Global Single Packaged HVAC Systems Market to Grow at a CAGR of 6.84% to 2021 Says at MarketResearchNest.com

MarketResearchNest.com adds “Global Single Packaged HVAC Systems Market 2017-2021” new reports to its research database. The report spread across 80 pages with tables and figures in it.

The analysts forecast the global single packaged HVAC systems market to grow at a CAGR of 6.84% during the period 2017-2021.

HVAC systems ensure high air quality in residential and commercial establishments through ventilation and filtration, thereby ensuring thermal balance. HVAC systems make use of pumps, heat exchangers, and fans to control and regulate climatic parameters such as humidity and temperature levels. The desired heating and cooling required, along with the indoor and outdoor air quality are parameters that are considered while selecting the type of HVAC system. Traditional HVAC systems used in commercial, residential, and industrial applications are energy intensive and consume a large amount of electricity. However, consumers in developing nations, such as India, are price sensitive and prefer affordable, energy-efficient solutions.

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Technavio recognizes the following companies as the key players in the global single packaged HVAC systems market: Daikin Industries, Johnson Controls, LG Electronics, and Trane (Ingersoll-Rand).

Other Prominent Vendors in the market are: Bosch, Carrier, Electrolux, FUJITSU, GREE ELECTRIC APPLIANCES, Haier, Lennox, Magic Aire, Midea, Mitsubishi Electric, Panasonic, and SAMSUNG.

Commenting on the report, an analyst team said: “One trend in the market is integration of IoT with HVAC. Internet of Things or IoT connects components or systems to the Internet and allows them to send and receive data over the network. IoT enables devices to communicate without human-to-human or human-to-computer intervention. These systems enable real-time remote monitoring and actionable analytics.”

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According to the report, one driver in the market is growing replacement demand in developed countries. The shift to reducing operating costs, increasing energy efficiency, and taking advantage of favorable government incentives have spurred the need for replacing existing HVAC equipment in the US, the UK, Germany, and Japan. In the US, the steady economic development also influences the replacement demand for HVAC. Various regulatory bodies have made environmental laws more stringent, such as the phasing out of HCFCs and replacing them with climate-friendly refrigerants. Moreover, authorities in various countries are offering incentives for the replacement of old HVAC systems.

Further, the report states that one challenge in the market is lack of workforce in HVAC industry. The rapidly growing HVAC industry backed by the robust growth of the construction sector and steady demand for replacement of old and inefficient HVAC equipment in developed countries is set to witness challenges, owing to the lack of workforce. Despite the projected growth of the HVAC industry, it is expected to witness a shortage of operators, primarily in developed nations. One key reason for this shortage is the fast-paced growth of the industry. For instance, in the US, the employment rate of heating, air conditioning, and refrigeration mechanics and installers is expected to grow at a higher rate than the average for all occupations.

The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors.

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