The report "HVAC System Market by Heating Equipment (Heat Pumps, Furnaces), Ventilation Equipment (Air-Handling Units, Air Filters), Cooling Equipment (Unitary Air Conditioners, VRF Systems), Application, Implementation Type, and Geography - Global Forecast to 2025" was valued USD 202 billion in 2020 and is expected to grow USD 277 billion by 2025, at a CAGR of 6.5% during the forecast period 2020 to 2025.
Browse 84 market data Tables and 52 Figures spread through 172 Pages and in-depth TOC on "HVAC System Market by Heating Equipment (Heat Pumps, Furnaces), Ventilation Equipment (Air-Handling Units, Air Filters), Cooling Equipment (Unitary Air Conditioners, VRF Systems), Application, Implementation Type, and Geography - Global Forecast to 2025"
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The major factors driving the growth of HVAC System market are growing demand for energy-efficient solutions and rising government incentives through tax credit programs are the drivers of HVAC system market. Likewise, rapid transformation of IoT within HVAC industry and increasing penetration of HVAC system in residential and commercial applications are expected to create lucrative opportunities for the players in HVAC system market. However, Higher installation cost of energy-efficient HVAC systems are expected to restraint market growth. Also, several factors such as Lack of awareness about benefits of HVAC systems in developing countries can act as a key challenge in the market during the forecast period.
Furnances is projected to grow at highest CAGR during forecast period
The growth of the market for furnaces is mainly driven by their low initial cost, higher lifespan, and increasing demand in residential applications. A furnace is a structure in which heat is produced by combustion. It generates heat by using various sources of energy, such as fossil fuel, electric energy, or chemical energy. Furnaces heat air and distribute the heated air through the house using ducts. The furnace efficiency is measured by annual fuel utilization efficiency (AFUE). AFUE is a measure of how efficient the appliance is in converting the energy in its fuel to heat over the course of a typical year . In most modern oil furnaces, there is an air filter that removes impurities from the air in the process. Oil furnaces have an AFUE rating between 80% and 90%.
Unitary Air Conditioners to account for the largest share during forecast period
Unitary air conditioners have various advantages such as high performance, high energy efficiency, lower failure risk, and greater load-management potential. Thus, unitary air conditioners are in high demand in residential and commercial buildings. Split air conditioners represent the majority share of unitary air conditioners. The rising demand for split air conditioners in APAC is expected to drive the market growth. They are used in buildings, schools, offices, retails, particularly where low initial costs and simplified installations are important.
New constructions to hold larger size of HVAC system market during forecast period
The implementation of HVAC systems in new buildings is increasing with growing urbanization. Moreover, the initiatives from governments for promoting the use of energy-saving devices and consumer awareness regarding energy-efficient devices have led to the implementation of advanced HVAC systems in buildings. Furthermore, the influence of smart technologies and their integration with HVAC systems are also increasing.
Commercial application to hold largest size during forecast period
HVAC systems are widely used in commercial buildings. Furthermore, due to the rise in global temperature and pollution because of heavy construction activities, HVAC systems have become an integral part of commercial structures. Concerns over the impact on the environment and rising energy prices have made the use of energy-efficient HVAC systems a necessity in commercial spaces. The office segment is expected to hold the largest size of the HVAC system market for the commercial application.
APAC is attributed to grow at the highest CAGR in HVAC System market during the forecast period (2020-2025)
The APAC region is expected to lead the HVAC system market and the market in this region is expected to grow at the highest CAGR during forecast period. Increasing construction activities, rising population and per capita income, growing need for energy-efficient devices, and favorable government incentives are key factors driving the growth of the HVAC system market in the region. Countries such as China, Japan, and India are mainly propelling the growth of the HVAC system market in APAC.
Key Market Players
In 2020, the HVAC System market was dominated by Johnson Controls (US), Daikin (Japan), United Technologies(US), Ingersoll Rand (Ireland), and LG Electronics (South korea)
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