Heating, Ventilation, and Air Conditioning (HVAC) is the technology of indoor environmental comfort. Its goal is to provide thermal comfort and acceptable indoor air quality. HVAC system design is a sub-discipline of mechanical engineering, based on the principles of thermodynamics, fluid mechanics and heat transfer.
According to the recent global “HVAC Systems Market” 2021-2027 research report from Industry Research that covers the market landscape and their growth prospect over the coming years, “The global HVAC Systems market was valued at US$ 170,890 million in 2019 – and it is expected to reach US$ 228,130 million by the end of 2026, growing at a CAGR of 5.6% during 2021-2026.
Very wide application area
HVAC is an important part of residential structures such as single family homes, apartment buildings, hotels and senior living facilities, medium to large industrial and office buildings such as skyscrapers and hospitals, where safe and healthy building conditions are regulated with respect to temperature and humidity, using fresh air from outdoors.
In terms of manufacturers, Gree and Daikin captured the top two revenue share spots in the HVAC System market in 2019. The manufacturer headquarters is mainly distributed in North America, Europe, China, South Korea and Japan.
There are decentralized HVAC system and centralized HVAC system. The decentralized HVAC system was estimated to account for 76% share in 2019 in terms of consumption value. In the applications, the market is segmented based on end-user into residential, commercial, and industrial. And residential segment was estimated to account for the market share of 71% in 2019.
Major players in the market
As per the report, the major players in the market today, includes: Gree, Daikin, Midea, Johnson Controls, Carrier, Trane Technologies, Haier, Panasonic, Lennox, LG Electronics, Emerson, Mitsubishi Electric, Siemens, Hitachi, Fujitsu, Danfoss, Electrolux, Honeywell, Nortek, Samsung Electronics and Schneider Electric.
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