The global heating, ventilation and air conditioning market is estimated to reach US$201.4 billion in 2023, growing at a CAGR of 6.72% for the period spanning 2018-2023. The growth of the market has been driven by rising global population, increasing construction activities, intensifying annual mean temperature, escalating e-commerce retail sales and upsurge in economic growth. However, growth of the market would be challenged by increase in raw material prices, data infrastructure security system and economic and political events. Some of the noteworthy trends of the market include growing smart thermostat market, advancements in technological innovations and adaption of sustainable building designs.
The global heating, ventilation and air conditioning market can be segmented into two broad segments: HVAC Equipment and Aftermarket & Services. Equipment segment is comprised of two key segments i.e., Commercial and Residential Equipment. In 2018, equipment segment was the dominant segment because of the driving factors such as increasing emergence of HVAC equipment manufacturers and favorable government regulations in the market.
The fastest growing regional market is the Americas owing to increasing trend of adopting sustainable HVAC systems by the American population and commencement of HVAC system manufacturing in various domestic consumer electrical companies. Asia Pacific represents one of the largest HVAC market and is already well-penetrated at developed market levels because of the growing construction activities in countries such as China and India and high imports of air conditioning and ventilation appliances by the Asia Pacific countries.
Scope of the Report:
• The report provides a comprehensive analysis of the global heating, ventilation and air conditioning market, segmented into Equipment and Aftermarket and services segments.
• The major regional markets (Asia Pacific and the Americas) have been analyzed, along with country coverage of the U.S.
• The market dynamics such as growth drivers, market trends and challenges are analyzed in-depth.
• The competitive landscape of the market, along with the company profiles of leading players (Daikin Industries, Ltd., United Technologies Corporation (Carrier), Ingersoll-Rand Plc (Trane), Johnson Controls International Plc (York), Lennox International Inc. and Honeywell International Inc.) are also presented in detail.
Key Target Audience:
• Heating, Ventilation and Air Conditioning Manufacturers
• Component & Technology Suppliers
• End Users (Residential, Commercial and Industrial Buildings)
• Consulting Firms
• Investment Banks
• Government Bodies & Regulating Authorities.