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HVAC Market Size, Share, Growth, Trends, Applications, and Industry Strategies

According to P&S Intelligence, Asia-Pacific (APAC) accounted for the largest share in the HVAC market during the historical period (2014u20132019), and it is expected to demonstrate the fastest growth during the forecast period. This is due to the surging construction activities and booming urban population in the region. Additionally, the economic growth of the APAC nations also drives the demand for HVAC systems in the region. Moreover, the mounting disposable income of people in China and India will also catalyze the regional market growth in the upcoming years.

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HVAC Market Size, Share, Growth, Trends, Applications, and Industry Strategies

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  1. Commercial Facilities Using HVAC Equipment to Offer Comfort To Customers Countries such as China, India, Qatar, Saudi Arabia, the U.A.E., and the U.S. are laying great emphasis on improving their infrastructure, owing to the surging number of tourists and upcoming internal events, such as FIFA World Cup 2022 and Dubai Expo 2020. The increasing footfall of tourists, athletes, and government dignitaries will require an extensive infrastructure setup for recreational and hosting purposes. As a result, the aforementioned countries have been largely focusing on the construction of skyscrapers, shopping complexes, and hotels, which require heating, ventilation, and air conditioning (HVAC) systems for offering enhanced comfort and convenience. Nowadays, several governments are introducing new initiatives to replace old HVAC systems with energy-efficient HVAC systems, due to the excessive repair and maintenance costs associated with the former. Owing to this factor, the HVAC market will demonstrate a CAGR of 4.8% during the forecast period (2020–2030). The market revenue stood at $240.8 billion in 2019 and it is expected to reach $358.1 billion in 2030. For example, the Ministry of Power, India, launched the 'Eco-Niwas Samhita 2018' to

  2. limit heat gain and loss from residential and mixed-land-use buildings constructed on a plot area of size equal to or greater than 500 m2. “Smart HVAC Systems Conserving Electricity Worldwide” In recent years, a majority of customers have shifted from traditional HVAC systems to smart HVAC solutions as they offer advanced monitoring systems, better controls, and intelligent thermostats. Moreover, the less energy requirements of smart HVAC systems are also encouraging customers to shift from the conventional variants to sustainable ones. Additionally, smart systems also offer better temperature variability and generate cleaner air as compared to traditional models. Furthermore, smart HVAC models also enable customers to monitor their performance in real-time and generate lesser noise than their conventional counterparts. The end user segment of the HVAC market is classified into commercial, residential, and industrial. Among these, the commercial category accounts for the largest market share, due to the escalating number of commercial buildings and offices and the booming hospitality sector. The boom in the hospitality industry can be attributed to the rising

  3. tourist activities across the world. Besides, upcoming events such as FIFA World Cup 2022, which include the construction of a large number of stadia, also contribute to the growth of this category. “Governments Encouraging Installation of Energy-Efficient HVAC Systems” End-users across the world are increasingly opting for HVAC systems manufactured by Carrier Global Corporation, Daikin Industries Ltd., Petra Engineering Industries Co., Mitsubishi Electric Corporation, Midea Group Co. Ltd., Danfoss A/S, Blue Star Ltd., Qingdao Haier Co. Ltd., Frigel Firenze SpA, Trane Technologies Plc, Johnson Controls International PLC, SKM Air Conditioning LLC, LG Electronics Inc., Thermax Ltd., and Gree Electric Appliances Inc. of Zhuhai. To reach out to a larger customer base, these companies are currently engaging in research and development (R&D) activities to offer better HVAC solutions. According to P&S Intelligence, Asia-Pacific (APAC) accounted for the largest share in the HVAC market during the historical period (2014–2019), and it is expected to demonstrate the fastest growth during the forecast period. This is due to the surging

  4. construction activities and booming urban population in the region. Additionally, the economic growth of the APAC nations also drives the demand for HVAC systems in the region. Moreover, the mounting disposable income of people in China and India will also catalyze the regional market growth in the upcoming years. Therefore, the rising construction activities and surging government initiatives encouraging the adoption of energy efficient technologies in buildings will boost the adoption of HVAC solutions worldwide.

  5. About Us: P&S Intelligence is a provider of market research and consulting services catering to the market information needs of burgeoning industries across the world. Providing the plinth of market intelligence, P&S as an enterprising research and consulting company, believes in providing thorough landscape analyses on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness. Contact Us: P&S Intelligence International: +1-347-960-6455 Email: enquiry@psmarketresearch.com Web: https://www.psmarketresearch.com

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