by Brianna Crandall — August 8, 2016 — According to a new market research report from MarketsandMarkets, the market for heating, ventilation and air-conditioning (HVAC) systems is expected to reach USD 173.16 billion by 2022, at a compound annual growth rate (CAGR) of 5.9% between 2016 and 2022. Factors driving the growth of the HVAC systems market include government incentives through tax credit programs, increasing construction activities, government regulations and policies for saving energy, and the growing trend towards smart homes.
This research report categorizes the HVAC systems market on the basis of heating equipment, ventilation equipment, cooling equipment, implementation type, application, software and service, and geography. This report describes the drivers, restraints, opportunities, and challenges for the growth of the market. The Porter’s five forces analysis has been included in the report with a description of each of its forces along with its respective impact on the market.
Cooling equipment segment has largest share
The cooling equipment segment is expected to lead the HVAC systems market between 2016 and 2022. The growth is attributed to reduction in energy consumption of cooling equipment, introduction of innovative solutions such as low GWP products, changing weather conditions, increase in disposable incomes, and government grants and tax benefits.
Residential application to grow at highest CAGR
The favorable government regulations and tax credit facilities on the installation of HVAC systems and the growing concerns toward energy saving and minimizing costs related to energy consumption have significantly contributed to the growth of the market in residential applications.
APAC expected to dominate HVAC systems market
Countries such as China, Japan, and India are driving the growth of the HVAC systems market in the Asia-Pacific (APAC) region. These countries have a considerable market size and scope for the development of the HVAC industry. There are a number of government regulations, acts, and associations supporting the adoption of HVAC systems in the region. Further, the growth of the market in the APAC region is attributed to the increase in construction activity, rising population, and change in climate conditions.
Key players
The major players involved in the HVAC systems market include Daikin Industries Limited (Japan), Ingersoll Rand Plc. (Ireland), Johnson Controls Inc. (USA), Nortek Inc. (USA), United Technologies Corporation (USA), Electrolux AB (Sweden), Emerson Electric Co. (USA), Honeywell International Inc. (USA), Lennox International Inc. (USA), LG Electronics (South Korea), Mitsubishi Electric (Japan), Panasonic Corporation (Japan), Qingdao Haier Co. Ltd. (China), Samsung Electronics (South Korea), and Whirlpool Corporation (USA).
The 181-page HVAC Systems Market by Equipment Type (Heating (Heat Pump, Furnace), Ventilation (Air Filter, Dehumidifier, Air Purifier), Cooling (Room AC, Unitary AC, Chiller)), Software & Services, Implementation Type, Application, and Geography – Global Forecast to 2022 is available for purchase from the MarketsandMarkets Web site. Early buyers will receive 10% customization on reports, notes the firm.
