The new report by Expert Market Research titled, ‘Global HVAC Market Size, Share, Price, Trends, Growth, Report and Forecast 2020-2025’, gives an in-depth analysis of the global HVAC market, assessing the market based on its segments like equipment, implementation types, end-uses, and major regions. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analyzing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2015-2025)
• Historical Market Size (2019): USD 241 billion
• Forecast CAGR (2020-2025): 4%
• Forecast Market Size (2025): USD 301 billion
The global HVAC market is being driven by the rapid urbanisation, growing disposable incomes, and increasing population, supported by customer inclination towards comfort. The HVAC systems are being extensively used in regions with extreme weather conditions for both heating and cooling purposes. The HVAC market is gaining a significant boost from the rapidly rising construction and infrastructure sector. The growing demand for smart building patterns for homes, office space, shopping malls, and other similar places is encouraging the demand for HVAC technology. Easy maintenance, advanced technology controls, and long-running life of condensing boilers are the few factors supporting the HVAC market growth.
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Industry Definition and Major Segments
HVAC refers to heating, ventilation, and air conditioning together. It is a technology used to control the indoor environment with a goal to provide thermal comfort and safe indoor air quality. It is an essential part of residential structures, industrial and office buildings, and vehicles ranging from cars and airplanes to ships and submarines where the air conditions are controlled with regulated temperature and humidity using fresh air from outdoors.On the basis of equipment, the industry is divided into:
On the basis of Implementation type, the industry is divided into:
• New Constructions
On the basis of end use, the industry is divided into:
On the basis of region, the industry is divided into:
1 North America
1.1 United States of America
2.2 United Kingdom
3 Asia Pacific
4 Latin America
5 Middle East & Africa
5.1 Saudi Arabia
5.2 United Arab Emirates
5.4 South Africa
The government authorities globally are encouraging the adoption of energy-efficient heating, ventilation, and air conditioning systems due to a rising focus among consumers for energy efficiency of consumer electronics and energy usage cost minimisation. Technologies like automated control systems, IoT (Internet of Things), and remote-control access are modifying the HVAC equipment. The fan speed and temperature can be automatically controlled to provide optimum comfort using automated control systems by assessing the surrounding climate. Mobile applications run with the help of the internet allow users to operate the system remotely. Real-time information about the condition of the system can be accessed through IoT-enabled HVAC units. The HVAC market is witnessing growth as the companies are investing heavily in the R&D for manufacturing innovative products like hybrid HVAC equipment, which uses various energy sources for cooling and heating applications. These factors are expected to propel the growth of the HVAC market in the coming years.
Key Market Players
The major players in the global HVAC market are LG Electronics, Inc., Lennox International, Inc. (NYSE: LII), Carrier Global Corporation (NYSE: CARR), Samsung Electronics Co. Ltd. (KRX: 005930), Haier Group, Daikin Industries, Ltd (OTCMKTS: DKILY), Emerson Electric Co. (NYSE: EMR), Honeywell International Inc. (NYSE: HON), and Johnson Controls, Inc (NYSE: JCI), among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments, and mergers and acquisitions, among other latest developments of these market players.
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Note 2: As the novel coronavirus (COVID-19) continues to spread across the world, our analysts are constantly tracking the impact of this rapidly evolving situation on the markets and the consumer purchase behaviours. Thus, our latest estimates and analysis about the current market trends and forecast will exhaustively reflect the effects of this emerging pandemic.
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