The global HVAC systems market size is anticipated to reach USD 183.8 billion by 2025, according to a new report by Grand View Research Inc. The market is estimated to witness a CAGR of 5.7% during the forecast period. Growing commercial sector and rapid urbanization across the globe are driving the demand for HVAC equipment. Furthermore, incentives and rebates programs offered by various governments to promote the use of energy-efficient units is anticipated to bolster the HVAC equipment market growth.
Moreover, HVAC systems are being integrated with next-generation technologies, such as IoT sensors, remote control systems, and hybrid HVAC units, to provide optimum comfort with reduced 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 conditioning system. 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 and new construction of residential, commercial or industrial buildings requires HVAC systems. These factors are expected to propel the market development over the forecast period.
Asia Pacific region led the HVAC equipment market, in terms of market share. This growth is attributed to the rising disposable income and awareness regarding energy-efficient products. Furthermore, growing real estate industry across the region as a result of increasing population will also have a positive impact on the 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 market growth in this region.
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Further key findings from the study suggest:
Cooling systems led the HVAC equipment market in 2017 and is likely to grow further on account of rising demand from the residential and commercial sectors
The residential segment held the majority share of the total revenue in 2017 owing to rise in real estate sector in developing regions
Driven by Japan and China, Asia Pacific was the dominant region in the global market. It is projected to maintain its dominance in future on account of growing real estate market and consumer disposable income levels
Leading companies and several governments across the globe are promoting HVAC systems through endorsement labels like ENERGY STAR and incentive programs, which will boost the market growth
Some of the top companies in this 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.
Grand View Research has segmented the global HVAC systems market on the basis of product, end use, and region:
HVAC Systems Product Outlook (Revenue, USD Billion, 2015 - 2025)
HVAC Systems End Use Outlook (Revenue, USD Billion, 2015 - 2025)
HVAC Systems Regional Outlook (Revenue, USD Billion, 2015 - 2025)
Middle East & Africa (MEA)
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