HVAC System Market by Heating Equipment (Heat Pumps, Furnaces), Ventilation Equipment (Air-Handling Units, Air Filters), Cooling Equipment (Unitary Air Conditioners, VRF Systems), Application, Implementation Type, and Geography - Global Forecast to 2025
HVAC System Market
HVAC System Market size is expected to grow CAGR of 6.5% by 2025.
HVAC System Market and Top Companies
- Daikin (Japan) The company is one of the of the leading players in air-conditioning and fluorochemicals businesses. It is engaged in manufacturing general air-conditioning equipment with in-house divisions covering both air conditioning and refrigerants. The company mainly operates through Air Conditioning, Chemicals, Oil Hydraulics, and Defense business segments. The company offers HVAC products such as split/multisplit air conditioners, unitary air conditioners, air-to-water heat pumps, heating systems, air purifiers, medium/low-temperature refrigeration systems, ventilation products, control systems, chillers, filters, and marine HVAC. Daikin has more than 100 production units across the world and conducts business in more than 150 countries.
- Ingersoll Rand (Ireland) The Company was established in 1871 and is headquarters in Swords, Ireland. The company is one of the diversified industrial manufacturers, which serves global commercial, industrial, and residential markets. It operates through Industrial and Climate business segments. The company offers its products through various brands, which include Club Car, Ingersoll Rand, Trane, and Thermo King. It provides products and services directly or through distributors to customers across the world. The company has manufacturing and assembly operations in 60 plants and 10 distribution centers worldwide.
- Johnson Controls (US) The company operates in building technologies & solutions and power solution businesses. The Building Technologies & Solutions segment includes HVAC equipment, HVAC controls, energy-management systems, security systems, fire detection systems, and fire suppression solutions. Moreover, it offers products related to HVAC equipment, which include heating, cooling, air handling, and controls solutions. The company provides HVAC equipment services such as planned and preventive maintenance, predictive diagnostic services, building remote monitoring management, building systems, and HVAC repair services.
- LG Electronics (South Korea) - The company produces consumer electronics and home appliances. Major operating segments of the company are Home Entertainment (HE), Home Appliances & Air Solutions (H&A), Mobile Communications (MC), Business-to-Business (B2B), Innotek, Vehicle Components (VC), and Others. The Home Appliances & Air Solutions segment manufactures refrigerators, washing machines, vacuum cleaners, and residential and commercial air conditioners. Under this segment, LG air-conditioning technologies offers duct-free systems, VRF systems, and packaged terminal air conditioner (PTAC) systems.
- United Technologies (US) The company is one of the leaders in the aerospace and building industries. It operates through 4 businesses, namely, Collins Aerospace Systems, Pratt & Whitney, Carrier, and Otis. The products offered under the Carrier segment are fire safety, security, building automation, heating, ventilation, air conditioning, and refrigeration systems. Moreover, Carrier offers services for commercial, government, infrastructure, and residential property applications and refrigeration and transportation applications.
HVAC System Market and Top Applications
- Commercial HVAC systems are widely used in commercial buildings. In commercial buildings, HVAC loads normally represent the highest energy expense. Geographic location plays a significant role; buildings far to the north or south of the world typically have high heating expenses. HVAC systems consume the highest energy in commercial places, about 30% of the energy at a business place is consumed by HVAC systems. Replacing a traditional HVAC system with an advanced and energy efficient one can help save a lot of energy in this sector.
- Residential HVAC systems provide thermal comfort to occupants of a building or room accompanied by indoor air quality. HVAC systems used for residential purposes maintain a consistent temperature, offer varying humidity levels, and improve air quality. These systems can be classified into local or central systems according to zones, locations, and air distributions. Moreover, growing urbanization has resulted in the increasing adoption of HVAC systems for residential purposes.
- Industrial The industrial space includes production areas, office areas, and warehousing areas. HVAC systems provide efficient temperatures by maintaining accurate temperatures and humidity as per requirements in the manufacturing zone. Warehouses are important parts of buildings and require temperatures according to the goods stored. An HVAC system is the only solution for warehouses as it maintains the desired temperature, humidity, and ventilation. Moreover, commercial structures can benefit from several interconnected systems that provide heating and cooling to individual floors or other areas.
HVAC System Market and Top Equipment
- Heating Equipment Heating equipment is an important part of HVAC systems. These types of equipment are used to heat up buildings to a particular temperature. HVAC systems heat up the environment by either generating heat within the building or pumping the warm external air into the building. The heating equipment includes heat pumps (air-to-air heat pumps, air-to-water heat pumps, and water-to-water heat pumps), furnaces (oil furnace, gas furnaces, and electric furnaces), unitary heaters (gas unit heaters, oil-fired unit heaters, and electric unit heaters), and boilers (steam boilers and hot water boilers).
- Ventilation Equipment The ventilation process removes the unpleasant smell and excessive moisture from the air in an indoor space and introduces fresh air. It helps in maintaining the internal temperature, replaces oxygen, and prevents the accumulation of dust and contaminants. The ventilation equipment includes air-handling units (AHU), air filters, dehumidifiers, ventilation fans, humidifiers, and air purifiers.
- Cooling Equipment Cooling systems are used to lower the temperature and to enable the proper distribution of air and the control of humidification in a space. Cooling systems are available in various forms, from portable systems to massive systems designed to cool the entire space. Cooling systems are mostly used in the summers to maintain the comfort level of an enclosed space by regulating the warm air with the introduction of conditioned air. Cooling equipment has been segmented into unitary air conditioners, VRF systems, chillers, room air conditioners, coolers, and cooling towers.
[172 Pages Report] The global HVAC system market size is expected to grow from USD 202 billion in 2020 to USD 277 billion by 2025, at a CAGR of 6.5%. The market growth is fueled by growing demand for energy-efficient solutions, rising government incentives through tax credit programs, and an increasing trend of smart homes.
Helped a top manufacturer of electric motors to identify approximately of USD 250 million revenue by tapping into the air purifier market in APAC region
Clients Problem Statement
Our client, a top manufacturer of electric motors, was keen to explore the HVAC motors market within the HVAC equipment market in APAC, with a major focus on countries and regions such as India, China, Southeast Asia, Northeast Asia, and Australia & New Zealand (ANZ). The senior management needed to take a host of crucial decisionswhich equipment type of HVAC to focus on and which countries in APAC to prioritize. The client wanted to understand the HVAC Motor market segment on the basis of equipment type and phase. It also wanted to understand the regulations and protocols regarding HVAC in the above mentioned regions as well as the energy rating information of each country or region specified in the scope of study. 
MnM Approach
MnM started by identifying the key disruptive technology trends that were changing the revenue mix of our client and our clients clients in the HVAC equipment industry across APAC. MnM also interviewed a host of solution providers in the HVAC equipment market and HVAC motor market. These discussions helped analyze different aspects of the industry. MnM analyzed the pattern of implementation of HVAC motors in various HVAC equipment.
MnM estimated the size of the HVAC equipment market and then the size of the HVAC motor market in the HVAC equipment space. Further, MnM also helped the client to understand the various regulations and protocols in the APAC and MENA regions along with the energy ratings in each region. MnM estimated the total market size of the HVAC systems market in the APAC region. Following that, MnM estimated the HVAC motor and equipment market by region and country, which included India, China, MENA, Southeast Asia, Northeast Asia, and Australia & New Zealand.
Revenue Impact (RI)
We presented the client with an opportunity in air purifier in APAC worth approximately USD 250 million, which further helped client in identifying the opportunity for related motors in APAC region.
HVAC system market for heating equipment to exhibit high growth during the forecast period
The heating equipment is expected to register the highest CAGR during the forecast period. Heating equipment is an integral part of HVAC systems. These types of equipment are used to heat buildings to a particular temperature, a practice rampant in cold countries. The rapid climate changes and increasing need for renewable energy sources, along with extensive government support in the form of subsidiaries is expected to increase the demand for heating equipment.
Commercial market to lead and exhibit high growth during the forecast period
The commercial segment is expected to lead the global HVAC system market during the forecast period. HVAC systems are used widely in commercial buildings. The office segment is anticipated to hold the largest share of the HVAC system industry within the commercial segment by 2025. HVAC systems provide appropriate temperatures and ventilation conditions at offices, which helps in improving employee productivity, working conditions, and preventing health issues arising from improper humidity levels. Thus, the adoption of HVAC systems is expected to increase in commercial buildings in tandem with the growing building stock.
HVAC system market in APAC to grow at highest CAGR during the forecast period
The HVAC system industry in APAC is expected to grow at the highest CAGR during the forecast period. China, India, and Japan are the major contributors to the growth of this market. Increasing construction activities and rising population are a few of the factors boosting the growth of the HVAC system market in the region.
Key Market Players
As of 2019, Daikin (Japan), Ingersoll Rand (Ireland), Johnson Controls (US), LG Electronics (South Korea), United Technologies (US), Electrolux (Sweden), Emerson (US), Honeywell (US), Lennox (US), Mitsubishi Electric (Japan), Nortek (US), and Samsung Electronics (Korea) were the major players in the global HVAC system market.
Daikin (Japan) is one of the leading players in air-conditioning and fluorochemicals business. It is engaged in general air-conditioning equipment manufacturing with in-house divisions covering both air conditioning and refrigerants. The company operates in business segments, namely, air conditioning, chemicals, and others. The air conditioning segment offers HVAC products such as split/multi-split air conditioners, unitary air conditioners, air to water heat pumps, heating systems, air purifiers, medium/low-temperature refrigeration systems, ventilation products, control systems, chillers, filters, and marine HVAC. Daikin has more than 100 production units around the world and conducts business in more than 150 countries. The company adopted inorganic strategies to continue its growth in the market.
Scope of Report:
|
Report Metric |
Details |
|
Years considered for providing market size |
20172025 |
|
Base year considered |
2019 |
|
Forecast period |
20202025 |
|
Forecast units |
Value (USD) in billion/million |
|
Segments covered |
Heating Equipment, Ventilation Equipment, Cooling Equipment, Application, and Implementation Type |
|
Regions covered |
North America, APAC, Europe, and RoW |
|
Companies covered |
Daikin (Japan), Ingersoll Rand (Ireland), Johnson Controls (US), LG Electronics (South Korea), United Technologies (US), Electrolux (Sweden), Emerson (US), Honeywell (US), Lennox (US), Mitsubishi Electric (Japan), Nortek (US), and Samsung Electronics (Korea) |
In this report, the global HVAC system market has been segmented into offering, technique, and geography.
By Heating Equipment
- Heat Pumps
- Furnace
- Unitary Heaters
- Boilers
By Ventilation Equipment
- Air-handling Units
- Air Filters
- Dehumidifiers
- Ventilation Fans
- Humidifiers
- Air Purifiers
By Cooling Equipment
- Unitary Air Conditioners
- VRF Systems
- Chillers
- Room Air Conditioners
- Coolers
- Cooling Towers
By Implementation Type
- New Constructions
- Retrofits
By Application
- Residential
- Commercial
- Industrial
By Region
- North America
- US
- Canada
- Mexico
- Europe
- UK
- Germany
- France
- Rest of Europes
- Asia Pacific
- China
- India
- Japan
- Rest of APAC
- Rest of the World
- Middle East
- South America
- Africa
Critical Questions:
- Which equipment of HVAC is expected to have the highest demand in the future?
- What are the key trends in the HVAC system market?
- What initiatives are being undertaken by major market players?
- Which countries are expected to be the highest-revenue generating markets in the future?
- How are the disruptions in the different applications expected to impact the market?
Frequently Asked Questions (FAQ):
Why there is increasing need of heat pumps? Which heating equipment is expected to drive the growth of the market in the next 5 years?
Heat pumps are gaining higher acceptance owing to their multiple capabilities. Many models feature both cooling and space heating capabilities and a few also have the ability to heat water. Further, heat pumps have higher efficiency compared with many other cooling or space heating units, which is expected to increase the demand for the same in next 5 years.
Which are the major companies in the market? What are their major strategies to strengthen their market presence?
Daikin, Ingersoll Rand, Johnson Controls, LG Electronics, and United Technologies are some of the major companies providing HVAC systems. The key strategies adopted by most of the companies operating in the HVAC system market include product launches, partnerships, joint ventures, and agreements, acquisitions, and expansions.
Which region is expected to witness significant demand for HVAC systems in the coming years?
APAC is expected to have the largest market share in terms of value, as the region. Countries such as China, Japan, and India are a few of the major contributors to the HVAC system market in the APAC region. Growing construction activities and rising population are a few of the factors boosting the growth of the HVAC system market in the region.
Which are the major applications of this market?
The commercial application is expected to lead the HVAC system market. The growth is due to increasing adoption of HVAC systems in commercial buildings, growing demand for energy-efficient devices, and increasing consumer awareness toward energy conservation in developing regions.
Which are the major opportunities in the HVAC system market?
The rapid transformation of IoT within HVAC industry and increasing penetration of VRF systems in residential and commercial applications can offer opportunity for HVAC system market globally.
To speak to our analyst for a discussion on the above findings, click Speak to Analyst
TABLE OF CONTENTS
1 INTRODUCTION (Page No. - 18)
1.1 STUDY OBJECTIVES
1.2 MARKET DEFINITION AND SCOPE
1.2.1 INCLUSIONS AND EXCLUSIONS
1.3 STUDY SCOPE
1.3.1 MARKETS COVERED
1.3.2 YEARS CONSIDERED
1.4 CURRENCY
1.5 LIMITATIONS
1.6 MARKET STAKEHOLDERS
2 RESEARCH METHODOLOGY (Page No. - 22)
2.1 INTRODUCTION
2.1.1 SECONDARY DATA
2.1.1.1 List of major secondary sources
2.1.1.2 Key data from secondary sources
2.1.2 PRIMARY DATA
2.1.2.1 Key data from primary sources
2.1.2.2 Breakdown of primaries
2.1.3 SECONDARY AND PRIMARY RESEARCH
2.1.3.1 Key industry insights
2.2 MARKET SIZE ESTIMATION
2.2.1 BOTTOM-UP APPROACH
2.2.1.1 Approach for arriving at market size using bottom-up analysis
2.2.2 TOP-DOWN APPROACH
2.2.2.1 Approach for arriving at market size using top-down analysis
2.3 MARKET BREAKDOWN AND DATA TRIANGULATION
2.4 RESEARCH ASSUMPTIONS
3 EXECUTIVE SUMMARY (Page No. - 31)
4 PREMIUM INSIGHTS (Page No. - 34)
4.1 HVAC SYSTEM MARKET, 20202025 (USD BILLION)
4.2 HVAC SYSTEM MARKET, BY EQUIPMENT TYPE
4.3 HVAC SYSTEM MARKET, BY APPLICATION
4.4 HVAC SYSTEM MARKET, BY IMPLEMENTATION TYPE AND REGION
4.5 HVAC SYSTEM MARKET, BY GEOGRAPHY
5 MARKET OVERVIEW (Page No. a- 37)
5.1 INTRODUCTION
5.2 MARKET DYNAMICS
5.2.1 DRIVERS
5.2.1.1 Growing demand for energy-efficient solutions
5.2.1.2 Rising government incentives through tax credit programs
5.2.1.3 Increasing government regulations and policies for saving energy
5.2.1.4 Growing trend of smart homes
5.2.1.5 Rising demand for HVAC systems due to need for upgrade or refurbishment
5.2.2 RESTRAINTS
5.2.2.1 Higher installation cost of energy-efficient HVAC systems
5.2.2.2 Shortage of skilled labor
5.2.3 OPPORTUNITIES
5.2.3.1 Rapid transformation of IoT within HVAC industry
5.2.3.2 Increasing penetration of VRF systems in residential and commercial applications
5.2.3.3 Constant efforts to develop next-generation low global warming potential refrigerants for HVAC systems
5.2.4 CHALLENGES
5.2.4.1 Lack of awareness about benefits of HVAC systems in developing countries
5.3 VALUE CHAIN ANALYSIS
5.4 SOFTWARE & SERVICES
5.5 SOFTWARE
5.6 SERVICES
6 HVAC SYSTEM MARKET, BY HEATING EQUIPMENT (Page No. - 48)
6.1 INTRODUCTION
6.2 HEAT PUMPS
6.2.1 GOVERNMENT SUPPORT TO BOOST MARKET FOR HEAT PUMPS
6.2.1.1 Air-to-air heat pumps
6.2.1.2 Air-to-water heat pumps
6.2.1.3 Water-to-water heat pumps
6.3 FURNACES
6.3.1 EUROPE TO HOLD LARGEST SHARE OF FURNACES DURING FORECAST PERIOD
6.3.1.1 Oil furnaces
6.3.1.2 Gas furnaces
6.3.1.3 Electric furnaces
6.4 UNITARY HEATERS
6.4.1 HIGH EFFICIENCY OF UNITARY HEATERS TO BOOST MARKET
6.4.1.1 Gas unit heaters
6.4.1.2 Oil-fired unit heaters
6.4.1.3 Electric unit heaters
6.5 BOILERS
6.5.1 RESIDENTIAL SEGMENT TO HOLD LARGEST SIZE OF BOILERS FROM 2020 TO 2025
6.5.1.1 Steam boilers
6.5.1.2 Hot water boilers
7 HVAC SYSTEM MARKET, BY VENTILATION EQUIPMENT (Page No. - 57)
7.1 INTRODUCTION
7.2 AIR-HANDLING UNITS
7.2.1 COMMERCIAL SEGMENT TO ACCOUNT FOR LARGEST SIZE OF AIR-HANDLING UNITS
7.3 AIR FILTERS
7.3.1 APAC TO HOLD LARGEST SIZE OF AIR FILTERS
7.4 DEHUMIDIFIERS
7.4.1 INDUSTRIAL SEGMENT TO ACCOUNT FOR LARGEST SIZE OF DEHUMIDIFIERS
7.4.1.1 Refrigeration dehumidifiers
7.4.1.2 Absorption dehumidifiers
7.5 VENTILATION FANS
7.5.1 APAC TO HOLD LARGEST SIZE OF VENTILATION FANS
7.5.1.1 Crossflow fans
7.5.1.2 Axial fans
7.5.1.3 Centrifugal fans
7.5.1.4 Domestic fans
7.5.1.5 Range hood fans
7.5.2 POWER ROOF FANS
7.6 HUMIDIFIERS
7.6.1 COMMERCIAL SEGMENT TO ACCOUNT FOR LARGEST SIZE OF HUMIDIFIERS
7.6.1.1 Warm-mist humidifiers
7.6.1.2 Ultrasonic humidifiers
7.6.1.3 Cool-mist humidifiers
7.7 AIR PURIFIERS
7.7.1 AIR PURIFIER MARKET IN APAC TO GROW AT HIGHEST CAGR DURING FORECAST PERIOD
7.7.1.1 HEPA air purifiers
7.7.1.2 Activated carbon air purifiers
7.7.1.3 Electrostatic air purifiers
7.7.1.4 Ionic air purifiers
8 HVAC SYSTEM MARKET, BY COOLING EQUIPMENT (Page No. - 69)
8.1 INTRODUCTION
8.2 UNITARY AIR CONDITIONERS
8.2.1 COMMERCIAL SEGMENT TO ACCOUNT FOR LARGEST SIZE OF COOLING EQUIPMENT MARKET FOR UNITARY AIR CONDITIONERS IN 2025
8.2.1.1 Split air conditioners
8.2.1.2 Packaged air conditioners
8.3 VRF SYSTEMS
8.3.1 APAC TO HOLD LARGEST SIZE OF VRF SYSTEMS
8.4 CHILLERS
8.4.1 COMMERCIAL SEGMENT TO ACCOUNT FOR LARGEST SIZE OF CHILLERS FROM IN 2025
8.4.1.1 Scroll chillers
8.4.1.2 Screw chillers
8.4.1.3 Centrifugal chillers
8.4.1.4 Reciprocating chillers
8.4.1.5 Absorption chillers
8.5 ROOM AIR CONDITIONERS
8.5.1 RESIDENTIAL SEGMENT TO HOLD LARGEST SIZE OF ROOM AIR CONDITIONERS BY 2025
8.6 COOLERS
8.6.1 RESIDENTIAL SEGMENT TO ACCOUNT FOR LARGEST SIZE OF COOLER MARKET IN 2025
8.6.1.1 Ducted coolers
8.6.1.2 Window coolers
8.7 COOLING TOWERS
8.7.1 APAC TO HOLD LARGEST SIZE OF MARKET FOR COOLING TOWERS IN 2025
8.7.1.1 Evaporative cooling towers
8.7.1.2 Dry cooling towers
8.7.1.3 Hybrid cooling towers
9 HVAC SYSTEM MARKET, BY APPLICATION (Page No. - 84)
9.1 INTRODUCTION
9.2 COMMERCIAL
9.2.1 ADOPTION OF ENERGY-EFFICIENT EQUIPMENT TO BOOST HVAC SYSTEM MARKET FOR COMMERCIAL SPACES
9.2.1.1 Office
9.2.1.2 Government
9.2.1.3 Healthcare
9.2.1.4 Education
9.2.1.5 Retail
9.2.1.6 Airport
9.3 RESIDENTIAL
9.3.1 GOVERNMENT REGULATIONS AND TAX CREDIT PROGRAMS TO PROMOTE USE OF HVAC SYSTEMS IN RESIDENTIAL APPLICATIONS
9.4 INDUSTRIAL
9.4.1 ENERGY-EFFICIENT HVAC SYSTEMS IN INDUSTRIAL SPACES TO REDUCE OPERATIONAL COST AND SAVE ENERGY
10 HVAC SYSTEM MARKET, BY IMPLEMENTATION TYPE (Page No. - 95)
10.1 INTRODUCTION
10.2 NEW CONSTRUCTIONS
10.2.1 GROWING URBANIZATION TO BOOST DEMAND FOR HVAC SYSTEMS IN NEW CONSTRUCTIONS
10.3 RETROFITS
10.3.1 GOVERNMENT REGULATIONS FOR GREEN BUILDINGS TO CHANGE HVAC INDUSTRY
11 HVAC SYSTEM MARKET, BY GEOGRAPHY (Page No. - 98)
11.1 INTRODUCTION
11.2 NORTH AMERICA
11.2.1 US
11.2.1.1 Growing construction activities to boost HVAC system market growth in US
11.2.2 CANADA
11.2.2.1 Government energy-saving initiatives to drive HVAC system market in Canada
11.2.3 MEXICO
11.2.3.1 Promotion of energy-efficient HVAC systems to help surge Mexican market growth
11.3 EUROPE
11.3.1 UK
11.3.1.1 High demand for energy-efficient devices in commercial and residential buildings to foster growth of market in UK
11.3.2 GERMANY
11.3.2.1 Introduction of engineering simulation platforms for HVAC professionals to support growth of German market
11.3.3 FRANCE
11.3.3.1 Growing focus toward reduction in energy and emissions of greenhouse gases to drive demand for HVAC systems in France
11.3.4 REST OF EUROPE
11.3.4.1 Technological developments to increase demand for HVAC systems in Rest of Europe
11.4 APAC
11.4.1 CHINA
11.4.1.1 Growing industrialization and urbanization in China to fuel growth of HVAC system market
11.4.2 INDIA
11.4.2.1 Growing awareness for energy saving to boost demand for HVAC systems in India
11.4.3 JAPAN
11.4.3.1 Strict regulations in terms of improving energy conservation to upsurge demand for HVAC systems in Japan
11.4.4 REST OF APAC
11.4.4.1 Growing trend of green buildings to increase demand for HVAC systems in Rest of APAC
11.5 ROW
11.5.1 SOUTH AMERICA
11.5.1.1 Growing infrastructure in South America to boost HVAC system market growth
11.5.2 MIDDLE EAST
11.5.2.1 Regulations regarding energy efficiency driving HVAC system market in Middle East
11.5.3 AFRICA
11.5.3.1 Increasing construction activities in Africa driving demand for HVAC systems
12 COMPETITIVE LANDSCAPE (Page No. - 117)
12.1 OVERVIEW
12.2 RANKING OF PLAYERS IN HVAC SYSTEM MARKET
12.3 MICROQUADRANTS OVERVIEW
12.3.1 VISIONARIES
12.3.2 DYNAMIC DIFFERENTIATORS
12.3.3 INNOVATORS
12.3.4 EMERGING COMPANIES
12.4 COMPETITIVE SITUATIONS & TRENDS
12.4.1 PRODUCT LAUNCHES
13 COMPANY PROFILES (Page No. - 124)
(Business Overview, Products/Solutions/Services Offered, Recent Developments, SWOT Analysis, and MnM View)*
13.1 KEY PLAYERS
13.1.1 DAIKIN
13.1.2 INGERSOLL RAND
13.1.3 JOHNSON CONTROLS
13.1.4 LG ELECTRONICS
13.1.5 UNITED TECHNOLOGIES
13.1.6 ELECTROLUX
13.1.7 EMERSON
13.1.8 HONEYWELL
13.1.9 LENNOX
13.1.10 MITSUBISHI ELECTRIC
13.1.11 NORTEK
13.1.12 SAMSUNG ELECTRONICS
13.2 RIGHT TO WIN
13.3 OTHER KEY PLAYERS
13.3.1 DANFOSS
13.3.2 FUJITSU
13.3.3 GREE
13.3.4 HITACHI
13.3.5 MIDEA
13.3.6 PANASONIC
13.3.7 QINGDAO HAIER
13.3.8 TOSHIBA
13.3.9 WHIRLPOOL
*Details on Business Overview, Products/Solutions/Services Offered, Recent Developments, SWOT Analysis, and MnM View might not be captured in case of unlisted companies.
14 APPENDIX (Page No. - 165)
14.1 INSIGHTS OF INDUSTRY EXPERTS
14.2 DISCUSSION GUIDE
14.3 KNOWLEDGE STORE: MARKETSANDMARKETS SUBSCRIPTION PORTAL
14.4 AVAILABLE CUSTOMIZATIONS
14.5 RELATED REPORTS
14.6 AUTHOR DETAILS
LIST OF TABLES (84 TABLES)
TABLE 1 DIFFERENT FUNCTIONALITIES OF HVAC SOFTWARE
TABLE 2 HVAC SYSTEM MARKET, BY HEATING EQUIPMENT, 20172025 (USD BILLION)
TABLE 3 HVAC SYSTEM MARKET FOR HEATING EQUIPMENT, BY APPLICATION, 20172025 (USD BILLION)
TABLE 4 HVAC SYSTEM MARKET FOR HEATING EQUIPMENT, BY REGION, 20172025 (USD BILLION)
TABLE 5 HEATING EQUIPMENT MARKET FOR HEAT PUMPS, BY APPLICATION, 20172025 (USD BILLION)
TABLE 6 HEATING EQUIPMENT MARKET FOR HEAT PUMPS, BY REGION, 20172025 (USD BILLION)
TABLE 7 HEATING EQUIPMENT MARKET FOR FURNACES, BY APPLICATION, 20172025 (USD BILLION)
TABLE 8 HEATING EQUIPMENT MARKET FOR FURNACES, BY REGION, 20172025 (USD BILLION)
TABLE 9 HEATING EQUIPMENT MARKET FOR UNITARY HEATERS, BY APPLICATION, 20172025 (USD BILLION)
TABLE 10 HEATING EQUIPMENT MARKET FOR UNITARY HEATERS, BY REGION, 20172025 (USD BILLION)
TABLE 11 HEATING EQUIPMENT MARKET FOR BOILERS, BY APPLICATION, 20172025 (USD BILLION)
TABLE 12 HEATING EQUIPMENT MARKET FOR BOILERS, BY REGION, 20172025 (USD MILLION)
TABLE 13 HVAC SYSTEM MARKET, BY VENTILATION EQUIPMENT, 20172025 (USD BILLION)
TABLE 14 HVAC SYSTEM MARKET FOR VENTILATION EQUIPMENT, BY APPLICATION, 20172025 (USD BILLION)
TABLE 15 HVAC SYSTEM MARKET FOR VENTILATION EQUIPMENT, BY REGION, 20172025 (USD BILLION)
TABLE 16 VENTILATION EQUIPMENT MARKET FOR AIR-HANDLING UNITS, BY APPLICATION, 20172025 (USD BILLION)
TABLE 17 VENTILATION EQUIPMENT MARKET FOR AIR-HANDLING UNITS, BY REGION, 20172025 (USD BILLION)
TABLE 18 VENTILATION EQUIPMENT MARKET FOR AIR FILTERS, BY APPLICATION, 20172025 (USD BILLION)
TABLE 19 VENTILATION EQUIPMENT MARKET FOR AIR FILTERS, BY REGION, 20172025 (USD MILLION)
TABLE 20 VENTILATION EQUIPMENT MARKET FOR DEHUMIDIFIERS, BY APPLICATION, 20172025 (USD BILLION)
TABLE 21 VENTILATION EQUIPMENT MARKET FOR DEHUMIDIFIERS, BY REGION, 20172025 (USD MILLION)
TABLE 22 VENTILATION EQUIPMENT MARKET FOR VENTILATION FANS, BY APPLICATION, 20172025 (USD BILLION)
TABLE 23 VENTILATION EQUIPMENT MARKET FOR VENTILATION FANS, BY REGION, 20172025 (USD MILLION)
TABLE 24 VENTILATION EQUIPMENT MARKET FOR HUMIDIFIERS, BY APPLICATION, 20172025 (USD MILLION)
TABLE 25 VENTILATION EQUIPMENT MARKET FOR HUMIDIFIERS, BY REGION, 20172025 (USD MILLION)
TABLE 26 VENTILATION EQUIPMENT MARKET FOR AIR PURIFIERS, BY APPLICATION, 20172025 (USD MILLION)
TABLE 27 VENTILATION EQUIPMENT MARKET FOR AIR PURIFIERS, BY REGION, 20172025 (USD MILLION)
TABLE 28 HVAC SYSTEM MARKET, BY COOLING EQUIPMENT, 20172025 (USD BILLION)
TABLE 29 HVAC SYSTEM MARKET, BY COOLING EQUIPMENT, 20172025 (THOUSAND UNITS)
TABLE 30 HVAC SYSTEM MARKET FOR COOLING EQUIPMENT, BY APPLICATION, 20172025 (USD BILLION)
TABLE 31 HVAC SYSTEM MARKET FOR COOLING EQUIPMENT, BY REGION, 20172025 (USD BILLION)
TABLE 32 AHRI STANDARDS RELATED TO UNITARY AIR CONDITIONERS
TABLE 33 COOLING EQUIPMENT MARKET FOR UNITARY AIR CONDITIONERS, BY APPLICATION, 20172025 (USD BILLION)
TABLE 34 COOLING EQUIPMENT MARKET FOR UNITARY AIR CONDITIONERS, BY REGION, 20172025 (USD BILLION)
TABLE 35 COOLING EQUIPMENT MARKET FOR VRF SYSTEMS, BY APPLICATION, 20172025 (USD BILLION)
TABLE 36 COOLING EQUIPMENT MARKET FOR VRF SYSTEMS, BY REGION, 20172025 (USD BILLION)
TABLE 37 COOLING EQUIPMENT MARKET FOR CHILLERS, BY APPLICATION, 20172025 (USD BILLION)
TABLE 38 COOLING EQUIPMENT MARKET FOR CHILLERS, BY REGION, 20172025 (USD BILLION)
TABLE 39 COOLING EQUIPMENT MARKET FOR ROOM AIR CONDITIONERS, BY APPLICATION, 20172025 (USD BILLION)
TABLE 40 COOLING EQUIPMENT MARKET FOR ROOM AIR CONDITIONERS, BY REGION, 20172025 (USD MILLION)
TABLE 41 COOLING EQUIPMENT MARKET FOR COOLERS, BY APPLICATION, 20172025 (USD MILLION)
TABLE 42 COOLING EQUIPMENT MARKET FOR COOLERS, BY REGION, 20172025 (USD MILLION)
TABLE 43 COOLING EQUIPMENT MARKET FOR COOLING TOWERS, BY APPLICATION, 20172025 (USD MILLION)
TABLE 44 COOLING EQUIPMENT MARKET FOR COOLING TOWERS, BY REGION, 20172025 (USD MILLION)
TABLE 45 INDUSTRY-STANDARD RATING PARAMETERS RELATED TO HVAC SYSTEMS
TABLE 46 HVAC SYSTEM MARKET, BY APPLICATION, 20172025 (USD BILLION)
TABLE 47 HVAC SYSTEM MARKET FOR COMMERCIAL APPLICATION, BY APPLICATION TYPE, 20172025 (USD BILLION)
TABLE 48 HVAC SYSTEM MARKET FOR COMMERCIAL APPLICATION, BY EQUIPMENT TYPE, 20172025 (USD BILLION)
TABLE 49 HVAC SYSTEM MARKET FOR COMMERCIAL APPLICATION, BY HEATING EQUIPMENT, 20172025 (USD BILLION)
TABLE 50 HVAC SYSTEM MARKET FOR COMMERCIAL APPLICATION, BY VENTILATION EQUIPMENT, 20172025 (USD BILLION)
TABLE 51 HVAC SYSTEM MARKET FOR COMMERCIAL APPLICATION, BY COOLING EQUIPMENT 20172025 (USD BILLION)
TABLE 52 HVAC SYSTEM MARKET FOR RESIDENTIAL APPLICATION, BY EQUIPMENT TYPE, 20172025 (USD BILLION)
TABLE 53 HVAC SYSTEM MARKET FOR RESIDENTIAL APPLICATION, BY HEATING EQUIPMENT, 20172025 (USD BILLION)
TABLE 54 HVAC SYSTEM MARKET FOR RESIDENTIAL APPLICATION, BY VENTILATION EQUIPMENT, 20172025 (USD MILLION)
TABLE 55 HVAC SYSTEM MARKET FOR RESIDENTIAL APPLICATION, BY COOLING EQUIPMENT, 20172025 (USD MILLION)
TABLE 56 HVAC SYSTEM MARKET FOR INDUSTRIAL APPLICATION, BY EQUIPMENT TYPE, 20172025 (USD BILLION)
TABLE 57 HVAC SYSTEM MARKET FOR INDUSTRIAL APPLICATION, BY HEATING EQUIPMENT, 20172025 (USD BILLION)
TABLE 58 HVAC SYSTEM MARKET FOR INDUSTRIAL APPLICATION, BY VENTILATION EQUIPMENT, 20172025 (USD BILLION)
TABLE 59 HVAC SYSTEM MARKET FOR INDUSTRIAL APPLICATION, BY COOLING EQUIPMENT, 20172025 (USD MILLION)
TABLE 60 HVAC SYSTEM MARKET, BY IMPLEMENTATION TYPE, 20172025 (USD BILLION)
TABLE 61 HVAC SYSTEM MARKET, BY REGION, 20172025 (USD BILLION)
TABLE 62 HVAC SYSTEM MARKET IN NORTH AMERICA, BY COUNTRY, 20172025 (USD BILLION)
TABLE 63 HVAC SYSTEM MARKET IN NORTH AMERICA, BY EQUIPMENT TYPE, 20172025 (USD BILLION)
TABLE 64 HVAC SYSTEM MARKET IN NORTH AMERICA, BY HEATING EQUIPMENT, 20172025 (USD BILLION)
TABLE 65 HVAC SYSTEM MARKET IN NORTH AMERICA, BY VENTILATION EQUIPMENT, 20172025 (USD BILLION)
TABLE 66 HVAC SYSTEM MARKET IN NORTH AMERICA, BY COOLING EQUIPMENT, 20172025 (USD MILLION)
TABLE 67 HVAC SYSTEM MARKET IN EUROPE, BY COUNTRY, 20172025 (USD BILLION)
TABLE 68 HVAC SYSTEM MARKET IN EUROPE, BY EQUIPMENT TYPE, 20172025 (USD BILLION)
TABLE 69 HVAC SYSTEM MARKET IN EUROPE, BY HEATING EQUIPMENT, 20172025 (USD BILLION)
TABLE 70 HVAC SYSTEM MARKET IN EUROPE, BY VENTILATION EQUIPMENT, 20172025 (USD BILLION)
TABLE 71 HVAC SYSTEM MARKET IN EUROPE, BY COOLING EQUIPMENT, 20172025 (USD MILLION)
TABLE 72 HVAC SYSTEM MARKET IN APAC, BY COUNTRY, 20172025 (USD BILLION)
TABLE 73 HVAC SYSTEM MARKET IN APAC, BY EQUIPMENT TYPE, 20172025 (USD BILLION)
TABLE 74 HVAC SYSTEM MARKET IN APAC, BY HEATING EQUIPMENT, 20172025 (USD BILLION)
TABLE 75 HVAC SYSTEM MARKET IN APAC, BY VENTILATION EQUIPMENT, 20172025 (USD BILLION)
TABLE 76 HVAC SYSTEM MARKET IN APAC, BY COOLING EQUIPMENT, 20172025 (USD BILLION)
TABLE 77 HVAC SYSTEM MARKET IN ROW, BY REGION, 20172025 (USD BILLION)
TABLE 78 HVAC SYSTEM MARKET IN ROW, BY EQUIPMENT TYPE, 20172025 (USD BILLION)
TABLE 79 HVAC SYSTEM MARKET IN ROW, BY HEATING EQUIPMENT, 20172025 (USD MILLION)
TABLE 80 HVAC SYSTEM MARKET IN ROW, BY VENTILATION EQUIPMENT, 20172025 (USD MILLION)
TABLE 81 HVAC SYSTEM MARKET IN ROW, BY COOLING EQUIPMENT, 20172025 (USD MILLION)
TABLE 82 PRODUCT LAUNCHES, 20182019
TABLE 83 ACQUISITIONS AND EXPANSIONS, 20172020
TABLE 84 PARTNERSHIPS, JVS, AND AGREEMENTS, 20172020
LIST OF FIGURES (52 FIGURES)
FIGURE 1 HVAC SYSTEM MARKET: RESEARCH DESIGN
FIGURE 2 MARKET SIZE ESTIMATION METHODOLOGY: BOTTOM-UP APPROACH
FIGURE 3 MARKET SIZE ESTIMATION METHODOLOGY: TOP-DOWN APPROACH
FIGURE 4 MARKET BREAKDOWN AND DATA TRIANGULATION
FIGURE 5 ASSUMPTION FOR RESEARCH STUDY
FIGURE 6 COOLING EQUIPMENT ACCOUNTED FOR LARGEST SHARE OF HVAC SYSTEM MARKET IN 2019
FIGURE 7 COMMERCIAL APPLICATION ACCOUNTED FOR LARGEST SHARE OF HVAC SYSTEM MARKET IN 2019
FIGURE 8 NEW CONSTRUCTIONS ACCOUNTED FOR LARGER SHARE OF HVAC SYSTEM MARKET THAN RETROFITS IN 2019
FIGURE 9 HVAC SYSTEM MARKET IN APAC TO GROW AT HIGHEST CAGR FROM 2020 TO 2025
FIGURE 10 GROWING DEMAND FOR ENERGY-EFFICIENT SOLUTIONS TO FUEL GROWTH OF HVAC SYSTEM MARKET FROM 2020 TO 2025
FIGURE 11 COOLING EQUIPMENT TO ACCOUNT FOR LARGEST SIZE OF HVAC SYSTEM MARKET IN 2025
FIGURE 12 COMMERCIAL SEGMENT TO HOLD LARGEST SIZE OF HVAC SYSTEM MARKET FROM IN 2025
FIGURE 13 NEW CONSTRUCTIONS AND APAC TO BE LARGEST SHAREHOLDERS IN HVAC SYSTEM MARKET IN 2020
FIGURE 14 CHINA TO HOLD LARGEST SHARE OF HVAC SYSTEM MARKET IN 2020
FIGURE 15 HVAC SYSTEM MARKET DYNAMICS
FIGURE 16 DRIVERS FOR HVAC SYSTEM MARKET AND THEIR IMPACT
FIGURE 17 RESTRAINTS FOR HVAC SYSTEM MARKET AND THEIR IMPACT
FIGURE 18 OPPORTUNITIES FOR HVAC SYSTEM MARKET AND THEIR IMPACT
FIGURE 19 CHALLENGES FOR HVAC SYSTEM MARKET AND THEIR IMPACT
FIGURE 20 VALUE CHAIN ANALYSIS: HVAC SYSTEM MARKET
FIGURE 21 SOFTWARE & SERVICES USED IN HVAC SYSTEMS
FIGURE 22 HVAC SYSTEM MARKET, BY HEATING EQUIPMENT
FIGURE 23 HEAT PUMPS TO HOLD LARGEST SIZE OF HVAC SYSTEM MARKET IN 2025
FIGURE 24 HVAC SYSTEM MARKET, BY VENTILATION EQUIPMENT
FIGURE 25 AIR-HANDLING UNITS TO HOLD LARGEST SIZE OF HVAC SYSTEM MARKET IN 2025
FIGURE 26 HVAC SYSTEM MARKET, BY COOLING EQUIPMENT
FIGURE 27 UNITARY AIR CONDITIONERS TO HOLD LARGEST SIZE OF HVAC SYSTEM MARKET IN 2025
FIGURE 28 HVAC SYSTEM MARKET, BY APPLICATION
FIGURE 29 COMMERCIAL APPLICATION TO HOLD LARGEST SIZE OF HVAC SYSTEM MARKET IN 2025
FIGURE 30 HVAC SYSTEM MARKET, BY IMPLEMENTATION TYPE
FIGURE 31 NEW CONSTRUCTIONS TO HOLD LARGER SIZE OF HVAC SYSTEM MARKET IN 2025
FIGURE 32 HVAC SYSTEM MARKET IN INDIA TO GROW AT HIGHEST CAGR FROM 2020 TO 2025
FIGURE 33 NORTH AMERICA: HVAC SYSTEM MARKET SNAPSHOT
FIGURE 34 EUROPE: HVAC SYSTEM MARKET SNAPSHOT
FIGURE 35 APAC: HVAC SYSTEM MARKET SNAPSHOT
FIGURE 36 ROW: HVAC SYSTEM MARKET SNAPSHOT
FIGURE 37 PRODUCT LAUNCHES EMERGED AS KEY GROWTH STRATEGY ADOPTED BY PLAYERS IN HVAC SYSTEM MARKET FROM 2017 TO 2020
FIGURE 38 RANKING OF TOP 5 PLAYERS IN HVAC SYSTEM MARKET, 2019
FIGURE 39 HVAC SYSTEM MARKET (GLOBAL) COMPETITIVE LEADERSHIP MAPPING, 2018
FIGURE 40 PRODUCT LAUNCHES WAS KEY STRATEGY ADOPTED BY LEADING MARKET PLAYERS FROM 2017 TO 2020
FIGURE 41 DAIKIN: COMPANY SNAPSHOT
FIGURE 42 INGERSOLL RAND: COMPANY SNAPSHOT
FIGURE 43 JOHNSON CONTROLS: COMPANY SNAPSHOT
FIGURE 44 LG ELECTRONICS: COMPANY SNAPSHOT
FIGURE 45 UNITED TECHNOLOGIES: COMPANY SNAPSHOT
FIGURE 46 ELECTROLUX: COMPANY SNAPSHOT
FIGURE 47 EMERSON: COMPANY SNAPSHOT
FIGURE 48 HONEYWELL: COMPANY SNAPSHOT
FIGURE 49 LENNOX: COMPANY SNAPSHOT
FIGURE 50 MITSUBISHI ELECTRIC: COMPANY SNAPSHOT
FIGURE 51 NORTEK: COMPANY SNAPSHOT
FIGURE 52 SAMSUNG ELECTRONICS: COMPANY SNAPSHOT
The study involves major activities for estimating the current size of the global HVAC system market. Exhaustive secondary research was carried out to collect information on the market. The next step involved the validation of these findings, assumptions, and sizing with industry experts, identified in the value chain, through primary research. Both top-down and bottom-up approaches were employed to estimate the overall market size. After that, market breakdown and data triangulation were used to estimate the market size of segments and subsegments.
Secondary Research
In the secondary research process, various secondary sources have been referred for identifying and collecting information important for this study. Secondary sources such as encyclopedias, directories, and databases [International Energy Agency (IEA), The Japan Refrigeration and Air-conditioning Industry Association (JRAIA), Air Conditioning, Heating, and Refrigeration Institute (AHRI), American Society of Heating, Refrigerating and Air Conditioning Engineers (ASHRAE), Investor Presentations, OneSource, and Factiva] have been used to identify and collect information for an extensive technical and commercial study of the HVAC system market.
Primary Research
In the primary research process, various primary sources from both supply and demand sides have been interviewed to obtain qualitative and quantitative information important for this report. Primary sources, such as experts from related industries and suppliers, have been interviewed to obtain and verify critical information as well as to assess prospects. Key players in the HVAC system market have been identified through secondary research, and their respective market rankings have been determined through primary and secondary research. This research includes the study of annual reports of the top market players and interviews with key opinion leaders, such as CEOs, directors, and marketing personnel.
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Market Size Estimation
In the complete market engineering process, both top-down and bottom-up approaches have been implemented, along with several data triangulation methods, to estimate and validate the size of the HVAC system market and other dependent submarkets listed in this report.
- The key players in the industry and markets have been identified through extensive secondary research.
- The industrys supply chain and market size, in terms of value, have been determined through primary and secondary research processes.
All percentage shares, splits, and breakdowns have been determined using secondary sources and verified through primary sources.
Data Triangulation
After arriving at the overall market size through the estimation process, the total HVAC system market has been split into several segments. To complete the overall market engineering process and arrive at the exact statistics for all segments, the market breakdown and data triangulation procedures have been employed, wherever applicable. The data has been triangulated by studying various factors and trends from both the demand and supply sides. The market has also been validated using both top-down and bottom-up approaches.
The objectives of the study are as follows:
- To estimate and forecast the size of the HVAC system market, in terms of value, based on equipment type (heating equipment, ventilation equipment, cooling equipment), implementation type, application, and geography
- To describe and forecast the market size, in terms of volume, based on cooling equipment
- To describe and forecast the HVAC system market size, in terms of value, for four major regionsNorth America, Europe, APAC, and RoW
- To provide detailed information regarding major factors such as drivers, restraints, opportunities, and challenges influencing the growth of the market
- To provide a comprehensive overview of the value chain of the HVAC system ecosystem
- To strategically analyze micromarkets1 with regard to individual market trends, growth prospects, and contributions to the total HVAC system market
- To strategically profile key players and comprehensively analyze their market position in terms of ranking and core competencies2, along with detailed competitive landscape for the market leaders
- To analyze major growth strategies such as product launches, expansions, joint ventures, agreements, and acquisitions adopted by the key market players to enhance their position in the HVAC system market
Available Customizations:
With the given market data, MarketsandMarkets offers customizations according to the companys specific needs. The following customization options are available for the HVAC system market report.
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Benchmarking the rapid strategy shifts of the Top 100 companies in the HVAC System Market
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Growth opportunities and latent adjacency in HVAC System Market
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