Press release
HVAC System Market Key Players Analysis - Daikin Industries, Johnson Controls, Carrier, Trane Technologies plc., LG Electronics.
HVAC System Market
The global HVAC system market is estimated to reach over 343.33 billion by the year 2031 , exhibiting a CAGR of 5.55% during the forecast period.
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HVAC (Heating, Ventilation, and Air Conditioning) systems play a critical role in ensuring indoor comfort and maintaining optimal air quality in both residential and vehicle environments. The growing demand for hybrid systems, which offer advantages such as automatic temperature adjustments in response to environmental changes, is expected to significantly boost the HVAC market.
The rapid pace of urbanization is also a key driver of the increasing demand for HVAC systems. As more people migrate to urban areas, the development of residential, commercial, and industrial properties is anticipated to accelerate, further fueling the need for advanced HVAC solutions.
In industrial applications, heating systems such as boilers and heat pumps are preferred for their ability to provide space heating, generate steam, and facilitate vaporization, among other uses. These systems are particularly valuable in regions with harsh climates, as they help ensure the continuous and efficient operation of businesses in cold environments.
List of Prominent Players in the HVAC System Market:
• Carrier Corporation
• Daikin Industries, Ltd. (Japan)
• Emersion Electronic Co.
• Hitachi Ltd.
• Honeywell International Inc.
• Johnson Controls International plc
• Lennox International, Inc.
• LG Electronics
• Mitsubishi Electric Corporation
• Nortek Air Management
• Samsung Electronics
• Trane Technologies plc.
Market Dynamics:
Drivers-
The increasing demand for advanced heating, ventilation, and air conditioning (HVAC) systems is expected to drive significant market growth. Thermally powered air conditioners have gained popularity due to growing environmental awareness. Leading manufacturers such as Lennox International Inc. and Daikin Industries, Ltd. offer state-of-the-art systems that utilize both natural gas and solar energy, enhancing energy efficiency. These systems offer several benefits, including reduced maintenance requirements, independent control of heating and cooling pipes, automatic adjustments based on current demand, and improved overall cost-effectiveness and efficiency over their lifespan.
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Challenges:
The shortage of qualified HVAC professionals is anticipated to hinder market growth in the coming years. According to the Bureau of Labor Statistics, 25% of the U.S. workforce is expected to retire by 2020, and over the next four years, approximately 115,000 new skilled HVAC and refrigeration technicians will be needed. As a result, the scarcity of experienced technicians is likely to limit the expansion of the HVAC market in the foreseeable future.
Regional Trends:
The Asia Pacific HVAC market is projected to capture a significant share of the global market in terms of revenue, with a high compound annual growth rate (CAGR) expected in the near future. This growth is primarily driven by the increasing demand for air purifiers and humidifiers, particularly in response to outbreaks of chronic diseases. These devices are widely used in healthcare facilities and residential settings to maintain indoor air quality and eliminate toxins. Additionally, the growing adoption of advanced technologies has led to a shift in industry preferences towards smart manufacturing practices, driving the demand for energy-efficient HVAC systems in the region's manufacturing plants. Furthermore, the rise in disposable income is enabling consumers in the region to invest in more luxurious living standards, further fueling the demand for innovative HVAC systems.
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Recent Developments:
• In April 2022, Daikin confirmed its support for the REPowerEU, which has set a goal of increasing heat pump deployment from 10 million units in 2027 to 30 million units by 2030. This is also linked to home de-carbonization, as the movement can assist the European Union in meeting the residential sector's de-carbonization targets by 2050. Other HVAC service providers are also assisting with such projects.
Segmentation of the HVAC System Market-
By Cooling Equipment-
• Unitary Air Conditioners
o Split Air Conditioners
o Packaged Air Conditioners
• VRF Systems
• Chillers
o Scroll Chillers
o Screw Chillers
o Centrifugal Chillers
o Reciprocating Chillers
o Absorption Chillers
• Room Air Conditioners
• Coolers
o Ducted Coolers
o Window Coolers
• Cooling Towers
o Evaporative Cooling Towers
o Dry Cooling Towers
o Hybrid Cooling Towers
By Heating Equipment-
• Heat Pumps
o Air-To-Air Heat Pumps
o Air-To-Water Heat Pumps
o Water-To-Water Heat Pumps
• Furnaces
o Oil Furnaces
o Gas Furnaces
o Electric Furnace
• Unitary Heaters
o Gas Unit Heaters
o Oil-Fired Unit Heaters
o Electric Unit Heaters
• Boilers
o Steam Boilers
o Hot Water Boilers
By Ventilation Equipment-
• Air Handling Units
• Air Filters
• Dehumidifiers
o Refrigeration Dehumidifiers
o Absorption Dehumidifiers
• Ventilation Fans
o Crossflow fans
o Axial fans
o Centrifugal fans
o Domestic fans
o Range hood fans
o Power roof fans
• Humidifiers
o Warm-mist humidifiers
o Ultrasonic humidifiers
o Cool-mist humidifiers
• Air Purifier
o HEPA air purifiers
o Activated carbon air purifiers
o Electrostatic air purifiers
o Ionic air purifiers
By Implementation Type-
• New Construction
• Retrofit
By Application-
• Residential
• Commercial
o Office
o Government
o Healthcare
o Education
o Retail
o Airport
• Industrial
By Region-
North America-
• The US
• Canada
• Mexico
Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe
Asia-Pacific-
• China
• Japan
• India
• South Korea
• South East Asia
• Rest of Asia Pacific
Latin America-
• Brazil
• Argentina
• Rest of Latin America
Middle East & Africa-
• GCC Countries
• South Africa
• Rest of the Middle East and Africa
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About Us:
InsightAce Analytic is a market research and consulting firm that enables clients to make strategic decisions. Our qualitative and quantitative market intelligence solutions inform the need for market and competitive intelligence to expand businesses. We help clients gain competitive advantage by identifying untapped markets, exploring new and competing technologies, segmenting potential markets and repositioning products. Our expertise is in providing syndicated and custom market intelligence reports with an in-depth analysis with key market insights in a timely and cost-effective manner.
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