Global HVAC Market: Industry Analysis & Outlook (2017-2021) provides an extensive research and detailed analysis of the present market along with future outlook. The report discusses the major growth drivers and challenges of the market, covering North America along with the global market. The report profiles key players of the market including United Technologies Corporation, Johnson Controls, Inc., Ingersoll-Rand Plc and Daikin.
Global HVAC Market is Trending with Increasing Development of Smart Buildings
Rising construction activities and urbanization has propelled the demand of HVAC systems in the residential as well as commercial buildings. As summers are getting warmer and longer year by year with the increasing global temperature, government has set stringent rules to encourage consumers to use eco-friendly HVAC systems in order to prevent environment which is swelling the demand of energy efficient HVAC systems.
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Growth of the global HVAC market is likely to be driven by rising development of smart homes and commercial buildings. A smart building involves the controlling and automation of heating, ventilation and air conditioning. With the increasing development of smart buildings, installation and demand of HVAC systems are also increasing. The market is expected to experience a satisfactory growth rate in the next five years.
Commercial HVAC equipments market hold the largest share in the global HVAC market supported by improving infrastructure globally. However, residential HVAC equipment market would register higher growth rate because of increased penetration of residential air conditioners.
The U.S. is a major contributor to the global HVAC market and is likely to increase its share in future with accelerating replacement rates of HVAC systems and increasing employment in the given region. The U.S. HVAC market is likely to grow at an adequate CAGR in the coming years.
The global HVAC market is highly fragmented as numerous HVAC companies are developing products with new technologies, creating highly competitive market. The top four players of the market contributed more than 30% share in the overall global market.
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The global HVAC market is expected to grow in future due to rising construction activities, increasing population, urbanization and disposable income, climatic changes and decreasing unemployment rate. Key trends of this market include rising trend of smart building, demand for replacements and rising adoption of smart phones. However, there are some factors which can hinder growth of the market including rapid technological changes.
HVAC stands for heating, ventilation and air conditioning. It is a technology used to provide thermal comfort and acceptable indoor air quality. A HVAC system is based on the principles of thermodynamics, fluid mechanics and heat transfer. HVAC is an important part of residential as well as commercial buildings. The market is filled with different kind of HVAC appliances. Heating appliances like heater, furnace and heat pumps, are used to generate heat in buildings via central heating or local heating. Ventilation appliances are used to change or replace air in any building to regulate temperature. And air conditioning appliances are used in cooling of indoor air for thermal comfort.
HVAC equipments are installed in buildings to achieve heating, cooling and ventilation. HVAC equipments can be broadly segmented into two categories that include residential equipments and commercial equipments. Residential HVAC equipments are used in houses whereas commercial equipments are used in commercial buildings.
HVAC market is likely to witness a growth in future with the rising construction of residential as well as commercial buildings. North America is a major contributor to the global HVAC equipment market supported by increased demand for HVAC systems and accelerating replacement rates of HVAC systems.