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HVAC System Market 2023 Growth Analysis, Opportunities, Trends, Developments and Forecast to 2032
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The heat pumpssegment dominated the market with a market value of USD 92.70 billion in 2020
The heating equipment segment is divided into heat pumps, furnaces, unitary heaters and boilers. The heat pumps segment emerged as the leader in the global HVAC system market in 2020 with a market value of USD 92.70 billion due to its increased demand in the European region.
The dehumidifiers ventilation equipment segment is anticipated to grow at a CAGR of around 5.8% over the forecast period.
The ventilation equipment segment includes air-handling units, air filters, dehumidifiers, ventilation fans and humidifiers.The dehumidifiers ventilation equipment segment is anticipated to grow at the highest CAGR of around 5.8% over the forecast period.As natural gas usage increases, installation of smaller diameter pipelines is growing, contributing to increased sales of HVAC systems. Additionally, low-pressure and small-diameter pipes are used for transport networks composed of gathering systems. These factors are anticipated to showcase growth potential to HVAC system of dehumidifiers ventilation equipment range.
The liquid segment is anticipated to grow at the highest CAGR of around 6.0% over the forecast period
The cooling equipment segment includes liquid, gas and oil. The liquid segment is anticipated to grow at the highest CAGR of around 6.0% over the forecast periodas population growth rises coupled with intense water stress, freshwater supplies are expected to be affected. Water infrastructure is also projected to grow more, and with growing water demand, the ageing water system is needed to be sustained. This factor is primarily responsible for the substantial portion of the HVAC System's liquid segment.
The drinking water distribution segment is anticipated to expand at the highest CAGR of around 6.6% over the forecast period.
The application segment includes wastewater systems, drinking water distribution, gas solution and petroleum solution. The drinking water distribution segment is anticipated to expand at the highest CAGR of around 6.6% over the forecast period. This is because demand for the pipeline water and sewage water services in the U.S. community is continuously bouncing back. Majority of demand for pipes is due to the drinking systems repair and replacement market.
Regional Segmentation Analysis:
The regions evaluated for the HVAC System market include North America, Europe, South America, Asia Pacific, and the Middle East and Africa.The involvement of significant real estate and tourism industries in the Europe region drives the Europe market. Owing to the well-established service industry and rising real estate business, commercial HVAC units dominate the North American and European markets. Implementation of strict government regulations, expanded construction activities and a stable industrial base are projected to boost the market growth.
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Competitive Analysis:
Major players in the global HVAC systemmarket are Daikin, Electrolux, Emerson, Honeywell, Ingersoll Rand, Johnson Controls, Lennox, LG Electronics, Mitsubishi Electric, Nortek, Samsung Electronics and United Technologies, among others.
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