HVAC Market 2021: Application, Technological Advancement

Market Overview

As per a detailed analysis by Market Research Future (MRFR), the global heating ventilation and air conditioning market can reach a stellar CAGR during the forecast period (2018-2027). The favorable sustainable energy policies are likely to influence the market growth across the globe. Heating, ventilation, and air conditioning (HVAC) systems are majorly used in the automotive in order to maintain and control the air temperature, humidity, quality of the air, and fresh air intake. The future of automotive HVAC systems seems promising with the evolving automobile production along with innovations in the compressor designs.

Competitive Dashboard

The prominent players operating in the global heating ventilation and air conditioning market comprises Daikin, Zamil Air Conditioners, Ingersoll Rand, Lennox International, Siemens Building Technologies, Samsung Electronics, Gree Electric Appliances Inc, Johnson Controls, Fujitsu General, and Honeywell International.

HVAC Market: Segmental Analysis

The global heating ventilation and air conditioning market has been segmented on the basis of systems, components, revenue source, product type, and application.

By mode of systems, the global heating ventilation and air conditioning market has been segmented into ventilation, heating, integrated controls, and humidity.

The components segment constitutes of sensors, control control devices.

By mode of revenue source, the global heating ventilation and air conditioning market has been segmented into building energy management systems and HVAC controls.

The product type segment comprises window, or through the wall air conditioners, central air conditioning packaged air conditioners, and split residential air conditioners. Among these, the market for split air conditioners is likely to experience a boom due to its surging adoption in the residential buildings.

By mode of application, the market comprises residential, institution, hospitality, commercial, and others. Among these, the commercial segment is likely to experience a stellar CAGR in the foreseeable future. The eco-friendly construction designs have increased the demand for the HVAC system.

Regional Insights

Geographically, the heating ventilation and air conditioning market has been studied under regions namely, Asia Pacific, Europe, America, and the Middle East Africa.

Considering the global scenario, the European and the American regions are anticipated to lead the regional markets in terms of value as well as volume. The inflating disposable income, favorable conditions for the implementation of the latest technologies and increased adoption of latest trends have resulted in the market to boost in these regions. With the increasing popularity of furnace and boilers, the regional markets are experiencing an upthrust.

The Asia Pacific region will experience robust growth due to impressive industrialization, steady urbanization and the ever-booming population in this region. Government policies in China have offered the market with a conducive atmosphere which further contributes to the growth of the market.

Market Potential and Pitfalls

The heating ventilation and air conditioning market is anticipated to expand at breakneck speed due to the emergence of leading-edge heating, ventilation and air conditioning technology. The surging investment in product innovation has resulted in the development of advanced ventilation and air conditioning solutions which has reflected favorably on the market globally. The manufacturers across the world are highly focusing on product development and customization of application-specific products. This has been identified as a key market trend. The huge changes in atmospheric levels coupled with global warming are considered one of the key factors propelling the development rate of indoor temperature control systems. The fast-tracking urbanization has transformed the consumer behavioral pattern which is highly influencing the market’s course. This has further led to increased economic growth and construction activities across the globe. The annual mean temperature is also witnessing a surge in the adoption of HVAC methods. With the rising eco-awareness, the construction industry is starting to implement HVAC technology in the commercial and residential sites in order to reduce the consumption of energy. Such factors are highly contributing to the growth of the market.

On the contrary, the inflating prices of the raw materials, data infrastructure security system, stringent mandates imposed by the governments, and political and economic events in the sensible zones are some of the top concerns considered to restrict the market growth during the review period.

Industry Updates

May 09, 2019: Montreal-based BrainBox AI has recently declared the launch of their latest product which combines cloud-based computing, deep learning, and algorithms in order to encourage a self-sustaining commercial building. BrainBox AI’s solution also uses AI in order to predict a building’s thermal load, enables the heating, ventilation, and air conditioning system so that it can operate autonomously.

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