HVAC System Market Growing at the Fastest Rate in APAC Region

The HVAC system market size was valued at USD 210.0 billion in 2022 and is projected to reach USD 271.5 billion by 2026; it is expected to grow at a CAGR of 6.6% from 2022 to 2026.
The implementation of IoT with HVAC systems has fueled their demand in commercial and residential applications. HVAC systems are of different equipment types, based on different technologies, and their functions are application-specific.

Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=202111288

Market for unitary air conditioners to hold the highest market share during the forecast period

Unitary systems are used in buildings, schools, offices, and retail stores, particularly where low initial costs and simplified installations are important. A unitary air conditioner is a small self-contained electrical unit enclosing a motor-driven refrigeration compressor, evaporative cooling coil, and air-cooled condenser along with filters, fans, and controls. Unitary air conditioners are placed on the roof or outside the buildings. They provide high performance and are energy efficient. Split air conditioners and packaged air conditioners are a few types of unitary air conditioners. The key manufacturers of unitary air conditioners are Daikin, Ingersoll Rand, Johnson Controls, Nortek, and Lennox.

HVAC system market for furnaces to hold the highest CAGR from 2021 to 2026

The market for furnaces is expected to grow at the highest CAGR during the forecast period. The growth of the furnaces segment is mainly driven by their low initial cost, higher lifespan, and increasing demand in residential applications. The residential segment dominated the market for furnaces. Government grants and rebates for homeowners on replacing old heating equipment with new furnaces are expected to increase the demand for furnaces in residential application. For instance, the British Columbia (BC) government offers rebates of up to USD 700 to homeowners for a new gas furnace.

HVAC system market for new construction to hold the highest CAGR from 2021 to 2026

The new construction segment is expected to lead the global market during the forecast period. The governments of various countries are making high investments in infrastructure development, such as expansion projects of hotels, retail stores, airports, and educational buildings. Increasing construction activities is driving the demand for HVAC systems to remove pollutants, maintain air quality, and control the temperature and humidity in buildings. Moreover, government regulations for smart homes and incentives for installing energy-efficient HVAC systems in new construction projects are expected to propel market growth.

Inquiry Before Buying @ https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=202111288

HVAC system market in APAC to hold the highest market share during the forecast period

APAC is expected to lead the global HVAC system market. China held the largest size of the HVAC system market in APAC in 2020. Rapid industrialization and urbanization have created the need for energy saving. The Chinese government promotes efficient use of energy, which is expected to drive the demand for energy-efficient HVAC systems. India is among the largest emitters of greenhouse gases in the world because of rapid industrialization. The growing concern about the effect of environmental pollution has increased the adoption of HVAC systems in the country. Several government regulatory policies, acts, and associations in the APAC region are supporting the adoption of HVAC systems.

DAIKIN INDUSTRIES (Japan), Johnson Controls (US), Carrier (US), Trane Technologies plc, (US), LG Electronics (South Korea), Emerson Electric Co. (US), Honeywell International Inc. (US), Mitsubishi Electric Corporation (Japan), Nortek Air Management (US), Samsung Electronics (South Korea), Danfoss (Denmark), FUJITSU (Japan), GREE (China), Hitachi (Japan), Midea (China), Panasonic (Japan), Haier Smart Home (China), Toshiba (Japan), Whirlpool (US), Siemens (Germany), Electrolux (Sweden), Lennox (US), Schneider Electric (France), Ferroli (Italy), and Bosch Thermotechnology (Germany) are among the many players in the HVAC system market.

Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
sales@marketsandmarkets.com

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.
To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.

This release was published on openPR.