The $136.5 Billion Global HVAC Market, 2024 - Increasing Preference Toward VRF Technology - ResearchAndMarkets.com
The "Heating,
Ventilation, and Cooling Market by HVAC Type, by End-User by Geography
Global Market Size, Share, Development, Growth and Demand Forecast,
2014-2024" report has been added to ResearchAndMarkets.com's
offering.
According to this research, the global heating, ventilation, and air
conditioning (HVAC) market is exacted to attain a size of $136.5 billion
by 2024, advancing at a CAGR of 3.9% during the forecast period
(2019-2024).
The market is backed by various factors, predominantly the rising
government initiatives around the world and expansion in the
construction sector. Additionally, the escalating global temperature is
strengthening the year-over-year (YoY) market growth.
Global warming caused by greenhouse emissions has raised the temperature
and become one of the major factors behind the growing demand for HVAC
system, globally. According to NASA's Goddard Institute of Space Studies
(GISS), since 1980, the average global temperature rose by 0.5C every
year. Furthermore, some countries in APAC and MEA are subject to
subtropical climate, resulting in extremely humid and hot summers;
thereby, making them dependent on HVAC systems for cooling.
Based on HVAC type, the HVAC market is categorized into heating,
ventilation, and cooling, among which the cooling category is further
divided into ducted spilt/packaged unit, variable refrigerant flow,
spilt unit, room air conditioner, and chiller. Out of these, spilt unit
systems held the largest revenue share in the market in 2018. This is
attributed to the increasing adoption of ductless air conditioning
systems. Furthermore, residential and commercial were the main sectors
generating a uniform demand for HVAC systems. As of 2018, over 60% of
the U.S. households are estimated to have central air conditioning
systems.
Based on end-user, the HVAC market is fragmented into industrial,
commercial, and residential. Here, the industrial category is further
classified into automotive, energy and utilities, food and beverages
(F&B), and oil and gas. Among these, in 2018, the F&B classification
dominated the market with the highest revenue share. F&B manufacturing
plants require well-designed air handling systems, which can control
airborne odors and particulates. In 2017, around 640 F&B production
units underwent expansion and renovation; among these 63 were new
brewery units. During 2018-2021, in the North America region, the F&B
industry is anticipated to grow with a CAGR of 11.3%.
The intensity of competition among the key players in the industry is
moderate. Last year, many major companies focused on partnerships to
increase their product capabilities and offer technologically-enhanced
HVAC systems to their customers.
Market Dynamics
Trends
-
Increasing preference toward VRF technology
-
Growing preference toward smart HVAC systems
Drivers
-
Growing construction sector
-
Increasing government initiatives to support the growth of HVAC systems
Restraints
Opportunities
-
Energy efficiency in HVAC systems
-
Growing opportunity from manufacturing industry
Key Topics Covered
Chapter 1. Research Background
1.1 Research Objectives
1.2 Market Definition
1.3 Research Scope
1.3.1 Market Segmentation by HVAC Type
1.3.2 Market Segmentation by End-User
1.3.3 Market Segmentation by Region
1.3.4 Analysis Period
1.3.5 Market Data Reporting Unit
1.3.5.1 Value
1.3.5.2 Volume
1.4 Key Stakeholders
Chapter 2. Research Methodology
2.1 Secondary Research
2.2 Primary Research
2.2.1 Breakdown of Primary Research Respondents
2.2.1.1 By region
2.2.1.2 By industry participant
2.2.1.3 By company type
2.3 Market Size Estimation
2.4 Data Triangulation
2.5 Assumptions for the Study
Chapter 3. Executive Summary
Chapter 4. Introduction
4.1 Definition of Market Segments
4.1.1 By HVAC Type
4.1.1.1 Heating
4.1.1.1.1 Furnaces
4.1.1.1.2 Heat Pumps
4.1.1.1.3 Boilers
4.1.1.1.4 Unitary Heaters
4.1.1.2 Ventilation
4.1.1.2.1 Humidifiers/Dehumidifiers
4.1.1.2.2 Air cleaners
4.1.1.2.3 Ventilation fans
4.1.1.2.4 Air handling units and fan coil units
4.1.1.3 Cooling
4.1.1.3.1 VRF
4.1.1.3.2 Ducted split/packaged unit
4.1.1.3.3 Split units
4.1.1.3.4 Chillers
4.1.1.3.5 Room ACs
4.1.2 By End-User
4.1.2.1 Commercial
4.1.2.1.1 Offices and buildings
4.1.2.1.2 Supermarkets/Hypermarkets
4.1.2.1.3 Government
4.1.2.1.4 Healthcare
4.1.2.1.5 Hospitality
4.1.2.1.6 Transportation
4.1.2.1.7 Others
4.1.2.2 Industrial
4.1.2.2.1 Oil and Gas
4.1.2.2.2 Food and Beverage
4.1.2.2.3 Automotive
4.1.2.2.4 Energy and Utilities
4.1.2.2.5 Others
4.1.2.3 Residential
4.2 Value Chain Analysis
4.3 Market Dynamics
4.4 Porter's Five Forces Analysis
Chapter 5. Global Market Size and Forecast
5.1 By HVAC Type
5.1.1 Heating, by Equipment Type
5.1.2 Ventilation, by Equipment Type
5.1.3 Cooling, by Equipment Type
5.2 By End-User
5.2.1 Commercial, by Category
5.2.2 Industrial, by Category
5.2.3 By Residential
5.3 By Region
Chapter 6. North America Market Size and Forecast
Chapter 7. Europe Market Size and Forecast
Chapter 8. APAC Market Size and Forecast
Chapter 9. LATAM Market Size and Forecast
Chapter 10. MEA Market Size and Forecast
Chapter 11. Competitive Landscape
11.1 Market Share Analysis of Key Players
11.2 List of Key Players and their Offerings
11.3 Recent Activities of Key Players
11.4 Strategic Developments of Key Players
11.4.1 Mergers and Acquisitions
11.4.2 Partnerships
11.4.3 Product Launches
11.4.4 Facility Expansions
11.4.5 Other Developments
Chapter 12. Company Profiles
12.1 Johnson Controls International PLC
12.1.1 Business Overview
12.1.2 Product and Service Offerings
12.1.3 Key Financial Summary
12.1.4 SWOT Analysis
12.2 Samsung Electronics Co. Ltd.
12.3 Lennox International Inc.
12.4 Ingersoll-Rand PLC
12.5 United Technologies Corporation
12.6 Daikin Industries Ltd.
12.7 Mitsubishi Electric Corporation
12.8 Toshiba Carrier Corporation
12.9 LG Electronics Inc.
12.10 Fujitsu Limited
12.11 Midea Group Co. Ltd.
12.12 Gree Electric Appliances, Inc. of Zhuhai
12.13 Danfoss A/S
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