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The global heating, ventilation, and cooling (HVAC) system market size is expected to gain momentum by reaching USD 202.14 billion by 2028. This is due to the adoption of smart technologies in the HVAC systems, observes Fortune Business Insights™ in its report, titled “Heating, Ventilation, and Cooling (HVAC) System Market Size, Share & COVID-19 Impact Analysis, By Type (Single Split Systems, Variable Refrigerant Flow (VRF) Systems, Chillers and Others), By Application (Residential, Commercial and Industrial) and Regional Forecast, 2021-2028”. According to the report, the market stood at USD 136.15 billion in 2020 and is projected to exhibit a CAGR of 5.1% between 2021 and 2028.
Carrier Announces its Collaboration with ServiceTitan to Provide Automated Solutions
In August 2020, Carrier Global Corporation announced its collaboration with ServiceTitan to provide field service software vendor services for the Bryant and Carrier HVAC system brands in the U.S. The partnership aims at providing Carrier and Bryant contractors access to automated solutions developed by ServiceTitan to streamline workflows and leverage big data capabilities to ensure better sales opportunities. The collaboration will further aid in the development of solutions such as cloud-based Pricebook sync that will facilitate seamless workflow between ServiceTitan’s Pricebook feature and the content catalog of Carrier and Bryant.
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Increasing Focus on Adoption of Smart Technologies in HVAC Systems to Propel Market Growth
The adoption of heating, ventilation, and cooling systems is experiencing a positive growth rate due to the growing adoption of intelligent technologies such as artificial intelligence (AI) and Internet of Things (IoT). With rising preference for smart HVAC systems to elevate the energy-efficiency quotient of homes and office spaces, several companies are focusing on developing and introducing novel offerings to attract customers. For instance, in January 2019, Daikin North America launched the Daikin One+, the company’s smart thermostat designed for intelligent indoor air management ensures full control of a professional HVAC system. Therefore, the increasing adoption of smart technologies is expected to contribute to the global heating, ventilation, and cooling (HVAC) system market growth during the forecast period.
Major Companies Focus on Product Innovation to Brighten Their Market Prospects
The increasing demand for sustainable living, especially in urban areas, is enabling major companies to create innovative solutions that integrate features and cutting-edge technologies such as AI. To meet the growing demand for advanced systems, the companies are actively collaborating with each other and injecting more funds into the R&D activities. Additionally, other key players are engineering products to serve the high demand for efficient HVAC systems in emerging economies such as China and India.
List of the Companies Profiled in the Global Market:
Further Report Findings:
Table of Segmentation:
2017 – 2028
2021 – 2028
2017 – 2019
Value (USD Billion)
Type, Application and Region