– March 21, 2022 —
Market Research Future (MRFR) projects the global Heating, Ventilation & Air conditioning (HVAC) Market to rise at a steady CAGR over the forecast period (2022-2027).
The arrival of leading-edge heating, ventilation, and air-conditioning technology has positively impacted the global market. Increased investment in product innovation has contributed to the emergence of innovative technologies for ventilation and air conditioning. Manufacturers also concentrate on product customization and the development of application-specific products, which are recognized as a key industry trend.
Severe levels of atmospheric change and global warming are key factors driving the deployment of various indoor temperature control systems, including heating, ventilation, and air conditioning systems. These systems are more common in nations with regular climate fluctuations. In addition, continued urbanization and human population growth play a significant role in boosting the popularity of indoor temperature control systems in different parts of the world. Such factors are expected to help the growth of the global market for heating, ventilation, and air conditioning.
The global heating, ventilation & air conditioning (HVAC) market is projected to witness massive growth from 2022 to 2027 (forecast period). Rising urbanization and the introduction of energy-efficient HVAC systems are factors driving the market growth. In addition, governments worldwide are committed to encouraging the use of energy-efficient HVAC units by offering incentives and rebate programs. These programs and initiatives are also projected to drive market growth over the forecast period.
Key Players
Notable players profiled in this report include-
- Zamil Air Conditioners
- Daikin
- Lennox International
- Ingersoll Rand
- Samsung Electronics
- Siemens Building Technologies
- Johnson Controls
- Gree Electric Appliances Inc
- Honeywell International
- Fujitsu General
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COVID-19 Impact on the Global Heating, Ventilation & Air Conditioning (HVAC) Market
The HVAC industry has been negatively affected by the outbreak of COVID-19 due to the closure of many component manufacturing facilities in China, European countries, Japan, and the United States. As a consequence, this has led to a major slowdown in the development of HVAC equipment. Lockdowns imposed by the governments following the outbreak of COVID–19 have not only impacted production but have also affected market demand for HVAC equipment.
Market Segmentation
The global heating, ventilation and air conditioning industry has been segmented into product types and applications.
By product type, the global heating, ventilation and air conditioning market has been segmented into central air conditioning, split residential air conditioners, window or through the wall air conditioners, and packaged air conditioners.
By application, the global heating, ventilation and air conditioning market has been segmented into institutional, residential, commercial, hospitality, and others.
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Regional Analysis
Region-wise, the global heating, ventilation and air conditioning market has been segmented into North America, Europe, Asia Pacific, and the rest of the world.
The Middle East and Africa (MEA) are expected to remain a highly lucrative market for HVAC units during the forecast period. The ongoing government efforts to develop infrastructure standards in the MEA countries are generating significant business opportunities. The region’s market is expected to have an above-average CAGR during the review period. In the meantime, Europe and North America are the other two regions that will remain important for HVAC manufacturers over the next few years. Climate change and higher temperature levels in these regions due to global warming have resulted in the increased installation of HVAC units.
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At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Edibles.
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In order to stay updated with technology and work process of the industry, MRFR often plans & conducts meet with the industry experts and industrial visits for its research analyst members.
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