The GMI Research expects the HVAC systems market to expand at a significant rate. From a regional perspective, the Europe is expected to increase at a higher CAGR during the forecast period due to the rapid increase in the tourism and real estate sector. The introduction of strict government norms, followed by the rising construction activities, will drive the market’s growth.
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HVAC Systems Market Dynamics (including market size, share, trends, forecast, growth, forecast, and industry analysis)
Key Drivers
The rising trend of smart homes, the growing demand for energy-efficient solutions, coupled with the increasing number of government incentives through tax credit programs globally are the major factors responsible for the growth of the HVAC systems market size. With the constantly changing climatic conditions, consumers are now proactively looking for air cooling solutions to balance the temperature in their houses. Moreover, the high adoption of modern lifestyle as fundamentally shifting people towards more comfort level will further stimulate the growth of the HVAC systems market.
The rapid technological advancement, including automated control systems, remote control access, and the Internet of Things (IoT), is expected to create various transformations in the HVAC equipment during the forecast period. Several global organizations are rapidly investing in research and development activities to develop innovative products, such as hybrid HVAC equipment, which is utilized for heating and cooling applications. These are bringing various new growth opportunities to the market. Additionally, the rising focus on smart energy management, particularly in urban areas, will further boost the growth of the market in the upcoming years. The HVAC systems play an important part in reducing the carbon spectrum, the recent outbreak of the COVID-19 has negatively influenced the growth of the market owing to the interrupted supply chain of components and raw materials and the temporary shutdown of the manufacturing plants in numerous parts of the world. Additionally, the rising COVID-19 influence has placed vast pressure on the market, driven by the increasing competition among the major operations across the globe. Furthermore, the factors hindering the growth of the global HVAC systems market include the increasing maintenance and installation cost, followed by the other operational problems that will hinder the growth of the market. However, the market is projected to bounce back in 2021 while increasing at a significant rate from 2022.
HVAC Systems Market’s leading Manufacturers:
- Daikin
- Ingersoll Rand
- Johnson Controls
- LG Electronics
- AB Electrolux
- Emerson Electric Co.
- Honeywell International Inc.
- Lennox International Inc.
- Mitsubishi Electric Corporation
- Nortek
- Samsung HVAC
MARKET NAME Segmentation:
Segmentation by Heating Equipment:
- Heat Pumps
- Furnace
- Unitary Heaters
- Boilers
Segmentation by Ventilation Equipment:
- Air-handling Units
- Air Filters
- Dehumidifiers
- Ventilation Fans
- Humidifiers
- Air Purifiers
Segmentation by Cooling Equipment:
- Unitary Air Conditioners
- VRF Systems
- Chillers
- Room Air Conditioners
- Coolers
- Cooling Towers
Segmentation by Implementation Type:
- New Constructions
- Retrofits
Segmentation by Application:
- Residential
- Commercial
- Industrial
Segmentation by Region:
- North America
- United States of America
- Canada
- Asia Pacific
- China
- Japan
- India
- Rest of APAC
- Europe
- United Kingdom
- Germany
- France
- Spain
- Rest of Europe
- RoW
- Brazil
- South Africa
- Saudi Arabia
- UAE
- Rest of the world (remaining countries of the LAMEA region)
About GMI Research
GMI Research is a market research and consulting company that provides syndicated research reports, consulting services, and customized market research reports. Our reports are based on market intelligence studies to ensure relevant and fact-based research across numerous sectors, including healthcare, automotive, information technology & communication, FMCG, and other industries. GMI Research’s deep understanding related to the business environment helps us in generating objective strategic insights. Our research teams consisting of seasoned analysts and researchers have hands-on experience in various regions, including Asia-pacific, Europe, North America, and the Rest of the World. The market research report offers in-depth analysis, which contains refined forecasts, a bird’s eye view of the competitive landscape, factors impacting the market growth, and several other market insights to aid companies in making strategic decisions. Featured in the ‘Top 20 Most Promising Market Research Consultants’ list of Silicon India Magazine in 2018, we at GMI Research are always looking forward to help our clients to stay ahead of the curve.
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