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HVAC System Market to Rise at 5.0% CAGR till 2027; Booming Growth in Construction Activities to Favor Market Growth

September 16, 2020 | Machinery & Equipment

The global heating, ventilation, and cooling (HVAC) system market size is projected to reach USD 191.83 billion by 2027 on account of rapid urbanization in emerging economies, 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, 2020-2027”. According to the report, the value of the market stood at USD 130.19 billion in 2019 and is expected to register a CAGR of 5.0% from 2020 to 2027.


The COVID-19 pandemic hit the heating, ventilation, and cooling system market growth in early 2020 as a result of sudden lockdowns, which impacted production activities. However, the market is poised to rejuvenate as the demand for efficient air purification systems from industrial and commercial spaces is steadily rising.


Carrier Enters Collaboration with ServiceTitan to Empower Contractors


In August 2020, Carrier Global Corporation announced that ServiceTitan will be the company’s preferred field service software vendor for the Bryant and Carrier HVAC brands across the United States. Under the partnership, Carrier and Bryant contractors will be given access to automated solutions developed by ServiceTitan that will allow them stramline workflows and leverage big data capabilities to enhance sales opportunities. The collaboration will be founded on the domain expertise of the two companies, based on which they will develop 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.


To get a detailed report summary and research scope of this market, click here:


https://www.fortunebusinessinsights.com/heating-ventilation-and-cooling-hvac-system-market-102664


Incorporation of Smart Technologies in HVAC Systems to Open New Expansion Avenues


The adoption of heating, ventilation, and cooling systems is being stoked by the incorporation and introduction of HVAC systems embedded with 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, companies are developing novel offerings to attract customers. For example, in January 2019, Daikin North America launched the Daikin One+, the company’s smart thermostat designed for intelligent indoor air management that can also provide full control of a professional HVAC system. Similarly, in October 2019, Emerson came out with its Sensi Predict line of sensors, which can be utilized to detect efficiency problems in regular HVAC systems. The innovation also enabled Emerson to become the 2020 ENERGY STAR® Partner of the Year.


Key Players to Focus on Offering Integrated Solutions


The escalating demand for sustainable living, especially in urban areas, is pushing key players in this market to create solutions that integrated features and cutting-edge technologies such as AI. To meet this demand and to develop novel offerings, competitors are actively collaborating with each other and injecting more funds into R&D activities. Besides this, companies are also engineering products to serve the growing demand for efficient HVAC systems in emerging economies such as India and China.


Industry Development:



  • August 2020: Johnson Controls released the Openblue platform, featuring a comprehensive suite of digital solutions and services equipped with the company’s core building systems to make shared spaces more sustainable. The suite is armed with AI capabilities, which will combine data from inside and outside buildings and enable smart management of the indoor environment.


List of Key Players Covered in the HVAC System Market Report:



  • Robert Bosch LLC (Baden-Württemberg, Germany)

  • Valliant Group (North Rhine-Westphalia, Germany)

  • Danfoss A/S (Syddanmark, Denmark)

  • Nortek Global HVAC LLC (Missouri, U.S.)

  • Panasonic Corporation (Osaka, Japan)

  • LG Electronics (Seoul, South Korea)

  • GREE ELECTRIC APPLIANCES, INC. (Guangdong, China)

  • Mitsubishi Electric Corporation (Tokyo, Japan)

  • Johnson Controls (Cork, Ireland)

  • Evapco, Inc. (Maryland, U.S.)

  • Armstrong Fluid Technology (Ontario, Canada)

  • FERROLI S.p.A. C.F. epVA. (San Bonifacio, Italy)

  • Emerson Electric Co. (Missouri, U.S.)

  • AB Electrolux (Stockholm, Sweden)

  • SAMSUNG (Seoul, South Korea)

  • Haier Inc. (Qingdao, China)

  • Schneider Electric (Paris, France)

  • Carrier (Florida, U.S.)

  • DAIKIN INDUSTRIES, Ltd. (Osaka, Japan)


Further Report Findings:



  • The single split systems segment led the HVAC market in 2019 with a share of 52.0% and is likely to maintain its leading position owing to the multiple benefits offered by these systems, including easy installation and silent operation.

  • Asia Pacific is expected to dominate the heating, ventilation, and cooling system market share during the forecast period as major market players are designing their products to serve the requirements of the regional climatic conditions. In 2019, the region’s market size was at USD 64.86 billion.


Table of Segmentation:








































 ATTRIBUTE



  DETAILS



Study Period



  2016-2027



Base Year



  2019



Forecast Period



  2020-2027



Historical Period



  2016-2018



Unit



  Value (USD Billion)



Segmentation



By Type



  • Single Split Systems

  • Variable Refrigerant Flow (VRF) Systems

  • Chillers

  • Others (Multi-split Systems, etc.)



By Application



  • Residential

  • Commercial

  • Industrial



By Region



  • North America (the U.S. and Canada)

  • Europe (the UK, France, Germany, Italy, Spain, and the Rest of Europe)

  • Asia Pacific (Japan, China, India, and the Rest of Asia Pacific)

  • The Middle East & Africa (South Africa, GCC, and Rest of the Middle East & Africa)

  • Latin America (Brazil, Mexico, and the Rest of Latin America)


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