HVAC System Market

HVAC System Market by Heating Equipment (Heat Pumps, Furnaces), Ventilation Equipment (Humidifiers, Dehumidifiers), Cooling Type (VRF Systems, Unitary Air Conditioners), Implementation Type, Application, and Geography - Global Forecast to 2023

Report Code: SE 4420 Apr, 2018, by marketsandmarkets.com
Updated date -

The HVAC system market size is projected to reach USD 251.6 billion by 2023 from an estimation of USD 181.0 billion in 2018, at a CAGR of 6.8%. The key factors driving this market include demand for improved HVAC systems to reduce energy consumption and government regulations and policies for conserving energy. Furthermore, underlying opportunities in this space include increasing investments in construction sector and integration of IoT with HVAC systems.

HVAC Systems Market

HVAC System Market Dynamics

Demand for improved HVAC systems to reduce energy consumption

According to the US National Academy of Sciences report, the first decade of the 21st century was 0.8°C (1.4°F) warmer than the first decade of the 20th century. The variation in climatic changes has led to the increasing demand for electrical cooling systems in summers and, simultaneously, for natural gas, heating oil, wood, and electrical heating systems in winters. Moreover, the change in climate has an adverse impact on the energy consumption in buildings and also influences air conditioning loads, which vary according to the ambient temperature and humidity conditions.

As compared to the rural area, urban areas are affected by the urban heat island (UHI) and, hence, experience higher ambient temperature. Energy-efficient HVAC systems can overcome this problem; there is a huge demand for these systems as they maintain room temperature in residences/buildings.

Around the world, residential, commercial, and industrial buildings use some forms of heating, cooling, or climate control technologies to obtain thermal comfort and satisfactory levels of indoor air quality. The increasing energy consumption in the aforementioned buildings has been contributing to the overall global warming, as the buildings directly uses fossil fuels (heating oil, natural gas, and coal) for obtaining space heating. Such heating and cooling applications in these buildings incur a significant cost. Therefore, the need for energy-efficient devices has led to the adoption of HVAC systems.

According to the US Energy Information Administration, approx. 1,374 billion kWh of electricity was utilized by the US residential consumers during 2017. In the residential sector, approx. 41% of electricity was utilized for heating, ventilation, air conditioning, and refrigeration applications.

Hence, to reduce the electricity consumption, there is a persistent demand to improve operational efficiency, which encourages the adoption of energy-efficient HVAC systems.

Higher installation cost of energy-efficient HVAC systems

New upcoming energy efficiency HVAC systems is replacing the traditional HVAC systems, which requires installation. Upcoming technologies is required in HVAC system to increase the energy efficiency, reduce energy costs, and lower the carbon emissions. All these factors led to develop the energy efficient HVAC systems. Carrier offers oil furnace which costs around USD 1,890/system but its estimated installation cost is USD 6,050. This means the installation cost more than double the price of the system.

The installation cost of HVAC equipment for residential, commercial, and industrial applications depend on various factors. For instance, in the residential application, the installation cost of all HVAC systems depends on the size of homes, additional duct work, type of equipment, and SEER value of equipment. The installation cost of HVAC equipment without duct work ranges between USD 6,000 and USD 8,800. The installation of HVAC equipment including ductwork costs around USD 9,200 to USD 12,300 and the full installation of HVAC equipment with additional features such as a zoning system or media filter costs around USD 13,100 to USD 17,000. Thus, the higher installation cost is a restraining factor that hamper the growth of the HVAC system market.

Integration of IoT with HVAC systems

The technological advancements i.e. Internet of things (IoT) enabled HVAC systems help in real time monitoring, predictive maintenance, remote diagnostics, total controllability, and provides continuous comfort in the buildings. IoT-enabled HVAC systems consist of smart thermostats that help in monitoring environmental changes and communicating back and forth with the HVAC equipment. The technological advanced software enables HVAC systems to leverage data for continuous improvements in efficiency and energy savings.

For instance, the building management systems (BMS) involves the installation of sensors, software, a network and a cloud-based data store. Its functions include management of heating, ventilation and air conditioning (HVAC) systems, as well as lighting, security and safety operations. This software helps facility managers to manage HVAC systems easier, which saves the time and cost. The IoT enabled HVAC systems in buildings helps in tracking the abnormalities in buildings which helps in reducing system failure.

Based on heating equipment, Heat Pumps to hold the larger share of HVAC system market

In the HVAC system, a heat pump transfers heat from one point to another. It is the vital part of cooling and heating processes, which uses the air available outside and inside a particular space to perform these functions. The market for heat pumps is growing owing to their evolving capabilities such as performing both space cooling and heating functions along with the ability to heat water. Further, heat pumps have higher efficiency than many other cooling or space heating units, which is expected to increase demand for the same. Companies such as Daikin (Japan), Ingersoll-Rand (Ireland), Johnson Controls (US), United Technologies (US) offer heat pumps in the HVAC system market.

The HVAC system market  for commercial application is expected to hold the largest shareholder of this market in coming years

HVAC systems are widely used in commercial buildings, which include healthcare, education, government, office, airport, and retail. Concerns over impact on environment due to rise in global temperature and pollution and rising energy prices have made the use of energy-efficient HVAC systems a necessity in commercial spaces. Governments of various countries are helping manufacturers and end users of HVAC systems by implementing energy incentive programs.

Several municipal utilities in Florida participated in Energy Incentive Programs by offering modest equipment rebates to commercial customers. For instance, Florida Power and Light (FPL), Duke Energy (previously Progress Energy), Florida Public Utilities, Tampa Electric Company (TECO), and Jacksonville Electric Authority (JEA) offer energy efficiency rebates for a range of energy-efficient devices, such as HVAC and air-conditioning (including chillers). This has encouraged commercial building owners to upgrade and implement HVAC systems.

HVAC Systems Market

HVAC System market for APAC to account for the largest size during the forecast period

The major countries of APAC such as China, Japan, and India are the major consumers of HVAC systems. The governments of these countries have taken various measures to ensure that energy-efficient HVAC systems are installed in newly constructed buildings. Indian Society of Heating, Refrigerating and Air Conditioning Engineers (ISHRAE), Australian Institute of Refrigeration, Air-conditioning and Heating (AIRAH), Air Conditioning and Mechanical Contractors Association of Australia (AMCA), Japan Refrigeration and Air Conditioning Industry Association (JRAIA), and Air Conditioning Engineering Association of Thailand (ACAT) are among the organizations and associations supporting the adoption of HVAC systems in APAC.

Increased awareness among consumers regarding the adoption of the star-labelled HVAC products, high use of VRV, and invertor-based AC systems have boosted the growth of the HVAC system market in this region.

Key Market Players

Daikin (Japan), Ingersoll-Rand (Ireland), Johnson Controls (US), LG Electronics (South Korea), United Technologies (US), Electrolux (Sweden), Emerson (US), Honeywell (US), Lennox (US), Nortek (US), Mitsubishi Electric (Japan), Panasonic (Japan), Qingdao Haier (China), Samsung Electronics (South Korea), Whirlpool (US), Midea (China), Gree (China), Fujitsu (Japan), Hitachi (Japan), and Danfoss (Denmark) are a few major players in the HVAC system market. are a few major players in the HVAC system market.

Report Scope

Report Metric

Details

Market size available for years

2018–2023

Base year considered

2017

Forecast period

2018–2023

Forecast units

Value, USD billion

Segments covered

Heating Equipment, Ventilation Equipment, Cooling Equipment, Implementation Type, Application and Region

Regions covered

North America, Europe, APAC, 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), Nortek (US), Mitsubishi Electric (Japan), Panasonic (Japan), Qingdao Haier (China), Samsung Electronics (South Korea), Whirlpool (US), Midea (China), Gree (China), Fujitsu (Japan), Hitachi (Japan), and Danfoss (Denmark) are a few major players in the HVAC system market.

HVAC system market segmentation:

In this report, the HVAC system market is segmented into the following categories:

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 Cooling Equipment:

  • Unitary Air Conditioners
  • VRF Systems
  • Chillers
  • Room Air Conditioners
  • Coolers
  • Cooling Towers

HVAC system market, by Implementation Type:

  • New Construction
  • Retrofit

HVAC system market, by Application:

  • Commercial
  • Residential
  • Industrial

HVAC system market, by Region:

  • North America
  • Europe
  • APAC
  • RoW

Critical Questions the Report Answers:

  • What are emerging application areas that are expected to adopt HVAC system?
  • Which end-use application of in the HVAC system market is growing at the highest rate?
  • Which type of HVAC system is expected to penetrate significantly during the forecast period?
  • What type of industry is the most opportunistic for HVAC system manufacturers in the coming years?

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

Table of Contents

1 Introduction (Page No. - 19)
    1.1 Objectives of the Study
    1.2 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. - 23)
    2.1 Research Data
           2.1.1 Secondary & Primary Research
           2.1.2 Secondary Data
                    2.1.2.1 Major Secondary Sources
                    2.1.2.2 Secondary Sources
           2.1.3 Primary Data
                    2.1.3.1 Primary Interviews With Experts
                    2.1.3.2 Key Data From Primary Sources
                    2.1.3.3 Key Industry Insights
                    2.1.3.4 Breakdown of Primaries
    2.2 Market Size Estimation
           2.2.1 Bottom-Up Approach
                    2.2.1.1 Approach for Arriving at the Market Share By the Bottom-Up Analysis (Demand Side)
           2.2.2 Top-Down Approach
                    2.2.2.1 Approach for Capturing the Market Share By Top-Down Analysis (Supply Side)
    2.3 Market Breakdown & Data Triangulation
    2.4 Research Assumptions

3 Executive Summary (Page No. - 32)

4 Premium Insights (Page No. - 38)
    4.1 Attractive Growth Opportunities in the HVAC System Market
    4.2 HVAC Systems Market, By Equipment Type
    4.3 Market, By Application
    4.4 Market, By Implementation Type
    4.5 Market in APAC, By Cooling Equipment & Country
    4.6 Market, By Geography

5 HVAC System Market Overview (Page No. - 42)
    5.1 Introduction
           5.1.1 Drivers
                    5.1.1.1 Demand for Improved HVAC Systems to Reduce Energy Consumption
                    5.1.1.2 Government Tax Credit and Rebate Programs
                    5.1.1.3 Increasing Demand for HVAC Systems Because of the Need for Upgrade Or Refurbishment
                    5.1.1.4 Government Regulations and Policies for Conserving Energy
           5.1.2 Restraints
                    5.1.2.1 Higher Installation Cost of Energy-Efficient HVAC Systems
                    5.1.2.2 Lack of Awareness Regarding Benefits of HVAC System in Developing Countries
           5.1.3 Opportunities
                    5.1.3.1 Increasing Investments in Construction Sector
                    5.1.3.2 Integration of IoT With HVAC Systems
                    5.1.3.3 Increasing Penetration of VRF Systems in Residential Applications
           5.1.4 Challenge
                    5.1.4.1 Complexities in HVAC Retrofit

6 Industry Trends (Page No. - 47)
    6.1 Introduction
    6.2 Value Chain Analysis
    6.3 Software & Services in HVAC Systems
           6.3.1 Software
           6.3.2 Services

7 HVAC Systems Market, By Heating Equipment (Page No. - 51)
    7.1 Introduction
    7.2 Heat Pumps
           7.2.1 Air-To-Air Heat Pumps
           7.2.2 Air-To-Water Heat Pumps
           7.2.3 Water-To-Water Heat Pumps
    7.3 Furnaces
           7.3.1 Oil Furnaces
           7.3.2 Gas Furnaces
           7.3.3 Electric Furnaces
    7.4 Boilers
           7.4.1 Steam Boilers
           7.4.2 Hot Water Boilers
    7.5 Unitary Heaters
           7.5.1 Gas Unit Heaters
           7.5.2 Oil-Fired Unit Heaters
           7.5.3 Electric Unit Heaters

8 HVAC System Market, By Ventilation Equipment (Page No. - 64)
    8.1 Introduction
    8.2 Humidifiers
           8.2.1 Warm-Mist Humidifiers
           8.2.2 Ultrasonic Humidifiers
           8.2.3 Cool-Mist Humidifiers
    8.3 Dehumidifiers
           8.3.1 Refrigeration Dehumidifiers
           8.3.2 Absorption Dehumidifiers
    8.4 Air Purifiers
           8.4.1 Hepa Air Purifiers
           8.4.2 Activated Carbon Air Purifiers
           8.4.3 Electrostatic Air Purifiers
           8.4.4 Ionic Air Purifiers
    8.5 Air Filters
    8.6 Ventilation Fans
           8.6.1 Crossflow Fans
           8.6.2 Axial Fans
           8.6.3 Centrifugal Fans
           8.6.4 Domestic Fans
           8.6.5 Range Hood Fans
           8.6.6 Power Roof Fans
    8.7 Air Handling Units

9 HVAC System Market, By Cooling Equipment (Page No. - 81)
    9.1 Introduction
    9.2 Room Air Conditioners
    9.3 Unitary Air Conditioners
           9.3.1 Split Air Conditioners
           9.3.2 Packaged Air Conditioners
    9.4 Chillers
           9.4.1 Scroll Chillers
           9.4.2 Screw Chillers
           9.4.3 Centrifugal Chillers
           9.4.4 Reciprocating Chillers
           9.4.5 Absorption Chillers
    9.5 Coolers
           9.5.1 Ducted Coolers
           9.5.2 Window Coolers
    9.6 Cooling Towers
           9.6.1 Evaporative Cooling Towers
           9.6.2 Dry Cooling Towers
           9.6.3 Hybrid Cooling Towers
    9.7 VRF Systems

10 HVAC Systems Market, By Implementation Type (Page No. - 99)
     10.1 Introduction
     10.2 New Construction
     10.3 Retrofit

11 HVAC System Market, By Application (Page No. - 103)
     11.1 Introduction
     11.2 Residential
     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

12 Geographic Analysis (Page No. - 114)
     12.1 Introduction
     12.2 North America
             12.2.1 US
             12.2.2 Canada
             12.2.3 Mexico
     12.3 Europe
             12.3.1 UK
             12.3.2 Germany
             12.3.3 France
             12.3.4 Rest of Europe
     12.4 APAC
             12.4.1 China
             12.4.2 Japan
             12.4.3 India
             12.4.4 Rest of APAC
     12.5 RoW
             12.5.1 South America
             12.5.2 Middle East
             12.5.3 Africa

13 Competitive Landscape (Page No. - 144)
     13.1 Overview
     13.2 Market Ranking Analysis: HVAC System Market
     13.3 Competitive Situation & Trends
             13.3.1 Agreements, Mergers, Joint Ventures & Partnerships
             13.3.2 Product Launches & Developments
             13.3.3 Expansions
             13.3.4 Acquisitions

14 Company Profiles (Page No. - 150)
     14.1 Introduction
     14.2 Key Players
(Business Overview, Products Offered, Recent Developments, MnM View, SWOT Analysis)*
             14.2.1 Daikin
             14.2.2 Ingersoll-Rand
             14.2.3 Johnson Controls
             14.2.4 LG Electronics
             14.2.5 United Technologies
             14.2.6 Electrolux
             14.2.7 Emerson
             14.2.8 Honeywell
             14.2.9 Lennox
             14.2.10 Nortek
*Business Overview, Products Offered, Recent Developments, MnM View, SWOT Analysis Might Not Be Captured in Case of Unlisted Companies.
     14.3 Other Key Players
             14.3.1 Mitsubishi Electric
             14.3.2 Panasonic
             14.3.3 Qingdao Haier
             14.3.4 Samsung Electronics
             14.3.5 Whirlpool
             14.3.6 Midea
             14.3.7 Gree
             14.3.8 Fujitsu
             14.3.9 Hitachi
             14.3.10 Danfoss

15 Appendix (Page No. - 188)
     15.1 Insights of Industry Experts
     15.2 Knowledge Store: Marketsandmarkets’ Subscription Portal
     15.3 Introducing RT: Real-Time Market Intelligence
     15.4 Available Customizations
     15.5 Related Reports
     15.6 Author Details


List of Tables (79 Tables)

Table 1 HVAC System Market, By Equipment, 2015–2023 (Million Units)
Table 2 Different Functionalities of HVAC Software
Table 3 List of Different Types of HVAC Software
Table 4 HVAC System Market for Heating Equipment, By Equipment Type, 2015–2023 (USD Billion)
Table 5 Market for Heating Equipment, By Region, 2015–2023 (USD Billion)
Table 6 Market for Heating Equipment, By Application, 2015–2023 (USD Billion)
Table 7 Heating Equipment Market for Heat Pumps, By Region, 2015–2023 (USD Billion)
Table 8 Heating Equipment Market for Heat Pumps, By Application, 2015–2023 (USD Billion)
Table 9 Afue Ratings and Furnace Efficiency
Table 10 Heating Equipment Market for Furnaces, By Region, 2015–2023 (USD Billion)
Table 11 Heating Equipment Market for Furnaces, By Application, 2015–2023 (USD Billion)
Table 12 Typical Seasonal Efficiency of Boiler
Table 13 Heating Equipment Market for Boilers, By Region, 2015–2023 (USD Billion)
Table 14 Heating Equipment Market for Boilers, By Application, 2015–2023 (USD Billion)
Table 15 Heating Equipment Market for Unitary Heaters, By Region, 2015–2023 (USD Billion)
Table 16 Heating Equipment Market for Unitary Heaters, By Application, 2015–2023 (USD Billion)
Table 17 Market for Ventilation Equipment, By Equipment Type, 2015–2023 (USD Billion)
Table 18 Market for Ventilation Equipment, By Region, 2015–2023 (USD Billion)
Table 19 Market for Ventilation Equipment, By Application, 2015–2023 (USD Billion)
Table 20 Ventilation Equipment Market for Humidifiers, By Region, 2015–2023 (USD Million)
Table 21 HVAC Systems Market for Humidifiers, By Application, 2015–2023 (USD Million)
Table 22 Ventilation Equipment Market for Dehumidifiers, By Region, 2015–2023 (USD Million)
Table 23 Ventilation Equipment Market for Dehumidifiers, By Application, 2015–2023 (USD Million)
Table 24 Ventilation Equipment Market for Air Purifiers, By Region, 2015–2023 (USD Million)
Table 25 Ventilation Equipment Market for Air Purifiers, By Application, 2015–2023 (USD Million)
Table 26 Ventilation Equipment Market for Air Filters, By Region, 2015–2023 (USD Billion)
Table 27 Market for Air Filters, By Application, 2015–2023 (USD Billion)
Table 28 Ventilation Equipment Market for Ventilation Fans, By Region, 2015–2023 (USD Million)
Table 29 Ventilation Equipment Market for Ventilation Fan, By Application, 2015–2023 (USD Million)
Table 30 Ventilation Equipment Market for Air Handling Units, By Region, 2015–2023 (USD Billion)
Table 31 Ventilation Equipment Market for Air Handling Units, By Application, 2015–2023 (USD Billion)
Table 32 Market for Cooling Equipment, By Equipment Type, 2015–2023 (USD Billion)
Table 33 Market for Cooling Equipment, By Application, 2015–2023 (USD Billion)
Table 34 Market for Cooling Equipment, By Region, 2015–2023 (USD Billion)
Table 35 Cooling Equipment Market for Room Air Conditioners, By Application, 2015–2023 (USD Billion)
Table 36 Cooling Equipment Market for Room Air Conditioners, By Region, 2015–2023 (USD Billion)
Table 37 AHRI Standards Related to Unitary Air Conditioners
Table 38 Market for Unitary Air Conditioners, By Application, 2015–2023 (USD Billion)
Table 39 Cooling Equipment Market for Unitary Air Conditioners, By Region, 2015–2023 (USD Billion)
Table 40 Cooling Equipment Market for Chillers, By Application, 2015–2023 (USD Billion)
Table 41 Cooling Equipment Market for Chillers, By Region, 2015–2023 (USD Billion)
Table 42 Cooling Equipment Market for Coolers, By Application, 2015–2023 (USD Billion)
Table 43 Cooling Equipment Market for Coolers, By Region, 2015–2023 (USD Billion)
Table 44 Cooling Equipment Market for Cooling Towers, By Application, 2015–2023 (USD Million)
Table 45 Cooling Equipment Market for Cooling Towers, By Region, 2015–2023 (USD Million)
Table 46 Cooling Equipment Market for VRF Systems, By Application, 2015–2023 (USD Billion)
Table 47 Cooling Equipment Market for VRF Systems, By Region, 2015–2023 (USD Billion)
Table 48 Market, By Implementation, 2015–2023 (USD Billion)
Table 49 Industry-Standard Rating Parameters Related to HVAC Systems
Table 50 Market, By Application, 2015–2023 (USD Billion)
Table 51 Temperature Variation in Commercial Buildings
Table 52 Different Climate Zones for Cities in Us
Table 53 Reference Building With Different Areas
Table 54 HVAC Systems Classification on the Reference Building
Table 55 Market, By Commercial Application, 2015–2023 (USD Billion)
Table 56 Temperature Variations in Industrial Buildings
Table 57 HVAC System Market, By Region, 2015–2023 (USD Billion)
Table 58 List of Events to Be Held in North America in 2018 and 2019
Table 59 Market in North America, By Country, 2015–2023 (USD Billion)
Table 60 Market for Heating Equipment in North America, By Equipment Type, 2015–2023 (USD Billion)
Table 61 Market for Ventilation Equipment in North America, By Equipment Type, 2015–2023 (USD Billion)
Table 62 Market for Cooling Equipment in North America, By Equipment Type, 2015–2023 (USD Billion)
Table 63 Target Values of Fuel Input From 2017 to 2020
Table 64 List of Events to Be Held in Europe in 2018 and 2019
Table 65 Market in Europe, By Country, 2015–2023 (USD Billion)
Table 66 Market for Heating Equipment in Europe, By Equipment Type, 2015–2023 (USD Billion)
Table 67 Market for Ventilation Equipment in Europe, By Equipment Type, 2015–2023 (USD Billion)
Table 68 Market for Cooling Equipment in Europe, By Equipment Type, 2015–2023 (USD Billion)
Table 69 List of Events to Be Held in APAC in 2018 and 2019
Table 70 Market in APAC, By Country, 2015–2023 (USD Billion)
Table 71 Market for Heating Equipment in APAC, By Equipment Type, 2015–2023 (USD Billion)
Table 72 Market for Ventilation Equipment in APAC, By Equipment Type, 2015–2023 (USD Billion)
Table 73 Market for Cooling Equipment in APAC, By Equipment Type, 2015–2023 (USD Billion)
Table 74 List of Events to Be Held in RoW in 2018 and 2019
Table 75 Market in RoW, By Region, 2015–2023 (USD Billion)
Table 76 Market for Heating Equipment in RoW, By Equipment Type, 2015–2023 (USD Billion)
Table 77 Market for Ventilation Equipment in RoW, By Equipment Type, 2015–2023 (USD Million)
Table 78 Market for Cooling Equipment in RoW, By Equipment Type, 2015–2023 (USD Billion)
Table 79 Ranking of Key Players in Market, 2017


List of Figures (70 Figures)

Figure 1 Segmentations of the HVAC System Market
Figure 2 Market: Research Design
Figure 3 Market: Bottom-Up Approach
Figure 4 Market: Top-Down Approach
Figure 5 Data Triangulation
Figure 6 Assumptions for Research Study
Figure 7 Market for Commercial Application to Grow at the Highest CAGR During the Forecast Period
Figure 8 Heat Pumps to Hold the Largest Size of the Market for Heating Equipment During the Forecast Period
Figure 9 Market for Air Purifiers to Grow at A Higher CAGR During the Forecast Period
Figure 10 Unitary Air Conditioners to Hold the Largest Size of the Market By 2023
Figure 11 New Construction to Hold the Largest Size of the Market By 2023
Figure 12 HVAC System Market, By Region
Figure 13 Increasing Demand to Reduce Energy Consumption and Government Tax Credit and Rebate Programs Boost Adoption of HVAC System
Figure 14 Market for Heating Equipment to Grow at the Highest CAGR Between 2018 and 2023
Figure 15 Commercial Application to Hold the Largest Size of the Market in 2018
Figure 16 New Construction to Dominate the Market in 2018
Figure 17 Unitary Air Conditioner to Hold the Largest Share of the Cooling Equipment Market of HVAC System in APAC in 2018
Figure 18 China to Hold the Largest Share of the HVAC Market in 2018
Figure 19 Demand for HVAC Systems to Reduce Energy Consumption is Expected to Drive the Growth of the Market
Figure 20 HVAC Systems: Maximum Value Added During System Integration
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 Market for Heating Equipment By 2023
Figure 24 Residential Application to Hold Largest Size of Market for Heating Equipment By 2023
Figure 25 Europe to Hold Largest Size of Heating Equipment Market for Heat Pumps By 2023
Figure 26 Residential Application to Hold Largest Size of Heating Equipment Market for Furnaces in 2018
Figure 27 Heating Equipment Market for Boilers in APAC to Grow at Highest CAGR During Forecast Period
Figure 28 Industrial Application to Hold Largest Size of Heating Equipment Market for Unitary Heaters By 2023
Figure 29 Market for Ventilation Equipment
Figure 30 AHU to Hold the Largest Size of the Market By 2023
Figure 31 Commercial Application to Hold the Largest Size of Market for Ventilation Equipment By 2023
Figure 32 North America to Hold the Largest Size of the Ventilation Equipment Market for Humidifiers By 2023
Figure 33 Commercial Application of Dehumidifiers to Grow at the Highest CAGR Between 2018 and 2023
Figure 34 APAC Region to Hold the Largest Market Share of Ventilation Equipment for Air Purifiers By 2023
Figure 35 Commercial Application to Hold the Largest Size of Ventilation Equipment Market for Air Filters By 2023
Figure 36 Ventilation Equipment Market for Ventilation Fans in North America to Grow at the Highest CAGR for Ventilation Fans During Forecast Period
Figure 37 Commercial Application to Hold the Largest Market Size of Ventilation Equipment Market for Air Handling Units By 2023
Figure 38 HVAC Systems Market for Cooling Equipment
Figure 39 Unitary Air Conditioners to Hold Largest Size of Market for Cooling Equipment During Forecast Period
Figure 40 APAC to Hold Largest Size of Market for Cooling Equipment in 2018
Figure 41 Commercial Application to Hold Largest Size of Cooling Equipment Market for Unitary Air Conditioners By 2023
Figure 42 Chiller Market for Residential Application to Grow at Highest CAGR During Forecast Period
Figure 43 Cooling Towers Market for Commercial Application to Grow at Highest CAGR During Forecast Period
Figure 44 APAC to Hold Largest Size of Cooling Equipment Market for VRF Air Conditioners By 2023
Figure 45 Market, By Implementation Type
Figure 46 New Construction to Hold the Largest Size of the Market By 2023
Figure 47 Market, By Application
Figure 48 Commercial Application to Hold the Largest Size of the Market During the Forecast Period
Figure 49 Healthcare Application for Commercial to Grow at the Highest CAGR During the Forecast Period
Figure 50 Market, By Geography
Figure 51 Geographic Snapshot of Market
Figure 52 APAC to Dominate Market During Forecast Period
Figure 53 North America: Snapshot of Market
Figure 54 Market for Furnace to Grow at Highest CAGR During Forecast Period in North America
Figure 55 Europe: Snapshot of Market
Figure 56 Germany to Hold Largest Size of Market By 2023
Figure 57 APAC: Snapshot of Market
Figure 58 China to Dominate Market in APAC By 2023
Figure 59 Middle East to Dominate Market During Forecast Period
Figure 60 Product Launches and Developments as Key Growth Strategies Adopted By Companies Between 2015 and 2018
Figure 61 Daikin: Company Snapshot
Figure 62 Ingersoll-Rand: Company Snapshot
Figure 63 Johnson Controls: Company Snapshot
Figure 64 LG Electronics: Company Snapshot
Figure 65 United Technologies: Company Snapshot
Figure 66 Electrolux: Company Snapshot
Figure 67 Emerson: Company Snapshot
Figure 68 Honeywell: Company Snapshot
Figure 69 Lennox: Company Snapshot
Figure 70 Nortek: Company Snapshot

The study involved 4 major activities in estimating the current size of the HVAC system market. Exhaustive secondary research was done to collect information on the market, the peer markets, and the parent market. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the complete market size. Thereafter, market breakdown and data triangulation were used to estimate the market size of segments and subsegments.

Secondary Research

Secondary sources referred to in this research study include corporate filings (such as annual reports, investor presentations, and financial statements); trade, business, and professional associations; white papers, HVAC system-related journals, IEST publications; directories; and databases. The secondary data has been collected and analyzed to arrive at the overall market size estimations, which has been further validated by primary research.

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 relevant to this report. Extensive primary research has been conducted after understanding and analyzing the HVAC system market through secondary research. Several primary interviews have been conducted with key opinion leaders from both demand- and supply-side vendors across 4 regions: North America, Europe, Asia Pacific (APAC), and Rest of the World (RoW). RoW comprises South America, Middle East and Africa. Approximately 25% of the primary interviews have been conducted with the demand side and 75% with the supply side. This primary data has been collected mainly through telephonic interviews, which accounted for 80% of the total primary interviews. Besides, questionnaires and emails were also used to collect the data.

HVAC Systems Market

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

Market Size Estimation

Both top-down and bottom-up approaches were implemented to estimate and validate the total size of the HVAC system market. These methods were also used extensively to estimate the size of the markets based on various subsegments. The research methodology used to estimate the market size includes the following steps:

  • The key players in the industry and markets have been identified through extensive secondary research.
  • The industry’s 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—using the market size estimation processes as explained above—the market was split into several segments and subsegments. To complete the overall market engineering process and arrive at the exact statistics of each market segment and subsegment, data triangulation and market breakdown procedures were employed, wherever applicable. The data was triangulated by studying various factors and trends from the demand and supply sides across different end-use applications.

Study Objectives

  • To describe and forecast the HVAC system market, in terms of value, segmented on the basis of heating equipment, ventilation equipment, cooling equipment, implementation type, application and region
  • To describe and forecast the market size with respect to 4 main regions, namely, North America, Europe, Asia Pacific (APAC), and Rest of the World (RoW)
  • To provide detailed information regarding the major factors such as drivers, restraints, opportunities, and challenges influencing the growth of the market
  • To strategically analyze micromarkets1 with respect to individual growth trends, prospects, and their contribution to the overall market
  • To analyze opportunities in the market for stakeholders and provide a detailed competitive landscape of the market
  • To strategically profile the key players in the market and comprehensively analyze their market ranking and core competencies2
  • To analyze competitive developments such as product launches/developments, partnerships, expansions, and Research & Development (R&D) activities carried out by players in the HVAC system market

Available Customizations:

With the given market data, MarketsandMarkets offers customizations according to a company's specific needs. The following customization options are available for this report:

Regional Analysis

  • Country-wise breakdown for different segments (By heating equipment, ventilation equipment, cooling equipment, implementation type, application) in North America, Europe, Asia Pacific, and RoW

Company Information

  • Detailed analysis and profiling of additional market players (up to 5)
Report Code
SE 4420
Published ON
Apr, 2018
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