HVAC Market Set For Rapid Industry Growth, To Continue at a Good Pace By 2024
Global HVAC market is expected to register a CAGR of 3.9% during forecast period. The market is buoyed by several factors, predominantly increasing government initiative across the globe, coupled with overall growth in the construction sector. Furthermore, rising average global temperature is propelling the year over year (YoY) growth of the market.
On the basis of HVAC type, the global HVAC market is segmented into heating, ventilation, and cooling, wherein cooling category is further segmented into variable refrigerant flow (VRF), ducted split/packaged unit, split unit, chillers, and room air conditioners (RACs).
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Global warming, particularly due to greenhouse emission, has led to rise in temperature and has been a major driving force for the rising demand for HVAC systems, across the globe. According to NASA’s Goddard Institute of Space Studies (GISS), since 1980, the average global temperature increased by 0.5⁰C per year.
On the basis of end-user type, the market is segmented into commercial, industrial and residential, wherein industrial is further segmented into food and beverage (F&B), automotive, energy and utilities, and oil and gas.
North America region has been one of the largest consumers of HVAC system. The region exhibits very high temperature during peak summer, where the use of these systems becomes a critical need.
In commercial buildings, HVAC system consumes 40% of the total power consumption. The OEMs in the market are investing in launching new and innovative products, in order to increase the efficiency level of HVAC systems. For instance, in July 2018, Carrier and Toshiba entered into a partnership and launched energy efficient air conditioning solution ‘Hi-wall’ air conditioner.
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Some of the major players in the global HVAC market include Johnson Controls International PLC, Samsung Electronics Co. Ltd., Lennox International Inc., Ingersoll-Rand plc, United Technologies Corporation, Daikin Industries Ltd., Mitsubishi Electric Corporation, Toshiba Carrier Corporation, LG Electronics Inc., Fujitsu Limited, Midea Group Co. Ltd., Gree Electric Appliances, Inc. of Zhuhai, and Danfoss A/S.
HVAC Market Segmentation
Market Segmentation by HVAC Type
• Heating
o Heat Pumps
o Boilers
o Furnaces
o Unitary Heaters
• Ventilation
o Ventilation Fans
o Air Handling Units and Fan Coil Units
o Humidifiers/Dehumidifiers
o Air Cleaners
• Cooling
o Ducted Split/Packaged Unit
o Split Units
o Room ACs
o Chillers
o Variable Refrigerant Flow
Market Segmentation by Region
• North America
• Europe
• Asia-Pacific (APAC)
• Middle-East and Africa (MEA)
• Latin America (LATAM)
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