Heating, Ventilation, and Cooling Market by HVAC Type, 2014-2024

Date: 17 May 2019

Heating, Ventilation, and Cooling Market by HVAC Type, by End-User by Geography Global Market Size, Share, Development, Growth and Demand Forecast, 2014-2024

According to this research, the global heating, ventilation, and air conditioning (HVAC) market is exacted to attain a size of $136.5 billion by 2024, advancing at a CAGR of 3.9% during the forecast period (2019-2024). The market is backed by various factors, predominantly the rising government initiatives around the world and expansion in the construction sector. Additionally, the escalating global temperature is strengthening the year-over-year (YoY) market growth.

Global warming caused by greenhouse emissions has raised the temperature and become one of the major factors behind the growing demand for HVAC system, globally. According to NASA’s Goddard Institute of Space Studies (GISS), since 1980, the average global temperature rose by 0.5°C every year. Furthermore, some countries in APAC and MEA are subject to subtropical climate, resulting in extremely humid and hot summers; thereby, making them dependent on HVAC systems for cooling.

Based on HVAC type, the HVAC market is categorized into heating, ventilation, and cooling, among which the cooling category is further divided into ducted spilt/packaged unit, variable refrigerant flow, spilt unit, room air conditioner, and chiller. Out of these, spilt unit systems held the largest revenue share in the market in 2018. This is attributed to the increasing adoption of ductless air conditioning systems. Furthermore, residential and commercial were the main sectors generating a uniform demand for HVAC systems. As of 2018, over 60.0% of the U.S.households are estimated to have central air conditioning systems.

Based on end-user, the HVAC market is fragmented into industrial, commercial, and residential. Here, the industrial category is further classified into automotive, energy and utilities, food and beverages (F&B), and oil and gas. Among these, in 2018, the F&B classification dominated the market with the highest revenue share. F&B manufacturing plants require well-designed air handling systems, which can control airborne odors and particulates. In 2017, around 640 F&B production units underwent expansion and renovation; among these 63 were new brewery units.During 2018-2021, in the North America region, the F&B industry is anticipated to grow with a CAGR of 11.3%.

The intensity of competition among the key players in the industry is moderate. Last year, many major companies focused on partnerships to increase their product capabilities and offer technologically-enhanced HVAC systems to their customers. Some of the key players in the global HVAC market are Samsung Electronics Co. Ltd., Johnson Controls International PLC, Lennox International Inc., United Technologies Corporation, Ingersoll-Rand plc, Daikin Industries Ltd., Toshiba Carrier Corporation, Midea Group Co.Ltd., Mitsubishi Electric Corporation, LG Electronics Inc., Fujitsu Limited, Danfoss A/S, and Gree Electric Appliances Inc. of Zhuhai.

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