Global HVAC System Market Report 2020-2025 - Rapid Transformation of IoT within the HVAC Industry Presents Fruitful Opportunities
DUBLIN, March 3, 2020 /PRNewswire/ -- The "HVAC System Market by Heating Equipment (Heat Pumps, Furnaces), Ventilation Equipment (Air-Handling Units, Air Filters), Cooling Equipment (Unitary Air Conditioners, VRF Systems), Application, Implementation Type, and Geography - Global Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.
The global HVAC system market was valued at USD 190.5 billion in 2019 and is projected to reach USD 276.8 billion by 2025; expecting to grow at a CAGR of 6.5% from 2020 to 2025.
The key players in the market include Daikin (Japan), Ingersoll Rand (Ireland), Johnson Controls (US), LG Electronics (South Korea), United Technologies (US), Electrolux (Sweden), Emerson (US), Honeywell (US), Lennox (US), Mitsubishi Electric (Japan), Nortek (US), and Samsung Electronics (Korea).
HVAC system market to exhibit significant growth during 2020-2025
The key factors driving the growth of the market include growing demand for energy-efficient solutions, rising government incentives through tax credit programs, and the increasing trend of smart homes. However, higher installation cost of energy-efficient HVAC system and shortage of skilled labor is restraining the market growth.
Cooling equipment to lead the HVAC system market during the forecast period
The high humidity levels and high summer temperatures, as well as the rapid increase in disposable incomes of consumers, are key factors driving the growth of the cooling equipment market. Cooling systems are used to lower the temperature and enable the proper distribution of air and the control of humidification in a space.
Commercial application to be the largest and fastest-growing market for HVAC system during the forecast period
Due to the rise in global temperature and pollution because of heavy construction activities, HVAC systems have become an integral part of commercial structures. Concerns over the impact on the environment and rising energy prices have made the use of energy-efficient HVAC systems a necessity in commercial spaces. Moreover, the governments of various countries are supporting the adoption of energy-efficient HVAC systems in commercial complexes.
Asia Pacific to be the largest and fastest-growing HVAC system market during the forecast period
Growing construction activities and rising population are a few of the factors boosting the growth of the HVAC system market in APAC. There is a considerable demand for smart homes in countries such as Japan, South Korea, and China. The rapid urbanization and leading sophisticated infrastructure are increasing the demand for HVAC systems in the region.
Key Topics Covered
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
4.1 HVAC System Market, 2020-2025 (USD Billion)
4.2 Market, By Equipment Type
4.3 Market, By Application
4.4 Market, By Implementation Type & Region
4.5 Market, By Geography
5 Market Overview
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Growing Demand for Energy-Efficient Solutions
5.2.1.2 Rising Government Incentives Through Tax Credit Programs
5.2.1.3 Increasing Government Regulations and Policies for Saving Energy
5.2.1.4 Growing Trend of Smart Homes
5.2.1.5 Rising Demand for HVAC Systems Due to Need for Upgrade or Refurbishment
5.2.2 Restraints
5.2.2.1 Higher Installation Cost of Energy-Efficient HVAC Systems
5.2.2.2 Shortage of Skilled Labor
5.2.3 Opportunities
5.2.3.1 Rapid Transformation of IoT Within HVAC Industry
5.2.3.2 Increasing Penetration of VRF Systems in Residential and Commercial Applications
5.2.3.3 Constant Efforts to Develop Next-Generation Low Global Warming Potential Refrigerants for HVAC Systems
5.2.4 Challenges
5.2.4.1 Lack of Awareness About Benefits of HVAC Systems in Developing Countries
5.3 Value Chain Analysis
5.4 Software & Services
6 HVAC System Market, By Heating Equipment
6.1 Introduction
6.2 Heat Pumps
6.2.1 Government Support to Boost Market for Heat Pumps
6.2.2 Air-To-Air Heat Pumps
6.2.3 Air-To-Water Heat Pumps
6.2.4 Water-To-Water Heat Pumps
6.3 Furnaces
6.3.1 Europe to Hold Largest Share of Furnaces During Forecast Period
6.3.2 Oil Furnaces
6.3.3 Gas Furnaces
6.3.4 Electric Furnaces
6.4 Unitary Heaters
6.4.1 High Efficiency of Unitary Heaters to Boost Market
6.4.2 Gas Unit Heaters
6.4.3 Oil-Fired Unit Heaters
6.4.4 Electric Unit Heaters
6.5 Boilers
6.5.1 Residential Segment to Hold Largest Size of Boilers From 2020 to 2025
6.5.2 Steam Boilers
6.5.3 Hot Water Boilers
7 HVAC System Market, By Ventilation Equipment
7.1 Introduction
7.2 Air-Handling Units
7.2.1 Commercial Segment to Account for Largest Size of Air-Handling Units
7.3 Air Filters
7.3.1 APAC to Hold Largest Size of Air Filters
7.4 Dehumidifiers
7.4.1 Industrial Segment to Account for Largest Size of Dehumidifiers
7.4.2 Refrigeration Dehumidifiers
7.4.3 Absorption Dehumidifiers
7.5 Ventilation Fans
7.5.1 APAC to Hold Largest Size of Ventilation Fans
7.5.2 Crossflow Fans
7.5.3 Axial Fans
7.5.4 Centrifugal Fans
7.5.5 Domestic Fans
7.5.6 Range Hood Fans
7.5.7 Power Roof Fans
7.6 Humidifiers
7.6.1 Commercial Segment to Account for Largest Size of Humidifiers
7.6.2 Warm-Mist Humidifiers
7.6.3 Ultrasonic Humidifiers
7.6.4 Cool-Mist Humidifiers
7.7 Air Purifiers
7.7.1 Air Purifier Market in APAC to Grow at Highest CAGR During Forecast Period
7.7.2 Hepa Air Purifiers
7.7.3 Activated Carbon Air Purifiers
7.7.4 Electrostatic Air Purifiers
7.7.5 Ionic Air Purifiers
8 HVAC System Market, By Cooling Equipment
8.1 Introduction
8.2 Unitary Air Conditioners
8.2.1 Commercial Segment to Account for Largest Size of Cooling Equipment Market for Unitary Air Conditioners in 2025
8.2.2 Split Air Conditioners
8.2.3 Packaged Air Conditioners
8.3 VRF Systems
8.3.1 APAC to Hold Largest Size of VRF Systems
8.4 Chillers
8.4.1 Commercial Segment to Account for Largest Size of Chillers From in 2025
8.4.2 Scroll Chillers
8.4.3 Screw Chillers
8.4.4 Centrifugal Chillers
8.4.5 Reciprocating Chillers
8.4.6 Absorption Chillers
8.5 Room Air Conditioners
8.5.1 Residential Segment to Hold Largest Size of Room Air Conditioners By 2025
8.6 Coolers
8.6.1 Residential Segment to Account for Largest Size of Cooler Market in 2025
8.6.2 Ducted Coolers
8.6.3 Window Coolers
8.7 Cooling Towers
8.7.1 APAC to Hold Largest Size of Market for Cooling Towers in 2025
8.7.2 Evaporative Cooling Towers
8.7.3 Dry Cooling Towers
8.7.4 Hybrid Cooling Towers
9 HVAC System Market, By Application
9.1 Introduction
9.2 Commercial
9.2.1 Adoption of Energy-Efficient Equipment to Boost HVAC System Market for Commercial Spaces
9.2.2 Office
9.2.3 Government
9.2.4 Healthcare
9.2.5 Education
9.2.6 Retail
9.2.7 Airport
9.3 Residential
9.3.1 Government Regulations and Tax Credit Programs to Promote Use of HVAC Systems in Residential Applications
9.4 Industrial
9.4.1 Energy-Efficient HVAC Systems in Industrial Spaces to Reduce Operational Cost and Save Energy
10 HVAC System Market, By Implementation Type
10.1 Introduction
10.2 New Constructions
10.2.1 Growing Urbanization to Boost Demand for HVAC Systems in New Constructions
10.3 Retrofits
10.3.1 Government Regulations for Green Buildings to Change HVAC Industry
11 HVAC System Market, By Geography
11.1 Introduction
11.2 North America
11.2.1 US
11.2.1.1 Growing Construction Activities to Boost HVAC System Market Growth in US
11.2.2 Canada
11.2.2.1 Government Energy-Saving Initiatives to Drive Market in Canada
11.2.3 Mexico
11.2.3.1 Promotion of Energy-Efficient HVAC Systems to Help Surge Mexican Market Growth
11.3 Europe
11.3.1 UK
11.3.1.1 High Demand for Energy-Efficient Devices in Commercial and Residential Buildings to Foster Growth of Market in UK
11.3.2 Germany
11.3.2.1 Introduction of Engineering Simulation Platforms for HVAC Professionals to Support Growth of German Market
11.3.3 France
11.3.3.1 Growing Focus Toward Reduction in Energy and Emissions of Greenhouse Gases to Drive Demand for HVAC Systems in France
11.3.4 Rest of Europe
11.3.4.1 Technological Developments to Increase Demand for HVAC Systems in Rest of Europe
11.4 APAC
11.4.1 China
11.4.1.1 Growing Industrialization and Urbanization in China to Fuel Growth of Market
11.4.2 India
11.4.2.1 Growing Awareness for Energy Saving to Boost Demand for HVAC Systems in India
11.4.3 Japan
11.4.3.1 Strict Regulations in Terms of Improving Energy Conservation to Upsurge Demand for HVAC Systems in Japan
11.4.4 Rest of APAC
11.4.4.1 Growing Trend of Green Buildings to Increase Demand for HVAC Systems in Rest of APAC
11.5 RoW
11.5.1 South America
11.5.1.1 Growing Infrastructure in South America to Boost HVAC System Market Growth
11.5.2 Middle East
11.5.2.1 Regulations Regarding Energy Efficiency Driving Market in Middle East
11.5.3 Africa
11.5.3.1 Increasing Construction Activities in Africa Driving Demand for HVAC Systems
12 Competitive Landscape
12.1 Overview
12.2 Ranking of Players in HVAC System Market
12.3 Microquadrants Overview
12.3.1 Visionaries
12.3.2 Dynamic Differentiators
12.3.3 Innovators
12.3.4 Emerging Companies
12.4 Competitive Situations & Trends
12.4.1 Product Launches
13 Company Profiles
13.1 Key Players
13.1.1 Daikin
13.1.1.1 Business Overview
13.1.1.2 Products/Solutions/Services Offered
13.1.1.3 Recent Developments
13.1.1.4 SWOT Analysis
13.1.2 Ingersoll Rand
13.1.3 Johnson Controls
13.1.4 LG Electronics
13.1.5 United Technologies
13.1.6 Electrolux
13.1.7 Emerson
13.1.8 Honeywell
13.1.9 Lennox
13.1.10 Mitsubishi Electric
13.1.11 Nortek
13.1.12 Samsung Electronics
13.2 Right to Win
13.3 Other Key Players
13.3.1 Danfoss
13.3.2 Fujitsu
13.3.3 Gree
13.3.4 Hitachi
13.3.5 Midea
13.3.6 Panasonic
13.3.7 Qingdao Haier
13.3.8 Toshiba
13.3.9 Whirlpool
For more information about this report visit https://www.researchandmarkets.com/r/bt18z5
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