The global HVAC system market size is estimated to grow from USD 202 billion in 2020 to USD 277 billion by 2025 at a CAGR of 6.5%
NEW YORK, March 3, 2020 /PRNewswire/ --
HVAC system market to exhibit significant growth during 2020–2025
The global HVAC system market size is estimated to grow from USD 202 billion in 2020 to USD 277 billion by 2025 at a CAGR of 6.5%. 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.
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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.
Profile break-up of primary participants for the report is given below:
• By Company Type – Tier 1 = 25%, Tier 2 = 35%, and Tier 3 = 40%
• By Designation – C-Level = 33%, Director Level = 48%, and Manager Level = 19%
• By Region – North America = 18%, APAC = 40%, Europe = 35%, and RoW = 7%
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).
The global HVAC system market is segmented into the heating equipment, ventilation equipment, cooling equipment, application, implementation type, and region.The market based on heating equipment is segmented into heat pumps, furnaces, unitary heaters, and boilers, Based on ventilation equipment, the market has been split into air-handling units, air filters, dehumidifiers, ventilation fans, humidifiers, and air purifiers.
Based on cooling equipment, the market is segmented into unitary air conditioners, VRF systems, chillers, room air conditioners, coolers, and cooling towers.Based on the application, the market has been split into commercial, residential, and industrial.
The market based on implementation type is segmented into new constructions and retrofits. The market is segmented into four regions—North America, Europe, Asia Pacific (APAC), and Rest of the World (RoW).
Reasons to buy the report:
• Illustrative segmentation, analysis, and forecast for markets based on heating equipment, ventilation equipment, cooling equipment, application, implementation type, and region have been conducted to give an overall view of the HVAC system market.
• The value chain analysis has been performed to provide an in-depth insight into the HVAC system.
• Major drivers, restraints, opportunities, and challenges for the HVAC system market have been detailed in this report.
• The report includes a detailed competitive landscape along with key players, in-depth analysis, and revenue of key players.
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