Pune, India, May 5, 2021 (GLOBE NEWSWIRE) – The global HVAC system market size is expected to show exponential growth by reaching $ 202.14 billion by 2028, while showing a CAGR of 5.1% between 2021 and 2028. This information is published by Fortune Business Insights in its latest report entitled “Heating, Ventilation and Cooling (HVAC) System Market, 2021-2028”. The report further states that the market was at $ 136.15 billion in 2020. According to the World Health Organization (WHO), about 4 million people die prematurely from diseases such as lung cancer and ischemic heart disease, developed as a result of household pollutants. Heating, ventilation and cooling systems provide an optimal solution to this problem, as these systems can mechanically draw outside air into the house and purify the indoor air, efficiently removing pollutants. This is likely to boost demand for the product worldwide.
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Discontinuation of production processes leads to a market with a slow growth of 4.6% in 2020
The lockdown announced by the government authorities led to the shutdown and postponement of several industrial activities. This led to a complete disruption of the supply chain, which led to slow market growth. As a result, the market showed a slower growth of 4.6% in 2020. However, the increasing demand for air filters amid COVID-19 in residential and commercial sectors will boost the growth of the market in the coming years.
Click here to see the short and long term impact of COVID-19 on this market.
Based on the type, the market is divided into single split, variable refrigerant flow (VRF) systems, chillers and others.
- By type, the single split systems segment had a global heating, ventilation and cooling (HVAC) market share of approximately 52.1% in 2020 and is expected to show significant growth over the forecast period. This is due to the increasing demand for these types of systems that provide various benefits to the consumers such as cost effectiveness, improved additional heating capacity and others.
Based on the application, the market is divided into residential, commercial and industrial. Finally, the market is divided by region into North America, Europe, Asia Pacific, Middle East and Africa and Latin America.
What does the report offer?
- Valuable insights into the various trends and drivers that shape the growth trajectory of the market;
- In-depth analysis of the various barriers to market growth;
- Critical evaluation of the regional outlook and competitive dynamics of the market; and
- Extensive study of all market segments.
Increasing threat of airborne spread of COVID-19 can lead to high demand for HVAC systems
In July 2020, the WHO acknowledged the threat that the coronavirus could spread by air. This has revealed the role of traditional heating, ventilation and cooling systems in the spread of the virus in confined spaces. The main argument in this context is that poor ventilation from energy-inefficient air conditioners is the main cause of the transmission of the virus. For example, according to a University of Oregon study, the virus was present in 25% of hospital HVAC systems with COVID-19 patients. That’s why many experts recommend installing these systems that let in 20% fresh air from the outside. As a result, different building owners and managers are upgrading their ventilation systems with more advanced units.
In response to the sudden spike in demand, companies such as Carrier and Honeywell are offering portable filter machines and air monitoring sensors for improved ventilation. This is expected to contribute to the global growth of the heating, ventilation and cooling systems (HVAC) market over the forecast period.
Asia Pacific to remain dominant; Increase consumer spending capacity to promote growth
In all regions, Asia-Pacific is expected to continue to lead the way in the coming years and take the top position in the market. This is due to consumers’ increasing spending capacity, prompting them to opt for advanced global HVAC systems. In addition, growing awareness of indoor pollution and strict government regulations for urban sustainability will promote regional growth.
The North American market is expected to show exponential growth, supported by escalating demand for HVAC systems from the residential sector between 2021 and 2028.
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Product launch by key players to intensify industry competition
The dynamics that dominate this market have broadened its scope and created exciting opportunities for key players to innovate and introduce advanced global HVAC systems. In addition, different market companies are increasing their R&D capabilities and working with different entities to expand their portfolio and increase their business footprint.
- January 2020 – Daikin Industries, Ltd. announced the launch of Fit heat pump systems for dual-fuel applications. The company reports that the system is targeting residential applications equipped with high performance inverter compressors.
List of companies active in the world market:
- Johnson Controls (Cork, Ireland)
- DAIKIN INDUSTRIES, Ltd. (Osaka, Japan)
- Mitsubishi Electric Corporation (Tokyo, Japan)
- Carrier (Florida, USA)
- GREE ELECTRIC APPLIANCES, INC. (Guangdong, China)
- Schneider Electric (Paris, France)
- Lennox International Inc. (Texas, USA)
- Haier Inc. (Qingdao, China)
- LG Electronics (Seoul, South Korea)
- SAMSUNG (Seoul, South Korea)
- Panasonic Corporation (Osaka, Japan)
- AB Electrolux (Stockholm, Sweden)
- Nortek Global HVAC LLC (Missouri, USA)
- Emerson Electric Co. (Missouri, USA)
- Danfoss A / S (Syddanmark, Denmark)
- FERROLI SpACF epVA. (San Bonifacio, Italy)
- Vaillant Group (North Rhine-Westphalia, Germany)
- Armstrong Fluid Technology (Ontario, Canada)
- Robert Bosch LLC (Baden-Württemberg, Germany)
- Evapco, Inc. (Maryland, USA)
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Detailed table of contents
- Definition, by segment
- Research methodology / approach
- Data sources
- Management summary
- Market dynamics
- Macro and microeconomic indicators
- Directors, constraints, opportunities and trends
- Impact of COVID-19 on the heating, ventilation and cooling (HVAC) market
- Short-term consequences
- Long-term impact
- Competition landscape
- Business strategies adopted by key players
- Consolidated SWOT analysis of major players
- Porter’s Five Forces Analysis
- Global Heating, Ventilation and Cooling (HVAC) System Market Share Analysis and Matrix, 2020
- Important market insights and strategic recommendations
- Profiles of important players (only available for 10 players)
- 6.1. Overview
- Key management
- Head office etc.
- Offers / business segments
- Key details (key details depend on the availability of data in the public domain and / or on paid databases)
- Size of the worker
- Past and current earnings
- Geographic share
- Share business segment
- Recent developments
- Primary Interview Responses
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