HVAC Market To Offer $358.1-Billion Investment Opportunity by 2030
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.
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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.
The offering segment of the market is categorized into equipment and services. Between the two, the services category accounted for the larger share in 2019, due to the increasing demand for maintenance and repair services for HVAC systems. If regular services are not done, the system can lead to 20% more energy consumption. Moreover, the dirty coils and filters in such systems become the perfect place for bacteria and mold, which can lead to several diseases. Due to such threats, these systems are being regularly serviced, which is predicted to drive the market.
Additionally, the end user segment of the HVAC market is classified into commercial, industrial, and residential. Among these, the industrial category held a substantial market share in 2019, owing to the expansion of the food & beverages industry. The manufacturing facilities in the industry require suitable HVAC systems to maintain the hygiene and safety levels mandated by government organizations, including the Food and Drug Administration (FDA). For instance, these facilities require properly designed air handling equipment to prevent odors and control airborne particulates.
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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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