NEW YORK, October 12, 2021 /PRNewswire/ — The global HVAC market sales are expected to increase to $358.1 billion by 2030, at a CAGR of 4.8% from 2020 to 2030. The growing need for energy efficient air conditioning systems and the increasing implementation of supportive government policies are the main drivers driving the market around the world.
Key Findings of the HVAC Market Report:
- Rising construction and infrastructure development activities, especially in the UAE, Qatar, and Saudi ArabiaDue to the major upcoming events, such as the FIFA World Cup 2022, the ongoing Dubai Expo 2020 and the increasing flow of tourists, the demand for HVAC equipment is also fueling.
- Refrigeration system sales are highest due to rising global warming temperatures and rising disposable incomes of people living in tropical countries.
- Commercial end-users will generate the highest demand for HVAC equipment in the coming years, mainly due to the rising number of buildings and offices and the booming healthcare sector.
- Asia-Pacific (APAC) will be the fastest growing HVAC market due to the rapid economic progress, increasing construction activities and a rising population of urban residents in China and India.
- Market players are investing heavily in research and development (R&D) projects to offer advanced HVAC systems.
- They are also focusing on facility expansions and product launches to strengthen their position.
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Johnson Control International PLC began expanding its air handling unit plant in Hattiesburg, Mississippi, USA, in Dec 2019, to increase the total area of the facility to 120,000 square feet.
Furthermore, Danfoss A/S launched six new refrigeration and air conditioning (AC) systems and components in India in Nov 2019. These products are Danfoss Intelligent Purging System (IPS)/air purifier, ICSH 2-stage solenoid valve, Danfoss gas detector, IFCD defrost module, EKE 400 and Danfoss plate heat exchanger.
Johnson Controls International PLC, LG Electronics Inc., Daikin Industries Ltd., Mitsubishi Electric Corporation, Danfoss A/S, Gree Electric Appliances Inc. from Zhuhai, Smardt Chiller Group Inc., GAMI Air Conditioners Manufacturing, Qingdao Haier Co. Ltd., Trane Technologies Plc, SKM Air Conditioning LLC, Thermax Limited, Petra Engineering Industries Co., Carrier Global Corporation, Midea Group Co. Ltd., Thermal Care Inc., Blue Star Limited, The Arctic Chiller Group Ltd., Frigel Firenze SpA, and Hero-Tech Refrigeration Equipment Co. Ltd. are the most important: HVAC market players.
Browse detailed report on Market size and growth forecast for heating, ventilation and air conditioning to 2030
HVAC Market Segmentation Analysis
Supply-Based HVAC Market
- heat pumps
- Unitary stoves
- air purifiers
- Fan ventilation
- Air handling units and fan coil units
- Air conditioning
- Variable Refrigerant Flow
- Split/packaged unit with channels
- Split Units
- Room ACs
- Maintenance & Repair
HVAC market by end user
- Office and buildings
- oil and gas
- Food and drink
- Energy and Utilities
Geographical Analysis of the HVAC Market
- North America
- Asia-Pacific (APAC)
- South Korea
- Saudi Arabia
- South Africa
- Oman and Bahrain
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Compressor market: – The compressor market recorded the highest growth in the Asia-Pacific region in recent years. Moreover, the market will also grow in the region in the coming years, due to the rising demand for cars and the subsequent boom in vehicle production in the region.
Industrial refrigeration system market: – All over the world, the industrial refrigeration system market will show the highest sales growth in the Asia-Pacific (APAC) region in the coming years. This is attributed to the fact that this region is home to several industrialized and some of the most densely populated countries in the world.
Commercial Refrigeration Equipment Market – Asia-Pacific led the commercial refrigeration equipment market in the past, and the regional market will show the fastest growth in the coming years. This is due to the rising population and rising disposable income in the region. Moreover, the presence of the largest number of developing countries in APAC also leads to the large-scale adoption of commercial refrigeration equipment.
Chiller Market – All over the world, chiller sales were observed to be highest in the Asia-Pacific region until 2019, and this trend will continue in the coming years. This is attributed to the fact that chillers are widely used in China, due to the country’s thriving construction industry and railway network and the increasing number of office complexes and airports in the country.
As regards P&S Intelligence
P&S Intelligence is a provider of market research and advisory services that address the market intelligence needs of high-growth industries around the world. P&S provides the foundation of market intelligence and, as an entrepreneurial research and consultancy firm, believes in providing in-depth landscape analysis of the ever-changing market scenario, to enable companies to make informed decisions and base their business strategies with acumen.
SOURCE P&S intelligence