HVAC System Market Size to Hit USD 215.23 Billion by 2029 | Fortune Business Insights
Companies Profiled in Heating, Ventilation and Cooling (HVAC) System Market are Johnson Controls, DAIKIN INDUSTRIES, Ltd., Mitsubishi Electric Corporation, Carrier, GREE ELECTRIC APPLIANCES, INC, Schneider Electric, Lennox International Inc, Haier Inc, LG Electronics, SAMSUNG, Panasonic Corporation, AB Electrolux, Nortek Global HVAC LLC, Emerson Electric Co, Danfoss A/S, FERROLI S.p.A. C.F. epVA, Vaillant Group, Armstrong Fluid Technology, Robert Bosch LLC, Evapo, Inc.
Pune, India, May 15, 2023 (GLOBE NEWSWIRE) — The global heating, ventilation and cooling (HVAC) system market size is projected to reach USD 215.53 billion by 2029, exhibiting a CAGR of 5.3% during the forecast period. The rising demand for ventilation systems for filtration of air in residential sectors and industries will boost the growth of the market, states Fortune Business Insights™ in its report titled “Heating, Ventilation, and Cooling (HVAC) System Market, 2022-2029.”
The demand for heating, ventilation and cooling (HVAC) systems is increasing because of their use in residential and industrial sectors for filtering air and maintaining temperatures. It maintains the air quality and creates a good environment inside the facility by maintaining the appropriate temperatures. In addition, such ventilation systems are increasingly used in commercial and residential buildings to maintain a good breathing environment and ensure good airflow. It is used in the food and beverage industry for maintaining temperatures for preserving the quality of goods, and avoiding spoilage. Further, the hybrid ventilation systems regulate temperature by adjusting it according to the environment outside. For example, Carrier launched the “Carrier Hybrid Heat” system with adjustable temperature technology in October 2019. The product incorporates an electric heating pump and a gas furnace system for adjusting temperatures based on different environmental conditions. These ventilation systems help reduce costs because of their efficient energy management. The systems possess a longer shelf-life and reduce the impact of greenhouse gas on the environment created by ventilation systems, thereby fostering market growth in the foreseeable period.
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Impact of COVID-19
Strict Government Regulations to Halt Manufacturing Activities and Impede Market amid Pandemic
This market is negatively affected during the COVID-19 impact due to the rising cases in several countries. The government has issued stringent norms for lockdown in several regions, which has affected the market adversely. Countries such as India are still facing an alarming spike in the number of COVID-19 affected patients, resulting in the closure of the manufacturing plants. However, the demand for heating, ventilation and cooling (HVAC) systems is slowly rising in residential sectors. This demand will nurture the market’s growth in the upcoming years.
Segments
Based on type, the market is segregated into single splits, variable refrigerant flow (VRF) systems, chillers, multi-split systems, and others. On the basis of application, it is classified into commercial, industrial, and residential. Geographically, it is clubbed into North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America.
Highlights of the Report
- This report analyzes the emerging trends and the leading segments of the market.
- The report comprehensive studies the impact of COVID-19 on the market and the driving and restraining factors.
- It examines strategies implemented by the market’s key players and the regional developments.
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Drivers and Restraints
Rising Advancements in Ventilation Technologies to Incite Development
The incorporation of advanced technologies in heating, ventilation and cooling (HVAC) systems will boost product demand. The products are energy efficient, offer automatic temperature adjustment, lower maintenance costs, longer shelf-life, and cost-efficiency. For example, Daikin Industries, Ltd., Lennox International Inc., and others have incorporated solar power and natural gas for producing energy-efficient cooling systems. Additionally, smart sensors and thermostats are used for commercial purposes to reduce maintenance costs and offer energy-efficient systems, thereby driving the heating, ventilation and cooling (HVAC) system market growth. However, the shortcoming of skilled technicians can hamper the market growth
Regional Insights
FDI schemes by the Indian Government to Bolster the Asia Pacific Market Growth
Asia Pacific is projected to lead the heating, ventilation and cooling (HVAC) system market share due to the government providing foreign direct investment (FDI) to manufacturers in India. This has resulted in the opening of manufacturing facilities by the companies. For example, Johnson Controls-Hitachi Air Conditioning invested USD 22.5 million in Gujarat for launching a new modern development facility in October 2019.
In Europe, the government regulations for the production of cost-efficient ventilation systems will boost demand. In addition, the rising demand for heating, ventilation and cooling (HVAC) systems for commercial purposes can boost the market growth.
The rising demand for the systems for residential sectors of North America is anticipated to augment growth.
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Competitive Landscape
Strategies Implemented by Key Players to Enhance Product Portfolio
Companies in the competitive space are focusing on the expansion of heating, ventilation and cooling (HVAC) systems to strengthen their product portfolio. For example, Johnson Controls undertook the acquisition of Lux Products Corporation in October 2018 to enhance its smart home thermostats portfolio. Further, key players are focusing on providing advanced manufacturing plants to strengthen their market position in the U.S. For example, LG Electronics undertook the expansion of the unique allergen-reducing home appliance portfolio in April 2020. The facility has received certification from the Asthma and Allergy Foundation of America (AAFA) regarding the opening of its advanced cleaning facility. This initiative has enabled the company to mark a substantial market position in the US.
Industry Development
- January 2020: Daikin Industries Ltd. announced a Fit Heat Pump System for residential sectors using high-performance inverter compressors.
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List of Key Players Profiled in the Heating, Ventilation and Cooling (HVAC) System Market Report
- Johnson Controls
- DAIKIN INDUSTRIES, Ltd.
- Mitsubishi Electric Corporation
- Carrier
- GREE ELECTRIC APPLIANCES, INC.
- Schneider Electric
- Lennox International Inc.
- Haier Inc.
- LG Electronics
- SAMSUNG
- Panasonic Corporation
- AB Electrolux
- Nortek Global HVAC LLC
- Emerson Electric Co.
- Danfoss A/S
- FERROLI S.p.A. C.F. epVA
- Vaillant Group
- Armstrong Fluid Technology
- Robert Bosch LLC
- Evapo, Inc.
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