The market would progress at a CAGR of 4.8% between 2020 and 2030
NEW YORK, Nov. 25, 2020 /PRNewswire/ -- HVAC Market Research Report: By Offering (Equipment, Services), End User (Commercial, Industrial, Residential) - Global Industry Analysis and Growth Forecast to 2030
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With the increasing average temperature across the globe, the sales of heating, ventilation, and air conditioning (HVAC) systems are rising sharply. After all, it's quite difficult to get through a hot summer day nowadays without air-conditioners and other cooling systems. Moreover, with the rising urbanization in several countries, the demand for proper heating and ventilation equipment, especially among people living in apartment buildings, is growing rapidly. The thriving construction sector is another major factor fueling the sales of HVAC systems.
As per a report produced by PricewaterhouseCoopers (PwC), the total spending on infrastructural development and construction projects across the globe will rise to $15.5 trillion by 2030. Countries such as the U.S., China, the U.A.E., Qatar, and Saudi Arabia are witnessing soaring construction activities such as those pertaining to the building of shopping complexes, hotels, and skyscrapers, primarily because of upcoming events such as the FIFA World Cup 2022 and the Dubai Expo 2020 (which has been postponed till 2021).
The flourishing tourism industry is another reason behind the huge investments being made in the development of five-star hotels and luxury resorts and amusement parks in these countries. These structures and facilities, once completed, would require HVAC equipment and maintenance services, which would, in turn, propel the demand for HVAC systems and services in the future years. Furthermore, the governments of many countries are making huge investments in the replacement of old HVAC systems with new energy-efficient ones.
For example, the Ministry of Power in India started an initiative called 'Eco-Niwas Samhita 2018', which is an Energy Conservation Building Code for Residential Buildings (ECBC-R), in December 2018. The code applies to mixed-land-use buildings and residential structures built on an area of land equal to or greater than 500 square meters (?500 m2) and comprises minimum performance standards that limit the heat gain and loss. This initiative massively boosted the requirement for HVAC systems and services in the country.
Hence, with the growing usage of HVAC systems in industrial, residential, and commercial settings, the global HVAC market would exhibit huge expansion in the coming years. As a result, the value of the market would rise from $240.8 billion to $358.1 billion from 2019 to 2030. Furthermore, as per the estimates of P&S Intelligence, a market research firm based in India, the market would progress at a CAGR of 4.8% between 2020 and 2030.
Industrial, commercial, and residential buildings are the main end users of HVAC systems. Out of these, the utilization of HVAC systems is currently being observed to be the highest in the commercial buildings across the world. This is because of the increasing usage of these equipment in offices, commercial buildings, and hotels. Moreover, the increasing construction of hotels, on account of the thriving hospitality sector, is also positively impacting the sales of HVAC systems around the world.
Globally, the Asia-Pacific (APAC) HVAC market is predicted to exhibit the highest growth rate in the coming years. This would be a result of the rapid economic progress of various regional countries, ballooning infrastructural development and construction activities, and growing urban population in the region. In addition to this, the rising disposable income and purchasing power of people in countries such as China and India is pushing up the sales of HVAC equipment in the region.
Hence, it is safe to say that the demand for HVAC systems and services would surge all over the world in the future years, mainly on account of the increasing construction activities, thriving tourism and hospitality industry, and the rising implementation of government programs in several countries for promoting the usage of HVAC equipment, especially in residential and commercial buildings.
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