The global HVAC system market size is expected to showcase exponential growth by reaching USD 202.14 billion by 2028 while exhibiting a CAGR of 5.1% between 2021 and 2028. This information is published by Fortune Business Insights in its latest report, titled “Heating, Ventilation, and Cooling (HVAC) System Market, 2021-2028”. The report further mentions that the market stood at USD 136.15 billion in 2020. According to the World Health Organization (WHO), around 4 million people die prematurely from illnesses such as lung cancer and ischemic heart disease, developed due to household pollutants. Heating, ventilation, and cooling systems provide an optimal solution to this problem as these systems can mechanically pull outdoor air into the home and purifies the indoor air, removing pollutants in an efficient manner. This is likely to boost the product’s demand worldwide.
Shutdown of Manufacturing Processes Leads to Market Exhibiting a Sluggish Growth Rate of 4.6% in 2020
The lockdown announced by the government agencies led to the halting and postponement of several industrial activities. This led to a complete disruption in the supply chain leading to the sluggish growth of the market. Owing to this, the market exhibited a slower growth rate of 4.6% in 2020. However, the increasing demand for air filters amid COVID-19 across residential and commercial sectors will boost the growth of the market in the forthcoming years.
What does the Report Provide?
- Valuable insights into the various trends and drivers shaping the growth trajectory of the market;
- Thorough analysis of the different hindrances obstructing market growth;
- Critical evaluation of the regional prospects and competitive dynamics of the market; and
- Exhaustive study of all the market segments.
DRIVING FACTORS
Growing Threat of Airborne Spread of COVID-19 May Lead to High Demand for HVAC Systems
In July 2020, the WHO acknowledged the threat that the coronavirus can spread through the air. This has brought to light the role of traditional heating, ventilation, and cooling systems in spreading the virus in enclosed spaces. The main argument in this context is that poor ventilation of energy-inefficient air conditioners is the primary cause of transmission of the virus. For instance, according to a study conducted by the University of Oregon, the virus was present in 25% of the HVAC systems in hospitals with COVID-19 patients. Therefore, many experts recommend installing these systems that let in 20% fresh air from outside. As a result, several building owners and managers are upgrading their ventilation systems with more advanced units.
In response to the sudden demand spike, companies such as Carrier and Honeywell offer portable filter machines and air-monitoring sensors to provide improved ventilation. This is expected to contribute to the global heating, ventilation, and cooling (HVAC) system market growth during the forecast period.
REGIONAL INSIGHTS
Asia Pacific to Remain Dominant; Increasing Consumer Spending Capacity to Aid Growth
Among all the regions, Asia-Pacific is expected to remain at the forefront and hold the highest position in the market in the forthcoming years. This is attributable to the increasing spending capacity of the consumers, which is pushing them to opt for advanced global HVAC systems. Additionally, the growing awareness regarding indoor pollution and stringent governmental regulations for urban sustainability will favor regional growth.
The market in North America is expected to showcase exponential growth backed by the escalating demand for HVAC systems from the residential sector between 2021 and 2028.
List of the Companies Operating in the Global Market:
- Johnson Controls (Cork, Ireland)
- DAIKIN INDUSTRIES, Ltd. (Osaka, Japan)
- Mitsubishi Electric Corporation (Tokyo, Japan)
- Carrier (Florida, U.S.)
- GREE ELECTRIC APPLIANCES, INC. (Guangdong, China)
- Schneider Electric (Paris, France)
- Lennox International Inc. (Texas, U.S.)
- 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, U.S.)
- Emerson Electric Co. (Missouri, U.S.)
- Danfoss A/S (Syddanmark, Denmark)
- FERROLI S.p.A. C.F. epVA. (San Bonifacio, Italy)
- Vaillant Group (North Rhine-Westphalia, Germany)
- Armstrong Fluid Technology (Ontario, Canada)
- Robert Bosch LLC (Baden-Württemberg, Germany)
- Evapco, Inc. (Maryland, U.S.)
Recently published a report entitled HVAC Systems Market projected till 2026, added by Value Market Research, covers key players along with their market share and strategic development adopted by them.
Further, the report provides market size, share, trends, outlook and forecast based on historical data coupled with drivers, restraints, and opportunities.The broad HVAC systems market has been sub-grouped into product and end-user.
The report studies these subsets with respect to the geographical segmentation.
The strategists can gain a detailed insight and devise appropriate strategies to target specific market.
This detail will lead to a focused approach leading to identification of better opportunities.Request a FREE Sample Copy of HVAC Systems Market Report with Full TOC At: https://www.valuemarketresearch.com/contact/hvac-systems-market/download-sampleBy ProductHeatingVentilationCoolingBy End-UseResidentialCommercialIndustrialThe report also covers detailed competitive landscape including company profiles of key players operating in the global market.
The key players in the HVAC systems market includes AB Electrolux, Carrier Corporation, Daikin Industries, Ltd., Emerson Electric Co., Haier Group, Havells India Ltd., Hitachi Ltd., Johnson Controls International plc, Lennox International, Inc., LG Electronics, Inc., Mitsubishi Electric US, Inc., Rheem Manufacturing Company, Samsung Electronics Co. Ltd., Trane, Inc. and United Technologies Corporation.
Global HVAC Systems market expansion is being boosted by the fast-rising demand income, decreasing industrialization, product recognition among consumers, emerging technological advancements market businesses, and structure that is secure.
Growth-drivers are anticipated to add notable growth into the market in the not-too-distant future.The global HVAC Systems market study will help you investigate the market share and trends according to the top industry giants and help you recognize the threats and challenges the market is expected to face.
IMR Market Reports have a systemic approach for assessing the report and conducting the analysis by the authentic data provided and researched by our expert analysts.Key Player Mentioned:GreeDaikinMideaJohnson ControlsCarrierTrane TechnologiesHaierPanasonicLennoxLG ElectronicsEmersonMitsubishi ElectricSiemensHitachiFujitsuDanfossElectroluxHoneywellNortekSamsung ElectronicsSchneider ElectricFor Right Perspective & Competitive Insights, Request a Sample @: https://imrmarketreports.com/request/20159The study needed to concentrate on Leading manufacturers environments, and analysis for its market that is HVAC Systems.
The researchers focused on development tendencies in addition to the sector.
Product Segment Analysis: Decentralized HVAC SystemCentralized HVAC SystemApplication Segment Analysis: ResidentialIndustrialCommercialRegional Segment Analysis: North America, Europe, Asia Pacific, Latin America, and Mideast and Africa.Regional evaluation is yet another highly vast region of the research and analysis study of the Global HVAC Systems Market presented in the report.
The historical and forecast period 2021 to 2027 gives accurate and detailed country-wise quantity evaluation along with region-wise market size analysis from their worldwide marketplace.Get Your Copy at a Discounted Rate!!!
Get FREE Sample Report Before Buying @ https://www.upmarketresearch.com/home/requested_sample/4463 UpMarketResearch offers a latest published report on “Global Unitary HVAC Systems Market Analysis and Forecast 2018-2023” delivering key insights and providing a competitive advantage to clients through a detailed report.
The report contains 149 pages which highly exhibit on current market analysis scenario, upcoming as well as future opportunities, revenue growth, pricing and profitability.
Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.
The numerical data is backed up by statistical tools such as SWOT analysis, BCG matrix, SCOT analysis, PESTLE analysis and so on.
The statistics are represented in graphical format for a clear understanding on facts and figures.
The generated report is firmly based on primary research, interviews with top executives, news sources and information insiders.
