HVAC System Market
Global HVAC System Market Size, Share & Trends Analysis Report by Type (Heating, Air Conditioning, Ventilation, and Other Types), By Equipment Type (Unitary Equipment, Chillers, Heat Pumps, and Ductless Systems), By Applications (Commercial, Residential, Automotive, and Other) Forecast Period 2021-2027 Update Available - Forecast 2024-2030
The global HVAC system market is anticipated to grow at a significant CAGR of 5.2% during the forecast period. The HVAC system comprises all the heating, cooling, and ventilation equipment that is used for maintaining the desired temperature. The heat pumps, humidifiers, air conditioners, air purifiers play an integral part in the unit to minimize problems occurred due to air pollution and rising global temperature. The HVAC system is widely used in hospitals, commercial complexes, IT server rooms, factories, and houses. The major driver of the HVAC system market is the rapid urbanization leading to an increase in demand for efficient cooling systems. The development of smart infrastructure also contributes to increasing demand for such systems thereby shooting the market. The global climatic condition such as extreme temperatures have become usual across various parts of the globe, to address such challenges HVAC system is the best possible solution.
The major restraining factor for this market is the adverse impact of using some refrigerants such as R22 on the environment, the government has stringent regulations for the same. The high maintenance cost is yet another factor hindering the growth of the market. The rise in disposable income and technological advancement in energy-efficient heat pumps will create growth opportunities in the coming years.
Impact of COVID-19 Pandemic on Global HVAC System Market
The sales of HVAC systems are greatly reduced due to the outbreak of COVID-19. According to the survey conducted by Air Conditioning Contractors of America (ACCA), 65% of respondents feel that COVID-19 will create long-term business viability concerns while 9% of respondents feel that their business may not survive in the consequences of COVID-19. Most of the companies had implemented work from home as a precautionary measure for their employees due to which commercial usage of HVAC systems is greatly reduced. The World Health Organization had also studied that poor ventilation in the HVAC system adopted room can enable the spread of COVID-19 more rapidly due to that people are refraining from the usage of HVAC systems. However, the market players are continuously researching to innovate their products in such a manner that they can kill the viruses in the air entering the system. For instance, Blue Star, Ltd. had launched one such product in March 2021 whose inbuilt air purifier can kill the pathogens of air.
Segmental Outlook
The global HVAC system market is segmented based on type, equipment type, and applications. Based on the type, the market is segmented into heating, air conditioning, ventilation, and other types. Based on the equipment type, the market is segmented into unitary equipment, chillers, heat pumps, and ductless systems. Apart from this, by applications, the market is segmented into commercial, residential, automotive, and others.
Global HVAC System Market Share by Type, 2020 (%)
Air Conditioning holds the major share in the Global HVAC System Market
Owing to the increasing usage in residential and commercial buildings the air conditioning HVAC systems holds the major share in the market. Out of this residential units has more market space than other air conditioning HVAC systems. Additionally, its usage is now rapidly increasing in schools, cinema complexes, hospitals, hotels and restaurants, stores, and many more small or bigger spaces. The market players offer the different types of air conditioning HVAC systems for these different types of users according to the space they want to cool. The increasing temperature of the earth as the impact of global warming is driving the growth of this segment in the HVAC system market.
Following the air conditioning systems, heating systems are the second most used HVAC systems. North America and Europe hold the major share in this segment due to the extremely cold winter in this region.
Regional Outlooks
The global HVAC system market is further segmented based on geography including North America (the US, and Canada), Europe (Italy, Spain, Germany, France, and Others), Asia-Pacific (India, China, Japan, South Korea, and Others, and the Rest of the World (the Middle East and Africa, and Latin America). North America region holds the major market share of the HVAC system market because of the most advanced infrastructure and prevailing extreme temperature conditions in various parts of the region. The US and Canada are amongst the top energy-consuming countries of the globe. With the increasing industrialization, hospitality, and other institutional facilities are driving the HVAC market in the region.
Global HVAC System Market Growth, by Region 2021-2027
Asia-Pacific is Expected to be Fastest Growing Global HVAC System Market
The Asia-Pacific region is the fastest-growing region in terms of infrastructure hence creating a huge demand for HVAC systems, the countries such as Japan, China, and India will lead the market in the APAC region during the forecasted period. The government regulation to produce energy-efficient and environmentally sustainable products is pushing companies across the globe to produce much more evolved HVAC systems.
The African region is the subtropical area that experiences life-threatening hot weather in the summer season due to that it creates immense opportunity for the air conditioning HVAC systems market to grow in this region; however, the poor economical condition of this region may restrict the market growth.
Market Players Outlook
The key players of the HVAC system market Daikin Industries, Inc., Carrier Global Corp., Haeir US Appliances Solution, Inc., LG Electronics, Panasonic Corp. Emerson Electric Co., Honeywell International Inc, Ingersoll Rand, Inc., and others. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers & acquisitions, collaborations, funding, and new product launches, to stay competitive in the market. For instance, Johnson Controls International plc had opened a new HVAC rooftop center of excellence in Oklahoma in April 2020 for research, manufacturing, and testing of HVAC rooftop systems.
The Report Covers
- Market value data analysis of 2020 and forecast to 2027.
- Annualized market revenues ($ million) for each market segment.
- Country-wise analysis of major geographical regions.
- Key companies operating in the global HVAC system market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
- Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
- Analysis of market-entry and market expansion strategies.
- Competitive strategies by identifying ‘who-stands-where’ in the market.
1. Report Summary
• Current Industry Analysis and Growth Potential Outlook
• Impact of COVID-19 on the Global HVAC System Market
• Recovery Scenario of Global HVAC System Market
1.1. Research Methods and Tools
1.2. Market Breakdown
1.2.1. By Segments
1.2.2. BY Region
2. Market Overview and Insights
2.1. Scope of the Report
2.2. Analyst Insight & Current Market Trends
2.2.1. Key Findings
2.2.2. Recommendations
2.2.3. Conclusion
3. Competitive Landscape
3.1. Key Company Analysis
3.1.1. DaikinIndustries, Inc.
3.1.1.1. Overview
3.1.1.2. Financial Analysis
3.1.1.3. SWOT Analysis
3.1.1.4. Recent Developments
3.1.2. LG Electronics
3.1.2.1. Overview
3.1.2.2. Financial Analysis
3.1.2.3. SWOT Analysis
3.1.2.4. Recent Developments
3.1.3. Mitsubishi Electric Trane HVAC US LLC
3.1.3.1. Overview
3.1.3.2. Financial Analysis
3.1.3.3. SWOT Analysis
3.1.3.4. Recent Developments
3.1.4. Johnson Controls, Inc.
3.1.4.1. Overview
3.1.4.2. Financial Analysis
3.1.4.3. SWOT Analysis
3.1.4.4. Recent Developments
3.1.5. Ingersoll Rand, Inc.
3.1.5.1. Overview
3.1.5.2. Financial Analysis
3.1.5.3. SWOT Analysis
3.1.5.4. Recent Developments
3.2. Key Strategy Analysis
3.3. Impact of Covid-19 on Key Players
4. Market Determinants
4.1. Motivators
4.2. Restraints
4.3. Opportunities
5. Market Segmentation
5.1. Global HVAC System Market by Type
5.1.1. Heating
5.1.2. Air Conditioning
5.1.3. Ventilation
5.1.4. Other Types
5.2. Global HVAC System Market by Equipment Type
5.2.1. Unitary Equipment (Site-Assembled)
5.2.2. Chillers
5.2.3. Heat Pumps
5.2.4. Ductless Systems
5.2.5. Other
5.3. Global HVAC System Market by Applications
5.3.1. Commercial
5.3.2. Residential
5.3.3. Automotive
5.3.4. Other
6. Regional Analysis
6.1. North America
6.1.1. United States
6.1.2. Canada
6.2. Europe
6.2.1. UK
6.2.2. Germany
6.2.3. Italy
6.2.4. Spain
6.2.5. France
6.2.6. Rest of Europe
6.3. Asia-Pacific
6.3.1. China
6.3.2. India
6.3.3. Japan
6.3.4. South Korea
6.3.5. Rest of Asia-Pacific
6.4. Rest of the World
7. Company Profiles
7.1. AAON, Inc.
7.2. AB Electrolux
7.3. Belimo Holding AG
7.4. Carrier Global Corp.
7.5. Danfoss A/S
7.6. Daikin Industries, Inc.
7.7. Emerson Electric Co.
7.8. Goodman Global Holding, Inc.
7.9. Gree ANZ
7.10. Haeir US Appliances Solution, Inc.
7.11. Heinen &Hopman Engineering BV
7.12. Honeywell International Inc.
7.13. Ingersoll Rand, Inc.
7.14. Johnson Controls, Inc.
7.15. LENNOX International, Inc.
7.16. LG Electronics
7.17. Mitsubishi Electric Trane HVAC US LLC
7.18. MOORE Mechanical
7.19. Nortek Global HVAC LLC
7.20. Panasonic Corp.
7.21. Petra Engineering Industries Co.
7.22. United Technologies Electronic Controls, Inc.
1. GLOBAL HVAC SYSTEM MARKET RESEARCH AND ANALYSIS BY TYPE, 2020-2027 ($ MILLION)
2. GLOBAL HEATING HVAC SYSTEM MARKET RESEARCH AND ANALYSIS BY REGION, 2020-2027 ($ MILLION)
3. GLOBAL AIR CONDITIONING HVAC SYSTEM MARKET RESEARCH AND ANALYSIS BY REGION, 2020-2027 ($ MILLION)
4. GLOBAL VENTILATION HVAC SYSTEM MARKET RESEARCH AND ANALYSIS BY REGION, 2020-2027 ($ MILLION)
5. GLOBAL OTHER HVAC SYSTEM MARKET RESEARCH AND ANALYSIS BY REGION, 2020-2027 ($ MILLION)
6. GLOBAL HVAC SYSTEM MARKET RESEARCH AND ANALYSIS BY EQUIPMENT TYPE, 2020-2027 ($ MILLION)
7. GLOBAL UNITARY EQUIPMENT MARKET RESEARCH AND ANALYSIS BY REGION, 2020-2027 ($ MILLION)
8. GLOBAL CHILLERS TYPE MARKET RESEARCH AND ANALYSIS BY REGION, 2020-2027 ($ MILLION)
9. GLOBAL HEAT PUMPS TYPE MARKET RESEARCH AND ANALYSIS BY REGION, 2020-2027 ($ MILLION)
10. GLOBAL DUCTLESS SYSTEMS TYPE MARKET RESEARCH AND ANALYSIS BY REGION, 2020-2027 ($ MILLION)
11. GLOBAL HVAC SYSTEM MARKET RESEARCH AND ANALYSIS BY APPLICATIONS, 2020-2027 ($ MILLION)
12. GLOBAL HVAC SYSTEM FOR COMMERCIAL MARKET RESEARCH AND ANALYSIS BY REGION, 2020-2027 ($ MILLION)
13. GLOBAL HVAC SYSTEM FOR RESIDENTIAL MARKET RESEARCH AND ANALYSIS BY REGION, 2020-2027 ($ MILLION)
14. GLOBAL HVAC SYSTEM FOR AUTOMOTIVE MARKET RESEARCH AND ANALYSIS BY REGION, 2020-2027 ($ MILLION)
15. GLOBAL HVAC SYSTEM FOR OTHER MARKET RESEARCH AND ANALYSIS BY REGION, 2020-2027 ($ MILLION)
16. GLOBAL HVAC SYSTEM MARKET RESEARCH AND ANALYSIS BY GEOGRAPHY, 2020-2027 ($ MILLION)
17. NORTH AMERICAN HVAC SYSTEM MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2020-2027 ($ MILLION)
18. NORTH AMERICAN HVAC SYSTEM MARKET RESEARCH AND ANALYSIS BY TYPE, 2020-2027 ($ MILLION)
19. NORTH AMERICAN HVAC SYSTEM MARKET RESEARCH AND ANALYSIS BY EQUIPMENT TYPE, 2020-2027 ($ MILLION)
20. NORTH AMERICAN HVAC SYSTEM MARKET RESEARCH AND ANALYSIS BY APPLICATIONS, 2020-2027 ($ MILLION)
21. EUROPEAN HVAC SYSTEM MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2020-2027 ($ MILLION)
22. EUROPEAN HVAC SYSTEM MARKET RESEARCH AND ANALYSIS BY TYPE, 2020-2027 ($ MILLION)
23. EUROPEAN HVAC SYSTEM MARKET RESEARCH AND ANALYSIS BY EQUIPMENT TYPE, 2020-2027 ($ MILLION)
24. EUROPEAN HVAC SYSTEM MARKET RESEARCH AND ANALYSIS BY APPLICATIONS, 2020-2027 ($ MILLION)
25. ASIA-PACIFIC HVAC SYSTEM MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2020-2027 ($ MILLION)
26. ASIA-PACIFIC HVAC SYSTEM MARKET RESEARCH AND ANALYSIS BY TYPE, 2020-2027 ($ MILLION)
27. ASIA-PACIFIC HVAC SYSTEM MARKET RESEARCH AND ANALYSIS BY EQUIPMENT TYPE, 2020-2027 ($ MILLION)
28. ASIA-PACIFIC HVAC SYSTEM MARKET RESEARCH AND ANALYSIS BY APPLICATIONS, 2020-2027 ($ MILLION)
29. REST OF THE WORLD HVAC SYSTEM MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2020-2027 ($ MILLION)
30. REST OF THE WORLD HVAC SYSTEM MARKET RESEARCH AND ANALYSIS BY TYPE, 2020-2027 ($ MILLION)
31. REST OF THE WORLD HVAC SYSTEM MARKET RESEARCH AND ANALYSIS BY EQUIPMENT TYPE, 2020-2027 ($ MILLION)
32. REST OF THE WORLD HVAC SYSTEM MARKET RESEARCH AND ANALYSIS BY APPLICATIONS, 2020-2027 ($ MILLION)
1. IMPACT OF COVID-19 ON GLOBAL AEROSPACE & DEFENSE CONTRACT MANUFACTURING MARKET, 2020-2027 ($ MILLION)
2. IMPACT OF COVID-19 ON GLOBAL AEROSPACE & DEFENSE CONTRACT MANUFACTURING MARKET BY SEGMENT, 2020-2027 ($ MILLION)
3. RECOVERY OF GLOBAL AEROSPACE & DEFENSE CONTRACT MANUFACTURING MARKET, 2021-2027 (%)
4. GLOBAL HVAC SYSTEM MARKET SHARE BY TYPE, 2020 VS 2027 (%)
5. GLOBAL HEATING HVAC SYSTEM MARKET BY GEOGRAPHY, 2020 VS 2027 (%)
6. GLOBAL AIR CONDITIONING HVAC SYSTEM MARKET BY GEOGRAPHY, 2020 VS 2027 (%)
7. GLOBAL VENTILATION HVAC SYSTEM MARKET BY GEOGRAPHY, 2020 VS 2027 (%)
8. GLOBAL OTHER HVAC SYSTEM MARKET BY GEOGRAPHY, 2020 VS 2027 (%)
9. GLOBAL HVAC SYSTEM MARKET SHARE BY EQUIPMENT TYPE, 2020 VS 2027 (%)
10. GLOBAL UNITARY EQUIPMENT TYPE MARKET BY GEOGRAPHY, 2020 VS 2027 (%)
11. GLOBAL CHILLERS TYPE MARKET BY GEOGRAPHY, 2020 VS 2027 (%)
12. GLOBAL HEAT PUMPS TYPE MARKET BY GEOGRAPHY, 2020 VS 2027 (%)
13. GLOBAL DUCTLESS SYSTEMS TYPE MARKET BY GEOGRAPHY, 2020 VS 2027 (%)
14. GLOBAL HVAC SYSTEM MARKET SHARE BY APPLICATIONS, 2020 VS 2027 (%)
15. GLOBAL HVAC SYSTEM FOR COMMERCIAL MARKET BY GEOGRAPHY, 2020 VS 2027 (%)
16. GLOBAL HVAC SYSTEM FOR RESIDENTIAL MARKET BY GEOGRAPHY, 2020 VS 2027 (%)
17. GLOBAL HVAC SYSTEM FOR AUTOMOTIVE MARKET BY GEOGRAPHY, 2020 VS 2027 (%)
18. GLOBAL HVAC SYSTEM FOR OTHER MARKET BY GEOGRAPHY, 2020 VS 2027 (%)
19. GLOBAL HVAC SYSTEM MARKET SHARE BY GEOGRAPHY, 2020 VS 2027 (%)
20. NORTH AMERICAN HVAC SYSTEM MARKET SIZE, 2017-2023 ($ MILLION)
21. UNITED STATES HVAC SYSTEM MARKET SIZE, 2017-2023 ($ MILLION)
22. CANADA HVAC SYSTEM MARKET SIZE, 2017-2023 ($ MILLION)
23. EUROPEAN HVAC SYSTEM MARKET SIZE, 2017-2023 ($ MILLION)
24. UK HVAC SYSTEM MARKET SIZE, 2017-2023 ($ MILLION)
25. GERMANY HVAC SYSTEM MARKET SIZE, 2017-2023 ($ MILLION)
26. SPAIN HVAC SYSTEM MARKET SIZE, 2017-2023 ($ MILLION)
27. FRANCE HVAC SYSTEM MARKET SIZE, 2017-2023 ($ MILLION)
28. ITALY HVAC SYSTEM MARKET SIZE, 2017-2023 ($ MILLION)
29. ROE HVAC SYSTEM MARKET SIZE, 2017-2023 ($ MILLION)
30. ASIA-PACIFIC HVAC SYSTEM MARKET SIZE, 2017-2023 ($ MILLION)
31. INDIA HVAC SYSTEM MARKET SIZE, 2017-2023 ($ MILLION)
32. CHINA HVAC SYSTEM MARKET SIZE, 2017-2023 ($ MILLION)
33. JAPAN HVAC SYSTEM MARKET SIZE, 2017-2023 ($ MILLION)
34. SOUTH KOREA HVAC SYSTEM MARKET SIZE, 2017-2023 ($ MILLION)
35. REST OF ASIA-PACIFIC HVAC SYSTEM MARKET SIZE, 2017-2023 ($ MILLION)
36. REST OF THE WORLD HVAC SYSTEM MARKET SIZE, 2017-2023 ($ MILLION)
