Industry Overview

HVAC equipment comprises an array of machines for heating and cooling. They are an integral part of residential and commercial structures. Efforts undertaken by various nations to minimize emission of greenhouse gases are anticipated to drive market growth during the forecast period.

Rapid urbanization, temperate weather conditions, and booming population growth are factors which can affect market growth. Rapid adoption of HVAC systems in the information technology (IT)/information technology enabled services (ITES) sector is expected to boost market demand in the coming years. An uptick witnessed in infrastructural projects in residential and commercial zones is predicted to bode well for the market. Incentives by governments to integrate HVAC equipment in buildings may lead to new consumers.

Emergence of new building codes which encourage sustainable energy practices and reduce levels of greenhouse gas emissions are expected to be beneficial to the market in the coming years. For instance, Daikin has decided to change the designs of its products to be energy-efficient. In addition, the renewable energy target of various nations has led to several prominent companies such as Johnson Control to achieve net-zero status. Affordability of photovoltaic panels and power purchase agreements between power distribution companies are likely to affect the market.

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Segmentation Analysis

The HVAC market is segmented on the basis of type, application, and region. By type, the market is segmented into central air conditioning, split residential air conditioners, packaged air conditioners, and window or through the wall air conditioners.

Applications of HVAC include hospitality, residential, commercial, hospitality, and others. The commercial segment is anticipated to exhibit an impressive CAGR over the forecast period. Construction of energy-efficient and smart buildings can influence the segment demand. New guidelines coupled with government support for construction of these buildings can boost market growth.

Regional Analysis

Geographically, the HVAC market covers regions such as the Middle East and Africa (MEA), Asia Pacific (APAC), Europe, and Americas.

The Americas and Europe markets are expected to be the leaders in terms of volume till the end of the forecast period. The U.S., in particular, can contribute to the Americas market due to popularity of furnace and boiler systems. Developments in technologies have rendered it easy to control these systems. Durability and easy maintenance of these systems are factors expected to influence adoption in the forthcoming years.

The MEA region is anticipate to dominate the market in terms of volume and revenue due to well-performing economies and upcoming residential and commercial infrastructural projects.

The APAC market is touted to experience robust growth on account of rapid industrialization, urbanization, and rise in population. Government regulations supporting the use of HVAC equipment coupled with lax policies related to heating in China are anticipated to bolster market demand in the coming years. Easy availability of home loans and development of new projects are anticipated to bode well for the market.

Competition Outlook

Noteworthy players in the heating, ventilation, and air conditioning market are Daikin Industries, Ltd.; Honeywell International, Inc.; Samsung Electronics; Johnson Controls International plc; and Ingersoll-Rand plc. The market is characterized by mergers and acquisitions (M&A), technological innovations, and new products. But huge capital required for investment coupled with lack of distributors are factors which may discourage new entrants.

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