HVAC Equipment Market, By System Type, (Central, Decentralized), By Business Type, (New construction, Retrofits), By End User (Residential, Commercial, Industrial), By Region Analysis - Global Analysis and Industry Forecast Report Till 2030.

HVAC Equipment Market is predicted to grow from $171 billion in 2021 to $290 billion by 2030, at a CAGR of 5% during the forecast period.

HVAC technology provides indoor air quality and thermal comfort for both indoor and outdoor environments. In residential buildings like apartment complexes, senior living facilities, hostels, single-family houses, medium to large industrial buildings, hospitals, skyscrapers, vehicles, trains, submarines, and ships, HVAC plays a significant role. Heating equipment efficiently creates the appropriate heating environment. In order to satisfy the energy needs of industrial and commercial customers and comply with green technology/process regulations, the HVAC industry strives to offer affordable equipment. By phase-outing chlorofluorocarbons (CFCs), hydro chlorofluorocarbons (HCFCs), and other dangerous refrigerant-based equipment, HVAC players are offering environmentally safe technology. This will help boost the HVAC equipment market.

Market Dynamics: 

Drivers:

Governments in many nations are enacting strict regulatory standards for the contractors while constructing and retrofitting HVAC systems that are energy prompt.

The R-22 refrigerant was prohibited in all member states of the European Union beginning in January 2015 under the Ozone Depleting Substances (ODS) rule. R-22 is used in a significant number of HVAC systems that are installed.

Customers will have to replace their old HVAC systems as a result, which is anticipated to increase demand for contemporary, energy-efficient HVAC systems with programmable thermostats to help regulate temperatures throughout the day.

Restraints:

The HVAC sector is anticipated to expand rapidly. For optimal operation HVAC systems must be fine-tuned during installation and have parts made to order. So, for the effective installation of HVAC systems, professionals are required. If the installation is not done properly, the HVAC systems may not operate effectively, or the end user may have to pay more in repairs over time.

The need for skilled labour is anticipated to result in higher expenses for the user. Thus, making the market for HVAC systems more difficult to execute.

Opportunities:

HVAC systems could be connected to the internet via the Internet of Things (IoT) to enable data sharing. It oversees HVAC operations for greater efficiency and maintains a predictive maintenance plan in addition to managing HVAC systems, gathering data, and storing it in the cloud.

It also efficiently monitors, regulates, and diagnoses devices via the internet. IoT also makes it possible for the HVAC system to have low maintenance and repair expenses. IoT makes it possible to access and correctly analyze real-time performance information for HVAC systems. IoT-enabled buildings provide facility managers with early alerts of any operational irregularities. It enables remote diagnostics and adjustment of units, which in turn saves money by reducing system failures.

Key Players:

• Daikin Industries, Ltd.

• Johnson Controls

• Hitachi Air Conditioning Company

• LG Electronics Inc.

• Raytheon Technologies Corporation (United Technologies)

• Emerson Electric Co.

• Honeywell International, Inc.

• Mitsubishi Electric Trane HVAC US LLC

• Nortek Global HVAC

• Danfoss AS

Market Segmentation:

HVAC Equipment Market, By System Type 

• Central

• Decentralized

HVAC Equipment Market, By Business Type

• New Construction

• Retrofits

HVAC Equipment Market, By End-User

• Residential

• Commercial

• Industrial

HVAC Equipment Market, By Region

• North America

• Europe

• Asia-Pacific

• Latin America

• Middle East & Africa

Regional Analysis:

Asia-Pacific is anticipated to generate the greatest revenue share of more than XX%. The driving factors for the growth of the market are growing population, fast urbanization, and rising levels of disposable income. The existence of businesses selling affordable equipment in China and its bordering nations, China specifically dominated the global market and accounted for the greatest unit sales in 2020. This is a crucial element that propels the growth of HVAC Equipment market in the Asia-Pacific region.

North America made a significant contribution, accounting for the second-highest revenue share in 2021 and is anticipated to grow significantly over the forecast period because of government initiatives to encourage the use of energy-efficient systems there through the provision of subsidies and tax breaks. This has helped boost the HVAC equipment market in the region.

Scope of the Report:

User

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