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Heating, Ventilation and Air Conditioning (HVAC) Systems - Global Market Trajectory & Analytics

  • ID: 4805533
  • Report
  • April 2021
  • Region: Global
  • 821 pages
  • Global Industry Analysts, Inc
The global market for Heating, Ventilation and Air Conditioning (HVAC) Systems is projected to reach US$241.8 billion by 2025, driven by the ubiquitous importance of temperature control in homes and production environments. In the residential sector, climate change is a key driving force encouraging the development of the HVAC market. Extreme weather conditions such as rising temperatures alternating between unusually cold winters is spurring the need for cooling and warming indoor spaces such as homes and office buildings. Home temperature control is aimed at keeping interiors of the house at a comfortable, uniform temperature. In the industrial sector, temperature control is vital to ensure machines operate within specified temperatures and humidity for optimal efficiency and longer life. Temperature control is also important in ensuring the desired quality of manufactured product. A case in point is the importance of plant temperature control for plastic injection molding machines, a widely used piece of technology present in most manufacturing parts to produce millions of parts and components. Incorrect maintenance of temperature can result in the production of faulty products. Plastic injection molding is therefore a major application for process chillers. Temperature control is also vital to ensure conformance to occupational safety standards. For instance, in boiler rooms, commercial kitchens, food canneries and chemical plants, temperature has to be controlled to safeguard against heat-related illnesses. Also, the progressively worsening air pollution levels the world over and the resulting concerns over indoor air quality (IAQ) is pushing up the importance of HVAC as the front line of defense against poor indoor air quality. Incorporation of high quality HEPA filters in HVAC systems ensures effective removal of airborne contaminants and microscopic particulates. Development of innovative pleated fabric filters capable of filtering contaminants as small as 3 microns also bodes well for market growth.

Given that HVACs are important and indispensable with omnipresent applications in virtually all buildings and factories, their growing carbon footprint is a major area of concern. HVAC systems utilize refrigerants to trap and transfer indoor heat to the outdoors. A majority of these refrigerants are volatile organic compounds (VOC) that emit greenhouse gasses (GHG) responsible for the depletion of the earth`s ozone layer. In the United States, over 45% of CO2 emissions are generated by residential HVAC systems used for heating and cooling purposes. The scenario is helping drive replacement demand for energy efficient systems. A significant percentage of technology innovations are directed at achieving energy efficiency. From variable refrigerant flow (VRF) technology, environmentally friendly filters, more efficient air handling units (AHUs), to the use of superior insulation materials, the market is witnessing a flurry of innovations. Of noteworthy importance is the integration of Internet of things (IoT) capabilities to enhance HVAC performance by continuous monitoring, management and improved controllability. For example indoor environmental conditions can be monitored and the HVAC system that be accordingly controlled to reduce energy consumption. The growth in the number of smart homes will help make deployment of these HVAC systems more feasible. Few of the technologies under R&D include Movement-Activated Air Conditioning, Thermally Driven Air Conditioning, On-Demand Hot Water Recirculator, Ice-Powered Air Conditioning, Sensor-Enhanced Ventilation, Geothermal Heat Pumps, Dual-Fuel Heat Pumps, among others. The United States, Europe and Asia-Pacific represent large markets worldwide with a combined share of 77.3% of the market. China ranks as the fastest growing market with a CAGR of 7.1% over the analysis period supported by the expanding middle class population in the country and a robust manufacturing industry. The country ranks as the world's largest producer of room air conditioners with a 68% share.

Select Competitors (Total 82 Featured):
  • Daikin Industries Ltd.
  • Danfoss A/S
  • Electrolux AB
  • Emerson Electric Company
  • Fujitsu Ltd.
  • GREE, Inc.
  • Hitachi Ltd.
  • Honeywell International, Inc.
  • Ingersoll-Rand PLC
  • Johnson Controls International PLC
  • Lennox International Inc.
  • LG Electronics Inc.
  • Midea Group Co., Ltd.
  • Mitsubishi Electric Corporation
  • Nortek Global HVAC LLC
  • Panasonic Corporation
  • Qingdao Haier Co., Ltd.
  • Samsung Electronics Co., Ltd.
  • United Technologies Corporation (UTC)
  • Whirlpool Corporation
Note: Product cover images may vary from those shown
I. METHODOLOGY

II. EXECUTIVE SUMMARY
  • Influencer Market Insights
  • Impact of Covid-19 and a Looming Global Recession
  • HVAC Market Analysis and Outlook
  • Asia-Pacific Continues to Dominate Global Market
  • Changing Economic Scenario Influence Market Dynamics
  • Global Economic Outlook: Real GDP Growth Rates in % by Country/Region for the Years 2017 through 2020
  • Climate Change: An Important Driving Factor for Energy-efficient HVAC Systems
  • Exhibit 1: HVAC Energy Use by End-Use (in %)
  • Millennial Generation: To Play an Important Role
  • Carrier Corporation (USA)
  • Daikin Industries Ltd. (Japan)
  • Danfoss (Denmark)
  • Emerson Electric Co. (USA)
  • Fujitsu General Limited (Japan)
  • Gree Electric Appliances, Inc. (China)
  • Havells India Limited (India)
  • Hitachi Ltd. (Japan)
  • Honeywell International, Inc. (USA)
  • Johnson Controls, Inc. (USA)
  • Johnson Controls-Hitachi Air Conditioning (Japan)
  • Lennox International, Inc. (USA)
  • LG Electronics, Inc. (South Korea)
  • Midea Group (China)
  • Mitsubishi Electric Trane HVAC US LLC (USA)
  • Panasonic Corporation of North America (USA)
  • Rheem Manufacturing Company (USA)
  • Samsung HVAC (USA)
  • Trane Inc. (USA)
  • Whirlpool Corp. (USA)
  • Pressing Need to Cut Energy Consumption and Operational Costs Impels Energy Efficient HVAC Systems Market
  • Other Important Innovations Enabling Efficient and High-Performance HVAC Systems
  • Use of Multi-Enzyme Solutions
  • Sustainable Retrofit
  • Air Conditioning with Ice Power
  • Digital Ceilings
  • Smart Glasses
  • Sustainable HVAC Ductwork
  • Major Market Restraints
  • Smart HVAC Systems Hold Immense Potential
  • Smart Thermotats: An Important Development
  • Integration of HVAC Systems and IoT Offers New Opportunities
  • AI for Reduced Building Heating & Cooling Expenses
  • Cloud-Connected HVAC Systems Enable Creation of Smart and Efficient Facilities
  • Automated Control Systems for HVAC Equipment Gain Traction in Buildings
  • Alternative Energy Sources Garner Attention
  • Solar Powered HVAC Systems Gain Traction
  • Global Solar Power Market: Solar PV Capacity (in GW) and PV Generation (in TWh) for the Years 2017, 2019, 2021 and 2023
  • Heat Pumps Dominate the HVAC Market
  • Geothermal Cooling & Heating Presents Viable Option to Improve Building Efficiency
  • Closed- and Open-Loop Systems
  • Demand for Ductless ACs on Rise
  • Strong Growth in Demand for Ductless Multi-Zone Systems
  • Global VRF System Market to Gain Pace
  • Outdoor Units Lead the Market
  • HVACs with Air Quality Systems: High in Demand
  • Air Conditioning Systems: Climate Change and Rising Temperatures Drive Market Growth
  • Exhibit 2: % Penetration of Air Conditioning in Households
  • Deployment of Environment-Friendly Refrigerants Increases in ACs
  • Exhibit 3: List of Various Refrigerants Types
  • Green Refrigerants to Replace Hydro Fluorocarbons
  • Rise in Adoption of DeVAP systems
  • Rising Interest in Indoor Growth Facilities: An Emerging Market Driver
  • Huge Investments in Construction Sector Boosts HVAC Systems Market Prospects
  • Exhibit 4: Projected Increase in Construction Investments Augurs Well for HVAC Systems Market: World Construction Industry (in US$ Trillion) for the Years 2017, 2019 & 2022
  • Exhibit 5: Construction Industry Worldwide: Percentage CAGR of Construction Output by Region for the Period 2013-2017 and 2018-2023
  • Growing Replacement and Refurbishment Demand for HVAC Systems
  • Growing Urbanization to Increase the Need for HVAC Systems
  • World Urban Population in Thousands: 1950-2050P
  • Degree of Urbanization Worldwide: Urban Population as a % of Total Population by Geographic Region for the Years 2000, 2020 & 2050
  • Affluent Middle Class Opens Up Asia into a Major Market
  • Growing Middle Class Population in Asia Pacific Drives Demand for New HVAC Systems: Global Middle Class Population (In Million) by Region for the Years 2020, 2025 and 2030
  • Expanding Base of Middle Class in the Asian Region Provides the Perfect Platform for HVAC Systems: Global Middle Class Spending (US$ Trillion) by Region for the Years 2020, 2025, 2030
III. MARKET ANALYSIS
  • Market Overview
  • Government Initiatives Prop Up Demand for Energy Efficient Models
  • Positive Signs of Revival in Construction Market Augurs Well for HVAC Systems
  • Total Construction Starts (in US$ Billion) in the US for the Years 2015 through 2020
  • Market Analytics
  • Market Overview
  • Efforts toward Energy Conservation Impact Japanese HVAC Industry
  • Competitive Scenario
  • Market Analytics
  • Market Overview
  • China Evolves into Core Market for HVAC Systems
  • Market Analytics
  • Market Overview
  • Rising Standards of Living Fuel Market Expansion
  • High Growth Opportunities Identified in India
  • Healthy Demand for Air Conditioner Systems
  • Regional Demand Patterns
  • Energy-Efficient Products Foray into the Market
  • Adoption of Natural Refrigerants
  • Eco-Friendly Air Conditioning Systems Gain Traction
IV. COMPETITION
  • Total Companies Profiled: 82
Note: Product cover images may vary from those shown
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