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Heating, Ventilation, and Cooling System Market to Reach $202.14 bn by 2028; Increasing Adoption of Smart Technologies to Augment Growth

May 04, 2021 | Machinery & Equipment

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.


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


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.


Industry Development:



  • July 2020 - Johnson Controls introduced OpenBlue, an innovative digital platform with a complete suite of connected solutions and services. According to the company, the users can expect around 20-60% savings in cost through efficient optimization of performance of the heating, ventilation, and cooling (HVAC) system.


List of the Companies Profiled in the Global Market:



  • Johnson Controls (Cork, Ireland)

  • DAIKIN INDUSTRIES, Ltd. (Osaka, Japan)

  • Mitsubishi Electric Corporation (Tokyo, Japan)

  • Carrier (Florida, U.S.)

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

  • Schneider Electric (Paris, France)

  • Lennox International Inc. (Texas, U.S.)

  • Haier Inc. (Qingdao, China)

  • LG Electronics (Seoul, South Korea)

  • SAMSUNG (Seoul, South Korea)

  • Panasonic Corporation (Osaka, Japan)

  • AB Electrolux (Stockholm, Sweden)

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

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

  • Danfoss A/S (Syddanmark, Denmark)

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

  • Vaillant Group (North Rhine-Westphalia, Germany)

  • Armstrong Fluid Technology (Ontario, Canada)

  • Robert Bosch LLC (Baden-Württemberg, Germany)

  • Evapco, Inc. (Maryland, U.S.)


Further Report Findings:



  • Asia Pacific is expected to remain at the forefront and hold the highest position in the market during the forecast period. This is attributable to the increasing focus of the global HVAC system manufacturers to expand their facilities to cater to the growing consumer demand for advanced products in countries such as China, Japan, and India. Asia-Pacific stood at USD 68.10 billion in 2020.

  • The market in Europe is expected to showcase exponential growth due to the imposition of stringent government regulations that propels the HVAC system manufacturers to develop cost-effective and eco-friendly products in the region between 2021 and 2028.

  • Based on type, the single split systems segment held a global heating, ventilation, and cooling (HVAC) system market share of about 52.1% in 2020 and is projected to experience considerable growth. This is due to the increasing adoption of these types of systems that possess several benefits such as easy maintenance, quick & silent operation, and easy installation, among others.


Table of Segmentation:














































  ATTRIBUTE



  DETAILS



Study Period



  2017 – 2028



Base Year



  2020



Forecast Period



   2021 – 2028



Historical Period



   2017 – 2019



Unit



   Value (USD Billion)



Segmentation



   Type, Application and Region



By Type




  • Single Splits

  • Variable Refrigerant Flow (VRF) Systems

  • Chillers

  • Others (Multi-split systems etc.)



By Application




  • Commercial

  • Residential

  • Industrial



By Region




  • North America (By Type, Application, and Country)

    • United States (By Type)

    • Canada (By Type)



  • Europe (By Type, Application, and Country)

    • UK (By Type)

    • France (By Type)

    • Germany (By Type)

    • Italy (By Type)

    • Spain (By Type)

    • Rest of Europe



  • Asia Pacific (By Type, Application, and Country)

    • China (By Type)

    • Japan (By Type)

    • India (By Type)

    • Rest of Asia Pacific



  • The Middle East and Africa (By Type, Application, and Country)

    • GCC (By Type)

    • South Africa (By Type)

    • Rest of the Middle East and Africa



  • Latin America (By Type, Application and Country)

    • Brazil (By Type)

    • Mexico (By Type)

    • Rest of Latin America




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