PUBLISHER: Global Industry Analysts, Inc. | PRODUCT CODE: 1104387
PUBLISHER: Global Industry Analysts, Inc. | PRODUCT CODE: 1104387
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Global Heating, Ventilation and Air Conditioning (HVAC) Systems Market to Reach $260 Billion by 2027
In the changed post COVID-19 business landscape, the global market for Heating, Ventilation and Air Conditioning (HVAC) Systems estimated at US$179.5 Billion in the year 2020, is projected to reach a revised size of US$260 Billion by 2027, growing at a CAGR of 5.4% over the analysis period 2020-2027. Cooling Systems, one of the segments analyzed in the report, is projected to record a 5.8% CAGR and reach US$196.2 Billion by the end of the analysis period. Taking into account the ongoing post pandemic recovery, growth in the Heating Systems segment is readjusted to a revised 4.7% CAGR for the next 7-year period.
The U.S. Market is Estimated at $48.6 Billion, While China is Forecast to Grow at 8.5% CAGR
The Heating, Ventilation and Air Conditioning (HVAC) Systems market in the U.S. is estimated at US$48.6 Billion in the year 2020. China, the world`s second largest economy, is forecast to reach a projected market size of US$54.5 Billion by the year 2027 trailing a CAGR of 8.4% over the analysis period 2020 to 2027. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 2.9% and 4.9% respectively over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 3.4% CAGR. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$34.8 Billion by the year 2027.
Ventilation Systems Segment to Record 3.4% CAGR
In the global Ventilation Systems segment, USA, Canada, Japan, China and Europe will drive the 3.4% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$11.9 Billion in the year 2020 will reach a projected size of US$14.7 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Latin America will expand at a 4.3% CAGR through the analysis period.
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