The Worldwide Heating, Ventilation, Air Conditioning, and Refrigeration Industry is Projected to Reach $257.9 Billion by 2027

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Jul 12, 2022, 06:00 ET

DUBLIN, July 12, 2022 /PRNewswire/ -- The "Heating, Ventilation, Air Conditioning, and Refrigeration (HVAC-R) Market - A Global and Regional Analysis: Focus on Products, Application, and Country-Wise Analysis - Analysis and Forecast, 2022-2027" report has been added to ResearchAndMarkets.com's offering.

The global HVAC-R market was valued at $193.6 billion in 2021 and is projected to reach $257.9 billion in 2027, following a CAGR of 5% during the forecast period 2022-2027. The growth in the global HVAC-R market is expected to be driven by increasing population and rapid urbanization, drastic change in weather conditions, and emerging innovation in HVAC-R.

Market Lifecycle Stage

The HVAC-R market is at the growing stage. There has been numerous research and development activities are underway to enhance HVAC-R products and new innovative technologies in the HVAC-R has been introduced in the market.

The rise of smart technology adoption across HVAC-R industry, technologies for smart home has also been increasing rapidly. The smart buyers increasingly updating new homes to be equipped with the latest technological advances, and the HVAC-R system is no exception. Owing to swift in the trend, the HVAC-R industry is undergoing a technological revolution to keep up with the demand of home buyers and builders.

Impact

With an increased worldwide focus on green energy by using technologies such as geothermal, solar power, smart thermostats, even ice-powered air-conditioning, and others energy saving products brings significant sales and financing opportunities. The shift is more prominent in regions such as North America and Asia-Pacific.
Furthermore, HVAC-R market has witnessed adoption of environment friendly refrigerants. Companies such as Chemours, Daikin, has been dominating by manufacturing environment friendly refrigerants across the globe. For example, Daikin have introduced refrigerants with lower values which are more environment friendly, such as R-134a, R-32 and R-410A which possesses huge opportunity for the HVAC market.

Impact of COVID-19

Impact of Covid-19 on HVAC-R market was positive in comparison of other industries across the globe. Airborne spread of Covid-19 offered opportunities to HVAC-R market to improve the performance of indoor air quality of multi-occupancy buildings. HVAC-R strengthen the resilience of the infection control environment, in public, commercial and multi-unit residential buildings. In addition to this, Shift in the trend of work from home during and post covid-19 has witnessed demand in Air Conditioning sector.

Recent Developments in Global HVAC-R Market

In April 2021, Coway, entered the Europe market by introducing the Germany populace with the sustainable and good quality water and air purifying devices the company manufactures.
In January 2021, Samsung announced the market launch of the BESPOKE range of products starting from customized refrigerators.
In February 2020, Nortek Global HVAC acquired Reznor to strengthen its presence and network in Europe.
In July 2019, Munters launched a new product named Green Field Controllers which are designed to bring automation, efficiency, along with higher quality products to the agricultural industry by aiding operations of irrigation control and greenhouse climate control.

Demand - Drivers and Limitations

Following are the demand drivers for the HVAC-R market:

Increasing Population and Rapid Urbanization
Emerging Innovation in HVAC

The market is expected to face some limitations too due to the following challenges:

Adherence to Stringent Regulations to Maintain Energy Efficiency Standards
Growing Alternative Technologies
Harmful Effect of Chlorofluorocarbons (CFCs) and Hydrochlorofluorocarbons (HCFCs)

How can this report add value to an organization?

Product/Innovation Strategy: The product segment helps the reader understand the different types of HVAC-R products such as heating, ventilation, air conditioning and refrigeration available for deployment in industrial, commercial and residential sector, and their potential globally.

Growth/Marketing Strategy: The global HVAC-R market has seen major development by key players operating in the market, such as business expansion, partnership, collaboration, and joint venture. The favored strategy for the companies has been product development and innovation to strengthen their position in the mycelium market. For instance, in January 2022, Carrier launched a new software tool named PLV Pro to compare and provide users with free-of-cost, quick, and easy life cycle cost analysis for water-cooling chillers from many manufacturers.

Competitive Strategy: Key players in the global HVAC-R market analyzed and profiled in the study involve HVAC-R-based product manufacturers that provide heating, ventilation, air conditioning and refrigeration products. Moreover, a detailed competitive benchmarking of the players operating in the global HVAC-R market has been done to help the reader understand how players stack against each other, presenting a clear market landscape. Additionally, comprehensive competitive strategies such as partnerships, agreements, and collaborations will aid the reader in understanding the untapped revenue pockets in the market.

Key Topics Covered:

1 Markets
1.1 Industry Outlook
1.1.1 Market Definition
1.1.2 Ecosystem/Ongoing Programs
1.1.2.1 Governments Initiatives
1.1.2.2 Consortiums and Associations
1.2 Business Dynamics
1.2.1 Business Drivers
1.2.1.1 Increasing Population and Rapid Urbanization
1.2.1.2 Drastic Change in Weather Conditions
1.2.1.2.1 Emerging Innovation in HVAC
1.2.2 Business Challenges
1.2.2.1 Adherence to Stringent Regulations to Maintain Energy Efficiency Standards
1.2.2.2 Growing Alternative Technologies
1.2.2.3 Harmful Effect of Chlorofluorocarbons (CFCs) and Hydrochlorofluorocarbons (HCFCs)
1.2.3 Business Strategies
1.2.3.1 Product Development and Innovation
1.2.3.2 Business Expansion
1.2.4 Corporate Strategies
1.2.4.1 Mergers and Acquisitions
1.2.4.2 Partnerships, Collaborations, and Joint Ventures
1.2.4.3 Others
1.2.5 Business Opportunities
1.2.5.1 Gradual Shift toward Renewable Source of Energy
1.2.5.2 Adoption of Environment-Friendly Refrigerants
1.2.5.3 Development of Green Buildings and Smart Cities
1.3 Smart HVAC

2 Application
2.1 Global HVAC-R Market (by Application)
2.1.1 Residential
2.1.2 Commercial
2.1.3 Industrial
2.2 Demand Analysis of the Global HVAC-R Market (by Application)

3 Products
3.1 Global HVAC-R Market (by Product)
3.1.1 Heating
3.1.1.1 Heat Pumps
3.1.1.2 Furnaces
3.1.1.3 Boilers
3.1.1.4 Others
3.1.2 Ventilation
3.1.2.1 Air Filters
3.1.2.2 Humidifiers
3.1.2.3 Air Purifiers
3.1.2.4 Air Handling Unit (AHU) and Fan Coil Unit (FCU)
3.1.2.5 Others
3.1.3 Air Conditioning
3.1.3.1 Window and Portable Air Conditioning
3.1.3.2 Mini-Split Air Conditioning
3.1.3.3 Packaged Air Conditioning
3.1.3.4 Chillers
3.1.3.5 Variable Refrigerant Flow (VRF) Systems
3.1.3.6 Others
3.1.4 Refrigeration
3.1.4.1 by Type
3.1.4.1.1 Freezers and Refrigerators
3.1.4.1.2 Commercial Refrigerators
3.1.4.1.3 Refrigerated Transport
3.1.4.2 by Refrigeration Cycle Components Type
3.1.4.2.1 Compressor
3.1.4.2.2 Condenser
3.1.4.2.3 Evaporator
3.1.4.2.4 Expansion Valve
3.2 Demand Analysis of the Global HVAC-R Market (by Products)
3.2.1 Demand Analysis of the Global HVAC-R Market (by Heating)
3.2.2 Demand Analysis of the Global HVAC-R Market (by Ventilation)
3.2.3 Demand Analysis of the Global HVAC-R Market (by Air Conditioning)
3.2.4 Demand Analysis of the Global HVAC-R Market (by Refrigeration)
3.3 Value Chain Analysis
3.4 Patent Analysis
3.4.1 Patent Analysis (by Status)
3.4.2 Patent Analysis (by Inventor Type)
3.4.3 Patents Analysis (by Patent Office)

4 Region

5 Markets - Competitive Benchmarking & Company Profiles
5.1 Market Share Analysis
5.1.1 Market Share Analysis of Global HVAC-R Market Manufacturers
5.2 Competitive Benchmarking
5.3 Company Profiles
5.3.1 Air Conditioning and Heating
5.3.1.1 Carrier
5.3.1.1.1 Company Overview
5.3.1.1.1.1 Role of Carrier in the Global HVAC-R Market
5.3.1.1.1.2 Product Portfolio
5.3.1.1.2 Business Strategies
5.3.1.1.2.1 Product Developments
5.3.1.1.3 Corporate Strategies
5.3.1.1.3.1 Mergers and Acquisitions
5.3.1.1.4 Analyst View
5.3.1.2 DAIKIN INDUSTRIES, Ltd.
5.3.1.3 Hitachi, Ltd.
5.3.1.4 Johnson Controls
5.3.1.5 Koryo
5.3.1.6 Lennox International
5.3.1.7 LG Electronics
5.3.1.8 Nortek Global HVAC
5.3.1.9 Robert Bosch GmbH
5.3.1.10 SAMSUNG ELECTRONICS CO., LTD.
5.3.1.11 Trane
5.3.1.12 Zamil Industrial
5.3.2 Ventilation
5.3.2.1 Condair Group
5.3.2.2 Coway
5.3.2.3 Dyson
5.3.2.4 FUJITSU GENERAL
5.3.2.5 GEFA SYSTEM
5.3.2.6 Munters
5.3.2.7 Resideo Technologies Inc.
5.3.2.8 Vornado Air, LLC
5.3.3 Refrigeration
5.3.3.1 Blue Star Limited
5.3.3.2 BSH Home Appliances Group
5.3.3.3 Valeo Transport Refrigeration
5.3.3.4 Voltas, Inc.
5.3.3.5 Whirlpool