The global heating ventilation and air conditioning (HVAC) market to grow considerably during the assessment period (2018-2027) owing to favorable sustainable energy policies, reports Market Research Future (MRFR). The industry is currently enjoying the boons of research & development where implementation of the latest technologies have revamped the conventional ventilation and air conditioning solutions.
Fast-tracking urbanization is a major driving factor that has changed the consumer behavioral pattern. This has given rise to construction activities, and economic growth. Digitalization has influenced e-commerce retail sales. Annual mean temperature is also experiencing a hike giving rise to the adoption of HVAC methods. Coupled with growing eco-awareness, the construction sector has now gradually started implementing HVAC technology in residential and commercial sites to reduce energy consumption. Sustainable building designs are a rage now and keeping in sync with that the HVAC market is also experiencing a boom.
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The market is highly competitive due to the presence of several notable international brands with their focus on capturing the maximum share. One of the methods they have applied is investing heavily in research & developments. Other means such as merger and acquisitions are also taking their natural course. For instance, Siemens Building Technologies Division is acquiring Silicon Valley-based Enlighted Inc., a leading provider of smart IoT (Internet of Things) systems in buildings to ensure better HVAC system. Daikin has also expanded their business into Oklahoma City by partnering with Harrison Energy Partners, the largest HVAC firm in Arkansas.
The key HVAC market players are Zamil Air Conditioners, Daikin, Lennox International, Ingersoll Rand, Samsung Electronics, Siemens Building Technologies, Johnson Controls, and others.
The recent trend is to leave a minimum carbon footprint. The industry has sensed the air of growing eco-awareness and is designing products likewise. For instance, Danfoss Turbocor TTH/TGH High Lift Compressor needs no oil and can operate at variable speed. The low vibration and low maintenance upkeep reduce carbon footprint. Sentra Systems has launched a Sentra FLEX room monitoring solution that can monitor the room temperature and accordingly adjust the cooling system, thus, lowering electric cost.
The global HVAC market can be segmented by product type and application.
By product type, the market includes central air conditioning, window or through the wall air conditioners, split residential air conditioners, and packaged air conditioners. The market for split air conditioners is deemed to experience a steady growth owing to its adoption in residential buildings. However, packaged air conditioners market is expecting a heavy boost owing to its rising demand from the commercial sector.
Application-wise, the market comprises institution, residential, commercial, hospitality, and others. The commercial segment is anticipated to exhibit an impressive CAGR during the forecast period. Eco-friendly construction designs have given rise to the demand for HVAC system which coupled with favorable government guidelines can enjoy a healthy market growth.
Geographically, the HVAC market covers regions such as the Middle East and Africa (MEA), Asia Pacific (APAC), Europe, and the Americas.
The Americas and Europe are expected to be the leaders in terms of volume and value. The favorable condition for the latest technological implementations, growing disposable income, and ready adoption of the newest trends have resulted in such a robust market of HVAC. The popularity of boilers and furnace is also a major reason that is driving the market forward.
The MEA region is a worthwhile province for HVAC market owing to climatic conditions. Upcoming residential and commercial projects and well-performing economies could prove market controlling factors.
The APAC region is going to experience robust growth owing to a number of factors such as rapid urbanization, impressive industrialization, and a booming population. Government policies in China have also provided the market with a conducive atmosphere. Easy home loans and new project sanctions could also fetch in lucrative projects.
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