Heating, ventilation and air conditioning (HVAC) is expanding its role in the construction sector. helps to reduce the time limit. Market Research Future (MRFR) has published a research report about the global heating, ventilation and air conditioning market that predicts growth for this market during the forecast period between 2018 and 2027.
Analyzing the market structure, this report calculates the future growth potential of the market. It observes the strategies of the key players in the market and supports the competitive developments like new product developments, joint ventures, mergers and acquisitions, research and developments (R&D) in the market.
The major factor leading to the growth of the global heating, ventilation and air conditioning market is severe levels of atmospheric change and global warming. Other factors causing market growth include climatic fluctuations in many countries, continued urbanization, growing e-commerce retail, population growth, and growing awareness about environmental protection.
However, some factors that hinder the market growth include economic & political events in sensible zones, limitations of data infrastructure security system, stringent regulations imposed by governments, and surging price of the raw materials.
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The global heating, ventilation and air conditioning market has been segmented on the basis of application, component, product types, revenue source, system, and lastly, region. The application-based segmentation segments this market into commercial applications, hospitality, institution, residential applications, and others. During the forecast period, the commercial segment is expected to grow significantly. The eco-friendly policies of the government and eco-friendly construction designs are leading to the rise in demand as well as the market for HVAC.
Based on the component, the market can be segmented into sensors, control and control devices. As per product types, the market has been segmented into the central air conditioning, packaged air conditioners, split residential air conditioners, and window or through the wall air conditioners. On the basis of revenue source, the market has been segmented into HVAC controls and building energy management systems (BEMS). As per system-based segmentation, the market has been segmented into heating controls, humidity controls, ventilation controls, and integrated controls.
The regional segmentation of the global heating, ventilation, and air conditioning market can segment the market into the regional markets known as The Americas (North America & Latin America), Asia Pacific, Europe, and the Middle East & Africa (MEA). In North America and Europe, the market is expected to stay strong during the forecast period due to change in climate and increased temperature levels in these regions. Global warming is the reason for these climatic changes. In the Americas, Latin America is a smaller market compared to North America as technological advancement as well as the purchasing power of people are low. However, Argentina and Brazil are two strong economies in this region that can rise as big markets in the near future. In North America, due to the established construction industry, technological advancement, and the presence of many key market players, the market is growing. In this region, the pivotal country-specific markets are the USA and Canada.
In Europe, the market is growing due to the high density of population. Due to reasons similar to the Americas, Western Europe is a larger market than Eastern Europe because the former has more economic development than the latter. The extensive country-specific markets in this region are Germany, France, Italy, Spain, and the UK, followed by the remaining countries of Western Europe and then Eastern Europe.
In the Asia Pacific region, the market is growing due to a growing population, growing economy. In this region, the demand for more buildings for residential as well as commercial purposes is growing. Therefore, the market is growing in the Asia Pacific region. The key country-specific markets in this region are India, China, Japan, and South Korea, followed by the remaining countries of the Asia Pacific region.
During the forecast period, the MEA region is expected to emerge as a highly lucrative market for HVAC units. The ongoing government efforts to upgrade the infrastructure standards in the MEA countries are creating significant market opportunities.
The key players in the global heating, ventilation and air conditioning market include Daikin (Japan), Gree Electric Appliances Inc (China), Fujitsu General (Japan), Honeywell International (USA), Ingersoll Rand (Ireland), Johnson Controls (USA), Lennox International (USA), Samsung Electronics (South Korea), Siemens Building Technologies (Switzerland), and Zamil Air Conditioners (Saudi Arabia).
Latest Industry News
Butler Heating & Air Conditioning has acquired Gemin Systems Ltd., for the US $ 160,000. 26 FEB 2019
The Electric Power Research Institute (EPRI) has received a US $ 4.7 mn grant from the California Strategic Growth Council to develop advanced residential HVAC systems with low global warming potential (GWP) refrigerants. EPRI will also conduct community studies to bring technology to low-income and disadvantaged Californians. 28 JAN 2019
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