(MENAFN- GlobeNewsWire - Nasdaq) Tokyo, Nov. 25, 2021 (GLOBE NEWSWIRE) -- Precedence Research, Recently Announced Report on“ HVAC Equipment Market - Global Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2021 – 2030”.
Heating, ventilation, and air conditioner (HVAC) systems are significantly being used in a variety of buildings, such as commercial, industrial, and residential buildings. The primary task of the ventilation and air-conditioner system is to ensure the comfort of the people by providing desired atmospheric conditions in the occupied buildings. The selection of Heating, ventilation or air conditioning is dependent on factors such as the age of building, humidification, depends on the weather, personal choice of the occupants and the project's design, with the completion of the project, the architectural design of the buildings.
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Crucial factors accountable for market growth are:
- Surge in development of energy efficient HVAC equipment's.
- The rapidly changing climatic conditions.
- Rising disposable income of the consumers.
- Increasing global warming and the need for comfort.
Scope of the HVAC Equipment Market
| Report Coverage || Details |
| Market Size in 2021 || USD 130 Billion |
| Growth Rate From 2021 to 2030 || CAGR 6.1% |
| Fastest Growing Market || North America |
| Largest Market || Asia Pacific |
| Base Year || 2021 |
| Regional Scope || |
- North America
- Asia Pacific
| Companies Covered || Johnson Controls, Carrier Corporation, Daikin Industries Ltd., Ingersoll Rand, Honeywell International Inc, Trane Technologies, LG Electronics, Hitachi Ltd., United Technologies, Electrolux, Emerson Electric Co., Lennox International Inc. |
Asia Pacific dominates the HVAC Equipment Market in terms of market share contributing a revenue share of more than 45% in 2020 and is expected to grow significantly during the forecast period owing to the rise in population, rapid industrialization & urbanization and increasing disposable incomes of the consumers. For instance, On 24th September 2021, Daikin Air-conditioning India Pvt. Ltd. signed a land lease agreement at Sri City to manufacture the air conditioners and components.
- The cooling product segment accounted for more than 54% revenue share in 2020.
- The residential end use segment of the HVAC Equipment Market is estimated to lead the market with a market share of more than40% in 2021.
- By Geography, Asia Pacific is expected to lead the market contributing more than 45% revenue share in 2021 owing to the rise in population, urbanization and surge in disposable income of the consumers.
Driver - The rapid surge in the use of technologically advanced products in the HVAC systems that are energy-efficient is the major factor that drives the market growth. Also, the changing climatic condition across the globes propels the market demand for the need of HVAC systems
Restraint - The high installation and maintenance costs, high energy consumption, and other operational difficulties are negatively impact the growth of the market
Opportunity - The increasing awareness about the health hazards caused by the impure surrounding air, the consumers are inclined towards the use of HVAC systems for purifying the air and creating a hygienic indoor environment. This factor is expected to create huge opportunities that will accelerate the market growth.
Challenges - Climate variables in specific areas can have an impact on the life cycle of HVAC systems. For example, moist climates can shorten the life expectancy of HVAC systems due to their corrosive effects. This feature is expected to stifle market expansion.
- On 4th May 2021, Evaporative pre-cooling technology is now available on Carrier's AquaForce 30XV product range, according to the company. This technique uses evaporation to lower ambient air temperatures entering Carrier's 30XV chiller, decreasing chiller power consumption, increasing dependability, and extending the chiller's life.
- On 9th July 2021, Mitsubishi Electric said that it will spend 167 million Turkish Lira in Mitsubishi Electric Air Conditioning Systems Manufacturing Turkey to expand production capacity (MACT).
- On 27th September 2021, – Emerson, a global leader in software, technology, and engineering, announced a partnership with Colgate-Palmolive Company to reduce wasted energy in Colgate's product packaging facilities and contribute to the company's goal of achieving net zero carbon emissions in operations by 2040, using Emerson's Smart Sensor Technology for Compressed Air Monitoring.
- On 15th October 2021, Trane Technologies, a global climate innovator, has acquired Farrar Scientific, a critical supplier for bioscience and biopharmaceutical customers that provides proprietary technology to fill an unmet need for flexible, modular, and efficient ultra-low temperature processing and storage, including cooling and heating/thawing.
- On 2nd September 2021, The launch of 'K-12 Playbook,' a new online resource centre for parents and schools to assist them build a more pleasant and efficient classroom environment for children, was announced by Trane Technologies, a global climate pioneer.
Segments Covered in the Report
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