The HVAC Systems Market Worth $ 271.5 Billion By 2026

CHICAGO, December 13, 2021 / PRNewswire / – According to a research report HVAC Systems with COVID-19 Impact Market, by Cooling Equipment, Heating Equipment, Ventilation Equipment, Type of Implementation, Application (Residential, Commercial, Industrial) and Region (North America, Europe, APAC, RoW) – Global forecasts to 2026 “, published by MarketsandMarkets â„¢, the market size for HVAC systems is estimated at $ 197.0 billion in 2021 and should reach $ 271.5 billion by 2026; it is expected to grow at a CAGR of 6.6% from 2021 to 2026.

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The constant efforts to develop next generation low global warming potential refrigerants for HVAC systems are expected to be the main growth opportunity for market players.

The HVAC systems market includes major level I and II players like DAIKIN INDUSTRIES (Japan), Johnson Controls (US), Carrier (US), Trane Technologies plc, (US), LG Electronics (South Korea), and others. These players have a strong presence in the HVAC systems market in various countries in North America, Europe, APAC and ROW.

Growing demand for energy efficient solutions

The growing need for energy efficient and sustainable buildings is expected to propel the growth of the HVAC systems market during the forecast period. Residential, commercial and industrial buildings use heating, cooling or air conditioning technologies to achieve thermal comfort and satisfactory levels of indoor air quality. Variations in climate change have led to the increasing demand for cooling and heating systems. Long-term climate change is the main reason for the increase in energy consumption to meet the cooling demand of buildings, which increases the load on air conditioners. The energy consumed by this equipment varies depending on the ambient temperature and humidity conditions.

Unit air conditioners are expected to hold the highest market share during the forecast period

Split air conditioners hold the majority of the unit air conditioner market. The increasing demand for split air conditioners in APAC is expected to drive the market growth. Unit air conditioners offer high energy efficiency and cooling capacity and are best suited for retail stores, offices, government buildings and school buildings. Increased spending on energy efficient systems and government grants and rebate programs is expected to boost demand for unit air conditioners during the forecast period.

Business applications to hold the largest market size of the HVAC systems market during the forecast period

The business applications segment is expected to hold the largest market share during the forecast period. The office segment is expected to hold the largest size of the commercial HVAC systems market by 2026. HVAC systems provide proper temperature and ventilation conditions in offices, which helps in improving employee productivity, working conditions and prevent health problems resulting from poor humidity. levels. Thus, the adoption of HVAC systems is expected to increase in office buildings. Moreover, increased investment by governments for construction of commercial space is also expected to propel the market growth of HVAC systems for commercial applications.

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The APAC HVAC Systems Market will hold the highest market share during the forecast period

APAC is expected to dominate the global HVAC systems market. China held the largest market size for HVAC systems in APAC in 2020. Rapid industrialization and urbanization have created the need to conserve energy. The Chinese government is promoting the efficient use of energy, which is expected to boost demand for energy efficient HVAC systems. India is one of the largest emitters of greenhouse gases in the world due to its rapid industrialization. Growing concern about the effect of environmental pollution has increased the adoption of HVAC systems in the country. Several policies, laws and government regulatory associations in the APAC region support the adoption of HVAC systems.

DAIKIN INDUSTRIES (Japan), Johnson Controls (US), Carrier (US), Trane Technologies plc, (US), LG Electronics (South Korea), Emerson Electric Co. (United States), Honeywell International Inc. (United States), Mitsubishi Electric Corporation (Japan), Nortek Air Management (United States), Samsung Electronics (South Korea), Danfoss (Denmark), FUJITSU (Japan), GREE (China), Hitachi (Japan), Midea (China), Panasonic (Japan), Haier Smart Home (China), Toshiba (Japan), Whirlpool (United States), Siemens (Germany), Electrolux (Sweden), Lennox (United States), Schneider Electric (France), Ferroli (Italy) and Bosch Thermotechnology (Germany) are among the many players in the HVAC systems market.

Associated reports:

COVID-19 Impact Building Automation Systems Market by Communication Technology, Offering (Facility Management Systems, Security and Access Controls, and Fire Protection Systems), Application, Region – Global Forecast to in 2026

HVAC Controls Market with COVID-19 Impact by System (Temperature, Integrated Controls), Component (Sensors, Controllers, and Controlled Devices), Type of Implementation (New Construction, Retrofit), Application, and Geography – Global Forecast to 2025

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