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. Product launches, acquisitions, partnerships, collaborations, strategic alliances, and expansions are the major growth strategies adopted by the market players. These strategies have enabled them to efficiently fulfill the growing demand for HVAC systems from end-user industries and expand their global footprint by offering their products in all the major regions.
Key players operating in the HVAC system market are 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), Samsung Electronics (South Korea), Danfoss (Denmark), FUJITSU (Japan), GREE (China), Hitachi (Japan), Midea (China), Panasonic (Japan), Haier Smart Home (China), Toshiba (Japan), Whirlpool (US), Siemens (Germany), Electrolux (Sweden), Lennox (US), Schneider Electric (France), Ferroli (Italy), and Bosch Thermotechnology (Germany).
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Daikin was ranked first in the HVAC system market in 2020, with an approximate share of 10–11% in the market. Daikin It manufactures general air-conditioning equipment with in-house divisions covering both air conditioning and refrigerants. The company mainly operates through Air Conditioning, Chemicals, and Other business segments. The Air Conditioning segment offers HVAC products such as split/multi-split air conditioners, unitary air conditioners, air-to-water heat pumps, heating systems, air purifiers, medium/low-temperature refrigeration systems, ventilation products, control systems, chillers, filters, and marine HVAC. The Chemicals segment offers fluorocarbon gas, fluororesin, and other chemical products such as semiconductor etching agents, water and oil repellent, surfactant, carbon fluoride, and fluorine oil. The Other segment covers oil machinery, special machinery, and electronic systems. Daikin has more than 100 production units across the world and conducts businesses in more than 150 countries. Furthermore, the company has acquired the ISO9001 certification for all production facilities and implements high-quality maintenance and management systems in its development, procurement, and production facilities.
Johnson Controls held the second position in the HVAC system market in 2020, with an approximate share of 7–8% in the market. The company conducts its business through four business segments: Building Solutions North America, Building Solutions EMEA/LA, Building Solutions Asia Pacific, and Global Products. The company provides HVAC equipment, energy management systems, security systems, fire detection systems, and fire suppression solutions. Moreover, it offers products related to HVAC equipment, which include heating, cooling, air handling, and controls solutions. The company also provides HVAC operations, maintenance (planned and preventive), and repair services; remote monitoring management services; predictive and diagnostic services; system integration services; part replacement and supplies services; and managed and training services.
LG Electronics held the third position in the HVAC system market in 2020, with an approximate share of 6–7% in the market. LG Electronics produces consumer electronics and home appliances. Major operating segments of the company are Home Entertainment (HE), Home Appliances & Air Solutions (H&A), Mobile Communications (MC), Vehicle Component Solutions (VS), Innotek, Business Solutions (BS), and Other. The Home Appliances & Air Solutions segment manufactures refrigerators, washing machines, vacuum cleaners, and residential and commercial air conditioners. Under this segment, LG Air Conditioning Technologies offers duct-free systems, Variable Refrigerant Flow (VRF) systems, and packaged terminal air conditioner (PTAC) systems. The company operates through wholly owned subsidiaries in North America, Europe, and Asia.
HVAC System Market with COVID-19 Impact, by Cooling Equipment, Heating Equipment, Ventilation Equipment, Implementation Type, Application (Residential, Commercial, Industrial) and Region (North America, Europe, APAC, RoW) - Global Forecast to 2026
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