HVAC Equipment Market:
Growth opportunities in the HVAC equipment market look promising over the next six years. This is mainly due to the growing number of government incentives through tax credit programs, strong demand for energy-efficient solutions, and continuous technological advancements, including Internet of Things (IoT), automated control systems, and remote-control access.
HVAC Equipment Market Dynamics (including market size, share, trends, forecast, growth, forecast, and industry analysis)
Key Drivers
The growing prominence of the global HVAC equipment market is primarily attributed to the drivers like robust demand for energy-efficient solutions, the evolving trend of smart homes, accompanied by the growing number of government incentives via tax credit programs. Consumers are now considering air cooling solutions to sustain the temperature balance in their houses owing to the uncertain climatic conditions. Moreover, the increasing acquisition of modern lifestyle has made people more inclined towards comfort level, thereby strengthening the HVAC equipment market size. HVAC Systems Market
The ongoing technological advancements which include remote control access to the Internet of Things (IoT) and automated control systems will bring enormous growth opportunities for the market. Leading global companies are mainly investing in research and development activities to launch new products, like hybrid HVAC equipment, which can be used to heat and cool applications. These factors are likely to raise the market share. Moreover, the growing focus on smart energy management, especially in urban areas, will fuel the HVAC equipment market growth. These systems play a major role in minimizing carbon footprints and reducing pollution levels to achieve sustainable targets. However, the widespread outbreak of coronavirus has negatively impacted the market because of the disturbed supply chain of raw materials and components and the temporary halt of many manufacturing plants in different parts of the world. Also, the surging COVID-19 has put immense pressure on the market, led by the increasing competition across major companies across the world. Also, the huge cost associated with installation, maintenance, and other operational challenges will curb the HVAC equipment market share. However, the market is expected to recover in 2021 and expand at a remarkable rate from 2022.
Application Segment Drivers
On the basis of the application, the market is segmented into residential, commercial, and industrial. Amongst which, the commercial segment is predicted to lead the market over the forecast period. This is because of the augmented usage of HVAC systems in several commercial buildings, majorly in the corporate offices. Moreover, the HVAC systems help to maintain an appropriate temperature and ventilation condition in the indoor areas, thus enhancing the overall productivity of the employees and working conditions.
HVAC Equipment Market leading Manufacturers:
- Samsung HVAC
- Mitsubishi Electric Corporation
- Honeywell International Inc.
- AB Electrolux
- Johnson Controls
- Daikin
- Nortek
- Lennox International Inc.
- Emerson Electric Co.
- LG Electronics
- Ingersoll Rand
HVAC Equipment Market 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)
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