Expanding Construction Sector Helping Heating, Ventilation, and Air Conditioning Market Grow

Increasing focus toward the adoption of environment-friendly refrigerants, and overall growth in the construction sector are driving the progress of the heating, ventilation, and air conditioning (hvac)market across the globe. The market generated a revenue of $108.1 billion in 2018, and it is expected to advance at a CAGR of 3.9% during the forecast period (2019–2024).

Heating, ventilation and air conditioning (HVAC) are standalone or all-in-one equipment used for heating and cooling residential, commercial, and industrial buildings. On the basis of HVAC type, the market is categorized into heating, ventilation, and cooling systems. Among these, the cooling systems category dominated the HVAC market in 2018, both in terms of the revenue generated and total units sold.

During the historical period (2014–2018), the reasons for the dominance of cooling systems were rising temperature and increasing disposable income. According to the Institute of Civil Engineers (ICE), the global construction market will grow to $8 trillion by 2030, primarily driven by India, the U.S., and China, taking the market forward.

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Now, the heating category of the HVAC market is further divided into heat pumps, furnaces, boilers, and unitary heaters, among which the boilers division held the largest revenue share in 2018.  The increasing demand for boilers for keeping the area warm in the extreme cold climate of Northern Europe was considered the primary reason behind this.  However, in the coming years, the heat pumps category is predicted to witness massive growth in terms of value, due to the heavy sales in European countries, such as Germany, Serbia, Austria, and Russia.

Therefore, it is clear that the growing construction sector is expected to push the demand for HVACs, resulting in significant market growth in the near future.