HVAC System Market

Market Leader - HVAC System Market

The HVAC system market is expected to grow from USD 181.00 Billion in 2018 to USD 251.60 Billion by 2023, at a CAGR of 6.80% between 2018 and 2023. Major factors driving the growth of the market include increasing demand for HVAC systems for reducing energy consumption, extreme weather conditions, government tax credit and rebate programs, and growing demand for HVAC systems to upgrade old systems. However, complexities in HVAC retrofit pose a challenge for the players in the market.

The HVAC system market for furnaces of heating equipment is expected to grow at the highest CAGR between 2018 and 2023. A furnace is a heating equipment that generates heat by using various sources of energy, such as fossil fuel, electric energy, or chemical energy. It provides warm and comfortable environment for a wide range of applications, including residential, commercial, and industrial applications. The lifespan of a furnace is usually 20–30 years.

The market for air purifiers of HVAC system for ventilation equipment is expected to grow at the highest CAGR between 2018 and 2023. Air purifier is used to removing contaminants present in the air. Air purifier helps improve the quality of the air flowing through HVAC systems. Air purifiers use the latest nanotechnologies that remove 99% of the particles from the air. Nowadays, air purifiers are becoming popular in healthcare institutions, as they can remove bacteria, viruses, and DNA-damaging particulates present in the air through the use of ultraviolet lighting technology.

The market for the VRF systems of HVAC system for cooling equipment is expected to grow at the highest CAGR between 2018 and 2023. The maintenance of VRF systems is mostly limited to changing filters and cleaning coils for the fan coil units. Therefore, these systems do not require regular maintenance of the compressor unit, allowing significant savings in maintenance costs, whereas conventional systems, such as chillers, conventional HVAC systems, and hot water plant equipment, require regular inspection and maintenance for conventional systems. Furthermore, the maintenance of VRF systems is far less time-consuming than that of other conventional systems.

The market for commercial application is expected to grow at the highest CAGR between 2018 and 2023. HVAC systems are widely used in commercial buildings, which include healthcare, education, government, office, airport, and retail. This factor is driving the HVAC system market for commercial buildings. HVAC systems consume the highest energy in commercial places—around 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.

The HVAC system market in APAC is expected to grow at the highest CAGR between 2018 and 2023. The demand for HVAC systems in APAC countries such as China, India, and Japan is gradually increasing. The adoption of Smart Cities Mission in India has influenced the transformation of commercial buildings into green buildings. A green building is a building that preserves the natural environment around the project site and promotes a healthy environment for all the involved entities without disrupting land, water, resources, and energy in and around the building. Green buildings have low-energy consumption and are expected to have an efficient HVAC system. For this purpose, these buildings require the adoption of various types of HVAC equipment to meet the requirement of green buildings.

Related Reports:

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

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Report Code
SE 4420
Published ON
Apr, 2018
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