HVAC Market Drivers, Restraints, Opportunities, and Trends in Coming Years

Factors such as the growing construction sector, increasing government initiatives to support the installation of heating, ventilation, and air conditioning (HVAC) systems, surging demand for energy-efficient systems, and rising global surface temperature are expected to drive the growth of the HVAC market at a 4.8% CAGR during the forecast period (2020–2030). With this growth rate, the market size will increase from $240.8 billion in 2019 to $358.1 billion by 2030.

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One of the prime factors propelling the HVAC market is the growth in the construction sector. As per the World Bank, the industry will witness a year-on-year growth of 4.2% during 2018–2023. This would be due to the expanding tourism industry and major upcoming events, such as the FIFA World Cup 2022. Moreover, the increasing investment in construction projects, such as residential and commercial units, malls, and industrial complexes, in countries including India, China, the U.S., Saudi Arabia, the U.A.E., and Qatar will strengthen the demand for HVAC systems.

Moreover, the rising government initiatives to support the installation of HVAC systems is a key driving factor that boosts the HVAC market. These initiatives help in improving the knowledge of customers about new, energy-efficient systems, to replace the old ones, as the maintenance cost of old HVAC systems is high. For instance, the Ministry of Power (India) launched the Energy Conservation Building Code for Residential Buildings (ECBC-R) initiative in December 2018. It applies to buildings set on an area of more than 500 m2 and comprises the minimum performance standards to limit heat gain and loss.

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Geographically, Asia-Pacific (APAC) held the largest share in the HVAC market in 2019, and the regional market is also projected to observe the fastest growth in coming years. This is due to the rapid economic growth, growing urban population, rising local manufacturing of HVAC systems, and surging construction activities. For instance, the Indian urban population increased to 34.4% of the total in 2019 from 27.8% in 2011, according to the World Bank data. Additionally, with the rising disposable income of the people, the demand for air conditioning units and refrigerators is increasing.

Thus, the growing construction industry and increasing initiatives to support the installation of energy-efficient systems are expected to propel the demand HVAC equipment during the forecast period.

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This release was published on openPR.