Heating, Ventilation, and Cooling (HVAC) System Market to Hit USD 191.35 billion by 2026; Increasing Indoor Pollution to Fuel the Market Demand: Fortune Business Insights™

Pune, April 21, 2020 (GLOBE NEWSWIRE) — The global heating, ventilation, and cooling (HVAC) system market size is projected to reach USD 191.35 billion by 2026, exhibiting a CAGR of 5.7% during the forecast period. Soaring demand for high energy-efficiency rated HVAC units will play a key role in driving the growth of the market, shares Fortune Business Insights™ in its report, titled “Heating, Ventilation, and Cooling (HVAC) System Market Size, Share & Industry Analysis, By Type (Single Split Systems, Variable Refrigerant Flow Systems, Chillers and Others), By Application (Residential, Commercial and Industrial), and Regional Forecast, 2019-2026”. HVAC systems have emerged as economically viable solutions to efficiently regulate the internal environmental conditions of a building or a house. However, despite their economic feasibility, these systems can account for a large share of a structure’s energy consumption. As a result, consumers are actively demanding energy-efficient HVAC systems to bring down their power costs, which is one of the prominent HVAC system market trends. In addition to this, governments in several countries are constantly upgrading energy consumption standards for heating and cooling technologies. For example, the minimum Seasonal Energy Efficiency Ratio (SEER) rating was raised by the US Department of Energy to elevate energy efficiency quotient of HVAC systems in the country.The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.We are taking continuous efforts to help your business sustain and grow during COVID-19 pandemics. Based on our experience and expertise, we will offer you an impact analysis of coronavirus outbreak across industries to help you prepare for the future.
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Precise projections about the upcoming trends and prospects in the market;Thorough research into the regional dynamics of the market;Careful study of the factors driving and restraining the market; andComprehensive profiling and analysis of the key market players and their dominant strategies.
Market DriverGrowing Emphasis on Smart Energy Management in Urban Areas to Fuel the MarketUrban agglomerations are one of the main contributors to pollution across the globe. The UN Habitat, in a study in 2017, found that urban areas are responsible for nearly 50% to 60% of the global greenhouse gas emissions. In light of this fact, many governments have undertaken novel initiatives to make urban spaces for sustainable through efficient energy management techniques and equipment. For instance, the Indian government launched the Smart Cities Mission in 2015 with a view to establish energy-efficient infrastructure in urban spaces and promote green technologies in the construction industry. HVAC systems will play an instrumental role in minimizing the carbon footprint of urban sprawls, reducing pollution levels, and achieving far-reaching sustainability targets. Together, these factors are likely to fuel the heating, ventilation, and cooling system market growth in the near future.Regional AnalysisAsia-Pacific to Establish Commanding Hold on Market Share; North America to Display Healthy GrowthWith a market size of USD 60.62 billion in 2018, Asia-Pacific is predicted to dominate the HVAC system market share during the forecast period, primarily as a result of increasing disposable income in the region. Higher purchasing power is enabling households and businesses in the region to demand advanced heating, ventilation, and cooling units, which bodes well for the market. On the other hand, North America is expected to present lucrative sales opportunities owing to the region’s rapidly expanding residential sector. In Europe, sudden rise in demand for HVAC systems as a means to combat the worsening effects of global warming is propelling the market.Launch of Cost-Effective Solutions to Stimulate Intense CompetitionAccording to the HVAC system market analysis, key players are developing cost-effective HVAC solutions to gain an edge in the competition in this market. While companies such as Daikin are focusing on introducing differentiated products in developing countries, others such as Johnson Controls are engaging in acquisitions to strengthen their foothold in the market.Industry Developments:January 2020: Daikin North America LLC widened its path-breaking Daikin Fit product line through the addition of heat pump systems. The company intends on capturing the residential sector in North America, which currently predominantly uses unitary HVAC units. The new product provides a ductless heat pump solution that can be integrated with the traditional ducted systems.November 2019: The Danish MNC, Danfoss, joined forces with Microsoft to consolidate its expert services in refrigeration and HVAC systems on the cloud. The new platform will be powered by Microsoft Azure, providing a unified table of solutions to Danfoss’s customers. The company aims to bring about operational and sales efficiency through the launch of this innovative platform.List of Key Companies Covered in the HVAC System Market Report:Panasonic CorporationLG ElectronicsLennox International Inc.GREE ELECTRIC APPLIANCES, INC.Mitsubishi Electric CorporationJohnson ControlsSAMSUNGHaier Inc.Schneider ElectricCarrier CorporationDAIKIN INDUSTRIES, Ltd.
Detailed Table of ContentIntroductionDefinition, By SegmentResearch ApproachSourcesExecutive SummaryMarket DynamicsDrivers, Restraints and OpportunitiesEmerging Trends of MarketKey InsightsMacro and Micro Economic FactorsConsolidated SWOT Analysis of Key PlayersPorter’s Five Forces AnalysisGlobal Heating, Ventilation, and Cooling (HVAC) System Market Analysis, Insights and Forecast, 2015-2026Key Findings / SummaryMarket Sizing Estimations and Forecasts – By Type (Value)Single Split SystemsVariable Refrigerant Flow (VRF) SystemsChillersOthers (Multi-split Systems, etc.)Market Sizing Estimations and Forecasts – By Application (Value)ResidentialCommercialIndustrialMarket Analysis, Insights and Forecast – By Region (Value)North AmericaEuropeAsia PacificMiddle East and AfricaLatin AmericaTOC Continued…!!!
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