HVAC Systems market size, Industry Analysis Till, 2018-2028

The global HVAC systems market size is anticipated to reach USD 208.6 billion by 2027, according to a new study by Radiant Insights, Inc., registering a CAGR of 6.1% over the forecast period. Growing commercial sector and rapid urbanization across the globe are driving the demand for HVAC equipment. Furthermore, incentives and rebate programs offered by various governments to promote the use of energy-efficient units is anticipated to drive the market growth.

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Moreover, HVAC systems are being integrated with next-generation technologies, such as IoT sensors, remote control systems, and hybrid HVAC units, to increase efficiency and reduce 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 conditioner. 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 or new construction of residential, commercial, or industrial buildings require HVAC systems, which is another factor driving the market growth.

Asia Pacific dominated the global market in 2019. This growth is attributed to the rising disposable income and awareness regarding energy-efficient products. Furthermore, the growing real estate sector across the region as a result of increasing population will have a positive impact on 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 regional market growth.

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Further key findings from the study suggest:

• Cooling systems dominated the global market in 2019 and this trend is expected to continue through the forecast period owing to the rising demand from the residential and commercial sectors

• The residential segment emerged as the leading product segment in 2019 owing to growth of the real estate sector in developing regions

• Asia Pacific dominated the global market in 2019, driven by Japan and China, which collectively contributed to more than 50.0% of the total sales in the region. This can be attributed to the high populace, rising disposable income, and improved real estate market

• Leading companies and several governments across the globe are promoting HVAC systems through endorsement labels such as ENERGY STAR for energy efficiency and incentive programs, which will boost the market growth

• Some of the top companies in this HVAC systems 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.

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