The report titled Global Residential HVAC Market 2020-2024, from Technavio indicates Negative growth in the short term due to the impact of COVID-19 on the business.
A senior analyst for Industrials, Technavio stated, one of the primary growth drivers for this market is the growing concern for indoor air quality.”
The growing concern for indoor air quality is one of the main reasons driving the growth of the HVAC market. Daily exposure to multiple chemicals and having a significant indoor presence add to the increasing prevalence of asthma, autism, childhood cancer and many other medically unexplained symptoms. Thus, people have become more aware of these concerns in the recent past and have started adopting measures to prevent these problems.
One of the popular preventive measures is the adoption of HVAC equipment. Taking these factors into consideration, Technavio’s market research analysts expect the global residential HVAC market to grow tremendously during the forecast period.
As the markets recover, Technavio expects the residential HVAC market size to grow by US $ 16.97 bn during the period 2020-2024.
The residential HVAC market expects to post a y-o-y growth rate of -8.25%. Market growth in this segment will be faster than the growth of the market in the heating system and ventilation system segments. 61% of the growth will originate from the APAC region. China and Japan are the key markets for residential HVAC in APAC.