Global HVAC Systems Market To Be Worth Around USD 185.4 Billion By 2026: Acumen Research and Consulting
The global HVAC systems market
size is expected to around USD 185.4 billion by 2026, the market is projected to grow with 5,9% CAGR during the forecast timeframe. Supportive government regulation to encourage the use of energy-efficient units is expected to bolster the global HVAC system market growth.
Furthermore, HVAC systems are being assimilated with next-generation advance technologies, for instance, hybrid HVAC, IoT sensors, and remote control systems to deliver optimum comfort with reduced energy utility and consumption. HVAC systems integration with new and advance technology is projected to provide new growth avenues for market expansion and tap new business opportunities. Whereas high maintenance and installation costs paired with complexity of retrofit HVAC installations is project to act as major restraint for the growth of the global HVAC system market. Though, many key manufacturers are heavily investing in research and development to reduce the cost and energy efficient units all these R&D is projected to fuel the global HVAC equipment demand.
High level of automation coupled with integration with cloud-based systems has allowed real-time monitoring of energy consuming equipment such as heating, ventilating and air conditioning (HVAC), which drives the demand for latest technology with HVAC system in forth coming years.
Such as, a California-based manufacture produced an ice-powered air conditioning system. The advanced &new system decreases the energy consumption of the building by freezing a substantial amount of water overnight and deliver6 hours of cooling the next day. Numerous inhabited, complexes and industries are substituting old HVAC systems with new energy-efficient units for energy savings, higher performance, and cost reduction. Furthermore, refashioning and new construction of domestic, industrial or commercial buildings requires HVAC systems. All the aforementioned factors are anticipated to drive the global HVAC system market development during the forecast period.
The global HVAC market is segmented into product, end-user and region. On the basis of product the global HVAC market is segmented into cooling, ventilation, heating. On the basis of the end-user the global HVAC market is segmented into commercial, residential, and industrial. On the basis of region the global HVAC market is segmented into Latin America, Europe, Asia Pacific, North America, and Middle East & Africa.
In 2018, cooling systems segment is projected to capture huge market share in the global HVAC system market and is expected to grow further due to increasing demand for advance HVAC system particularly from the commercial and residential sectors. Among end-user segment, residential sub-segment captures the major market chunk of the total revenue in 2017 due to increase in real estate sector in emerging nation such as India, China, and Japan.
Increasing awareness regarding energy-efficient products and disposable income drive the demand for Asia Pacific HVAC equipment market. Additionally, developing real estate industry across the APAC region as a result of growing population will also have anoptimistic impact on the HVAC system demand. Apart from this, the emergence of smart buildings coupled with supportive government initiatives encouraging the use of energy and cost efficient systems, which are also projected to increase the HVAC system market growth in the APAC region. Partnership between regulatory bodies and industry experts to produce more and more awareness regarding star-labelled HVAC units coupled with surge in demand for energy saving products drive the demand for HVAC system in Asia Pacific countries such as India, Japan and China.
The key players catering to the global HVAC systems market are United Technologies Corporation, Carrier Corporation, LG Corporation, Arkema S.A., Daikin Industries Ltd., Johnson Controls International PLC., Samsung Electronics, Mitsubishi Electric Corp., and Lennox International, Inc. the global players are continuously investing in R&D and innovating new product portfolio to attract more and more business opportunity from the emerging nation such as China and India. Players are also involved in strategic partnership, merger and acquisition to sustain in the competitive market and to build a competitive shield again the competitors. Further changing customers’ needs are encouraging global players to develop innovative technology solution to cater best to the market. Also, Increasing R&D investments coupled with technological advancements to commercialize highly efficient products are anticipated to offer lucrative opportunities for industry participants.
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