gree
14.3.8 Fujitsu
14.3.9 Hitachi
14.3.10 Danfoss
For more information about this report visit https://www.researchandmarkets.com/research/g2w6gb/250_billion?w=5
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