HVAC System Market

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)

Report Code: SE 4420 Dec, 2021, by marketsandmarkets.com

[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.

HVAC System Market

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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 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 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 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 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 market in APAC. Growing construction activities and rising population are a few key factors boosting the growth of the 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.

HVAC System Market by 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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Scope of the Report

Report Metric

Details

Market size available for years

2017-2026

Base year considered

2017

Forecast period

2021-2026

Forecast units

Value (USD Million/Billion)

Segments covered

By Cooling Equipment, Heating Equipment, Ventilation Equipment, Implementation Type, Application

Geographies covered

North America, Europe, APAC, and RoW

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 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

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.

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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 MARKET DURING FORECAST PERIOD
           FIGURE 12 MARKET FOR FURNACES TO REGISTER HIGHEST CAGR DURING FORECAST PERIOD
           FIGURE 13 MARKET FOR AIR PURIFIERS TO EXHIBIT HIGHEST CAGR DURING FORECAST PERIOD
           FIGURE 14 MARKET FOR NEW CONSTRUCTION TO HOLD HIGHER MARKET SHARE DURING FORECAST PERIOD
           FIGURE 15 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 MARKET
           FIGURE 17 IMPLEMENTATION OF IOT WITH HVAC SYSTEMS HAS FUEL THEIR DEMAND IN COMMERCIAL AND RESIDENTIAL APPLICATIONS
    4.2 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 MARKET IN 2021
    4.3 HVAC SYSTEM MARKET, BY APPLICATION
           FIGURE 19 OFFICE SUB-SEGMENT TO HOLD LARGEST SHARE OF MARKET FOR COMMERCIAL APPLICATION DURING FORECAST PERIOD
    4.4 MARKET, BY COUNTRY
           FIGURE 20 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 MARKET
           FIGURE 23 OPPORTUNITIES AND THEIR IMPACT ON MARKET
           FIGURE 24 RESTRAINTS & CHALLENGES AND THEIR IMPACT ON 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 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 MARKET

6 HVAC SYSTEM MARKET, BY COOLING EQUIPMENT (Page No. - 79)
    6.1 INTRODUCTION
           FIGURE 32 MARKET, BY COOLING EQUIPMENT
           FIGURE 33 UNITARY AIR CONDITIONERS TO HOLD LARGEST SHARE OF MARKET FOR COOLING EQUIPMENT IN 2026
           TABLE 13 MARKET, BY COOLING EQUIPMENT, 2017–2020 (USD BILLION)
           TABLE 14 MARKET, BY COOLING EQUIPMENT, 2021–2026 (USD BILLION)
           TABLE 15 MARKET FOR COOLING EQUIPMENT, BY APPLICATION, 2017–2020 (USD BILLION)
           TABLE 16 MARKET FOR COOLING EQUIPMENT, BY APPLICATION, 2021–2026 (USD BILLION)
           TABLE 17 MARKET FOR COOLING EQUIPMENT, BY REGION, 2017–2020 (USD BILLION)
           TABLE 18 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 MARKET FOR UNITARY AIR CONDITIONERS, BY APPLICATION, 2021–2026 (USD BILLION)
                               TABLE 22 MARKET FOR UNITARY AIR CONDITIONERS, BY REGION, 2017–2020 (USD BILLION)
                               TABLE 23 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 MARKET FOR VRF SYSTEMS, BY APPLICATION, 2017–2020 (USD BILLION)
                    TABLE 25 MARKET FOR VRF SYSTEMS, BY APPLICATION, 2021–2026 (USD BILLION)
                    TABLE 26 MARKET FOR VRF SYSTEMS, BY REGION, 2017–2020 (USD BILLION)
                    TABLE 27 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 MARKET FOR CHILLERS, BY APPLICATION, 2021–2026 (USD BILLION)
                               TABLE 30 MARKET FOR CHILLERS, BY REGION, 2017–2020 (USD BILLION)
                               TABLE 31 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 MARKET FOR ROOM AIR CONDITIONERS, BY APPLICATION, 2017–2020 (USD MILLION)
                    TABLE 33 MARKET FOR ROOM AIR CONDITIONERS, BY APPLICATION, 2021–2026 (USD MILLION)
                    TABLE 34 MARKET FOR ROOM AIR CONDITIONERS, BY REGION, 2017–2020 (USD MILLION)
                    TABLE 35 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 MARKET FOR COOLERS, BY APPLICATION, 2021–2026 (USD MILLION)
                               TABLE 38 MARKET FOR COOLERS, BY REGION, 2017–2020 (USD MILLION)
                               TABLE 39 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 MARKET FOR COOLING TOWERS, BY APPLICATION, 2021–2026 (USD MILLION)
                               TABLE 42 MARKET FOR COOLING TOWERS, BY REGION, 2017–2020 (USD MILLION)
                               TABLE 43 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 MARKET, BY HEATING EQUIPMENT
           FIGURE 35 HEAT PUMPS TO HOLD LARGEST SHARE OF MARKET DURING FORECAST PERIOD
           TABLE 44 MARKET, BY HEATING EQUIPMENT, 2017–2020 (USD BILLION)
           TABLE 45 MARKET, BY HEATING EQUIPMENT, 2021–2026 (USD BILLION)
           TABLE 46 MARKET FOR HEATING EQUIPMENT, BY APPLICATION, 2017–2020 (USD BILLION)
           TABLE 47 MARKET FOR HEATING EQUIPMENT, BY APPLICATION, 2021–2026 (USD BILLION)
           TABLE 48 MARKET FOR HEATING EQUIPMENT, BY REGION, 2017–2020 (USD BILLION)
           TABLE 49 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 MARKET FOR HEAT PUMP, BY APPLICATION, 2021–2026 (USD BILLION)
                               TABLE 52 MARKET FOR HEAT PUMP, BY REGION, 2017–2020 (USD BILLION)
                               TABLE 53 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 MARKET FOR FURNACE, BY APPLICATION, 2021–2026 (USD BILLION)
                               TABLE 56 MARKET FOR FURNACE, BY REGION, 2017–2020 (USD BILLION)
                               TABLE 57 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 MARKET FOR UNITARY HEATER, BY APPLICATION, 2021–2026 (USD BILLION)
                               TABLE 60 MARKET FOR UNITARY HEATER, BY REGION, 2017–2020 (USD MILLION)
                               TABLE 61 MARKET FOR UNITARY HEATER, BY REGION, 2021–2026 (USD MILLION)
    7.5 BOILERS
           7.5.1 RESIDENTIAL SEGMENT TO HOLD LARGEST SHARE OF MARKET FOR BOILERS
                    7.5.1.1 Steam boilers
                    7.5.1.2 Hot water boilers
                               TABLE 62 MARKET FOR BOILER, BY APPLICATION, 2017–2020 (USD BILLION)
                               TABLE 63 MARKET FOR BOILER, BY APPLICATION, 2021–2026 (USD BILLION)
                               TABLE 64 MARKET FOR BOILER, BY REGION, 2017–2020 (USD MILLION)
                               TABLE 65 MARKET FOR BOILER, BY REGION, 2021–2026 (USD MILLION)

8 HVAC SYSTEM MARKET, BY VENTILATION EQUIPMENT (Page No. - 108)
    8.1 INTRODUCTION
           FIGURE 36 MARKET, BY VENTILATION EQUIPMENT
           FIGURE 37 AIR-HANDLING UNITS SEGMENT TO HOLD LARGEST SHARE OF MARKET DURING FORECAST PERIOD
           TABLE 66 MARKET, BY VENTILATION EQUIPMENT, 2017–2020 (USD BILLION)
           TABLE 67 MARKET, BY VENTILATION EQUIPMENT, 2021–2026 (USD BILLION)
           TABLE 68 MARKET FOR VENTILATION EQUIPMENT, BY APPLICATION, 2017–2020 (USD BILLION)
           TABLE 69 MARKET FOR VENTILATION EQUIPMENT, BY APPLICATION, 2021–2026 (USD BILLION)
           TABLE 70 MARKET FOR VENTILATION EQUIPMENT, BY REGION, 2017–2020 (USD BILLION)
           TABLE 71 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 MARKET FOR AIR-HANDLING UNITS, BY APPLICATION, 2017–2020 (USD BILLION)
                    TABLE 73 MARKET FOR AIR-HANDLING UNITS, BY APPLICATION, 2021–2026 (USD BILLION)
                    TABLE 74 MARKET FOR AIR-HANDLING UNITS, BY REGION, 2017–2020 (USD BILLION)
                    TABLE 75 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 MARKET FOR AIR FILTERS, BY APPLICATION, 2017–2020 (USD BILLION)
                    TABLE 77 MARKET FOR AIR FILTERS, BY APPLICATION, 2021–2026 (USD BILLION)
                    TABLE 78 MARKET FOR AIR FILTERS, BY REGION, 2017–2020 (USD MILLION)
                    TABLE 79 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 MARKET FOR DEHUMIDIFIERS, BY APPLICATION, 2017–2020 (USD BILLION)
                               TABLE 81 MARKET FOR DEHUMIDIFIERS, BY APPLICATION, 2021–2026 (USD BILLION)
                               TABLE 82 MARKET FOR DEHUMIDIFIERS, BY REGION, 2017–2020 (USD MILLION)
                               TABLE 83 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 MARKET FOR VENTILATION FANS, BY APPLICATION, 2021–2026 (USD BILLION)
                               TABLE 86 MARKET FOR VENTILATION FANS, BY REGION, 2017–2020 (USD MILLION)
                               TABLE 87 MARKET FOR VENTILATION FANS, BY REGION, 2021–2026 (USD MILLION)
    8.6 HUMIDIFIERS
           8.6.1 COMMERCIAL SEGMENT TO ACCOUNT FOR LARGEST SHARE OF 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 MARKET FOR HUMIDIFIERS, BY APPLICATION, 2021–2026 (USD MILLION)
                               TABLE 90 MARKET FOR HUMIDIFIERS, BY REGION, 2017–2020 (USD MILLION)
                               TABLE 91 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 MARKET FOR AIR PURIFIERS, BY APPLICATION, 2017–2020 (USD MILLION)
                               TABLE 93 MARKET FOR AIR PURIFIERS, BY APPLICATION, 2021–2026 (USD MILLION)
                               TABLE 94 MARKET FOR AIR PURIFIERS, BY REGION, 2017–2020 (USD MILLION)
                               TABLE 95 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 MARKET, BY IMPLEMENTATION TYPE
           FIGURE 39 NEW CONSTRUCTION SEGMENT TO HOLD LARGER SHARE OF MARKET IN 2026
           TABLE 96 MARKET, BY IMPLEMENTATION TYPE, 2017–2020 (USD BILLION)
           TABLE 97 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 MARKET

10 HVAC SYSTEM MARKET, BY APPLICATION (Page No. - 127)
     10.1 INTRODUCTION
               FIGURE 40 MARKET, BY APPLICATION
               TABLE 98 INDUSTRY-STANDARD RATING PARAMETERS RELATED TO HVAC SYSTEMS
               FIGURE 41 COMMERCIAL APPLICATION TO HOLD LARGEST SHARE OF MARKET DURING FORECAST PERIOD
               TABLE 99 MARKET, BY APPLICATION, 2017–2020 (USD BILLION)
               TABLE 100 MARKET, BY APPLICATION, 2021–2026 (USD BILLION)
     10.2 COMMERCIAL
             10.2.1 GROWING ADOPTION OF ENERGY-EFFICIENT EQUIPMENT TO BOOST MARKET FOR COMMERCIAL SPACES
                       TABLE 101 HVAC SYSTEM MARKET, BY COMMERCIAL APPLICATION, 2017–2020 (USD BILLION)
                       TABLE 102 MARKET, BY COMMERCIAL APPLICATION, 2021–2026 (USD BILLION)
                       TABLE 103 MARKET FOR COMMERCIAL APPLICATION, BY COOLING EQUIPMENT, 2017–2020 (USD BILLION)
                       TABLE 104 MARKET FOR COMMERCIAL APPLICATION, BY COOLING EQUIPMENT, 2021–2026 (USD BILLION)
                       TABLE 105 MARKET FOR COMMERCIAL APPLICATION, BY HEATING EQUIPMENT, 2017–2020 (USD BILLION)
                       TABLE 106 MARKET FOR COMMERCIAL APPLICATION, BY HEATING EQUIPMENT, 2021–2026 (USD BILLION)
                       TABLE 107 MARKET FOR COMMERCIAL APPLICATION, BY VENTILATION EQUIPMENT, 2017–2020 (USD BILLION)
                       TABLE 108 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 MARKET FOR RESIDENTIAL APPLICATION, BY COOLING EQUIPMENT, 2021–2026 (USD BILLION)
                       TABLE 111 MARKET FOR RESIDENTIAL APPLICATION, BY HEATING EQUIPMENT, 2017–2020 (USD BILLION)
                       TABLE 112 MARKET FOR RESIDENTIAL APPLICATION, BY HEATING EQUIPMENT, 2021–2026 (USD BILLION)
                       TABLE 113 MARKET FOR RESIDENTIAL APPLICATION, BY VENTILATION EQUIPMENT, 2017–2020 (USD BILLION)
                       TABLE 114 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 MARKET FOR INDUSTRIAL APPLICATION, BY COOLING EQUIPMENT, 2021–2026 (USD BILLION)
                       TABLE 117 MARKET FOR INDUSTRIAL APPLICATION, BY HEATING EQUIPMENT, 2017–2020 (USD BILLION)
                       TABLE 118 MARKET FOR INDUSTRIAL APPLICATION, BY HEATING EQUIPMENT, 2021–2026 (USD BILLION)
                       TABLE 119 MARKET FOR INDUSTRIAL APPLICATION, BY VENTILATION EQUIPMENT, 2017–2020 (USD BILLION)
                       TABLE 120 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 MARKET, BY REGION, 2017–2020 (USD BILLION)
               TABLE 122 MARKET, BY REGION, 2021–2026 (USD BILLION)
     11.2 NORTH AMERICA
               FIGURE 43 NORTH AMERICA: HVAC SYSTEM MARKET SNAPSHOT
               TABLE 123 MARKET IN NORTH AMERICA, BY EQUIPMENT TYPE, 2017–2020 (USD BILLION)
               TABLE 124 MARKET IN NORTH AMERICA, BY EQUIPMENT TYPE, 2021–2026 (USD BILLION)
               TABLE 125 MARKET IN NORTH AMERICA, BY COUNTRY, 2017–2020 (USD BILLION)
               TABLE 126 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 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 MARKETIN EUROPE, BY EQUIPMENT TYPE, 2017–2020 (USD BILLION)
               TABLE 128 MARKET IN EUROPE, BY EQUIPMENT TYPE, 2021–2026 (USD BILLION)
               TABLE 129 MARKET IN EUROPE, BY COUNTRY, 2017–2020 (USD BILLION)
               TABLE 130 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 MARKET IN APAC, BY EQUIPMENT TYPE, 2017–2020 (USD BILLION)
               TABLE 132 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 MARKET IN APAC, BY COUNTRY, 2017–2020 (USD BILLION)
               TABLE 134 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 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 MARKET IN ROW, BY EQUIPMENT TYPE, 2021–2026 (USD BILLION)
               TABLE 137 MARKET IN ROW, BY COUNTRY, 2017–2020 (USD BILLION)
               TABLE 138 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 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 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 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)

https://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.

HVAC System Market  Size, and Share

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
HVAC System Market Size,  Share & Growth Report
Report Code
SE 4420
Published ON
Dec, 2021
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