HVAC Systems Market by Equipment Type (Heating (Heat Pump, Furnace), Ventilation (Air Filter, Dehumidifier, Air Purifier), Cooling (Room AC, Unitary AC, Chiller)), Software & Services, Implementation Type, Application, and Geography - Global Forecast to 2022

The HVAC systems market was valued at USD 115.99 Billion in 2015 and is expected to reach USD 173.16 Billion by 2022, growing at a CAGR of 5.9% between 2016 and 2022. The base year considered for study is 2015 and the forecast period is between 2016 and 2022. This report provides a detailed analysis of the market based on heating equipment, ventilation equipment, cooling equipment, implementation type, application, and geography. Cooling equipment is expected to hold a large share of the market. The market for heating equipment is expected to grow at a high CAGR between 2016 and 2022.

The research methodology used to estimate and forecast the HVAC systems market begins with capturing data on key vendor revenue through the secondary research. The vendor offerings are also taken into consideration to determine the market segmentation. The bottom-up procedure has been employed to arrive at the overall size of the global HVAC systems market from the revenue of key players. After arriving at the overall market size, the total market has been split into several segments and subsegments which have been verified through the primary research by conducting extensive interviews of people holding key positions such as CEOs, VPs, directors, and executives. The market breakdown and data triangulation procedures have been employed to complete the overall market engineering process and arrive at the exact statistics for all segments and subsegments. The breakdown of the profiles of primaries is depicted in the below figure:

To know about the assumptions considered for the study, download the pdf brochure

The HVAC system ecosystem comprises component providers, OEMs, system integrators, software providers, and distributors. The players involved in the development of HVAC system include Daikin Industries Limited (Japan), Ingersoll-Rand Plc. (Ireland), Johnson Controls, Inc. (U.S.), Nortek, Inc. (U.S.), and United Technologies Corporation (U.S.) among others as well as associations such as the Air-Conditioning, Heating and Refrigeration Institute (AHRI), American Society of Heating, Refrigeration, and Air-Conditioning Engineers (ASHRAE), and Association of European Refrigeration Component Manufacturers (ASERCOM).

Target audience of the report:

• Associations, organizations, forums, and alliances
• Component manufacturers
• Maintenance and service providers
• Original Equipment manufacturers
• Research organizations and consulting companies
• Technology investors
• Software and Services providers
• System integrators

“This study answers several questions for the stakeholders, primarily which market segments to focus on in the next two to five years for prioritizing efforts and investments.”

Scope of the Report:

This research report categorizes the global HVAC systems market on the basis of heating equipment, ventilation equipment, cooling equipment, implementation type, application, software and service, and geography.

HVAC Systems Market, by Heating Equipment:

• Heat Pump
• Furnace
• Boiler
• Unitary Heater

HVAC Systems Market, by Ventilation Equipment:

• Humidifier
• Dehumidifier
• Air Purifier
• Air Filter
• Ventilation Fan

HVAC Systems Market, by Cooling Equipment:

• Room Air Conditioner
• Unitary Air Conditioner
• Chiller
• Cooler
• Cooling Tower

HVAC Systems Market, by Implementation Type:

• New Construction
• Retrofit

HVAC Systems Market, by Application:

• Residential
• Commercial
  • Healthcare
  • Education
  • Government
  • Office
  • Airport
  • Retail
• Industrial

Software and Services in HVAC Systems:

• Software
  • Design
  • Service
  • Scheduling
  • Dispatch
  • Business
  • Load Calculation
• Service
  • Maintenance and Repair
  • Installation

HVAC Systems Market, by Geography:

• North America
• Europe
• Asia-Pacific (APAC)
• Rest of the World (RoW)

Available customizations:

With the given market data, MarketsandMarkets offers customizations according to the companies’ specific needs. The following customization options are available for the report:

Company Information:

Detailed analysis and profiling of additional market players (up to five)

Table of Contents

1 Introduction (Page No. - 17)
    1.1 Objectives of the Study
    1.2 Market Definition
    1.3 Scope of the Study
           1.3.1 Markets Covered
           1.3.2 Years Considered for the Study
    1.4 Currency
    1.5 Limitations
    1.6 Stakeholders

2 Research Methodology (Page No. - 21)
    2.1 Research Data
           2.1.1 Secondary Data
                    2.1.1.1 Key Data From Secondary Sources
           2.1.2 Primary Data
                    2.1.2.1 Key Data From Primary Sources
                    2.1.2.2 Key Industry Insights
                    2.1.2.3 Breakdown of Primaries
    2.2 Market Size Estimation
           2.2.1 Bottom-Up Approach
           2.2.2 Top-Down Approach
    2.3 Market Breakdown & Data Triangulation
    2.4 Research Assumptions

3 Executive Summary (Page No. - 29)

4 Premium Insights – HVAC Systems Market (Page No. - 34)
    4.1 HVAC Systems Market, 2016–2022 (USD Billion)
    4.2 Market, By Equipment Type (2016–2022)
    4.3 Market, By Equipment and Region (2016)
    4.4 Market, By Implementation Type (2016)
    4.5 Market, By Geography (2016)

5 Market Overview (Page No. - 37)
    5.1 Introduction
    5.2 Market Segmentation
           5.2.1 HVAC Systems Market, By Heating Equipment
           5.2.2 Market, By Ventilation Equipment
           5.2.3 Market, By Cooling Equipment
           5.2.4 Market, By Implementation Type
           5.2.5 Market, By Application
           5.2.6 Market, By Software and Service
           5.2.7 Market, By Geography
    5.3 Dynamics
           5.3.1 Drivers
                    5.3.1.1 Government Incentives Through Tax Credit Programs Expected to Drive the Growth of the Market
                    5.3.1.2 Increasing Construction Activities That Would Boost the Implementation of HVAC Systems
                    5.3.1.3 Government Regulations and Policies for Energy Saving Expected to Boost Demand for HVAC Systems
                    5.3.1.4 Growing Trend of Smart Homes Expected to Increase the Demand for HVAC Systems
           5.3.2 Restraints
                    5.3.2.1 High Costs of Skilled Labor as Well as Installation
                    5.3.2.2 Lack of Awareness About the Benefits of HVAC Systems
           5.3.3 Opportunities
                    5.3.3.1 Development of the Next Generation Low Global Warming Potential Refrigerants for HVAC Systems
                    5.3.3.2 Transformation of Iot Within the HVAC Industry
           5.3.4 Challenges
                    5.3.4.1 Complexities in the Replacement of HVAC Systems in Existing Buildings

6 Industry Trends (Page No. - 47)
    6.1 Introduction
    6.2 Value Chain Analysis
    6.3 Porter’s Five Forces Model
           6.3.1 Intensity of Competitive Rivalry
           6.3.2 Threat of Substitutes
           6.3.3 Bargaining Power of Buyers
           6.3.4 Bargaining Power of Suppliers
           6.3.5 Threat of New Entrants
    6.4 Regulatory Standards
           6.4.1 Montreal Protocol
           6.4.2 Kyoto Protocol
           6.4.3 Leed Certification

7 HVAC Systems Market, By Heating Equipment (Page No. - 55)
    7.1 Introduction
    7.2 Heat Pump
           7.2.1 Air-To-Air Heat Pump
           7.2.2 Air-To-Water Heat Pump
           7.2.3 Water-To-Water Heat Pump
    7.3 Furnace
           7.3.1 Oil Furnace
           7.3.2 Gas Furnace
           7.3.3 Electric Furnace
    7.4 Boiler
           7.4.1 Steam Boiler
           7.4.2 Hot Water Boiler
    7.5 Unitary Heater
           7.5.1 Gas Unit Heater
           7.5.2 Oil Fired Unit Heater
           7.5.3 Electric Unit Heater

8 HVAC Systems Market, By Ventilation Equipment (Page No. - 65)
    8.1 Introduction
    8.2 Humidifier
           8.2.1 Warm-Mist Humidifier
           8.2.2 Ultrasonic Humidifier
           8.2.3 Cool-Mist Humidifier
    8.3 Dehumidifier
           8.3.1 Refrigeration Dehumidifier
           8.3.2 Absorption Dehumidifier
    8.4 Air Purifier
           8.4.1 Hepa Air Purifier
           8.4.2 Activated Carbon Air Purifier
           8.4.3 Electrostatic Air Purifier
           8.4.4 Ionic Air Purifier
    8.5 Air Filter
    8.6 Ventilation Fan
           8.6.1 Cross Flow Fan
           8.6.2 Axial Fan
           8.6.3 Centrifugal Fan
           8.6.4 Domestic Fan
           8.6.5 Range Hood Fan
           8.6.6 Power Roof Fan
    8.7 Others
           8.7.1 Duct
                    8.7.1.1 Rigid Duct
                    8.7.1.2 Flexible Duct
           8.7.2 Diffuser

9 HVAC Systems Market, By Cooling Equipment (Page No. - 79)
    9.1 Introduction
    9.2 Room Air-Conditioner
    9.3 Unitary Air-Conditioner
           9.3.1 Split-Air-Conditioner
           9.3.2 Packaged Air-Conditioner
    9.4 Chiller
           9.4.1 Scroll Chiller
           9.4.2 Screw Chiller
           9.4.3 Centrifugal Chiller
           9.4.4 Reciprocating Chiller
           9.4.5 Absorption Chiller
    9.5 Cooler
           9.5.1 Ducted Cooler
           9.5.2 Window Cooler
    9.6 Cooling Tower
           9.6.1 Evaporative Cooling Tower
           9.6.2 Dry Cooling Tower
           9.6.3 Hybrid Cooling Tower

10 HVAC Systems Market, By Implementation Type (Page No. - 92)
     10.1 Introduction
     10.2 New Construction
             10.2.1 Government Regulations for Greener Buildings and Smart Controls is Changing HVAC Industry
     10.3 Retrofit Building
             10.3.1 Attractive Tax Benefits By the U.S. Government for Energy-Efficient HVAC System is Encouraging Retrofit Market

11 HVAC Systems Market, By Application (Page No. - 96)
     11.1 Introduction
     11.2 Residential
             11.2.1 Increasing Awareness for Energy Efficiency
             11.2.2 Government Regulations and Tax Credit Programs to Promote HVAC System
     11.3 Commercial
             11.3.1 Healthcare
             11.3.2 Education
             11.3.3 Government
             11.3.4 Office
             11.3.5 Airport
             11.3.6 Retail
     11.4 Industrial
             11.4.1 Energy Efficient HVAC System in Industries Would Help to Reduce Operational Cost

12 Software and Services Used in HVAC Systems (Page No. - 102)
     12.1 Introduction
             12.1.1 Software
                        12.1.1.1 HVAC Design Software
                        12.1.1.2 HVAC Service Software
                        12.1.1.3 HVAC Scheduling Software
                        12.1.1.4 HVAC Dispatch Software
                        12.1.1.5 HVAC Business Software
                        12.1.1.6 HVAC Heat Load Calculation Software
             12.1.2 Services
                        12.1.2.1 Recent Developments in the HVAC Service Industry
                        12.1.2.2 Maintenance and Repair
                        12.1.2.3 Installation

13 HVAC Systems Market, By Geography (Page No. - 106)
     13.1 Introduction
     13.2 North America
             13.2.1 U.S.
                        13.2.1.1 Steps Taken By the U.S. Government to Reduce Country’s Carbon Footprint
             13.2.2 Canada
                        13.2.2.1 Launch of National Energy Code for Buildings in Canada Contributing to the Growth of the HVAC Systems in the Country
             13.2.3 Mexico
                        13.2.3.1 Government Energy Saving Initiatives Driving the Market in Mexico
     13.3 Europe
             13.3.1 U.K.
                        13.3.1.1 Emphasis on Various Events to Create Awareness and Promote Energy-Efficient HVAC System
             13.3.2 Germany
                        13.3.2.1 Introduction of Engineering Simulation Platforms for the HVAC Professionals Expected to Support Growth of the Market
             13.3.3 France
                        13.3.3.1 The Grenelle Environment Initiative to Drive HVAC Systems Market in France
             13.3.4 Rest of Europe
                        13.3.4.1 European Union’s Heating and Cooling Strategy
     13.4 Asia-Pacific
             13.4.1 China
                        13.4.1.1 Expansion Plans of Leading Manufacturing Companies Supporting the Growth of the HVAC Industry in China
             13.4.2 Japan
                        13.4.2.1 Joint Ventures and New Product Developments Supporting the Growth of the Market in Japan
             13.4.3 India
                        13.4.3.1 Proactive Steps Taken By the Government Helping the HVAC Industry
             13.4.4 Rest of APAC
                        13.4.4.1 Countries are Taking Initiatives to Implement Green Building Technology for Sustainable Development
     13.5 Rest of the World
             13.5.1 South America
                        13.5.1.1 RIO Olympics 2016 Created A Big Opportunity for the Market
             13.5.2 Middle East
                        13.5.2.1 Government Regulations for Energy Efficiency and Growing Infrastructure Driving the Market
             13.5.3 Africa
                        13.5.3.1 Attractive Construction Sector is Driving the Market

14 Competitive Landscape (Page No. - 130)
     14.1 Overview
     14.2 Ranking Analysis for HVAC System Manufacturers
     14.3 Competitive Situation and Trends
             14.3.1 New Product Launches and Developments
             14.3.2 Expansions
             14.3.3 Acquisitions and Contracts
             14.3.4 Agreements, Collaborations, Partnerships, and Joint Ventures

15 Company Profiles (Page No. - 136)
(Overview, Products & Services, Strategies & Insights, Developments and MnM View)*
     15.1 Introduction
     15.2 Daikin Industries Ltd.
     15.3 Ingersoll Rand PLC.
     15.4 Johnson Controls, Inc.
     15.5 Nortek, Inc.
     15.6 United Technologies Corp.
     15.7 Electrolux AB
     15.8 Emerson Electric Co.
     15.9 Honeywell International Inc.
     15.10 Lennox International Inc.
     15.11 LG Electronics
     15.12 Mitsubishi Electric Corp.
     15.13 Panasonic Corp.
     15.14 Qingdao Haier Co., Ltd.
     15.15 Samsung Electronics Co., Ltd.
     15.16 Whirlpool Corp.

*Details on Overview, Products & Services, Strategies & Insights, Developments and MnM View Might Not Be Captured in Case of Unlisted Companies.

16 Appendix (Page No. - 173)
     16.1 Insights of Industry Experts
     16.2 Discussion Guide
     16.3 Knowledge Store: Marketsandmarkets’ Subscription Portal
     16.4 Introducing RT: Real-Time Market Intelligence
     16.5 Available Customizations
     16.6 Related Reports

List of Tables (69 Tables)

Table 1 Government Incentives Through Tax Credit Programs is Expected to Increase the Demand for HVAC
Table 2 High Costs of Skilled Labor as Well as Installation Hindering Market Growth
Table 3 Development of the Next Generation Low GWP Refrigerants for HVAC Systems
Table 4 Complexities in the Replacement of HVAC Systems in Existing Buildings
Table 5 HVAC Systems Market, By Heating Equipment, 2013–2022 (USD Billion)
Table 6 Market for Heating Equipment, By Application, 2013–2022 (USD Billion)
Table 7 Market for Heating Equipment, By Region, 2013–2022 (USD Billion)
Table 8 Market for Heat Pumps, By Application, 2013–2022 (USD Billion)
Table 9 Market for Heat Pumps, By Region, 2013–2022 (USD Billion)
Table 10 Market for Furnaces, By Application, 2013–2022 (USD Billion)
Table 11 Market for Furnaces, By Region, 2013–2022 (USD Billion)
Table 12 Market for Boilers, By Application, 2013–2022 (USD Billion)
Table 13 Market for Boilers, By Region, 2013–2022 (USD Billion)
Table 14 Market for Unitary Heaters, By Application, 2013–2022 (USD Billion)
Table 15 Market for Unitary Heaters, By Region, 2013–2022 (USD Billion)
Table 16 Market, By Ventilation Equipment, 2013–2022 (USD Billion)
Table 17 HVAC Systems Market for Ventilation Equipment, By Application, 2013–2022 (USD Billion)
Table 18 Market for Ventilation Equipment, By Region, 2013–2022 (USD Billion)
Table 19 Market for Humidifiers, By Application, 2013–2022 (USD Million)
Table 20 Market for Humidifiers, By Region, 2013–2022 (USD Million)
Table 21 Market for Dehumidifiers, By Application, 2013–2022 (USD Million)
Table 22 Market for Dehumidifiers, By Region, 2013–2022 (USD Million)
Table 23 HVAC Systems Market for Air Purifiers, By Application, 2013–2022 (USD Million)
Table 24 Market for Air Purifiers, By Region, 2013–2022 (USD Million)
Table 25 Market for Air Filters, By Application, 2013–2022 (USD Billion)
Table 26 Market for Air Filters, By Region, 2013–2022 (USD Billion)
Table 27 Market for Ventilation Fans, By Application, 2013–2022 (USD Million)
Table 28 Market for Ventilation Fans, By Region, 2013–2022 (USD Million)
Table 29 Market, By Cooling Equipment, 2013–2022 (USD Billion)
Table 30 Market for Cooling Equipment, By Application, 2013–2022 (USD Billion)
Table 31 Market for Cooling Equipment, By Region, 2013–2022 (USD Billion)
Table 32 HVAC Systems Market for Room Air-Conditioners, By Application, 2013–2022 (USD Billion)
Table 33 HVAC Systems Market for Room Air-Conditioners, By Region, 2013–2022 (USD Billion)
Table 34 Market for Unitary Air-Conditioners, By Application, 2013–2022 (USD Billion)
Table 35 Market for Unitary Air-Conditioners, By Region, 2013–2022 (USD Billion)
Table 36 HVAC Systems Market for Chillers, By Application, 2013–2022 (USD Billion)
Table 37 Market for Chillers, By Region, 2013–2022 (USD Billion)
Table 38 HVAC Systems Market for Coolers, By Application, 2013–2022 (USD Million)
Table 39 Market for Coolers, By Region, 2013–2022 (USD Million)
Table 40 HVAC Systems Market for Cooling Towers, By Application, 2013–2022 (USD Million)
Table 41 Market for Cooling Towers, By Region, 2013–2022 (USD Million)
Table 42 Market, By Implementation Type, 2013–2022 (USD Billion)
Table 43 HVAC Systems Market, By Application, 2013–2022 (USD Billion)
Table 44 Market for Commercial Applications, By Type, 2013–2022 (USD Billion)
Table 45 HVAC Systems Market, By Region, 2013–2022 (USD Billion)
Table 46 Market in North America, By Country, 2013–2022 (USD Billion)
Table 47 Market in North America, By Equipment Type, 2013–2022 (USD Billion)
Table 48 HVAC Systems Market in North America, By Heating Equipment, 2013–2022 (USD Billion)
Table 49 HVAC Systems Market in North America, By Ventilation Equipment, 2013–2022 (USD Million)
Table 50 HVAC Systems Market in North America, By Cooling Equipment, 2013–2022 (USD Billion)
Table 51 HVAC Systems Market in Europe, By Country, 2013–2022 (USD Billion)
Table 52 Market in Europe, By Equipment Type, 2013–2022 (USD Billion)
Table 53 HVAC Systems Market in Europe, By Heating Equipment, 2013–2022 (USD Billion)
Table 54 Market in Europe, By Ventilation Equipment, 2013–2022 (USD Million)
Table 55 HVAC Systems Market in Europe, By Cooling Equipment, 2013–2022 (USD Billion)
Table 56 Market in APAC, By Country, 2013–2022 (USD Billion)
Table 57 Market in APAC, By Equipment Type, 2013–2022 (USD Billion)
Table 58 HVAC Systems Market in APAC, By Heating Equipment, 2013–2022 (USD Billion)
Table 59 Market in APAC, By Ventilation Equipment, 2013–2022 (USD Million)
Table 60 Market in APAC, By Cooling Equipment, 2013–2022 (USD Billion)
Table 61 Market in RoW, By Region, 2013–2022 (USD Billion)
Table 62 HVAC Systems Market in RoW, By Equipment Type, 2013–2022 (USD Billion)
Table 63 Market in RoW, By Heating Equipment, 2013–2022 (USD Million)
Table 64 Market in RoW, By Ventilation Equipment, 2013–2022 (USD Million)
Table 65 Market in RoW, By Cooling Equipment, 2013–2022 (USD Billion)
Table 66 New Product Launches and Developments, 2014–2016
Table 67 Expansions, 2014–2016
Table 68 Acquisitions and Contracts, 2014–2016
Table 69 Agreements, Collaborations, Partnerships, and Joint Ventures, 2014–2016

List of Figures (83 Figures)

Figure 1 HVAC Systems Market Segmentation
Figure 2 Market: Research Design
Figure 3 Bottom-Up Approach to Arrive at the Market Size
Figure 4 Top-Down Approach to Arrive at the Market Size
Figure 5 Data Triangulation
Figure 6 Assumptions of the Research Study
Figure 7 HVAC Systems Market Snapshot (2016 vs 2022): Market for Cooling Equipment to Be the Largest
Figure 8 Heat Pumps Expected to Hold A Major Share of the Market for Heating Equipment During the Forecast Period
Figure 9 Air Filters Expected to Lead the Ventilation Equipment Market Between 2016 and 2022
Figure 10 Unitary Air Conditioners to Lead the Market for Cooling Equipment Between 2016 and 2022
Figure 11 New Constructions to Exhibit High Growth Between 2016 and 2022
Figure 12 Commercial Application to Hold the Largest Market Share By 2022
Figure 13 APAC to Hold the Largest Market Share, 2016
Figure 14 Attractive Growth Opportunities in the HVAC Systems Market
Figure 15 Market for Heating Equipment Expected to Grow at the Highest CAGR Between 2016 and 2022
Figure 16 Unitary Air Conditioners to Hold the Largest Share of the Global HVAC Systems Market in 2016
Figure 17 New Constructions Expected to Hold the Largest Market Share in 2016
Figure 18 China to Hold the Largest Share of the HVAC Systems Market
Figure 19 HVAC Systems Market Segmentation, By Geography
Figure 20 DROC: HVAC Systems Market, 2015
Figure 21 Value Chain Analysis: Major Value Added During the Manufacturing Stage
Figure 22 Market: Porter’s Five Forces Analysis
Figure 23 Intensity of Competitive Rivalry Expected to Have A High Impact
Figure 24 Large Number of Suppliers Leading to Intense Competition
Figure 25 Medium Threat of Substitutes for the HVAC Systems Market
Figure 26 High Bargaining Power of Buyers in the HVAC Systems Market
Figure 27 Medium Bargaining Power of Suppliers Due to Less Product Differentiation
Figure 28 Medium Threat of New Entrants Due to High Capital Investments
Figure 29 Market Segmentation, By Heating Equipment
Figure 30 Europe is Expected to Lead the Heating Equipment Market Between 2016 and 2022
Figure 31 Residential Application Expected to Hold the Largest Size of the Furnace Market During the Forecast Period
Figure 32 Huge Demand Expected From the APAC Region in the Boiler Market During the Forecast Period
Figure 33 Market Segmentation, By Ventilation Equipment
Figure 34 APAC Expected to Dominate the Ventilation Equipment Market During the Forecast Period
Figure 35 North America Expected to Hold the Largest Market for Humidifier Between 2016 and 2022
Figure 36 North America Held the Largest Share of the Dehumidifier Market in 2016
Figure 37 Commercial Application Expected to Hold the Largest Market for the Air Filter During the Forecast Period
Figure 38 APAC Expected to Hold the Largest Size of the Ventilation Fan Market During the Forecast Period
Figure 39 HVAC Systems Market Segmentation, By Cooling Equipment
Figure 40 APAC Expected to Lead the Room Air-Conditioner Market Between 2016 and 2022
Figure 41 Huge Growth is Expected From North America in the Unitary Air-Conditioner Market
Figure 42 Commercial Application Expected to Lead the Chiller Market During Forecast Period
Figure 43 APAC to Be the Major Market for Coolers Between 2016 and 2022
Figure 44 Market Segmentation, By Implementation Type
Figure 45 The Market for New Construction Dominated the Global HVAC Systems Market in 2016
Figure 46 HVAC Systems Market Segmentation, By Application
Figure 47 Commercial Application Market Segmentation, By Type
Figure 48 Office Buildings to Hold The Largest Size of The HVAC Systems Market Between 2016 and 2022
Figure 49 Software and Services Used in HVAC Systems
Figure 50 HVAC Services Market, 2013–2022 (USD Billion)
Figure 51 Market in India to Grow at The Highest CAGR During The Forecast Period
Figure 52 APAC to Dominate The HVAC Systems Market Between 2016 and 2022
Figure 53 HVAC Systems Market Snapshot of North America: Demand to Be Driven By The Increasing Preference Towards Energy-Efficient HVAC Systems
Figure 54 Cooling Equipment Expected to Dominate HVAC Systems Market in North America Between 2016 and 2022
Figure 55 Unitary Air-Conditioner to Hold The Largest Size of The Cooling Equipment Market in North America in 2016
Figure 56 Heating Equipment Expected to Dominate The Market in Europe During Forecast Period
Figure 57 HVAC Systems Market in Asia-Pacific Snapshot: China Holds The Largest Market Size
Figure 58 China Expected to Hold The Largest Size of The HVAC Systems Market in APAC Between 2016 and 2022
Figure 59 Middle East to Dominate The Market in The RoW
Figure 60 Companies Adopted New Product Launches and Developments as A Key Growth Strategy Between 2014 and 2016
Figure 61 Ranking of Top 5 Players: Market, 2015
Figure 62 Battle for Market Share: “New Product Launches & Developments” Was The Key Strategy Between 2014 and 2016
Figure 63 Geographic Revenue Mix of The Top 5 Players (2015)
Figure 64 Daikin Industries Ltd.: Company Snapshot
Figure 65 Daikin Industries Ltd.: SWOT Analysis
Figure 66 Ingersoll Rand PLC.: Company Snapshot
Figure 67 Ingersoll Rand PLC: SWOT Analysis
Figure 68 Johnson Controls Inc.: Company Snapshot
Figure 69 Johnson Controls Inc.: SWOT Analysis
Figure 70 Nortek, Inc.: Company Snapshot
Figure 71 Nortek, Inc.: SWOT Analysis
Figure 72 United Technologies Corp.: Company Snapshot
Figure 73 United Technologies Corp.: SWOT Analysis
Figure 74 Electrolux AB: Company Snapshot
Figure 75 Emerson Electric Co.: Company Snapshot
Figure 76 Honeywell International Inc.: Company Snapshot
Figure 77 Lennox International Inc.: Company Snapshot
Figure 78 LG Electronics: Company Snapshot
Figure 79 Mitsubishi Electric Corp.: Company Snapshot
Figure 80 Panasonic Corp.: Company Snapshot
Figure 81 Qingdao Haier Co., Ltd.: Company Snapshot
Figure 82 Samsung Electronics Co., Ltd. : Company Snapshot
Figure 83 Whirlpool Corp.: Company Snapshot

The HVAC systems market is expected to reach USD 173.16 Billion by 2022, at a CAGR of 5.9% between 2016 and 2022. The growth of this market is propelled by the government support, increasing industrialization and urbanization, development of advance solutions, and growing demand for energy-efficient devices.

Unitary air-conditioner is expected to hold a large share of the overall HVAC systems market during the forecast period. The unitary air-conditioner has various advantages such as high performance of equipment, high energy efficiency, lower failure risk, and greater load-management potential. They have high demand in residential and small commercial or industrial buildings.

The market for air purifier is expected to grow at a high CAGR in the overall HVAC systems market between 2016 and 2022. The demand for air purifier is growing due to degrading air quality. Further, people are more exposed to high risk of contracting respiratory and other cardiovascular diseases due to rising air pollution. The increasing health concern among people regarding air contamination is expected to drive demand for air purifiers globally.

The market for services in HVAC is expected to reach USD 90.77 Billion by 2022, at a CAGR of 6.2% between 2016 and 2022. The services such as installation, maintenance, and repair generated majority of revenue. These services require skilled workforce and proper training of employees.

The HVAC system software is used for various activities such as designing, servicing, scheduling appointments, tracking business activities, and load calculation. Software solutions in the HVAC industry has made a positive impact on the approach of HVAC professionals to do their job. Technological advancements and digital analytics have simplified the complexities associated with design, load calculations, and monitoring of HVAC system.

The market for new construction is expected to lead the global HVAC systems market during forecast period. Globally, the government is making heavy investment in expansion projects of hotels, retail stores, airports, and educational buildings. The dust from growing construction activities is degrading the air quality, which is driving the demand for HVAC systems to remove pollutants, maintain air quality, and control the temperature of environment and humidity in buildings. Further, the government regulations for smarter buildings and financial incentives for installation of energy-efficient HVAC systems in new construction projects are expected to drive the market.

Commercial application expected to hold the largest share of the HVAC systems market during the forecast period.

The increasing adoption of HVAC systems in commercial buildings, growing demand for energy-efficient devices, and increasing consumer awareness toward energy saving in developing regions such as APAC and RoW are key factors driving the demand for HVAC system in commercial application. Further, heavy investment by government for construction of commercial spaces such as airports, hotels, and retail stores is expected to drive the growth of the market.

APAC is expected to be the leading and fastest-growing market for HVAC system during the forecast period. The increase in construction activities, increase in the disposable income of consumers, rising need of energy consumption, and government initiatives to promote efficient energy consumption practices are some of the major factors for the growth of APAC market. The countries such as China and Japan have high demand for HVAC systems in APAC region.

One of the key restraining factors for the HVAC systems market is the requirement of skilled labor followed by significant installation cost. HVAC systems require fine tuning and the custom fabrication of parts during installation to work properly; otherwise they will probably fail.  If the installation of HVAC system is not done by a skilled professional then end user typically need to pay more in the long run. Thus, the requirement skilled labor is expected to incur additional cost to system.

The key market players in the market such as United Technologies Corporation (U.S.) and Daikin Industries Limited (Japan) are focusing on expansion, acquisition, and agreement strategies to enhance their product offerings and expand their business.

To speak to our analyst for a discussion on the above findings, click Speak to Analyst