HVAC Systems & Services Market Is Driven by APAC

The HVAC system & service market was USD 206.6 billion in 2021, and it is projected to reach USD 319.9 billion by 2030, at a rate of 5% during the forecast period as per a report by P&S Intelligence.

Because of growing industrialization and urbanization, global product sale has boosted. Due to this, residential areas, manufacturing units, and companies using such equipment is witnessing a significant growth.

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Furthermore, global warming has led to a rise in temperature, resulting in the need for ventilation, heating, and cooling globally. As per GISS NASA, the average global temperature per year increased by 0.5 degrees Celsius.

Countries such as India, Indonesia, China, Mexico, Brazil, and Thailand, have witnessed significant growth in the demand for HVAC systems, as a result of the increasing purchasing power of the middle-class families.

Many companies are developing HVAC equipment by applying advanced technologies to increase their foothold in the HVAC system & service market. Additionally, the industry has witnessed several developments with regards to making more efficient and environment-friendly systems.

The sale of VRF systems will propel at a rate of 10% in the years to come, because of the rising demand for energy-efficient temperature-control solutions. The VRF technology can decrease and increase the temperature in different areas. These technologies are cost-effective, flexible, and energy saving.

For appliance manufacturers, the incorporation of IoT in HVAC systems is a key opportunity. IoT is beneficial in systems management, collecting data, cloud storage, and also in the temperature control process. The demand for this technology is high in Europe and North America because of the rising adoption, which led to growth in the use of advanced and energy-efficient systems.

Due to the cold weather and strict guidelines in Europe, the demand for energy-efficient systems is rising across industries. The rising awareness for greenhouse gas emissions will increase the need for energy-efficiency systems.

Because of the rising construction across the world, the commercial sector will hold the largest share, more than 40%, in the near future.

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The sales of these systems will be the largest in APAC will reach USD 170 billion in the years to come. The growth of the industry is supported by the raising temperature in China, Japan, India, Indonesia, and South Korea.

Thus, the requirement for AC equipment is more in APAC, as compared to Europe and North America. Moreover, the growing population and increasing disposable income are also responsible for industry growth in the region

Attributed to the significant growth in the construction and hospitality industry, the HVAC system & service industry will grow significantly in the coming years.

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