HVAC System Market by Cooling Equipment, Heating Equipment, Ventilation Equipment, Implementation Type, Application (Residential, Commercial, Industrial) and Region (North America, Europe, APAC, RoW) (2021-2026)
[235 Pages Report] The HVAC system market size is estimated to be USD 197.0 billion in 2021 and is projected to reach USD 271.5 billion by 2026; it is expected to grow at a CAGR of 6.6% from 2021 to 2026.
The implementation of IoT with HVAC systems has fueled their demand in commercial and residential applications. HVAC systems are of different equipment types, based on different technologies, and their functions are application-specific.
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Impact of Covid-19 on HVAC system Market
The pandemic was disruptive for every industry, and the HVAC industry was no exception. The beginning of the year 2020 saw the greatest hardships for nonresidential construction, according to data from Associated Builders and Contractors (ABC). In the first quarter of 2020, the US economy dipped by 4.8% due to the pandemic. In March 2020, the Air Conditioning Contractors of America (ACCA) conducted a survey to gain insights into how HVAC professionals felt about the market’s future amid the outbreak. A majority of those surveyed (70%) believed that the medical implications of the pandemic would last for a mere 3 months, while 65% anticipated a long-term impact on business viability, and 9% were worried that their businesses might not survive. In the process, it was expected that construction activities pertaining to hotels declined by more than 20%, while there would be a decline of 13% in recreational and amusement establishments, 11% in offices, 8% in retail, and 7% in education.
On the other hand, the categorization of HVAC as an essential business has created some opportunities for the market. Some contractors offered video consultation, a practice that certain businesses had already implemented in the pre-pandemic period but was now a necessity. The contractors relied on cloud-based technologies for their team to access everything while working from home. For instance, companies such as N.E.T.R. Inc and Heating and Air are offering free virtual maintenance calls. The homeowners and landlords can use Skype or FaceTime to discuss their problems face-to-face with trained technicians who may be able to guide customers through small repairs. The development of vaccines and less uncertainty around HVAC projects will help businesses succeed following a challenging year.
HVAC System Market dynamics
Driver: Increasing government regulatory policies and incentives to ensure energy saving and conservation of natural resources
Governments of various countries are introducing stringent regulatory policies for the vendors while installing and retrofitting energy-prompt HVAC systems. For instance, the Ozone Depleting Substances (ODS) regulation banned the R-22 refrigerant in all states of the European Union from January 2015. Currently, the installed base of a large number of HVAC systems relies on R-22; however, over time, R-22 will become more expensive, and there will be scarcity. As a result, consumers would need to replace their existing HVAC systems, which is expected to drive the demand for modern, energy-efficient HVAC systems comprising programmable thermostats to help control temperatures throughout the day.
Restraint: Shortage of skilled labor
The HVAC industry is poised to experience exponential growth. HVAC systems require fine-tuning and the custom fabrication of parts during installation for their efficient working and avoiding failure. Thus, professionals are needed for the proper installation of HVAC systems. If the installation is not done by professionals, the end user may need to pay more in the long run for repairs, or the HVAC systems may not work efficiently. The requirement for skilled labor is expected to incur additional costs to the user. Thus, it may hinder the implementation of the HVAC system market.
Opportunity: Rapid transformation of IoT within HVAC industry
The Internet of Things (IoT) represents a scenario where HVAC systems can be connected to the internet to allow data sharing. It manages HVAC systems, collects data, stores it in the cloud; improves HVAC operations for better efficiency; and runs a predictive maintenance schedule. It also monitors, controls, and diagnoses units over the internet in a cost-effective way. In addition, IoT enables low ongoing maintenance and repair costs of the HVAC system. IoT allows access to real-time performance data of HVAC systems and interprets it correctly. For instance, IoT-enabled buildings can alert facility managers with early warnings of any operational abnormalities and allow for the remote diagnosis and adjustment of units, which, in turn, could save costs by minimizing system failures.
Challenge: Lack of awareness about benefits of HVAC systems in developing countries
With continuous technological developments, it is very important to make end users aware of the benefits of new products. In the case of HVAC systems, the awareness regarding cost- and environment-related benefits of HVAC systems is low; they are normally perceived to be expensive, which acts as a challenge for market penetration in developing economies. There also exists a lack of awareness regarding energy-efficient HVAC systems.
Despite various innovations, such as the development of low GWP refrigerants for HVAC, the adoption rate of HVAC systems is not at par with the benefits they provide. Additionally, with respect to contractors of HVAC systems, there is a lack of awareness regarding the standards for HVAC systems. Recently, higher SEER standards such as 21 SEER units have been launched, about which residential HVAC construction firms are unaware, which ultimately hampers their business.
Market for unitary air conditioners to hold the highest market share during the forecast period
Unitary systems are used in buildings, schools, offices, and retail stores, particularly where low initial costs and simplified installations are important. A unitary air conditioner is a small self-contained electrical unit enclosing a motor-driven refrigeration compressor, evaporative cooling coil, and air-cooled condenser along with filters, fans, and controls. Unitary air conditioners are placed on the roof or outside the buildings. They provide high performance and are energy efficient. Split air conditioners and packaged air conditioners are a few types of unitary air conditioners. The key manufacturers of unitary air conditioners are Daikin, Ingersoll Rand, Johnson Controls, Nortek, and Lennox.
HVAC system market for furnaces to hold the highest CAGR from 2021 to 2026
The market for furnaces is expected to grow at the highest CAGR during the forecast period. The growth of the furnaces segment is mainly driven by their low initial cost, higher lifespan, and increasing demand in residential applications. The residential segment dominated the HVAC system market for furnaces. Government grants and rebates for homeowners on replacing old heating equipment with new furnaces are expected to increase the demand for furnaces in residential application. For instance, the British Columbia (BC) government offers rebates of up to USD 700 to homeowners for a new gas furnace.
HVAC system market for air handling units to hold the highest market share from 2021 to 2026
Air-handling units held the largest size of the HVAC system market for ventilation equipment in 2020. The AHU reconditions and circulates the air as a part of a heating, ventilating, and air conditioning system. It is a portable and simple system and requires minimum space for regulating the air. The rising use of air-handling units in commercial buildings, hospitals, and universities is expected to fuel the growth of the market. Ventilation equipment are high in demand in healthcare, educational, and other commercial buildings to remove or dilute pollutants and control the thermal environment and humidity in buildings. The APAC region is expected to lead the HVAC system market for ventilation equipment during the forecast period. Growing industrialization, urbanization, and increasing construction activities are leading to degradation in air quality.
HVAC system market for new construction to hold the highest CAGR from 2021 to 2026
The new construction segment is expected to lead the global HVAC system market during the forecast period. The governments of various countries are making high investments in infrastructure development, such as expansion projects of hotels, retail stores, airports, and educational buildings. Increasing construction activities is driving the demand for HVAC systems to remove pollutants, maintain air quality, and control the temperature and humidity in buildings. Moreover, government regulations for smart homes and incentives for installing energy-efficient HVAC systems in new construction projects are expected to propel market growth.
HVAC system market across commercial application to hold the highest market share from 2021 to 2026
The commercial application segment is expected to hold the largest market share during the forecast period. The growth is attributed to the increasing adoption of HVAC systems in commercial buildings, growing demand for energy-efficient devices, and rising awareness regarding energy conservation in developing regions such as APAC and RoW. 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 face 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.
HVAC system market in APAC to hold the highest market share from 2021 to 2026
The HVAC systems market in APAC is expected to hold the highest market share during the forecast period. China, Japan, and India are among a few major contributors to the HVAC system market in APAC. Growing construction activities and rising population are a few key factors boosting the growth of the HVAC system market in the region. There is a considerable demand for smart homes in countries such as Japan, South Korea, and China. Rapid urbanization and industrialization are also increasing the demand for HVAC systems in the region. Moreover, the enforcement of regulatory programs such as the Commercial Building Disclosure (CBD) Program (Australia), the launch of Energy Conservation Building Codes (India), the introduction of the LEED-India project, and the formation of the Indian Society of Heating, Refrigerating, and Air-Conditioning Engineers (ISHRAE) support the adoption of HVAC systems in the region.
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Key Market Players
The HVAC system market is dominated by players such as DAIKIN INDUSTRIES (Japan), Johnson Controls (US), Carrier (US), Trane Technologies plc, (US), and LG Electronics (South Korea).
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Report Metric |
Details |
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Market size available for years |
2017-2026 |
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Base year considered |
2017 |
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Forecast period |
2021-2026 |
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Forecast units |
Value (USD Million/Billion) |
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Segments covered |
By Cooling Equipment, Heating Equipment, Ventilation Equipment, Implementation Type, Application |
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Geographies covered |
North America, Europe, APAC, and RoW |
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Companies covered |
The major market players DAIKIN INDUSTRIES (Japan), Johnson Controls (US), Carrier (US), Trane Technologies plc, (US), LG Electronics (South Korea), Emerson Electric Co. (US), Honeywell International Inc. (US), Mitsubishi Electric Corporation (Japan), Nortek Air Management (US), and Samsung Electronics (South Korea. (US)(Total 25 players are profiled) |
The study categorizes the HVAC system market based on cooling equipment, heating equipment, ventilation equipment, implementation type, application at the regional and global levels.
HVAC system market, By Cooling Equipment
- Unitary air conditioners
- VRF systems
- Chillers
- Room air conditioners
- Coolers
- Cooling towers
HVAC system market, By Heating Equipment
- Heat pumps
- Furnaces
- Unitary heaters
- Boilers
HVAC system market, By Ventilation Equipment
- Air handling units
- Air filters
- Dehumidifiers
- Ventilation fans
- Humidifiers
- Air purifiers
HVAC system market, By Implmenetaion Type
- New Construction
- Retrofit
HVAC system market, By Application
- Residential
- Commercial
- Industrial
HVAC system market, By Region
- North America
- Europe
- APAC
- RoW
Recent Developments
- In September 2021, Cosco Shipping Lines enhanced its refrigerated cargo fleet with next-generation EverFRESH active controlled-atmosphere (CA) systems from Carrier Transicold. The high-performing systems enable perishable shipments to travel farther while retaining commodity quality. Carrier Transicold is a part of Carrier Global Corporation.
- In September 2021, Carrier Transicold launched two new products in the Citimax unit line. The new Citimax 1000 and Citimax 1100 units were developed to support heavy-duty refrigerated trucks with high-roof cabs.
- In September 2021, Johnson Controls announced it would pair its industry-leading OpenBlue Healthy Buildings portfolio with the new collaboration between UL and SafeTraces. K-12 administrators can use science-based performance data backed by groundbreaking technology to verify schools meet indoor air quality standards; mitigate infection risks; and enable a safe environment for students, teachers, and staff.
- In September 2021, Johnson Controls and Apollo Global Management, Inc.), a leading global alternative asset manager, announced a strategic partnership to offer sustainability and energy efficiency services to help their customers address decarbonization and operating cost goals for their buildings. The partnership provides a new strategic option for addressing the North American segment of the estimated USD 240 billion global markets for decarbonization retrofit and services over the next decade.
- In August 2021, Trane by Trane Technologies and Nexii Building Solutions Inc. (Nexii) collaborated to create sustainable commercial buildings with significantly reduced carbon footprints. The collaboration combines Nexii’s expertise in high-performance and efficient building construction with Trane’s digitally enabled EcoWise high-efficiency climate comfort systems to reduce energy usage and carbon emissions.
- In May 2021, Carrier announced the availability of evaporative pre-cooling technology on Carrier’s AquaForce 30XV product line. This technology harnesses the power of evaporation to lower ambient air temperatures entering Carrier’s 30XV chiller, helping to reduce chiller power consumption, increase reliability, and extend the life of the chiller.
- In April 2021, Nortek Global HVAC (NGH), a manufacturer of the industry’s leading unit heaters, redesigned its entire Reznor brand of commercial/industrial/residential gas-fired unit heaters for the North American market.
Frequently Asked Questions (FAQ):
What is the market size for the HVAC system market?
The HVAC system market size is estimated to be USD 197.0 billion in 2021 and is projected to reach USD 271.5 billion by 2026; it is expected to grow at a CAGR of 6.6% from 2021 to 2026.
What are the major driving factors and opportunities in the HVAC system market?
Some of the major driving factors for the growth of this market include the surging demand for energy-efficient solutions, rising tax credit programs and incentives by governments worldwide to install high-efficiency HVAC systems, increasing regulatory policies and incentives to ensure energy saving and conservation of natural resources, and growing trend of smart homes and need for upgrading or refurbishing commercial buildings. Rapid transformation of IoT within the HVAC industry, high penetration of VRF systems in residential and commercial applications, and constant efforts to develop next-generation refrigerants for HVAC systems are the key growth opportunities for the players operating in the market.
Who are the leading players in the global HVAC system market?
Companies such as DAIKIN INDUSTRIES (Japan), Johnson Controls (US), Carrier (US), Trane Technologies plc, (US), and LG Electronics (South Korea) are the leading players in the market. Moreover, these companies rely on strategies that include new product launches and developments, partnerships and collaborations, and acquisitions. Such advantages give these companies an edge over other companies in the market.
What is the COVID-19 impact on the HVAC system market?
According to discussions with various primary respondents, the impact of COVID-19 on the HVAC system market has been considered to be for a short-to-medium term; hence, it has been assumed that COVID-19 prevailed from the first quarter of 2020 to its fourth quarter.
What are some of the technological advancements in the market?
With smart technology, completely automated homes are also becoming a reality. Now, HVAC units can be connected with other smart appliances in the home and behave automatically based on climate conditions, occupant’s preferences, and settings. For example, when it is sunny and hot outside, the blinds may turn halfway down, the AC may turn on a cool, low fan setting to preserve energy, while the ceiling fan can turn on to circulate air at low power. Moreover, users can also give voice commands to their air-conditioning units. All appliances can be interconnected and adjusted according to each other. .
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TABLE OF CONTENTS
1 INTRODUCTION (Page No. - 28)
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 GEOGRAPHIC SCOPE
1.3.3 YEARS CONSIDERED
1.4 CURRENCY
1.5 MARKET STAKEHOLDERS
1.6 SUMMARY OF CHANGES
2 RESEARCH METHODOLOGY (Page No. - 32)
2.1 RESEARCH DATA
FIGURE 1 HVAC SYSTEM MARKET: RESEARCH DESIGN
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
FIGURE 2 MARKET SIZE ESTIMATION METHODOLOGY: SUPPLY SIDE ANALYSIS
FIGURE 3 MARKET SIZE ESTIMATION METHODOLOGY: APPROACH 2 (SUPPLY SIDE)—IDENTIFICATION OF REVENUE GENERATED BY COMPANIES FROM HVAC SYSTEM BUSINESS
2.2.1 BOTTOM-UP APPROACH
2.2.1.1 Approach for arriving at market size using bottom-up analysis
FIGURE 4 MARKET SIZE ESTIMATION METHODOLOGY: BOTTOM-UP APPROACH
FIGURE 5 MARKET SIZE ESTIMATION METHODOLOGY: BOTTOM-UP APPROACH FOR ESTIMATING SIZE OF HVAC SYSTEM MARKET
2.2.2 TOP-DOWN APPROACH
2.2.2.1 Approach for arriving at market size using top-down analysis
FIGURE 6 MARKET SIZE ESTIMATION METHODOLOGY: TOP-DOWN APPROACH
2.3 MARKET BREAKDOWN AND DATA TRIANGULATION
FIGURE 7 MARKET BREAKDOWN AND DATA TRIANGULATION
2.4 RESEARCH ASSUMPTIONS
FIGURE 8 ASSUMPTION FOR RESEARCH STUDY
2.5 LIMITATIONS
2.6 RISK ASSESSMENT
TABLE 1 LIMITATIONS AND ASSOCIATED RISKS
3 EXECUTIVE SUMMARY (Page No. - 44)
FIGURE 9 GLOBAL PROPAGATION OF COVID-19
TABLE 2 RECOVERY SCENARIOS FOR GLOBAL ECONOMY
3.1 REALISTIC SCENARIO
3.2 OPTIMISTIC SCENARIO
3.3 PESSIMISTIC SCENARIO
FIGURE 10 GROWTH PROJECTIONS OF HVAC SYSTEM MARKET IN REALISTIC, OPTIMISTIC, AND PESSIMISTIC SCENARIOS
FIGURE 11 UNITARY AIR CONDITIONERS SEGMENT TO HOLD LARGEST SHARE OF HVAC SYSTEM MARKET DURING FORECAST PERIOD
FIGURE 12 HVAC SYSTEM MARKET FOR FURNACES TO REGISTER HIGHEST CAGR DURING FORECAST PERIOD
FIGURE 13 HVAC SYSTEM MARKET FOR AIR PURIFIERS TO EXHIBIT HIGHEST CAGR DURING FORECAST PERIOD
FIGURE 14 HVAC SYSTEM MARKET FOR NEW CONSTRUCTION TO HOLD HIGHER MARKET SHARE DURING FORECAST PERIOD
FIGURE 15 HVAC SYSTEM MARKET FOR COMMERCIAL APPLICATION TO REGISTER HIGHEST CAGR DURING FORECAST PERIOD
FIGURE 16 APAC HVAC SYSTEM MARKET TO EXHIBIT HIGHEST SHARE FROM 2021 TO 2026
4 PREMIUM INSIGHTS (Page No. - 52)
4.1 ATTRACTIVE OPPORTUNITIES IN HVAC SYSTEM MARKET
FIGURE 17 IMPLEMENTATION OF IOT WITH HVAC SYSTEMS HAS FUEL THEIR DEMAND IN COMMERCIAL AND RESIDENTIAL APPLICATIONS
4.2 HVAC SYSTEM MARKET IN NORTH AMERICA, BY COUNTRY AND EQUIPMENT TYPE
FIGURE 18 US AND HEATING EQUIPMENT SEGMENT ARE EXPECTED TO HOLD LARGEST SHARES OF NORTH AMERICAN HVAC SYSTEM MARKET IN 2021
4.3 HVAC SYSTEM MARKET, BY APPLICATION
FIGURE 19 OFFICE SUB-SEGMENT TO HOLD LARGEST SHARE OF HVAC SYSTEM MARKET FOR COMMERCIAL APPLICATION DURING FORECAST PERIOD
4.4 HVAC SYSTEM MARKET, BY COUNTRY
FIGURE 20 HVAC SYSTEM MARKET IN INDIA TO REGISTER HIGHEST CAGR FROM 2021 TO 2026
5 MARKET OVERVIEW (Page No. - 54)
5.1 INTRODUCTION
5.2 MARKET DYNAMICS
FIGURE 21 HVAC SYSTEM MARKET DYNAMICS
FIGURE 22 DRIVERS AND THEIR IMPACT ON HVAC SYSTEM MARKET
FIGURE 23 OPPORTUNITIES AND THEIR IMPACT ON HVAC SYSTEM MARKET
FIGURE 24 RESTRAINTS & CHALLENGES AND THEIR IMPACT ON HVAC SYSTEM MARKET
5.2.1 DRIVERS
5.2.1.1 Surging demand for energy-efficient solutions
5.2.1.2 Rising tax credit programs and incentives by governments worldwide to install high-efficiency HVAC systems
5.2.1.3 Increasing government regulatory policies and incentives to ensure energy saving and conservation of natural resources
5.2.1.4 Growing trend of smart homes
5.2.1.5 Elevating need to upgrade or refurbish commercial buildings
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 High 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
FIGURE 25 VALUE CHAIN ANALYSIS: HVAC SYSTEM MARKET
5.4 SOFTWARE AND SERVICES
FIGURE 26 SOFTWARE AND SERVICES USED IN HVAC SYSTEMS
5.4.1 SOFTWARE
TABLE 3 DIFFERENT FUNCTIONALITIES OF HVAC SOFTWARE
5.4.2 SERVICES
5.5 HVAC INDUSTRY ECOSYSTEM
FIGURE 27 ECOSYSTEM OF HVAC INDUSTRY
TABLE 4 SUPPLY CHAIN
5.6 PORTER’S FIVE FORCES ANALYSIS
TABLE 5 HVAC SYSTEM MARKET: PORTER’S FIVE FORCES ANALYSIS
5.6.1 DEGREE OF COMPETITION
5.6.2 BARGAINING POWER OF SUPPLIERS
5.6.3 BARGAINING POWER OF BUYERS
5.6.4 THREAT OF SUBSTITUTES
5.6.5 THREAT OF NEW ENTRANTS
5.7 CASE STUDIES FOR HVAC SYSTEM MARKET
5.7.1 DAIKIN DEVELOPED WATER-SOURCE VRV HEAT RECOVERY SYSTEM FOR DUKE ELLINGTON HIGH SCHOOL IN COLUMBIA
5.7.2 DAIKIN TECHNOLOGY MAKES GRADES AT FLORIDA MIDDLE SCHOOL TO OFFER IMPROVED COMFORT AND EXCEPTIONAL ENERGY SAVINGS
5.7.3 LG OFFERED COMPLETE HVAC SOLUTION TO LOTTE HOTELS & RESORTS IN MYANMAR
5.7.4 HVAC SYSTEMS BY TRANE TECHNOLOGIES OFFERED HIGH-END EXPERIENCE TO CORE FITNESS
5.7.5 TRANE TECHNOLOGIES OFFERED HVAC SYSTEM TO FLORIDA’S HILLSBOROUGH COMMUNITY COLLEGE
5.8 TECHNOLOGY ANALYSIS
5.8.1 SMART HVAC TECHNOLOGY
5.8.2 GEOTHERMAL HVAC TECHNOLOGY
5.8.3 DUCTLESS HVAC SYSTEMS
5.8.4 THERMALLY DRIVEN AIR CONDITIONING
5.8.5 DUAL FUEL HEAT PUMP TECHNOLOGY
5.8.6 ZONED HVAC SYSTEMS
5.9 AVERAGE SELLING PRICE (ASP) TREND ANALYSIS
FIGURE 28 AVERAGE SELLING PRICES OF DIFFERENT EQUIPMENT USED IN HVAC SYSTEMS (USD)
TABLE 6 HVAC INSTALLATION COSTS, BY TYPE, 2020
5.10 TRADE ANALYSIS
5.10.1 EXPORT SCENARIO
TABLE 7 EXPORT SCENARIO FOR HS CODE: 8415, BY COUNTRY, 2016–2020 (USD THOUSAND)
FIGURE 29 EXPORT DATA FOR TOP FIVE COUNTRIES, BY HS CODE 8415, 2016–2020 (USD THOUSAND)
5.10.2 IMPORT SCENARIO
TABLE 8 IMPORT SCENARIO FOR HS CODE 8415, BY COUNTRY, 2016–2020 (USD THOUSAND)
FIGURE 30 IMPORT DATA FOR TOP FIVE COUNTRIES, BY HS CODE 8415, 2016–2020 (USD THOUSAND)
5.11 PATENT ANALYSIS
TABLE 9 PATENTS FILED FOR HVAC SYSTEM, 2019–2021
5.12 TARIFFS & REGULATIONS
5.12.1 TARIFFS RELATED TO HVAC SYSTEM MARKET
TABLE 10 TARIFF IMPOSED BY US ON EXPORT OF AIR-CONDITIONING MACHINES COMPRISING MOTOR-DRIVEN FAN AND ELEMENTS FOR CHANGING TEMPERATURE AND HUMIDITY, INCLUDING MACHINES IN WHICH HUMIDITY CANNOT BE SEPARATELY REGULATED, BY COUNTRY, 2020
TABLE 11 TARIFF IMPOSED BY CHINA ON EXPORT OF AIR CONDITIONING MACHINES COMPRISING MOTOR-DRIVEN FAN AND ELEMENTS FOR CHANGING TEMPERATURE AND HUMIDITY, INCLUDING MACHINES IN WHICH HUMIDITY CANNOT BE SEPARATELY REGULATED, BY COUNTRY, 2020
TABLE 12 TARIFF IMPOSED BY INDIA ON EXPORT OF AIR CONDITIONING MACHINES COMPRISING MOTOR-DRIVEN FAN AND ELEMENTS FOR CHANGING TEMPERATURE AND HUMIDITY, INCLUDING MACHINES IN WHICH HUMIDITY CANNOT BE SEPARATELY REGULATED, BY COUNTRY, 2020
5.12.2 STANDARDS AND REGULATIONS RELATED TO HVAC SYSTEM MARKET
5.12.2.1 Environmental HVAC requirements
5.12.2.1.1 Current HCFC regulations
5.12.2.1.2 New HFC regulations
5.12.2.1.3 US regulations
5.12.2.1.4 Canadian regulations
5.12.2.2 HVAC efficiency standards
5.12.2.3 HVAC tech certifications
5.12.2.4 Workforce shortages
5.12.2.5 Smart HVAC
5.13 TRENDS/DISRUPTIONS IMPACTING CUSTOMER BUSINESSES
FIGURE 31 REVENUE SHIFT FOR HVAC SYSTEM MARKET
6 HVAC SYSTEM MARKET, BY COOLING EQUIPMENT (Page No. - 79)
6.1 INTRODUCTION
FIGURE 32 HVAC SYSTEM MARKET, BY COOLING EQUIPMENT
FIGURE 33 UNITARY AIR CONDITIONERS TO HOLD LARGEST SHARE OF HVAC SYSTEM MARKET FOR COOLING EQUIPMENT IN 2026
TABLE 13 HVAC SYSTEM MARKET, BY COOLING EQUIPMENT, 2017–2020 (USD BILLION)
TABLE 14 HVAC SYSTEM MARKET, BY COOLING EQUIPMENT, 2021–2026 (USD BILLION)
TABLE 15 HVAC SYSTEM MARKET FOR COOLING EQUIPMENT, BY APPLICATION, 2017–2020 (USD BILLION)
TABLE 16 HVAC SYSTEM MARKET FOR COOLING EQUIPMENT, BY APPLICATION, 2021–2026 (USD BILLION)
TABLE 17 HVAC SYSTEM MARKET FOR COOLING EQUIPMENT, BY REGION, 2017–2020 (USD BILLION)
TABLE 18 HVAC SYSTEM MARKET FOR COOLING EQUIPMENT, BY REGION, 2021–2026 (USD BILLION)
6.2 UNITARY AIR CONDITIONERS
6.2.1 COMMERCIAL SEGMENT TO ACCOUNT FOR LARGEST SHARE OF COOLING EQUIPMENT MARKET FOR UNITARY AIR CONDITIONERS
TABLE 19 AHRI STANDARDS RELATED TO UNITARY AIR CONDITIONERS
6.2.1.1 Split air conditioners
6.2.1.2 Packaged air conditioners
TABLE 20 HVAC SYSTEM MARKET FOR UNITARY AIR CONDITIONERS, BY APPLICATION, 2017–2020 (USD BILLION)
TABLE 21 HVAC SYSTEM MARKET FOR UNITARY AIR CONDITIONERS, BY APPLICATION, 2021–2026 (USD BILLION)
TABLE 22 HVAC SYSTEM MARKET FOR UNITARY AIR CONDITIONERS, BY REGION, 2017–2020 (USD BILLION)
TABLE 23 HVAC SYSTEM MARKET FOR UNITARY AIR CONDITIONERS, BY REGION, 2021–2026 (USD BILLION)
6.3 VRF SYSTEMS
6.3.1 APAC TO HOLD LARGEST SIZE OF VRF SYSTEMS MARKET
TABLE 24 HVAC SYSTEM MARKET FOR VRF SYSTEMS, BY APPLICATION, 2017–2020 (USD BILLION)
TABLE 25 HVAC SYSTEM MARKET FOR VRF SYSTEMS, BY APPLICATION, 2021–2026 (USD BILLION)
TABLE 26 HVAC SYSTEM MARKET FOR VRF SYSTEMS, BY REGION, 2017–2020 (USD BILLION)
TABLE 27 HVAC SYSTEM MARKET FOR VRF SYSTEMS, BY REGION, 2021–2026 (USD BILLION)
6.4 CHILLERS
6.4.1 COMMERCIAL SEGMENT TO ACCOUNT FOR LARGEST SIZE OF CHILLERS MARKET
6.4.1.1 Scroll chillers
6.4.1.2 Screw chillers
6.4.1.3 Centrifugal chillers
6.4.1.4 Reciprocating chillers
6.4.1.5 Absorption chillers
TABLE 28 HVAC SYSTEM MARKET FOR CHILLERS, BY APPLICATION, 2017–2020 (USD BILLION)
TABLE 29 HVAC SYSTEM MARKET FOR CHILLERS, BY APPLICATION, 2021–2026 (USD BILLION)
TABLE 30 HVAC SYSTEM MARKET FOR CHILLERS, BY REGION, 2017–2020 (USD BILLION)
TABLE 31 HVAC SYSTEM MARKET FOR CHILLERS, BY REGION, 2021–2026 (USD BILLION)
6.5 ROOM AIR CONDITIONERS
6.5.1 RESIDENTIAL SEGMENT TO HOLD LARGEST SHARE OF ROOM AIR CONDITIONERS MARKET
TABLE 32 HVAC SYSTEM MARKET FOR ROOM AIR CONDITIONERS, BY APPLICATION, 2017–2020 (USD MILLION)
TABLE 33 HVAC SYSTEM MARKET FOR ROOM AIR CONDITIONERS, BY APPLICATION, 2021–2026 (USD MILLION)
TABLE 34 HVAC SYSTEM MARKET FOR ROOM AIR CONDITIONERS, BY REGION, 2017–2020 (USD MILLION)
TABLE 35 HVAC SYSTEM MARKET FOR ROOM AIR CONDITIONERS, BY REGION, 2021–2026 (USD MILLION)
6.6 COOLERS
6.6.1 RESIDENTIAL SEGMENT TO ACCOUNT FOR LARGEST SHARE OF COOLERS MARKET
6.6.1.1 Ducted coolers
6.6.1.2 Window coolers
TABLE 36 HVAC SYSTEM MARKET FOR COOLERS, BY APPLICATION, 2017–2020 (USD MILLION)
TABLE 37 HVAC SYSTEM MARKET FOR COOLERS, BY APPLICATION, 2021–2026 (USD MILLION)
TABLE 38 HVAC SYSTEM MARKET FOR COOLERS, BY REGION, 2017–2020 (USD MILLION)
TABLE 39 HVAC SYSTEM MARKET FOR COOLERS, BY REGION, 2021–2026 (USD MILLION)
6.7 COOLING TOWERS
6.7.1 APAC TO HOLD LARGEST SIZE OF COOLING TOWERS MARKET
6.7.1.1 Evaporative cooling towers
6.7.1.2 Dry cooling towers
6.7.1.3 Hybrid cooling towers
TABLE 40 HVAC SYSTEM MARKET FOR COOLING TOWERS, BY APPLICATION, 2017–2020 (USD MILLION)
TABLE 41 HVAC SYSTEM MARKET FOR COOLING TOWERS, BY APPLICATION, 2021–2026 (USD MILLION)
TABLE 42 HVAC SYSTEM MARKET FOR COOLING TOWERS, BY REGION, 2017–2020 (USD MILLION)
TABLE 43 HVAC SYSTEM MARKET FOR COOLING TOWERS, BY REGION, 2021–2026 (USD MILLION)
7 HVAC SYSTEM MARKET, BY HEATING EQUIPMENT (Page No. - 96)
7.1 INTRODUCTION
FIGURE 34 HVAC SYSTEM MARKET, BY HEATING EQUIPMENT
FIGURE 35 HEAT PUMPS TO HOLD LARGEST SHARE OF HVAC SYSTEM MARKET DURING FORECAST PERIOD
TABLE 44 HVAC SYSTEM MARKET, BY HEATING EQUIPMENT, 2017–2020 (USD BILLION)
TABLE 45 HVAC SYSTEM MARKET, BY HEATING EQUIPMENT, 2021–2026 (USD BILLION)
TABLE 46 HVAC SYSTEM MARKET FOR HEATING EQUIPMENT, BY APPLICATION, 2017–2020 (USD BILLION)
TABLE 47 HVAC SYSTEM MARKET FOR HEATING EQUIPMENT, BY APPLICATION, 2021–2026 (USD BILLION)
TABLE 48 HVAC SYSTEM MARKET FOR HEATING EQUIPMENT, BY REGION, 2017–2020 (USD BILLION)
TABLE 49 HVAC SYSTEM MARKET FOR HEATING EQUIPMENT, BY REGION, 2021–2026 (USD BILLION)
7.2 HEAT PUMPS
7.2.1 GOVERNMENT SUPPORT TO BOOST GROWTH OF HEAT PUMPS MARKET
7.2.1.1 Air-to-air heat pumps
7.2.1.2 Air-to-water heat pumps
7.2.1.3 Water-to-water heat pumps
TABLE 50 HVAC SYSTEM MARKET, FOR HEAT PUMP, BY APPLICATION, 2017–2020 (USD BILLION)
TABLE 51 HVAC SYSTEM MARKET FOR HEAT PUMP, BY APPLICATION, 2021–2026 (USD BILLION)
TABLE 52 HVAC SYSTEM MARKET FOR HEAT PUMP, BY REGION, 2017–2020 (USD BILLION)
TABLE 53 HVAC SYSTEM MARKET FOR HEAT PUMP, BY REGION, 2021–2026 (USD BILLION)
7.3 FURNACES
7.3.1 LOW COST AND HIGH EFFICIENCY TO FUEL DEMAND FOR ELECTRIC FURNACES
7.3.1.1 Oil furnaces
7.3.1.2 Gas furnaces
7.3.1.3 Electric furnaces
TABLE 54 HVAC SYSTEM MARKET FOR FURNACE, BY APPLICATION, 2017–2020 (USD BILLION)
TABLE 55 HVAC SYSTEM MARKET FOR FURNACE, BY APPLICATION, 2021–2026 (USD BILLION)
TABLE 56 HVAC SYSTEM MARKET FOR FURNACE, BY REGION, 2017–2020 (USD BILLION)
TABLE 57 HVAC SYSTEM MARKET FOR FURNACE, BY REGION, 2021–2026 (USD BILLION)
7.4 UNITARY HEATERS
7.4.1 HIGH EFFICIENCY OF UNITARY HEATERS TO BOOST MARKET GROWTH
7.4.1.1 Gas unit heaters
7.4.1.2 Oil-fired unit heaters
7.4.1.3 Electric unit heaters
TABLE 58 HVAC SYSTEM MARKET FOR UNITARY HEATER, BY APPLICATION, 2017–2020 (USD BILLION)
TABLE 59 HVAC SYSTEM MARKET FOR UNITARY HEATER, BY APPLICATION, 2021–2026 (USD BILLION)
TABLE 60 HVAC SYSTEM MARKET FOR UNITARY HEATER, BY REGION, 2017–2020 (USD MILLION)
TABLE 61 HVAC SYSTEM MARKET FOR UNITARY HEATER, BY REGION, 2021–2026 (USD MILLION)
7.5 BOILERS
7.5.1 RESIDENTIAL SEGMENT TO HOLD LARGEST SHARE OF HVAC SYSTEM MARKET FOR BOILERS
7.5.1.1 Steam boilers
7.5.1.2 Hot water boilers
TABLE 62 HVAC SYSTEM MARKET FOR BOILER, BY APPLICATION, 2017–2020 (USD BILLION)
TABLE 63 HVAC SYSTEM MARKET FOR BOILER, BY APPLICATION, 2021–2026 (USD BILLION)
TABLE 64 HVAC SYSTEM MARKET FOR BOILER, BY REGION, 2017–2020 (USD MILLION)
TABLE 65 HVAC SYSTEM MARKET FOR BOILER, BY REGION, 2021–2026 (USD MILLION)
8 HVAC SYSTEM MARKET, BY VENTILATION EQUIPMENT (Page No. - 108)
8.1 INTRODUCTION
FIGURE 36 HVAC SYSTEM MARKET, BY VENTILATION EQUIPMENT
FIGURE 37 AIR-HANDLING UNITS SEGMENT TO HOLD LARGEST SHARE OF HVAC SYSTEM MARKET DURING FORECAST PERIOD
TABLE 66 HVAC SYSTEM MARKET, BY VENTILATION EQUIPMENT, 2017–2020 (USD BILLION)
TABLE 67 HVAC SYSTEM MARKET, BY VENTILATION EQUIPMENT, 2021–2026 (USD BILLION)
TABLE 68 HVAC SYSTEM MARKET FOR VENTILATION EQUIPMENT, BY APPLICATION, 2017–2020 (USD BILLION)
TABLE 69 HVAC SYSTEM MARKET FOR VENTILATION EQUIPMENT, BY APPLICATION, 2021–2026 (USD BILLION)
TABLE 70 HVAC SYSTEM MARKET FOR VENTILATION EQUIPMENT, BY REGION, 2017–2020 (USD BILLION)
TABLE 71 HVAC SYSTEM MARKET FOR VENTILATION EQUIPMENT, BY REGION, 2021–2026 (USD BILLION)
8.2 AIR-HANDLING UNITS
8.2.1 COMMERCIAL SEGMENT TO ACCOUNT FOR LARGEST SIZE OF HVAC SYSTEM MARKET FOR AIR-HANDLING UNITS
TABLE 72 HVAC SYSTEM MARKET FOR AIR-HANDLING UNITS, BY APPLICATION, 2017–2020 (USD BILLION)
TABLE 73 HVAC SYSTEM MARKET FOR AIR-HANDLING UNITS, BY APPLICATION, 2021–2026 (USD BILLION)
TABLE 74 HVAC SYSTEM MARKET FOR AIR-HANDLING UNITS, BY REGION, 2017–2020 (USD BILLION)
TABLE 75 HVAC SYSTEM MARKET FOR AIR-HANDLING UNITS, BY REGION, 2021–2026 (USD BILLION)
8.3 AIR FILTERS
8.3.1 APAC TO HOLD LARGEST SIZE OF AIR FILTERS MARKET
TABLE 76 HVAC SYSTEM MARKET FOR AIR FILTERS, BY APPLICATION, 2017–2020 (USD BILLION)
TABLE 77 HVAC SYSTEM MARKET FOR AIR FILTERS, BY APPLICATION, 2021–2026 (USD BILLION)
TABLE 78 HVAC SYSTEM MARKET FOR AIR FILTERS, BY REGION, 2017–2020 (USD MILLION)
TABLE 79 HVAC SYSTEM MARKET FOR AIR FILTERS, BY REGION, 2021–2026 (USD MILLION)
8.4 DEHUMIDIFIERS
8.4.1 INDUSTRIAL SEGMENT TO ACCOUNT FOR LARGEST SIZE OF HVAC SYSTEM MARKET FOR DEHUMIDIFIERS
8.4.1.1 Refrigeration dehumidifiers
8.4.1.2 Absorption dehumidifiers
TABLE 80 HVAC SYSTEM MARKET FOR DEHUMIDIFIERS, BY APPLICATION, 2017–2020 (USD BILLION)
TABLE 81 HVAC SYSTEM MARKET FOR DEHUMIDIFIERS, BY APPLICATION, 2021–2026 (USD BILLION)
TABLE 82 HVAC SYSTEM MARKET FOR DEHUMIDIFIERS, BY REGION, 2017–2020 (USD MILLION)
TABLE 83 HVAC SYSTEM MARKET FOR DEHUMIDIFIERS, BY REGION, 2021–2026 (USD MILLION)
8.5 VENTILATION FANS
8.5.1 APAC TO HOLD LARGEST SIZE OF VENTILATION FANS MARKET
8.5.1.1 Crossflow fans
8.5.1.2 Axial fans
8.5.1.3 Centrifugal fans
8.5.1.4 Domestic fans
8.5.1.5 Range hood fans
8.5.1.6 Power roof fans
TABLE 84 HVAC SYSTEM MARKET FOR VENTILATION FANS, BY APPLICATION, 2017–2020 (USD BILLION)
TABLE 85 HVAC SYSTEM MARKET FOR VENTILATION FANS, BY APPLICATION, 2021–2026 (USD BILLION)
TABLE 86 HVAC SYSTEM MARKET FOR VENTILATION FANS, BY REGION, 2017–2020 (USD MILLION)
TABLE 87 HVAC SYSTEM MARKET FOR VENTILATION FANS, BY REGION, 2021–2026 (USD MILLION)
8.6 HUMIDIFIERS
8.6.1 COMMERCIAL SEGMENT TO ACCOUNT FOR LARGEST SHARE OF HVAC SYSTEM MARKET FOR HUMIDIFIERS
8.6.1.1 Warm-mist humidifiers
8.6.1.2 Ultrasonic humidifiers
8.6.1.3 Cool-mist humidifiers
TABLE 88 HVAC SYSTEM MARKET FOR HUMIDIFIERS, BY APPLICATION, 2017–2020 (USD MILLION)
TABLE 89 HVAC SYSTEM MARKET FOR HUMIDIFIERS, BY APPLICATION, 2021–2026 (USD MILLION)
TABLE 90 HVAC SYSTEM MARKET FOR HUMIDIFIERS, BY REGION, 2017–2020 (USD MILLION)
TABLE 91 HVAC SYSTEM MARKET FOR HUMIDIFIERS, BY REGION, 2021–2026 (USD MILLION)
8.7 AIR PURIFIERS
8.7.1 APAC AIR PURIFIER MARKET TO REGISTER HIGHEST CAGR DURING FORECAST PERIOD
8.7.1.1 HEPA air purifiers
8.7.1.2 Activated carbon air purifiers
8.7.1.3 Electrostatic air purifiers
8.7.1.4 Ionic air purifiers
TABLE 92 HVAC SYSTEM MARKET FOR AIR PURIFIERS, BY APPLICATION, 2017–2020 (USD MILLION)
TABLE 93 HVAC SYSTEM MARKET FOR AIR PURIFIERS, BY APPLICATION, 2021–2026 (USD MILLION)
TABLE 94 HVAC SYSTEM MARKET FOR AIR PURIFIERS, BY REGION, 2017–2020 (USD MILLION)
TABLE 95 HVAC SYSTEM MARKET FOR AIR PURIFIERS, BY REGION, 2021–2026 (USD MILLION)
9 HVAC SYSTEM MARKET, BY IMPLEMENTATION TYPE (Page No. - 123)
9.1 INTRODUCTION
FIGURE 38 HVAC SYSTEM MARKET, BY IMPLEMENTATION TYPE
FIGURE 39 NEW CONSTRUCTION SEGMENT TO HOLD LARGER SHARE OF HVAC SYSTEM MARKET IN 2026
TABLE 96 HVAC SYSTEM MARKET, BY IMPLEMENTATION TYPE, 2017–2020 (USD BILLION)
TABLE 97 HVAC SYSTEM MARKET, BY IMPLEMENTATION TYPE, 2021–2026 (USD BILLION)
9.2 NEW CONSTRUCTION
9.2.1 GROWING URBANIZATION TO BOOST DEMAND FOR HVAC SYSTEMS IN NEW CONSTRUCTION SEGMENT
9.3 RETROFIT
9.3.1 GOVERNMENT REGULATIONS FOR GREEN BUILDINGS TO BOOST GROWTH OF HVAC SYSTEM MARKET
10 HVAC SYSTEM MARKET, BY APPLICATION (Page No. - 127)
10.1 INTRODUCTION
FIGURE 40 HVAC SYSTEM MARKET, BY APPLICATION
TABLE 98 INDUSTRY-STANDARD RATING PARAMETERS RELATED TO HVAC SYSTEMS
FIGURE 41 COMMERCIAL APPLICATION TO HOLD LARGEST SHARE OF HVAC SYSTEM MARKET DURING FORECAST PERIOD
TABLE 99 HVAC SYSTEM MARKET, BY APPLICATION, 2017–2020 (USD BILLION)
TABLE 100 HVAC SYSTEM MARKET, BY APPLICATION, 2021–2026 (USD BILLION)
10.2 COMMERCIAL
10.2.1 GROWING ADOPTION OF ENERGY-EFFICIENT EQUIPMENT TO BOOST HVAC SYSTEM MARKET FOR COMMERCIAL SPACES
TABLE 101 HVAC SYSTEM MARKET, BY COMMERCIAL APPLICATION, 2017–2020 (USD BILLION)
TABLE 102 HVAC SYSTEM MARKET, BY COMMERCIAL APPLICATION, 2021–2026 (USD BILLION)
TABLE 103 HVAC SYSTEM MARKET FOR COMMERCIAL APPLICATION, BY COOLING EQUIPMENT, 2017–2020 (USD BILLION)
TABLE 104 HVAC SYSTEM MARKET FOR COMMERCIAL APPLICATION, BY COOLING EQUIPMENT, 2021–2026 (USD BILLION)
TABLE 105 HVAC SYSTEM MARKET FOR COMMERCIAL APPLICATION, BY HEATING EQUIPMENT, 2017–2020 (USD BILLION)
TABLE 106 HVAC SYSTEM MARKET FOR COMMERCIAL APPLICATION, BY HEATING EQUIPMENT, 2021–2026 (USD BILLION)
TABLE 107 HVAC SYSTEM MARKET FOR COMMERCIAL APPLICATION, BY VENTILATION EQUIPMENT, 2017–2020 (USD BILLION)
TABLE 108 HVAC SYSTEM MARKET FOR COMMERCIAL APPLICATION, BY VENTILATION EQUIPMENT, 2021–2026 (USD BILLION)
10.2.1.1 Office
10.2.1.2 Government
10.2.1.3 Healthcare
10.2.1.4 Education
10.2.1.5 Retail
10.2.1.6 Airport
10.3 RESIDENTIAL
10.3.1 GOVERNMENT REGULATIONS AND TAX CREDIT PROGRAMS TO PROMOTE USE OF HVAC SYSTEMS IN RESIDENTIAL APPLICATIONS
TABLE 109 HVAC SYSTEM MARKET FOR RESIDENTIAL APPLICATION, BY COOLING EQUIPMENT, 2017–2020 (USD BILLION)
TABLE 110 HVAC SYSTEM MARKET FOR RESIDENTIAL APPLICATION, BY COOLING EQUIPMENT, 2021–2026 (USD BILLION)
TABLE 111 HVAC SYSTEM MARKET FOR RESIDENTIAL APPLICATION, BY HEATING EQUIPMENT, 2017–2020 (USD BILLION)
TABLE 112 HVAC SYSTEM MARKET FOR RESIDENTIAL APPLICATION, BY HEATING EQUIPMENT, 2021–2026 (USD BILLION)
TABLE 113 HVAC SYSTEM MARKET FOR RESIDENTIAL APPLICATION, BY VENTILATION EQUIPMENT, 2017–2020 (USD BILLION)
TABLE 114 HVAC SYSTEM MARKET FOR RESIDENTIAL APPLICATION, BY VENTILATION EQUIPMENT, 2021–2026 (USD BILLION)
10.4 INDUSTRIAL
10.4.1 GROWING USE OF ENERGY-EFFICIENT HVAC SYSTEMS IN INDUSTRIAL SPACES TO REDUCE OPERATIONAL COST AND SAVE ENERGY
TABLE 115 HVAC SYSTEM MARKET FOR INDUSTRIAL APPLICATION, BY COOLING EQUIPMENT, 2017–2020 (USD BILLION)
TABLE 116 HVAC SYSTEM MARKET FOR INDUSTRIAL APPLICATION, BY COOLING EQUIPMENT, 2021–2026 (USD BILLION)
TABLE 117 HVAC SYSTEM MARKET FOR INDUSTRIAL APPLICATION, BY HEATING EQUIPMENT, 2017–2020 (USD BILLION)
TABLE 118 HVAC SYSTEM MARKET FOR INDUSTRIAL APPLICATION, BY HEATING EQUIPMENT, 2021–2026 (USD BILLION)
TABLE 119 HVAC SYSTEM MARKET FOR INDUSTRIAL APPLICATION, BY VENTILATION EQUIPMENT, 2017–2020 (USD BILLION)
TABLE 120 HVAC SYSTEM MARKET FOR INDUSTRIAL APPLICATION, BY VENTILATION EQUIPMENT, 2021–2026 (USD BILLION)
11 GEOGRAPHIC ANALYSIS (Page No. - 141)
11.1 INTRODUCTION
FIGURE 42 HVAC SYSTEM MARKET IN APAC TO GROW AT HIGHEST CAGR FROM 2021 TO 2026
TABLE 121 HVAC SYSTEM MARKET, BY REGION, 2017–2020 (USD BILLION)
TABLE 122 HVAC SYSTEM MARKET, BY REGION, 2021–2026 (USD BILLION)
11.2 NORTH AMERICA
FIGURE 43 NORTH AMERICA: HVAC SYSTEM MARKET SNAPSHOT
TABLE 123 HVAC SYSTEM MARKET IN NORTH AMERICA, BY EQUIPMENT TYPE, 2017–2020 (USD BILLION)
TABLE 124 HVAC SYSTEM MARKET IN NORTH AMERICA, BY EQUIPMENT TYPE, 2021–2026 (USD BILLION)
TABLE 125 HVAC SYSTEM MARKET IN NORTH AMERICA, BY COUNTRY, 2017–2020 (USD BILLION)
TABLE 126 HVAC SYSTEM MARKET IN NORTH AMERICA, BY COUNTRY, 2021–2026 (USD BILLION)
11.2.1 US
11.2.1.1 Increasing number of construction projects to boost HVAC system market growth in US
11.2.2 CANADA
11.2.2.1 Government initiatives for energy saving to drive demand for HVAC systems in Canada
11.2.3 MEXICO
11.2.3.1 Increasing focus on promoting use of energy-efficient HVAC systems to drive Mexican market growth
11.3 EUROPE
FIGURE 44 EUROPE: HVAC SYSTEM MARKET SNAPSHOT
TABLE 127 HVAC SYSTEM MARKETIN EUROPE, BY EQUIPMENT TYPE, 2017–2020 (USD BILLION)
TABLE 128 HVAC SYSTEM MARKET IN EUROPE, BY EQUIPMENT TYPE, 2021–2026 (USD BILLION)
TABLE 129 HVAC SYSTEM MARKET IN EUROPE, BY COUNTRY, 2017–2020 (USD BILLION)
TABLE 130 HVAC SYSTEM MARKET IN EUROPE, BY COUNTRY, 2021–2026 (USD BILLION)
11.3.1 UK
11.3.1.1 High demand for energy-efficient devices from commercial and residential users to boost market growth in UK
11.3.2 GERMANY
11.3.2.1 Increasing innovations in software solutions for HVAC professionals to support growth of German market
11.3.3 FRANCE
11.3.3.1 Rising focus on reducing greenhouse gases to spur demand for HVAC systems in France
11.3.4 REST OF EUROPE
11.4 APAC
FIGURE 45 APAC: HVAC SYSTEM MARKET SNAPSHOT
TABLE 131 HVAC SYSTEM MARKET IN APAC, BY EQUIPMENT TYPE, 2017–2020 (USD BILLION)
TABLE 132 HVAC SYSTEM MARKET IN APAC, BY EQUIPMENT TYPE, 2021–2026 (USD BILLION)
FIGURE 46 INDIA TO BE FASTEST-GROWING MARKET FOR HVAC SYSTEMS IN APAC DURING FORECAST PERIOD
TABLE 133 HVAC SYSTEM MARKET IN APAC, BY COUNTRY, 2017–2020 (USD BILLION)
TABLE 134 HVAC SYSTEM MARKET IN APAC, BY COUNTRY, 2021–2026 (USD BILLION)
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 Surging need to save energy to boost demand for HVAC systems in India
11.4.3 JAPAN
11.4.3.1 Strict regulations for energy conservation to upsurge demand for HVAC systems in Japan
11.4.4 REST OF APAC
11.5 ROW
TABLE 135 HVAC SYSTEM MARKET IN ROW, BY EQUIPMENT TYPE, 2017–2020 (USD BILLION)
TABLE 136 HVAC SYSTEM MARKET IN ROW, BY EQUIPMENT TYPE, 2021–2026 (USD BILLION)
TABLE 137 HVAC SYSTEM MARKET IN ROW, BY COUNTRY, 2017–2020 (USD BILLION)
TABLE 138 HVAC SYSTEM MARKET IN ROW, BY COUNTRY, 2021–2026 (USD BILLION)
11.5.1 SOUTH AMERICA
11.5.1.1 Strong focus on infrastructure development in South America to boost HVAC system market growth
11.5.2 MIDDLE EAST & AFRICA
11.5.2.1 Stringent regulations for enhancing energy performance of buildings to drive market growth in Middle East & Africa
12 COMPETITIVE LANDSCAPE (Page No. - 157)
12.1 OVERVIEW
12.2 MARKET EVALUATION FRAMEWORK
TABLE 139 OVERVIEW OF STRATEGIES DEPLOYED BY KEY HVAC SYSTEM PLAYERS
12.2.1 PRODUCT PORTFOLIO
12.2.2 REGIONAL FOCUS
12.2.3 MANUFACTURING FOOTPRINT
12.2.4 ORGANIC/INORGANIC GROWTH STRATEGIES
12.3 REVENUE ANALYSIS OF LEADING PLAYERS (2016–2020)
FIGURE 47 5-YEAR REVENUE ANALYSIS OF TOP 5 PLAYERS IN HVAC SYSTEM MARKET
12.4 MARKET SHARE ANALYSIS: HVAC SYSTEM MARKET, 2020
TABLE 140 DEGREE OF COMPETITION
12.5 COMPANY EVALUATION MATRIX
12.5.1 STAR
12.5.2 EMERGING LEADER
12.5.3 PERVASIVE
12.5.4 PARTICIPANT
FIGURE 48 COMPANY EVALUATION MATRIX, 2020
12.6 STARTUP EVALUATION MATRIX
TABLE 141 LIST OF STARTUPS IN HVAC SYSTEM MARKET
12.6.1 PROGRESSIVE COMPANY
12.6.2 RESPONSIVE COMPANY
12.6.3 DYNAMIC COMPANY
12.6.4 STARTING BLOCK
FIGURE 49 STARTUP (SME) EVALUATION MATRIX, 2020
12.7 COMPANY FOOTPRINT
TABLE 142 COMPANY FOOTPRINT
TABLE 143 FOOTPRINT OF DIFFERENT TYPES OF HVAC SYSTEMS OFFERED BY DIFFERENT COMPANIES
TABLE 144 FOOTPRINT OF DIFFERENT COMPANIES ACROSS DIFFERENT VERTICALS
TABLE 145 REGIONAL FOOTPRINT OF DIFFERENT COMPANIES
12.8 COMPETITIVE SITUATIONS AND TRENDS
12.8.1 PRODUCT LAUNCHES
TABLE 146 PRODUCT LAUNCHES, JANUARY 2020–SEPTEMBER 2021
12.8.2 DEALS
TABLE 147 DEALS, APRIL 2020–SEPTEMBER 2021
13 COMPANY PROFILES (Page No. - 176)
(Business Overview, Products Offered, Recent Developments, MnM View Right to win, Strategic choices made, Weaknesses and competitive threats) *
13.1 INTRODUCTION
13.2 KEY PLAYERS
13.2.1 DAIKIN
TABLE 148 DAIKIN: BUSINESS OVERVIEW
FIGURE 50 DAIKIN: COMPANY SNAPSHOT
TABLE 149 DAIKIN: PRODUCT/SOLUTION/SERVICE OFFERINGS
TABLE 150 DAIKIN: DEALS
TABLE 151 DAIKIN: OTHERS
13.2.2 JOHNSON CONTROLS
TABLE 152 JOHNSON CONTROLS: BUSINESS OVERVIEW
FIGURE 51 JOHNSON CONTROLS: COMPANY SNAPSHOT
TABLE 153 JOHNSON CONTROLS: PRODUCT/SOLUTION/SERVICE OFFERINGS
TABLE 154 JOHNSON CONTROLS: PRODUCT LAUNCHES
TABLE 155 JOHNSON CONTROLS: DEALS
13.2.3 LG ELECTRONICS
TABLE 156 LG ELECTRONICS: BUSINESS OVERVIEW
FIGURE 52 LG ELECTRONICS: COMPANY SNAPSHOT
TABLE 157 LG ELECTRONICS: PRODUCT/SOLUTION/SERVICE OFFERINGS
TABLE 158 LG ELECTRONICS: PRODUCT LAUNCHES
13.2.4 CARRIER
TABLE 159 CARRIER: BUSINESS OVERVIEW
FIGURE 53 CARRIER: COMPANY SNAPSHOT
TABLE 160 CARRIER: PRODUCT/SOLUTION/SERVICE OFFERINGS
TABLE 161 CARRIER: PRODUCT LAUNCHES
TABLE 162 CARRIER: DEALS
13.2.5 TRANE TECHNOLOGIES
TABLE 163 TRANE TECHNOLOGIES: BUSINESS OVERVIEW
FIGURE 54 TRANE TECHNOLOGIES: COMPANY SNAPSHOT
TABLE 164 TRANE TECHNOLOGIES: PRODUCT/SOLUTION/SERVICE OFFERINGS
TABLE 165 TRANE TECHNOLOGIES: PRODUCT LAUNCHES
TABLE 166 TRANE TECHNOLOGIES: DEALS
13.2.6 EMERSON
TABLE 167 EMERSON: BUSINESS OVERVIEW
FIGURE 55 EMERSON: COMPANY SNAPSHOT
TABLE 168 EMERSON: PRODUCT/SOLUTION/SERVICE OFFERINGS
TABLE 169 EMERSON: PRODUCT LAUNCHES
TABLE 170 EMERSON: DEALS
TABLE 171 EMERSON: OTHERS
13.2.7 HONEYWELL
TABLE 172 HONEYWELL: BUSINESS OVERVIEW
FIGURE 56 HONEYWELL: COMPANY SNAPSHOT
TABLE 173 HONEYWELL: PRODUCT/SOLUTION/SERVICE OFFERINGS
TABLE 174 HONEYWELL: PRODUCT LAUNCHES
TABLE 175 HONEYWELL: DEALS
TABLE 176 HONEYWELL: OTHERS
13.2.8 MITSUBISHI ELECTRIC
TABLE 177 MITSUBISHI ELECTRIC: BUSINESS OVERVIEW
FIGURE 57 MITSUBISHI ELECTRIC: COMPANY SNAPSHOT
TABLE 178 MITSUBISHI ELECTRIC: PRODUCT/SOLUTION/SERVICE OFFERINGS
TABLE 179 MITSUBISHI ELECTRIC: PRODUCT LAUNCHES
TABLE 180 MITSUBISHI ELECTRIC: DEALS
TABLE 181 MITSUBISHI ELECTRIC: OTHERS
13.2.9 SAMSUNG
TABLE 182 SAMSUNG: BUSINESS OVERVIEW
FIGURE 58 SAMSUNG: COMPANY SNAPSHOT
TABLE 183 SAMSUNG: PRODUCT/SOLUTION/SERVICE OFFERINGS
TABLE 184 SAMSUNG: PRODUCT LAUNCHES
TABLE 185 SAMSUNG: OTHERS
13.2.10 NORTEK
TABLE 186 NORTEK: BUSINESS OVERVIEW
TABLE 187 NORTEK: PRODUCT/SOLUTION/SERVICE OFFERINGS
TABLE 188 NORTEK: PRODUCT LAUNCHES
TABLE 189 NORTEK: DEALS
TABLE 190 NORTEK: OTHERS
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 HAIER SMART HOME
13.3.8 TOSHIBA
13.3.9 WHIRLPOOL
13.3.10 SIEMENS
13.3.11 ELECTROLUX
13.3.12 LENNOX
13.3.13 SCHNEIDER ELECTRIC
13.3.14 FERROLI
13.3.15 BOSCH THERMOTECHNOLOGY
*Details on Business Overview, Products Offered, Recent Developments, MnM View, Right to win, Strategic choices made, Weaknesses and competitive threats might not be captured in case of unlisted companies.
14 APPENDIX (Page No. - 229)
14.1 DISCUSSION GUIDE
14.2 KNOWLEDGE STORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL
14.3 AVAILABLE CUSTOMIZATIONS
14.4 RELATED REPORTS
14.5 AUTHOR DETAILS
This research study involved extensive use of secondary sources, directories, and databases (e.g., Hoovers, Bloomberg Business, Factiva, and OneSource) to identify and collect information useful for this technical, market-oriented, and commercial study of the HVAC system market. Primary sources include several industry experts from the core and related industries and suppliers, manufacturers, distributors, technology developers, IP vendors, and standards organizations related to all the segments of this industry’s value chain. In-depth interviews were conducted with various primary respondents, including key industry participants, subject matter experts (SMEs), C-level executives of key market players, and industry consultants, to obtain and verify critical qualitative and quantitative information, as well as to assess the prospects of the market.
Secondary Research
In the secondary research process, various secondary sources were referred to for identifying and collecting information for this study. The secondary sources include annual reports, press releases, and investor presentations of companies; white papers, journals, and certified publications; articles from recognized authors; and websites, directories, and databases. Secondary research was mainly conducted to obtain key information about the industry’s supply chain, the market’s value chain, major players, market classification and segmentation according to the industry trends to the bottommost level, geographic markets, and key developments from market- and technology-oriented perspectives. The secondary data was collected and analyzed to arrive at the overall market size, which was further validated through primary research.
List of Major Secondary Sources
|
SOURCE |
WEB LINK |
|
International Energy Agency (IEA) |
https://www.iea.org/ |
|
Japan Refrigeration and Air-conditioning Industry Association (JRAIA) |
https://www.jraia.or.jp/english/ |
|
American Society of Heating, Refrigerating, and Air Conditioning Engineers (ASHRAE) |
https://www.ashrae.org/ |
|
Air Conditioning Contractors of America Association (ACCA) |
https://www.acca.org/home |
|
Air-Conditioning, Heating, and Refrigeration Institute (AHRI) |
http://www.ahrinet.org/Home |
Primary Research
Extensive primary research was conducted after acquiring knowledge about the HVAC system market scenario through secondary research. Several primary interviews were conducted with market experts from supply (manufacturers of HVAC systems) and demand (end-use industries) sides across four major regions—North America, Europe, APAC, and RoW, which includes South America, the Middle East, and Africa. Approximately 30% of the primary interviews were conducted with the demand side and 70% with the supply side. Primary data was mainly collected through telephonic interviews, which consist of approximately 80% of the overall primary interviews. Questionnaires and e-mails were also used to collect the data.
To know about the assumptions considered for the study, download the pdf brochure
Market Size Estimation
In the complete market engineering process, top-down and bottom-up approaches were used along with several data triangulation methods to perform the market estimation and forecasting for the overall market segments and subsegments listed in this report. The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. The entire procedure included the study of annual and financial reports of top market players and extensive interviews for key insights from industry experts, such as CEOs, VPs, directors, and marketing executives.
All percentage shares, splits, and breakdowns were determined using secondary sources and verified through primary sources. All the parameters affecting the markets covered in this research study were accounted for, viewed in detail, verified through primary research, and analyzed to obtain the final quantitative and qualitative data. This data was consolidated and supplemented with detailed inputs and analysis from MarketsandMarkets and presented in this report. The following figure represents the overall market size estimation process employed for this study.
- The bottom-up approach was used to arrive at the overall size of the HVAC system market from the revenue of the key players and their market share. The research methodology used to estimate the market size by the bottom-up approach includes the following:
- Initially, the companies offering heating equipment, ventilation equipment, and cooling equipment were identified, and their product mapping with respect to different parameters such as implementation type and application was carried out.
- The size of the HVAC system market was estimated based on demand for HVAC systems from the different application areas and the revenue of the companies operating in the HVAC ecosystem.
- Primaries were conducted with a few major players operating in the HVAC system market for validating the global size of the market.
- Additionally, the size of the HVAC system market was validated through secondary sources, which included International Energy Agency (IEA), The Japan Refrigeration and Air Conditioning Industry Association (JRAIA), The American Society of Heating, Refrigerating and Air Conditioning Engineers (ASHRAE), and Air Conditioning Contractors of America Association (ACCA), as well as company websites, press releases, research journals, and magazines.
- For calculating the CAGR of the HVAC system market, the historical and future market trend analyses were carried out by understanding the industry penetration rate of an HVAC system, and their demand and supply in different application areas.
- The estimates at every level were verified and cross-checked through discussions with key opinion leaders such as corporate executives (CXOs), directors, and sales heads, as well as with the domain experts in MarketsandMarkets.
- Various paid and unpaid information sources such as annual reports, press releases, white papers, and databases were also studied.
In the top-down approach, the overall market size was used to estimate the size of the individual markets (mentioned in the market segmentation) through percentage splits obtained from secondary and primary research. To calculate the size of specific market segments, the size of the most appropriate parent market was considered to implement the top-down approach. Data from interviews was consolidated, checked for consistency and accuracy, and inserted into a data model to arrive at the market numbers following the top-down approach. The market size in different regions was identified and analyzed through secondary research.
Upon the estimation and validation of the size of the HVAC system market, further segmentation was carried out based on consolidated inputs from key players with respect to regional adoption trends of HVAC systems and pervasiveness of the different types of HVAC systems across different end-use industries and regions.
The research methodology used to estimate the market size by the top-down approach includes the following:
- Information related to revenues obtained from key manufacturers and providers of HVAC systems was studied and analyzed to estimate the global size of the HVAC system market.
- The HVAC system market is expected to witness a linear growth trend during the forecast period owing to the fact that it is a mature market with a number of well-established players serving various verticals.
- Revenues, geographic presence, and key verticals, as well as different types of offerings of all identified players in the HVAC system market, were studied to estimate and arrive at the percentage split of different segments of the market.
- All major players in each category (equipment type and application) of the HVAC system market were identified through secondary research and duly verified through brief discussions with the industry experts.
- Multiple discussions with key opinion leaders of all major companies involved in the development of the HVAC system were conducted to validate the market split based on heating equipment, ventilation equipment, cooling equipment, implementation type, application, and geography.
- Geographic splits were estimated using secondary sources, based on various factors such as the number of players offering HVAC system in a specific country or region and the type of HVAC equipment offered by these players.
Data Triangulation
After arriving at the overall market size from the estimation process explained earlier, the overall market was split into several segments and subsegments. To complete the overall market engineering process and arrive at the exact statistics for all the segments and subsegments, market breakdown and data triangulation procedures were employed, wherever applicable. The data was triangulated by studying various factors and trends from demand and supply sides. Along with this, the market size was validated using top-down and bottom-up approaches.
Report Objectives
- To estimate and forecast the size of the HVAC system market, in terms of value, based on equipment type (heating equipment, ventilation equipment, and cooling equipment), application, implementation type, and geography
- To describe and forecast the market size, in terms of volume, based on cooling equipment
- To describe and forecast the market size, in terms of value, for 4 major regions—North America, Europe, APAC, and RoW
- To provide detailed information regarding major factors such as drivers, restraints, opportunities, and challenges influencing the market growth
- To provide a detailed overview of the value chain of the HVAC system market
- To strategically analyze micromarkets1 with regard to individual market trends, growth prospects, and contributions to the total market
- To strategically profile key players and comprehensively analyze their market position in terms of ranking and core competencies2, along with a 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 market
Available Customizations
With the given market data, MarketsandMarkets offers customizations according to the specific requirements of companies. The following customization options are available for the report:
Company Information
- Detailed analysis and profiling of additional market players
- Triangulate with your Own Data
- Get Data as per your Format and Definition
- Gain a Deeper Dive on a Specific Application, Geography, Customer or Competitor
- Any level of Personalization
- What are the Known and Unknown Adjacencies Impacting the HVAC System Market
- What will your New Revenue Sources be?
- Who will be your Top Customer; what will make them switch?
- Defend your Market Share or Win Competitors
- Get a Scorecard for Target Partners
Growth opportunities and latent adjacency in HVAC System Market
Do you have Saudi Arabia market data in addition to global market data? We are interested in the following information in relation to Saudi Arabia market: - Trends - Market size in value / volume by segments - Details about leading players - Consumers
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