According to MarketsandMarkets report, various governments’ focus on development of infrastructure and infusion of investments in the sector will drive the spurt in demand for HVAC systems. As a result, the report states that global HVAC system market is expected to clock growth at a CAGR of 6.5 per cent reaching USD 277 billion by 2025 from USD 202 billion in 2020.
The governments of various countries are infusing heavy investments in infrastructure development, such as expansion projects of hotels, retail stores, airports, and educational buildings. Growing construction activities are driving the demand for HVAC systems to remove pollutants, maintain air quality, and control the temperature and humidity in buildings. Moreover, government regulations for smart homes and incentives for the installation of the energy-efficient HVAC system in new construction projects are expected to propel the market growth.
Apart from proving thermal comfort, HVAC system enhances air quality, well-being and comfort of human being an enclosed space. A complete system controls air temperature and humidity, allows fresh air intake, and maintains the quality of air in residential, commercial, or industrial buildings. Heating equipment is an important part of HVAC systems. These types of equipment are used to heat buildings to a particular temperature. The ventilation process removes the unpleasant smell and excessive moisture from the air in an indoor space and introduces fresh air. Cooling systems are used to lower the temperature and enable the proper distribution of air and the control of humidification in a space.
Being the important component of HVAC system, heating equipment is estimated to grow at the highest CAGR during the forecast period. These types of equipment are used to heat buildings to a particular temperature. The rapid climate changes and increasing need for renewable energy sources, along with the extensive government support in the form of subsidiaries and other monetary benefits, have increased the demand for heating equipment globally.
The HVAC system market in APAC is expected to grow at the highest CAGR during 2020–2025. The growing construction activities and rising population are some of the factors boosting the growth of HVAC systems in the region. There is a considerable demand for smart homes in countries such as Japan, South Korea, and China. The rapid urbanization and industrialization are increasing demand for HVAC systems in the region. Major players involved in the global HVAC system market include Daikin (Japan), Ingersoll Rand (Ireland), Johnson Controls (US), LG Electronics (South Korea), United Technologies (US), Electrolux (Sweden), Emerson (US), Honeywell (US), Lennox (US), Mitsubishi Electric (Japan), Nortek (US), and Samsung Electronics (Korea).
