Global Research Report on HVAC Market Shows Industry is Growing at a Good Pace during Forecast Period having Major Key Players: Johnson Controls International PLC, Samsung Electronics Co. Ltd., Lennox International Inc., Ingersoll-Rand plc. and Daikin Ind

The heating, ventilation, and air conditioning (HVAC) market is being driven by increasing government initiatives for the adoption of such equipment and the expanding construction industry across the world.

The market, which valued at $108.1 billion in 2018, is projected to progress to $136.5 billion in 2024, at a 3.9% CAGR during the forecast period (2019–2024). HVAC systems provide cooling, ventilation, and heating, either individually or as all-in-one equipment.

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On the basis of HVAC type, the market is categorized into heating, ventilation, and cooling systems. Among these, the cooling systems category dominated the HVAC market in 2018, both in terms of the revenue generated and total units sold.

During the historical period (2014–2018), the reasons for the dominance of cooling systems were rising temperature and increasing disposable income. According to the Institute of Civil Engineers (ICE), the global construction market will grow to $8 trillion by 2030, primarily driven by India, the U.S., and China, taking the market forward.

Now, the heating category of the HVAC market is further divided into heat pumps, furnaces, boilers, and unitary heaters, among which the boilers division held the largest revenue share in 2018.

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The increasing demand for boilers for keeping the area warm in the extreme cold climate of Northern Europe was considered the primary reason behind this.

However, in the coming years, the heat pumps category is predicted to witness massive growth in terms of value, due to the heavy sales in European countries, such as Germany, Serbia, Austria, and Russia.

Based on the region, in 2018, Asia-Pacific (APAC) generated the highest revenue in the HVAC market. This is due to the surging urban population as well as the increasing disposable income.

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According to the World Bank, since 2011, urban population in India has increased from 27.8% to 34.0% in 2017. Furthermore, rising disposable income in developing countries, such as China and India, are driving the growth of the market, as customers are ready to spend more on appliances, including air conditioning systems and refrigerators.

Therefore, with a rise in urban migration, temperature, and government focus on energy efficiency, the market for HVAC systems would continue progressing.

Read More Related Reports :

Asia-Pacific HVAC Market :

Surging infrastructure spend primarily in China and India is driving the growth of Asia-Pacific HVAC market. In India, there are several upcoming infrastructure projects such as airport construction, and metro railway expansion projects.
https://www.psmarketresearch.com/market-analysis/apac-hvac-market

U.A.E HVAC Market :

Increasing construction projects in transportation sector is one of the key drivers of U.A.E. HVAC market.
https://www.psmarketresearch.com/market-analysis/uae-hvac-market

Australia and New Zealand HVAC Market:

The growing demand for HVAC systems in residential applications and rising construction industry in the region are some of the major factors boosting the market growth.
https://www.psmarketresearch.com/market-analysis/australia-and-new-zealand-hvac-market

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