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HVAC Market - Size, Share, Application, Technology, Trends, Demand and Growth by 2023
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The integration of HVAC controls and building systems such as lighting and access controls is providing opportunities for the growth of the HVAC market. By integrating HVAC controls within the building systems, the building managers could easily manage the building through the touch of single button. Integration also helps in saving energy and electricity bills by managing the power of HVAC system as per the number of people in an office or a factory. Smart thermostats were launched to control the temperature in multiple rooms through a single interface.
The increasing commercial applications of HVAC and the expansion of HVAC market in Asia-Pacific region is driving the escalation rate of the global HVAC market. Some of the other factors driving the growth of the HVAC market are increasing disposable income of the consumers, rise in the number of new households, need for product up gradation, and rise in demand for environment friendly and energy efficient products.
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The higher consumption of energy by HVAC system is one of the major factors restraining the growth of the HVAC market to some extent. However, some of the HVAC equipment manufacturers such as Carrier Corporation, and Daikin Industries Ltd. have started producing energy efficient HVAC products.
On the basis of end users, the HVAC Market can be categorized as industrial, residential, and commercial. The HVAC market is expected to grow fastest in industrial sector in the coming years due to the increasing use of HVAC equipment in the industrial sector.
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Some of the competitors in the global HVAC market are Samsung Electronics Co. Ltd., AB Electrolux, Carrier Corporation, Lennox International Inc., Daikin Industries Ltd., LG Electronics Inc., Panasonic Corporation and Haier Inc.
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