Market Research Report
HVAC System Market 2021-2027
|HVAC System Market 2021-2027|
Published: June 22, 2021
Orion Market Research Pvt Ltd
Delivery time: 2-3 business days
Global HVAC Systems Market Size, Share & Trends Analysis Report by Type (Heating, Air Conditioning, Ventilation, and Other Types), By Equipment Type (Unitary Equipment, Chillers, Heat Pumps, and Ductless Systems), By Applications (Commercial, Residential, Automotive, and Other) Forecast Period (2021-2027)
The global HVAC systems market is anticipated to grow at a substantial CAGR of 5.2% during the forecast period. The market is set to display impressive growth during the forecast period with some key trends emerging, such as the adoption of UV LED lights in HVAC systems for killing pathogens had given strength to the market. For instance, Jaguar Land Rover Limited is working on creating such HVAC systems which can sanitize the air using UV lights.
Consumers across the globe had reduced the use of non-essential items as the per capita income got reduced due to the outbreak of COVID-19. Additionally, the construction industry had got a severe impact on this pandemic. Due to these reasons, the demand for HVAC systems is got drastically reduced.
The global HVAC system market is segmented based on type, equipment type, and applications. Based on the type, the market is segmented into heating, air conditioning, ventilation, and other types. Based on the equipment type, the market is segmented into unitary equipment, chillers, heat pumps, and ductless systems. Apart from this, by applications, the market is segmented into commercial, residential, automotive, and others. The automotive HVAC systems segment is expected to grow significantly in the forecast period as it not only provides ambient temperature to the driver and passengers but also controls the vehicle temperature. This increases the efficiency of the vehicle by reduced fuel consumption. For instance, the BMW 6 series of the vehicle have automated HVAC systems that distribute air evenly throughout the vehicle.
Geographically, the market is segmented into North America, Europe, Asia Pacific, and the Rest of the World. As Europe has a colder atmosphere, hence the demand for heating systems drives the HVAC systems market in this region. Western Europe has strong investments for infrastructures due to which it holds a strong position in the market, while Southern Europe is expected to grow steadily during the forecast period. Non-residential consumers including hospitals, public offices, and public utility centers are the major sales influencers.
The key players of the HVAC system market Daikin Industries, Inc., Carrier Global Corp., Haeir US Appliances Solution, Inc., LG Electronics, Panasonic Corp. Emerson Electric Co., Honeywell International Inc, Ingersoll Rand, Inc., and others. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers & acquisitions, collaborations, funding, and new product launches, to stay competitive in the market.
The market study of the global HVAC systems market is incorporated by extensive primary and secondary research conducted by the research team at OMR. Secondary research has been conducted to refine the available data to breakdown the market into various segments, derive total market size, market forecast, and growth rate. Different approaches have been worked on to derive the market value and market growth rate. Our team collects facts and data related to the market from different geography to provide a better regional outlook. In the report, the country-level analysis is provided by analyzing various regional players, regional tax laws and policies, consumer behavior, and macro-economic factors. Numbers extracted from secondary research have been authenticated by conducting proper primary research. It includes tracking down key people from the industry and interviewing them to validate the data. This enables our analyst to derive the closest possible figures without any major deviations in the actual number. Our analysts try to contact as many executives, managers, key opinion leaders, and industry experts. Primary research brings authenticity to our reports.
Secondary Sources Include
Financial reports of companies involved in the market.
Whitepapers, research papers, and news blogs.
Company websites and their product catalog.
The report provides an in-depth analysis of market size, intended quality of the service preferred by consumers. The report will serve as a source for a 360-degree analysis of the market thoroughly integrating different models.
Global HVAC Systems Market Research and Analysis by Type
Global HVAC Systems Market Research and Analysis by Equipment Type
Global HVAC Systems Market Research and Analysis by End-user
The Report Covers
Comprehensive research methodology of the global HVAC systems market.
This report also includes a detailed and extensive market overview with key analyst insights.
An exhaustive analysis of macro and micro factors influencing the market guided by key recommendations.
Analysis of regional regulations and other government policies impacting the global HVAC systems market.
Insights about market determinants that are stimulating the global HVAC systems market.
Detailed and extensive market segments with the regional distribution of forecasted revenues.
Extensive profiles and recent developments of market players.