The global heating, ventilation, and air conditioning (HVAC) market is exacted to attain a size of $136.5 billion by 2024, advancing at a CAGR of 3.9% during the forecast period (2019-2024).
The market is backed by various factors, predominantly the rising government initiatives around the world and expansion in the construction sector. Additionally, the escalating global temperature is strengthening the year-over-year (YoY) market growth.
Global warming caused by greenhouse emissions has raised the temperature and become one of the major factors behind the growing demand for HVAC system, globally. According to NASA's Goddard Institute of Space Studies (GISS), since 1980, the average global temperature rose by 0.5C every year. Furthermore, some countries in APAC and MEA are subject to subtropical climate, resulting in extremely humid and hot summers; thereby, making them dependent on HVAC systems for cooling.
Based on HVAC type, the HVAC market is categorized into heating, ventilation, and cooling, among which the cooling category is further divided into ducted spilt/packaged unit, variable refrigerant flow, spilt unit, room air conditioner, and chiller. Out of these, spilt unit systems held the largest revenue share in the market in 2018.
This is attributed to the increasing adoption of ductless air conditioning systems. Furthermore, residential and commercial were the main sectors generating a uniform demand for HVAC systems. As of 2018, over 60.0% of the U.S. households are estimated to have central air conditioning systems.
Based on end-user, the HVAC market is fragmented into industrial, commercial, and residential. Here, the industrial category is further classified into automotive, energy and utilities, food and beverages (F&B), and oil and gas. Among these, in 2018, the F&B classification dominated the market with the highest revenue share. F&B manufacturing plants require well-designed air handling systems, which can control airborne odors and particulates.
In 2017, around 640 F&B production units underwent expansion and renovation; among these 63 were new brewery units. During 2018-2021, in the North America region, the F&B industry is anticipated to grow with a CAGR of 11.3%.
The intensity of competition among the key players in the industry is moderate. Last year, many major companies focused on partnerships to increase their product capabilities and offer technologically-enhanced HVAC systems to their customers.
Key Topics Covered:
Chapter 1. Research Background 1.1 Research Objectives 1.2 Market Definition 1.3 Research Scope 1.4 Key Stakeholders
Chapter 2. Research Methodology 2.1 Secondary Research 2.2 Primary Research 2.3 Market Size Estimation 2.4 Data Triangulation 2.5 Assumptions for the Study
Chapter 3. Executive Summary
Chapter 4. Introduction 4.1 Definition of Market Segments 4.1.1 By HVAC Type 18.104.22.168 Heating 22.214.171.124.1 Furnaces 126.96.36.199.2 Heat Pumps 188.8.131.52.3 Boilers 184.108.40.206.4 Unitary Heaters 220.127.116.11 Ventilation 18.104.22.168.1 Humidifiers/Dehumidifiers 22.214.171.124.2 Air cleaners 126.96.36.199.3 Ventilation fans 188.8.131.52.4 Air handling units and fan coil units 184.108.40.206 Cooling 220.127.116.11.1 VRF 18.104.22.168.2 Ducted split/packaged unit 22.214.171.124.3 Split units 126.96.36.199.4 Chillers 188.8.131.52.5 Room ACs 4.1.2 By End-User 184.108.40.206 Commercial 220.127.116.11.1 Offices and buildings 18.104.22.168.2 Supermarkets/Hypermarkets 22.214.171.124.3 Government 126.96.36.199.4 Healthcare 188.8.131.52.5 Hospitality 184.108.40.206.6 Transportation 220.127.116.11.7 Others 18.104.22.168 Industrial 22.214.171.124.1 Oil and Gas 126.96.36.199.2 Food and Beverage 188.8.131.52.3 Automotive 184.108.40.206.4 Energy and Utilities 220.127.116.11.5 Others 18.104.22.168 Residential 4.2 Value Chain Analysis 4.3 Market Dynamics 4.3.1 Trends 22.214.171.124 Increasing preference toward VRF technology 126.96.36.199 Growing preference toward smart HVAC systems 4.3.2 Drivers 188.8.131.52 Growing construction sector 184.108.40.206 Increasing government initiatives to support the growth of HVAC systems 220.127.116.11 Impact analysis of drivers on market forecast 4.3.3 Restraints 18.104.22.168 High upfront cost 22.214.171.124 Impact analysis of restraints on market forecast 4.3.4 Opportunities 126.96.36.199 Energy efficiency in HVAC systems 188.8.131.52 Growing opportunity from manufacturing industry 4.4 Porter's Five Forces Analysis
Chapter 5. Global Market Size and Forecast 5.1 By HVAC Type 5.1.1 Heating, by Equipment Type 5.1.2 Ventilation, by Equipment Type 5.1.3 Cooling, by Equipment Type 5.2 By End-User 5.2.1 Commercial, by Category 5.2.2 Industrial, by Category 5.2.3 By Residential 5.3 By Region
Chapter 6. North America Market Size and Forecast
Chapter 7. Europe Market Size and Forecast
Chapter 8. APAC Market Size and Forecast
Chapter 9. LATAM Market Size and Forecast
Chapter 10. MEA Market Size and Forecast
Chapter 11. Competitive Landscape 11.1 Market Share Analysis of Key Players 11.2 List of Key Players and their Offerings 11.3 Recent Activities of Key Players 11.4 Strategic Developments of Key Players 11.4.1 Mergers and Acquisitions 11.4.2 Partnerships 11.4.3 Product Launches 11.4.4 Facility Expansions 11.4.5 Other Developments