HVAC Systems Market worth 173.16 Billion USD by 2022
According to the new market research report, the HVAC systems market is expected to reach USD 173.16 billion by 2022 at a CAGR of 5.9% between 2016 and 2022. The factors which are driving the growth of market include government incentives through tax credit programs, increasing construction activities, government regulations and policies for energy saving, and growing trend of smart homes…
Cooling equipment accounted for a major share of the overall HVAC systems market during the forecast period
The cooling equipment is expected to lead the HVAC systems market between 2016 and 2022. The growth is attributed to reduction in energy consumption of cooling equipment, introduction of innovative solutions such as low GWP products, changing weather conditions, increase in disposable incomes, and government grants and tax benefits.
Residential application expected to grow at the highest CAGR between 2016 and 2022
The favorable government regulations and tax credit facilities on the installation of HVAC systems and the growing concerns toward energy saving and minimizing costs related to energy consumption have significantly contributed to the growth of the HVAC systems market in residential applications.
APAC expected to dominate the HVAC systems between 2016 and 2022
Countries such as China, Japan, and India are majorly driving the growth of HVAC systems market in Asia-Pacific. These countries have a considerable market size and scope for the development of HVAC industry. There are number of government regulations, acts, and associations supporting the adoption of HVAC system in APAC. Further, the growth of the HVAC systems market in the APAC region is attributed to the increasing construction activities, rising population, and change in climate conditions.
The major players involved in the HVAC systems market include Daikin Industries Limited (Japan), Ingersoll Rand Plc (Ireland), Johnson Controls, Inc. (US), Nortek, Inc (US), United Technologies Corporation (US), Electrolux AB (Sweden), Emerson Electric Co (US), Honeywell International Inc. (US), Lennox International Inc. (US), LG Electronics (South Korea), Mitsubishi Electric (Japan), Panasonic Corporation (Japan), Qingdao Haier Co. Ltd. (China), Samsung Electronics (South Korea), and Whirlpool Corporation (U.S.).
This research report categorizes the HVAC systems market on the basis of heating equipment, ventilation equipment, cooling equipment, implementation type, application, software and service, and geography. This report describes the drivers, restraints, opportunities, and challenges for the growth of the HVAC systems market. The Porter’s five forces analysis has been included in the report with a description of each of its forces along with its respective impact on the market.