Automated Control Systems for HVAC Equipment Gain Traction in Buildings

DUBLIN, July 13, 2021 /PRNewswire/ — The “Heating, Ventilation and Air Conditioning (HVAC) Systems – Global Market Pathway and Analysis” report has been added to ResearchAndMarkets.com’s to offer.

Logo for research and markets

Logo for research and markets

Global Heating, Ventilation and Air Conditioning (HVAC) System Market Reached $286.8 billion by 2026

Amid the COVID-19 crisis, the global heating, ventilation and air conditioning (HVAC) systems market is estimated to be: US$201 billion in the year 2020, is expected to reach a revised size of $286.8 billion by 2026, growing at a CAGR of 5.9% over the analysis period.

Rising concerns about climate change, rising energy prices and carbon emissions continue to drive the adoption of HVAC systems in commercial spaces. The market will also benefit from the increasing demand for energy-saving products. Discounts for energy efficient systems such as air conditioning and HVAC encourage commercial building users to implement and upgrade HVAC systems.

Cooling Systems, one of the segments analyzed in the report, is expected to grow at a CAGR of 6.2% to reach US$204 billion at the end of the analysis period. After a thorough analysis of the business implications of the pandemic and the economic crisis caused, the growth in the Heating Systems segment is adjusted to a revised CAGR of 5.5% for the next 7 years.

This segment currently has a 20.8% share of the global heating, ventilation and air conditioning (HVAC) market. The demand for heat pumps is attributed to the availability of systems with advanced functions that enable space heating and cooling while simultaneously heating water.

The ability of heat pumps to provide higher efficiency compared to other space heating and cooling units is expected to increase further in the coming years. Climate change and the gradually increasing average temperature mean that cooling equipment is used in summer.

Reachable segment for ventilation systems $34 billion by 2026

In the global ventilation systems segment, USA, Canada, Japan, China and Europe will generate the estimated CAGR of 4.2% for this segment. These regional markets account for a combined market size of $19.4 billion in the year 2020, a projected size of US$25.8 billion at the end of the analysis period.

China remains one of the fastest growing in this cluster of regional markets. Led by countries such as: Australia, India, and South Korea, into the market Asia-Pacific is expected to be achieved US$4.5 billion by the year 2026, while Latin America will grow at a CAGR of 5.6% over the analysis period.

The US market is estimated at: $58.1 billion in 2021, while China is expected to reach $59.3 billion by 2026

The market for heating, ventilation and air conditioning (HVAC) systems in the US is estimated to be: $58.1 Billion Bill in the year 2021. The country currently has a 27.1% share of the global market. China, the world’s second largest economy, is expected to reach an estimated market size of US$59.3 billion in the year 2026 with a CAGR of 9% behind during the analysis period.

Among the other notable geographic markets are: Japan and Canada, each of which will grow by 3.2% and 5.3%, respectively, over the analysis period. Within Europe, Germany is expected to grow at about 3.6% CAGR, while the rest of the European market (as defined in the study) will reach US$63.8 billion at the end of the analysis period. The demand for air conditioners in developing regions such as: Asia-Pacific is very high, with some households owning more than one appliance, while demand for air conditioners from developed regions remains relatively low.

into the market Asia-Pacific is also expected to benefit from technological advancements and increasing investment in the consumer electronics sector across the region. The market in developed regions is driven by increasing consumer awareness of star-rated HVAC products, increasing use of VRV and the adoption of inverter-based air conditioning systems.

Main topics covered:

I. METHODOLOGY

II. MANAGEMENT SUMMARY

  • Market insights from influencers

  • Impact of Covid-19 and a looming global recession

  • HVAC Market Analysis and Outlook

  • Asia-Pacific continues to dominate the global market

  • Changing Economic Scenario Influence Market Dynamics

  • Global economic outlook: real GDP growth rates in % by country/region for the years 2017 to 2020

  • Climate change: a key driver for energy efficient HVAC systems

  • Millennial Generation: playing an important role

  • carrier company (USA)

  • Daikin Industries Ltd. (Japan)

  • danfoss (Denmark)

  • Emerson Electric Co. (US)

  • Fujitsu General Limited (Japan)

  • Gree Electric Appliances, Inc. (China)

  • Havells India Limited (India)

  • Hitachi Ltd. (Japan)

  • Honeywell International, Inc. (USA)

  • Johnson Controls, Inc. (USA)

  • Johnson Controls-Hitachi Air Conditioning (Japan)

  • Lennox International, Inc. (USA)

  • LG Electronics, Inc. (South Korea)

  • Midea group (China)

  • Mitsubishi Electric Trane HVAC US LLC (USA)

  • Panasonic Corporation of North America (USA)

  • Rheem Production Company (USA)

  • Samsung HVAC (USA)

  • Trane Inc. (USA)

  • Whirlpool Corp. (USA)

  • Urgent need to reduce energy consumption and operating costs drives market for energy-efficient HVAC systems

  • Other key innovations enabling efficient and high-performance HVAC systems

  • Use of multi-enzyme solutions

  • Sustainable Retrofit

  • Air conditioning with ice power

  • Digital ceilings

  • smart glasses

  • Durable HVAC Duct

  • Major Market Restrictions

  • Smart HVAC systems have huge potential

  • Smart thermostats: an important development

  • Integration of HVAC systems and IoT offers new opportunities

  • AI for lower building heating and cooling costs

  • Cloud-connected HVAC systems enable the creation of smart and efficient facilities

  • Automated control systems for HVAC equipment provide better grip in buildings

  • Alternative energy sources Draw attention

  • Solar HVAC systems gain traction

  • Heat pumps dominate the HVAC market

  • Geothermal cooling and heating provides a viable option to improve building efficiency

  • Closed and open loop systems

  • Ask about channelless ACs on Rise

  • Strong growth in demand for multi-zone channelless systems

  • Global VRF System Market to Accelerate

  • Outdoor units lead the market

  • HVACs with air quality systems: in high demand

  • Air Conditioning Systems: Climate Change and Rising Temperatures Drive Market Growth

  • Use of environmentally friendly refrigerants Increase in ACs

  • Green refrigerants to replace hydrofluorocarbons

  • Increase in DeVAP System Adoption

  • Growing interest in indoor growth facilities: a driver of emerging markets

  • Huge investments in the construction sector are boosting market prospects for HVAC systems

  • Increasing demand for replacement and renovation of HVAC systems

  • Increasing urbanization to increase the need for HVAC systems

  • World urban population in thousands: 1950-2050P

  • Prosperous middle class opens up Asia to a Large market

III. MARKET ANALYSIS

  • Market overview

  • Government initiatives support the demand for energy-efficient models

  • Positive signs of upturn in the construction market bode well for HVAC systems

  • Total construction start (in US$ billion) in the US for the years 2015 to 2020

  • Energy Conservation Efforts Affect Japan’s HVAC Industry

  • China evolves into core market for HVAC systems

  • Rising standard of living Expansion fuel market

  • High growth opportunities identified in India

  • Healthy demand for air conditioning systems

  • Regional Demand Patterns

  • Energy-efficient products enter the market

  • Use of natural refrigerants

  • Environmentally friendly air conditioning systems gain traction

IV. CONTEST

For more information about this report, visit https://www.researchandmarkets.com/r/ge49a4

Media contact:

Research and markets
Laura Wood, senior manager
press@researchandmarkets.com

For EST business hours, call +1-917-300-0470
For USA/CAN Toll Free Call +1-800-526-8630
For GMT office hours, please call +353-1-416-8900

US Fax: 646-607-1904
Fax (outside the US): +353-1-481-1716

decision

decision

View original content:https://www.prnewswire.com/news-releases/global-heating-ventilation-and-air-conditioning-hvac-systems-market-report-2021-2026-automated-control-systems-for-hvac-equipment- gain-traction-in-buildings-301332908.html

SOURCE Research and markets

Comments are closed.