HVAC System Market Growth, Analysis, Latest Trends and Forecast till 2025

Northbrook, USA, 2021-Oct-04 — /EPR Network/ —

The report “HVAC System Market by Heating Equipment (Heat Pumps, Furnaces), Ventilation Equipment (Air-Handling Units, Air Filters), Cooling Equipment (Unitary Air Conditioners, VRF Systems), Application, Implementation Type, and Geography – Global Forecast to 2025″ was valued USD 202 billion in 2020 and is expected to grow USD 277 billion by 2025, at a CAGR of 6.5% during the forecast period 2020 to 2025.

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The major factors driving the growth of HVAC System market are growing demand for energy-efficient solutions and rising government incentives through tax credit programs are the drivers of HVAC system market. Likewise, rapid transformation of IoT within HVAC industry and increasing penetration of HVAC system in residential and commercial applications are expected to create lucrative opportunities for the players in HVAC system market. However, Higher installation cost of energy-efficient HVAC systems are expected to restraint market growth.  Also, several factors such as Lack of awareness about benefits of HVAC systems in developing countries can act as a key challenge in the market during the forecast period.

HVAC system market for heating equipment to exhibit high growth during the forecast period

The heating equipment is expected to register the highest CAGR during the forecast period. Heating equipment is an integral part of HVAC systems. These types of equipment are used to heat buildings to a particular temperature, a practice rampant in cold countries. The rapid climate changes and increasing need for renewable energy sources, along with extensive government support in the form of subsidiaries is expected to increase the demand for heating equipment.

Commercial market to lead and exhibit high growth during the forecast period

The commercial segment is expected to lead the global HVAC system market during the forecast period. HVAC systems are used widely in commercial buildings. The office segment is anticipated to hold the largest share of the HVAC system industry within the commercial segment by 2025. HVAC systems provide appropriate temperatures and ventilation conditions at offices, which helps in improving employee productivity, working conditions, and preventing health issues arising from improper humidity levels. Thus, the adoption of HVAC systems is expected to increase in commercial buildings in tandem with the growing building stock.

New constructions to hold larger size of HVAC system market during forecast period

The implementation of HVAC systems in new buildings is increasing with growing urbanization. Moreover, the initiatives from governments for promoting the use of energy-saving devices and consumer awareness regarding energy-efficient devices have led to the implementation of advanced HVAC systems in buildings. Furthermore, the influence of smart technologies and their integration with HVAC systems are also increasing.

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APAC is attributed to grow at the highest CAGR in HVAC System market during the forecast period (2020-2025)

The APAC region is expected to lead the HVAC system market and the market in this region is expected to grow at the highest CAGR during forecast period. Increasing construction activities, rising population and per capita income, growing need for energy-efficient devices, and favorable government incentives are key factors driving the growth of the HVAC system market in the region. Countries such as China, Japan, and India are mainly propelling the growth of the HVAC system market in APAC.

Key Market Players

In 2020, the HVAC System market was dominated by Johnson Controls (US), Daikin (Japan), United Technologies(US), Ingersoll Rand (Ireland), and LG Electronics (South korea)

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