Renovation and replacement demand to fuel growth


DUBLIN, May 24, 2021 / PRNewswire / – The “HVAC Systems Market Size, Share and Trend Analysis Report by Product, End Use, Region and Segment, 2021-2028” the report was added to ResearchAndMarkets.com from offer.

Research and Markets logo

The global HVAC systems market size is expected to reach 197.50 billion USD by 2028, registering a CAGR of 5.9% over the forecast period.

The increasing adoption of efficient and renewable energy products is expected to be a determining factor for the market. Additionally, climate change has made heating and cooling equipment a necessity rather than a luxury. Thus, the deterioration of climatic conditions is likely to positively influence the market during the forecast period.

Proactive government initiatives will become drivers of market growth during the forecast period.

For example, under the Taxpayer Relief Act of 2012 (US) -2017, customers can claim the federal energy tax credit. Likewise, Australia The Ministry of Environment and Energy has launched the “Energy Efficient Air Conditioner Reduction Program for Households” which offers a reduction ranging from 200 USD at 1000 USD at New South Wales residents buy high efficiency air conditioners for domestic use. Several governments around the world are launching such initiatives to promote adoption of the products.

In addition, the market is expected to experience healthy growth owing to the demand for renovation and replacement. Many customers are replacing old equipment with new energy efficient units for energy savings, improved performance and lower costs. The factors responsible for HVAC (heating, ventilation and air conditioning) unit replacement are the age of the system, the renovation of the building, poor air quality and the high cost of repairs.

The spread of the novel coronavirus in 2020 resulted in the closure of production plants across the world in the first quarter. As a result, several big players saw a substantial drop in their revenues in the first part of 2020.

However, pent-up demand and growing awareness of the hygienic environment have resulted in increased product sales in recent times and are expected to continue in the following years. Overall, the Covid-19 pandemic has had a minor impact on the market and the industry is expected to record steady growth in the years to come.

Highlights of the HVAC Systems Market Report

  • The cooling systems segment dominated the market in 2020 and is expected to retain the leading position in the future due to increased demand for air conditioning systems in several industries.

  • With a steady increase in the global real estate sector, the residential segment captured a significant share of revenue in 2020.

  • The segment is expected to grow at a constant CAGR from 2021 to 2028 due to increasing demand from modern households in developing economies.

  • Middle East & Africa is expected to grow at a healthy CAGR over the forecast period due to increased construction activity, growth in the tourism sector and rising temperatures in the region.

  • Since the coronavirus outbreak, major market players have focused on introducing products that can improve air quality.

  • In February 2020, Havells India Ltd. launched the Grande Heavy Duty Air Conditioner under its Llyod brand. The air conditioner includes a catechin coated dust filter and a Green Bio air filter as well as Eva anti-bacterial coils, which improve air quality.

Main topics covered:

Chapter 1. Methodology and scope

Chapter 2. Executive summary
2.1. HVAC Systems Market – Industry Overview and Key Buying Criteria, 2017-2028

Chapter 3. HVAC Systems Market Variables, Trends and Scope
3.1. Market size and growth outlook, 2017 – 2028
3.2. Industry value chain analysis
3.3. Market dynamics
3.3.1. Analysis of market factors
3.3.2. Analysis of market constraints / challenges
3.3.3. Analysis of market opportunities
3.4. Mapping of penetration and growth prospects (priority key opportunities)
3.5. Business environment analysis tools
3.5.1. Industry Analysis – Porter’s Five Forces Analysis
3.5.2. PEST analysis

Chapter 4. HVAC Systems Market: Product Outlook
4.1. HVAC Systems Market Share by Product, 2020 and 2028 (USD Billion)
4.2. Heater
4.3. Ventilation
4.4. Cooling

Chapter 5. HVAC Systems Market: End Use Outlook
5.1. HVAC Systems Market Share by Product, 2020 and 2028 (USD Billion)
5.2. Residential
5.3. Commercial
5.4. Industrial

Chapter 6. HVAC Systems Market: Regional Outlook
6.1. HVAC Systems Market Share by Region, 2020 and 2028 (USD Billion)

Chapter 7. Competitive landscape

  • Transport company

  • Daikin Industries, Ltd.

  • Emerson Electric Co.

  • Haier Group

  • Havells India Ltd.

  • Hitachi Ltd.

  • Johnson Controls International plc

  • LG Electronics

  • Lennox International, Inc.

  • Mitsubishi Electric US Inc.

  • Rheem Manufacturing Company

  • Samsung Electronics Co. Ltd.

  • Trane Technologies

For more information on this report, visit https://www.researchandmarkets.com/r/erru7v

Media contact:

Research and markets
Laura Wood, Main director
press@researchandmarkets.com

For EST office hours, call + 1-917-300-0470
For USA / CAN toll free + 1-800-526-8630
For GMT office hours, call + 353-1-416-8900

Fax in the United States: 646-607-1907
Fax (outside the United States): + 353-1-481-1716

Cision

Cision

Show original content:http://www.prnewswire.com/news-releases/global-197-50-billion-hvac-systems-market-to-2028-refurbishment-and-replacement-demand-to-fuel-growth-301297636.html

SOURCE Research and markets

Previous Latest coronavirus: WHO chief says half of all blows should be aimed at low-income countries
Next EU plans to tax jet fuel to cut emissions