HVAC Market to be Valued at USD198.10 Billion by 2026
Increasing GDP per capita income, booming construction sectors,
increasing preferences for condensing boilers, rapid urbanization and
technological advancements are expected to drive the growth of the global HVAC
market.
According
to TechSci Research report, “Global HVAC Market By Type (Direct
Expansion Systems and Central Air Conditioning Systems), By Direct Expansion
Systems Product Type (Split, VRF, Ductable Split, Window, Cassette and Others),
By Central Air Conditioning Systems Product Type (Chillers, Air Handling Units,
HVAC Control Systems, Fan Coil Units, Boilers, Cooling Towers, Others), By End
User (Residential, Commercial Real Estate, Institutional, Power, Oil & Gas,
Marine & Offshore and Others), By Region, Competition, Forecast &
Opportunities, 2026”, Global
HVAC market is expected to reach USD198.10 billion by 2026, growing at a CAGR
of 4.40% during the forecast period. The
growth in the global HVAC market can be attributed to the rising need for
energy efficient HVAC systems, increasing construction activities, developing
infrastructure in emerging countries and growing replacement demand for HVAC
systems in developed countries. Direct expansion systems dominated the global
HVAC market in 2020 and are forecast to garner a revenue share of over 74% by
2026. This is primarily due to various advantages associated with them such as
energy efficiency, lower running cost, easy availability and integration of
latest technologies along with rising urban population and increasing
construction activities. The
rapid urbanization in developing countries has resulted in a significant
increase in the demand for HVAC equipment. The rise in disposable income has
led to change in the lifestyle of consumers as the preferences of people are
inclining more towards the smart connected equipment.
HVAC
equipment is being transformed by technologies such as automated control
systems, and remote-control access. The automated control system monitors the
outside atmosphere and adjusts the temperature and fan speed to provide the
best possible comfort. Remote control access permits users to control
associated frameworks distantly using mobile applications and the internet. In
September 2020, Johnson Controls launched OpenBlue technology, which integrates
touchless technology, advanced ventilation, and sanitization systems, as well
as a flexible infrastructure into digital offerings.
The global HVAC market is segmented into
by type, by direct expansions systems, by central air conditioning, by end user,
by region and by company. In terms of type, the global HVAC market can be
segregated into direct expansions systems and central air conditioning systems.
Among which direct expansions have accounted majority of market share of more
than 74% in 2020 followed by central air conditioning systems.
In terms of direct expansion systems,
the market is segregated into Split, VRF, Ductable Split, Window, Cassette and
Others (Portable, Cube, Floor Standing, etc.). Among which, split air
conditioners market has accounted for the majority of market share in the global
HVAC market owing to their
various advantages such as energy efficiency, lower running cost, easy
availability, and integration of latest technologies.
In terms of global central air conditioning
systems, the market is segregated into Chillers, Air handling units, HVAC
control systems, fan coil units, boilers, cooling towers and others. Among
which, the chillers segment type has accounted for the majority of market share
in global HVAC market on account of factors such as infrastructure growth,
rising thermal plant establishments, growing IT/ITeS sector, increasing number
of data centers, increasing construction of high-rise buildings, etc., are the
key end use sectors driving demand for chillers across the globe.
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In
terms of End User, the global HVAC market is segmented into residential,
commercial real estate, institutional, power, oil & gas, marine &
offshore, and others. Among which, the residential sector has accounted for the
majority of market share in 2020 due to robust growth in residential space,
growing population and increasing urbanization. Moreover, growing awareness
about latest air conditioner technologies coupled with increasing purchasing
power of consumers across the globe is boosting the demand for air conditioners
from the residential sector across the globe.
In
terms of regional analysis, the global HVAC market is segmented into Asia-Pacific,
Europe, North America, South America and Middle East & Africa. Among these, the Asia-Pacific region is
dominating the global HVAC market followed by North America in 2020 on account
of growing middle class population base, rising temperatures due to climate
change, growing commercial sector and increasing purchasing power of consumers.
Major
players operating in the global HVAC market include Daikin
Industries, Ltd., Carrier Global Corporation, Gree Electric Appliances
Inc., Panasonic Corporation, Midea Group Co., Ltd., and others. Among which
Daikin Industries, Ltd., has accounted for the majority of market share in 2020
in the global HVAC market. Leading players are focusing on expanding their
product portfolios to maintain sustainable growth in the market. The companies
are also expanding their distribution reach across various countries and surge
in the distribution of HVAC in the market.
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“One of the most
popular trends in the global HVAC market is the growing demand for HVAC Sensor
Based System. Smart HVAC technology decreases the workload of facility workers, lowers
energy costs, and increases employee comfort. Smart HVAC, like other forms of
smart building technology, relies on sensors that are connected to the building
automation system. These sensors gather information about the building's
conditions. Other advanced HVAC equipment allows the facility to fine-tune
temperature, humidity, and air flow in different zones to maximize comfort
while lowering the energy use.” said
Mr. Karan Chechi, Research Director with TechSci Research, a research-based
global management consulting firm.
“Global HVAC Market By
Type (Direct Expansion Systems and Central Air Conditioning Systems), By Direct
Expansion Systems Product Type (Split, VRF, Ductable Split, Window, Cassette
and Others), By Central Air Conditioning Systems Product Type (Chillers, Air
Handling Units, HVAC Control Systems, Fan Coil Units, Boilers, Cooling Towers,
Others), By End User (Residential, Commercial Real Estate, Institutional,
Power, Oil & Gas, Marine & Offshore and Others), By Region,
Competition, Forecast & Opportunities, 2026”, has evaluated the future growth
potential of HVAC in the global market and provides statistics and information
on market structure, size, share, and future growth. The report is intended to
provide cutting-edge market intelligence and help decision makers take sound
investment decisions. Besides, the report also identifies and analyzes the
emerging trends along with essential drivers, challenges, and opportunities
present in the global HVAC market.
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