According to a report by BIS Research, the global heating, ventilation, and air conditioning (HVAC) market was estimated at $172.37 billion in 2017 and is expected to reach $208.55 billion by 2024, growing at a CAGR of 2.6% during the forecast period. A number of factors are at play:
- The rising temperature due to global warming has led to an increased demand for HVAC products.
- The boom in the construction sector in regions such as the Middle East and Americas is also driving the growth of the HVAC industry.
- In addition, the presence of industry leaders such as Carrier Corporation, Johnson Controls, and Daikin Industries, among others, has significantly contributed to market growth.
HVAC Industry Trends to Watch
Evolving from rapid growth, the global HVAC industry witnessed stagnation and eventually gained momentum again. The dynamic nature of the industry can mainly be attributed to the following factors: increasing urbanization, unprecedented population growth, and frequently changing governmental regulations for making HVAC products more energy efficient.
In the HVAC market, Variable Refrigerant Flow (VRF) is gaining immense popularity, and the market for the same is expected to grow at a significant rate during the forecast period. This growth is due to the increased demand from the commercial and industrial sector, as VRF is more energy efficient. Increasing growth in the construction sector has been one of the primary drivers for the global HVAC market.
Mini splits dominate the HVAC market in terms of volume. This is because of the early and widespread adoption of the HVAC systems in the residential sector. However, the market for packaged air conditioners is expected to grow at the fastest rate with a CAGR of 4.8% during the forecast period, owing to the increasing deployment of packaged air conditioners in commercial facilities.
Due to the ongoing changes in the industry, such as the ban on harmful refrigerants, such as R-22, the BIS Research study features a detailed chapter on market dynamics including the key driving and restraining forces, along with the opportunities for the global HVAC market. The trends in the worldwide market play an essential role for the industry, following which a proper market sizing and estimation by product types, and by geographical location have been undertaken for the industry.
Asia Emerges as a Leader in the Market
Asia presents hot and humid climatic conditions along with a growing urban population which has driven the demand for HVAC products and thus, made this region a leader in the market. Variable Refrigerant Flow (VRF) technology has a high potential in this market and is expected to grow at a CAGR of 29.2% during the forecast period. The high growth of VRF systems market is mainly attributed to the growing construction sector and the advantages VRF systems provide, such as increased energy efficiency and better load management, among others. The increasing urban population worldwide has led to an increase in the demand for HVAC products along with the improvement in the standard of living, which has acted as a significant driver for the HVAC market.
Access the Full Market Report to Learn More
The market report provides a detailed analysis of the recent trends influencing the market, along with a comprehensive study of future trends and developments. The overall market has been segmented by device types and end users. The report also includes a comprehensive section on geographical analysis which has been sub-segmented into seven significant regions namely: North America, Europe, Asia, Oceania, Latin America, and Africa and the Middle East.
Some of the HVAC companies and key players mentioned in the report include Daikin Industries Ltd., Trane, Johnson Controls, Carrier, Samsung Electronics Co., Ltd., LG Electronics, Fujitsu Limited, and Zamil Industrial, among others.
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About the Publisher: BIS Research is a global market research company that provides comprehensive reports covering 12 technology verticals. Its team includes industry veterans, experts and analysts with diverse backgrounds in consulting, investment banking, government, and academia.