HVAC Equipment Market - Forecast(2021 - 2026)
HVAC Equipment Market Overview:
Heating, Ventilating and Air-conditioning systems are used for providing indoor comfort by maintaining good air quality. The market for HVAC equipment was valued at $156.33 billion in the year 2017 and is estimated to reach by $242.59 billion by 2023 at an estimated CAGR of 7.6%. China is the leading industry in the global HVAC market due to its stable rise in the economy. APAC held the largest market share in the cooling equipment market generating 56% of the total revenue.
HVAC Equipment Market Outlook:
HVAC market can be broadly segmented in to heating, cooling and ventilation equipment market. There are various products in the heating equipment such as heat pumps, boilers, furnaces, space heaters and many more. The products under the cooling equipment include air-conditioners, chillers, cooling towers, coolers and many more. Ventilation equipment consists of fans, duct fans, draft inducers, air purifiers, humidifiers and dehumidifiers and many more. These equipment are being used in various commercial and residential buildings, healthcare industry, automotive and various other industries.
HVAC Equipment Market Growth drivers:
The increasing demand in the residential and commercial infrastructure have led to the rise in urbanization. This growing demand in the construction industry will drive the HVAC equipment market. The rise in the population in various regions such as Asia-Pacific and North-American regions will in turn leads to the development in residential buildings which is also a major driver for the HVAC equipment market. The other drivers include the changes in the atmospheric conditions, advancement of technologies and replacement of aging equipment and many more.
HVAC Equipment Market Challenges:
The predominant raw materials for the manufacturing of HVAC equipment are electronics, plastics, chemicals, compressors among many others. The continuous increase in the prices and availability of these raw materials has been a major challenge for the HVAC equipment market. The other major challenge in this market is the specialized equipment costs required for servicing a product.
HVAC Equipment Market Research Scope:
The base year of the study is 2017, with forecast done up to 2023. The study presents a thorough analysis of the competitive landscape, taking into account the market shares of the leading companies. It also provides information on unit shipments. These provide the key market participants with the necessary business intelligence and help them understand the future of the Superabsorbent Market. The assessment includes the forecast, an overview of the competitive structure, the market shares of the competitors, as well as the market trends, market demands, market drivers, market challenges, and product analysis. The market drivers and restraints have been assessed to fathom their impact over the forecast period. This report further identifies the key opportunities for growth while also detailing the key challenges and possible threats. The key areas of focus include the types of plastics in the electric vehicle market, and their specific applications in different types of vehicles.
HVAC Equipment Market Report: Industry Coverage
HVAC Equipment Market– By Heating Equipment: Heat pumps, air furnaces, boilers, space heaters and others.
HVAC Equipment Market– By Cooling Equipment: Cooling towers, chillers, coolers, air conditioners and others.
HVAC Equipment Market– By Ventilation Equipment: Ultrasonic humidifiers, warm-mist humidifiers, absorption dehumidifiers, air purifiers and others.
HVAC Equipment Market– By General Components: Condensers, compressors, radiators, sensors, transducers and many others.
HVAC Equipment Market– By End-User industries: Residential and commercial, healthcare industry, educational and government institutions and many others.
The Superabsorbent Market report also analyzes the major geographic regions for the market as well as the major countries for the market in these regions. The regions and countries covered in the study include:
- North America: The U.S., Canada, Mexico
- South America: Brazil, Venezuela, Argentina, Ecuador, Peru, Colombia, Costa Rica
- Europe: The U.K., Germany, Italy, France, The Netherlands, Belgium, Spain, Denmark
- APAC: China, Japan, Australia, South Korea, India, Taiwan, Malaysia, Hong Kong
- Middle East and Africa: Israel, South Africa, Saudi Arabia
HVAC Equipment Market Key Players Perspective:
Some of the Key players in this market that have been studied for this report include: Daikin, United Technologies, Johnson Controls, LG Electronics, Electrolux, Emerson, Honeywell and many more.
Market Research and Market Trends of HVAC Equipment Market
- Panasonic Corporation, one of the key players in the HVAC market manufactures air to heater pumps to various countries and has now announced that it has started production of residential air to water heat pumps in Pilsen, Czech Republic in the month of October, 2018.
- A battery powered HVAC system was developed for Cascadia trucks. It is a battery enabled system which reduces emissions and also makes drivers in maintaining a comfortable temperature in the cabs. The advantage over using these systems is that the components are serviceable and can be serviced without removing the cabinet.
- A new regulation was introduced in the U.S that the furnaces must have 90% efficiency whereas in the southern states only 80% efficiency is required. There are also researches going in developing the software and other online tools to the HVAC systems to connect to the local customers.
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