HVAC Systems Market Size, Share & Trends Analysis Report By Product
(Ventilation, Cooling, Heating), By End Use (Residential, Commercial,
Industrial), By Region, And Segment Forecasts, 2018 - 2025
The global HVAC systems market size is anticipated to reach USD 183.8 billion by 2025, according to a new report by Grand View Research Inc. The market is estimated to witness a CAGR of 5.7% during the forecast period. Growing commercial sector and rapid urbanization across the globe are driving the demand for HVAC equipment. Furthermore, incentives and rebates programs offered by various governments to promote the use of energy-efficient units is anticipated to bolster the HVAC equipment market growth.
Moreover, HVAC systems are being integrated
with next-generation technologies, such as IoT sensors, remote control systems,
and hybrid HVAC units, to provide optimum comfort with reduced energy
consumption. This is also anticipated to support the global market expansion
over the forecast period. On the other hand, high installation and maintenance
costs coupled with complexity of retrofit HVAC installations may hinder the
market growth. However, many prominent manufacturers are investing in R&D
to develop cost- and energy-efficient units; which will fuel the product
demand.
For instance, a California-based company
developed an ice-powered air conditioning system. The new system reduces the
energy consumption of the building by freezing a significant amount of water
overnight and offers six hours of cooling the next day. Several residential
complexes and businesses are replacing old HVAC systems with new
energy-efficient units for higher performance, energy savings, and cost
reduction. Moreover, remodeling and new construction of residential, commercial
or industrial buildings requires HVAC systems. These factors are expected to
propel the market development over the forecast period.
Asia Pacific region led the HVAC equipment
market, in terms of market share. This growth is attributed to the rising
disposable income and awareness regarding energy-efficient products. Furthermore,
growing real estate industry across the region as a result of increasing
population will also have a positive impact on the product demand. The
emergence of smart buildings and government initiatives promoting the use of
energy- and cost-efficient systems are also expected to boost the market growth
in this region.
Access Research Report of HVAC Systems Market @ www.grandviewresearch.com/industry-analysis/hvac-equipment-industry
Further key findings from the study suggest:
· Cooling systems led the HVAC equipment
market in 2017 and is likely to grow further on account of rising demand from
the residential and commercial sectors
· The residential segment held the majority
share of the total revenue in 2017 owing to rise in real estate sector in
developing regions
· Driven by Japan and China, Asia Pacific was
the dominant region in the global market. It is projected to maintain its
dominance in future on account of growing real estate market and consumer
disposable income levels
· Leading companies and several governments
across the globe are promoting HVAC systems through endorsement labels like
ENERGY STAR and incentive programs, which will boost the market growth
· Some of the top companies in this market
are LG Electronics, Inc.; Lennox International, Inc.; Carrier Corporation;
Samsung Electronics Co. Ltd.; United Technologies Corporation; Johnson Controls
International PLC; and Daikin Industries Ltd.
Browse more reports of this category by Grand View
Research at: www.grandviewresearch.com/industry/hvac-and-construction-technologies
Grand View Research has segmented the global
HVAC systems market on the basis of product, end use, and region:
HVAC Systems Product Outlook
(Revenue, USD Billion, 2015 - 2025)
·
Heating
·
Ventilation
·
Cooling
HVAC Systems End Use Outlook
(Revenue, USD Billion, 2015 - 2025)
·
Residential
·
Commercial
·
Industrial
HVAC Systems Regional Outlook (Revenue, USD
Billion, 2015 - 2025)
·
North America
·
Europe
·
Asia Pacific
·
South America
·
Middle East & Africa (MEA)
Access Press Release of
HVAC Systems Market@ www.grandviewresearch.com/press-release/global-hvac-systems-equipment-market
About Grand View Research
Grand View Research, Inc. is a
U.S. based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides
syndicated research reports, customized research reports, and consulting
services. To help clients make informed business decisions, we offer market
intelligence studies ensuring relevant and fact-based research across a range
of industries, from technology to chemicals, materials and healthcare.
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