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HVAC System Market with COVID-19 Impact, by Cooling Equipment, Heating Equipment, Ventilation Equipment, Implementation Type, Application (Residential, Commercial, Industrial) and Region (North America, Europe, APAC, RoW) - Global Forecast to 2026

  • ID: 4995098
  • Report
  • December 2021
  • Region: Global
  • 230 Pages
  • Markets and Markets

FEATURED COMPANIES

  • Bosch Thermotechnology
  • Electrolux
  • Gree
  • Johnson Controls
  • Mitsubishi Electric
  • Schneider Electric

The HVAC system market size is estimated to be USD 197.0 billion in 2021 and is projected to reach USD 271.5 billion by 2026; it is expected to grow at a CAGR of 6.6% from 2021 to 2026. According to the Consumer Technology Association (CTA), the number of smart homes in the US is expected to reach ~35.2 million units by 2020. The growth in smart homes is expected to create demand for HVAC systems. An HVAC system is used in smart homes for controlling air temperature, humidity, and fresh air intake. It helps maintain better airflow and comfortable temperatures in every room. In a smart home, one can monitor the system performance and respond to system-generated alarms from local or remote locations.




New energy-efficient HVAC systems are replacing the traditional HVAC systems. Upcoming technologies such as ice-powered AC, motion-activated air conditioning systems, and smart vents are integrated into modern HVAC systems to increase energy efficiency, reduce energy costs, and lower carbon emissions. The installation cost of energy-efficient HVAC equipment in residential, commercial, and industrial applications depends on several other factors. For instance, in the residential application, the installation cost of all HVAC systems depends on the size of the house, additional ductwork, type of equipment, and SEER value of the equipment. For instance, an HVAC system replacement costs about USD 3,250 to USD 12,350 for an average-sized 2,000 sq. ft. home in a moderate climate zone. Moreover, the average installation costs of different heating and cooling systems may vary with parameters such as the energy efficiency level and size of the unit needed for the building.


VRF Systems: The fastest cooling equipment of the HVAC system market.

Countries such as Japan, China, and South Korea are the early adopters of VRF technology, which is the major reason for the large size of the market in APAC. VRF systems are used in multifamily residential buildings, hotels, and schools. The high efficiency, design flexibility, and long operational life of VRF systems are expected to fuel the market growth.


Furnaces: The fastest heating equipment of the HVAC system market.

The market for furnaces is expected to grow at the highest CAGR during the forecast period. The growth of the furnaces segment is mainly driven by their low initial cost, higher lifespan, and increasing demand in residential applications. The residential segment dominated the HVAC system market for furnaces. Government grants and rebates for homeowners on replacing old heating equipment with new furnaces are expected to increase the demand for furnaces in residential applications. For instance, the British Columbia (BC) government offers rebates of up to USD 700 to homeowners for a new gas furnace.


Air handling units: Largest growing ventilation equipment of HVAC system market

The rising use of air-handling units in commercial buildings, hospitals, and universities is expected to fuel the growth of the market. The market for air purifiers is expected to grow at the highest CAGR of 13.9% from 2021 to 2026. The demand for air purifiers is growing due to degrading air quality. Further, people are more exposed to high risks of contracting respiratory and other cardiovascular diseases due to the rising air pollution. Increasing health concerns among people regarding air contamination are expected to drive the demand for air purifiers globally.


Commercial: Largest application of HVAC system market

The commercial application segment is expected to hold the largest market share during the forecast period. The growth is attributed to the increasing adoption of HVAC systems in commercial buildings, growing demand for energy-efficient devices, and rising awareness regarding energy conservation in developing regions such as APAC and RoW. Moreover, increasing investments by governments for the construction of commercial spaces are also expected to propel the growth of the HVAC system market for commercial applications. 


Europe: The second largest region in the global HVAC system market.

Europe held the second-largest size of the HVAC system market in 2020. The growing awareness regarding energy saving, high per capita income, and supportive government plans for reducing carbon footprint help surge the growth of the HVAC system market in Europe. Moreover, the growth of the European HVAC system market is driven by the growing demand for high-end and energy-efficient devices from residential and commercial buildings. 


The study contains insights from various industry experts, ranging from component suppliers to Tier 1 companies and OEMs. The break-up of the primaries is as follows: 


  • By Company Type: Tier 1 - 40%, Tier 2 - 25%, and Tier 3 - 35%
  • By Designation: C-level Executives - 35%, Directors - 28%, and Others - 37%
  • By Region: APAC - 40%, Europe - 35%, North America - 18%, RoW - 7%

DAIKIN INDUSTRIES (Japan), Johnson Controls (US), Carrier (US), Trane Technologies plc, (US), LG Electronics (South Korea), Emerson Electric Co. (US), Honeywell International Inc. (US), Mitsubishi Electric Corporation (Japan), Nortek Air Management (US), Samsung Electronics (South Korea), Danfoss (Denmark), FUJITSU (Japan), GREE (China), Hitachi (Japan), Midea (China), Panasonic (Japan), Haier Smart Home (China), Toshiba (Japan), Whirlpool (US), Siemens (Germany), Electrolux (Sweden), Lennox (US), Schneider Electric (France), Ferroli (Italy), and Bosch Thermotechnology (Germany) are among the many players in the HVAC system market.


Research Coverage: 

The report segments the HVAC system market and forecasts its size, by value, based on by Cooling Equipment, Heating Equipment, Ventilation Equipment, Implementation Type, Application, and Geography.


The report also provides a comprehensive review of market drivers, restraints, opportunities, and challenges in the HVAC system market. The report also covers qualitative aspects in addition to the quantitative aspects of these markets. 


Key Benefits of Buying the Report

The report will help the leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall market and the sub-segments. This report will help stakeholders and gain more insights to better position their businesses and plan suitable go-to-market strategies. The report also helps stakeholders understand the pulse of the HVAC system market and provides them information on key market drivers, restraints, challenges, and opportunities. The report also covers COVID-19 impact on the HVAC system market.


Frequently Asked Questions about the HVAC System Market

What is the estimated value of the HVAC System Market?

The HVAC System Market was estimated to be valued at $197.0 Billion in 2021.

What is the growth rate of the HVAC System Market?

The growth rate of the HVAC System Market is 6.6%, with an estimated value of $271.5 Billion by 2026.

What is the forecasted size of the HVAC System Market?

The HVAC System Market is estimated to be worth $271.5 Billion by 2026.

Who are the key companies in the HVAC System Market?

Key companies in the HVAC System Market include Bosch Thermotechnology, Carrier, Daikin, Danfoss, Electrolux, Emerson, Ferroli, Fujitsu and Haier Smart Home.
Note: Product cover images may vary from those shown

FEATURED COMPANIES

  • Bosch Thermotechnology
  • Electrolux
  • Gree
  • Johnson Controls
  • Mitsubishi Electric
  • Schneider Electric

1 Introduction
1.1 Study Objectives
1.2 Market Definition and Scope
1.2.1 Inclusions and Exclusions
1.3 Study Scope
1.3.1 Markets Covered
1.3.2 Geographic Scope
1.3.3 Years Considered
1.4 Currency
1.5 Market Stakeholders
1.6 Summary of Changes


2 Research Methodology
2.1 Research Data
Figure 1 HVAC System Market: Research Design
2.1.1 Secondary Data
2.1.1.1 List of Major Secondary Sources
2.1.1.2 Key Data from Secondary Sources
2.1.2 Primary Data
2.1.2.1 Key Data from Primary Sources
2.1.2.2 Breakdown of Primaries
2.1.3 Secondary and Primary Research
2.1.3.1 Key Industry Insights
2.2 Market Size Estimation
Figure 2 Market Size Estimation Methodology: Supply Side Analysis
Figure 3 Market Size Estimation Methodology: Approach 2 (Supply Side) - Identification of Revenue Generated by Companies from HVAC System Business
2.2.1 Bottom-Up Approach
2.2.1.1 Approach for Arriving at Market Size Using Bottom-Up Analysis
Figure 4 Market Size Estimation Methodology: Bottom-Up Approach
Figure 5 Market Size Estimation Methodology: Bottom-Up Approach for Estimating Size of HVAC System Market
2.2.2 Top-Down Approach
2.2.2.1 Approach for Arriving at Market Size Using Top-Down Analysis
Figure 6 Market Size Estimation Methodology: Top-Down Approach
2.3 Market Breakdown and Data Triangulation
Figure 7 Market Breakdown and Data Triangulation
2.4 Research Assumptions
Figure 8 Assumption for Research Study
2.5 Limitations
2.6 Risk Assessment
Table 1 Limitations and Associated Risks


3 Executive Summary
Figure 9 Global Propagation of COVID-19
Table 2 Recovery Scenarios for Global Economy
3.1 Realistic Scenario
3.2 Optimistic Scenario
3.3 Pessimistic Scenario
Figure 10 Growth Projections of HVAC System Market in Realistic, Optimistic, and Pessimistic Scenarios
Figure 11 Unitary Air Conditioners Segment to Hold Largest Share of HVAC System Market During Forecast Period
Figure 12 HVAC System Market for Furnaces to Register Highest CAGR During Forecast Period
Figure 13 HVAC System Market for Air Purifiers to Exhibit Highest CAGR During Forecast Period
Figure 14 HVAC System Market for New Construction to Hold Higher Market Share During Forecast Period
Figure 15 HVAC System Market for Commercial Application to Register Highest CAGR During Forecast Period
Figure 16 APAC HVAC System Market to Exhibit Highest Share from 2021 to 2026


4 Premium Insights
4.1 Attractive Opportunities in HVAC System Market
Figure 17 Implementation of IoT with HVAC Systems Has Fuel Their Demand in Commercial and Residential Applications
4.2 HVAC System Market in North America, by Country and Equipment Type
Figure 18 US and Heating Equipment Segment Are Expected to Hold Largest Shares of North American HVAC System Market in 2021
4.3 HVAC System Market, by Application
Figure 19 Office Sub-Segment to Hold Largest Share of HVAC System Market for Commercial Application During Forecast Period
4.4 HVAC System Market, by Country
Figure 20 HVAC System Market in India to Register Highest CAGR from 2021 to 2026


5 Market Overview
5.1 Introduction
5.2 Market Dynamics
Figure 21 HVAC System Market Dynamics
Figure 22 Drivers and Their Impact on HVAC System Market
Figure 23 Opportunities and Their Impact on HVAC System Market
Figure 24 Restraints & Challenges and Their Impact on HVAC System Market
5.2.1 Drivers
5.2.1.1 Surging Demand for Energy-Efficient Solutions
5.2.1.2 Rising Tax Credit Programs and Incentives by Governments Worldwide to Install High-Efficiency HVAC Systems
5.2.1.3 Increasing Government Regulatory Policies and Incentives to Ensure Energy Saving and Conservation of Natural Resources
5.2.1.4 Growing Trend of Smart Homes
5.2.1.5 Elevating Need to Upgrade or Refurbish Commercial Buildings
5.2.2 Restraints
5.2.2.1 Higher Installation Cost of Energy-Efficient HVAC Systems
5.2.2.2 Shortage of Skilled Labor
5.2.3 Opportunities
5.2.3.1 Rapid Transformation of IoT Within HVAC Industry
5.2.3.2 High Penetration of Vrf Systems in Residential and Commercial Applications
5.2.3.3 Constant Efforts to Develop Next-Generation Low Global Warming Potential Refrigerants for HVAC Systems
5.2.4 Challenges
5.2.4.1 Lack of Awareness About Benefits of HVAC Systems in Developing Countries
5.3 Value Chain Analysis
Figure 25 Value Chain Analysis: HVAC System Market
5.4 Software and Services
Figure 26 Software and Services Used in HVAC Systems
5.4.1 Software
Table 3 Different Functionalities of HVAC Software
5.4.2 Services
5.5 HVAC Industry Ecosystem
Figure 27 Ecosystem of HVAC Industry
Table 4 Supply Chain
5.6 Porter's Five Forces Analysis
Table 5 HVAC System Market: Porter's Five Forces Analysis
5.6.1 Degree of Competition
5.6.2 Bargaining Power of Suppliers
5.6.3 Bargaining Power of Buyers
5.6.4 Threat of Substitutes
5.6.5 Threat of New Entrants
5.7 Case Studies for HVAC System Market
5.7.1 Daikin Developed Water-Source Vrv Heat Recovery System for Duke Ellington High School in Columbia
5.7.2 Daikin Technology Makes Grades at Florida Middle School to Offer Improved Comfort and Exceptional Energy Savings
5.7.3 Lg Offered Complete HVAC Solution to Lotte Hotels & Resorts in Myanmar
5.7.4 HVAC Systems by Trane Technologies Offered High-End Experience to Core Fitness
5.7.5 Trane Technologies Offered HVAC System to Florida's Hillsborough Community College
5.8 Technology Analysis
5.8.1 Smart HVAC Technology
5.8.2 Geothermal HVAC Technology
5.8.3 Ductless HVAC Systems
5.8.4 Thermally Driven Air Conditioning
5.8.5 Dual Fuel Heat Pump Technology
5.8.6 Zoned HVAC Systems
5.9 Average Selling Price (ASP) Trend Analysis
Figure 28 Average Selling Prices of Different Equipment Used in HVAC Systems (USD)
Table 6 HVAC Installation Costs, by Type, 2020
5.10 Trade Analysis
5.10.1 Export Scenario
Table 7 Export Scenario for Hs Code: 8415, by Country, 2016-2020 (USD Thousand)
Figure 29 Export Data for Top Five Countries, by Hs Code 8415, 2016-2020 (USD Thousand)
5.10.2 Import Scenario
Table 8 Import Scenario for Hs Code 8415, by Country, 2016-2020 (USD Thousand)
Figure 30 Import Data for Top Five Countries, by Hs Code 8415, 2016-2020 (USD Thousand)
5.11 Patent Analysis
Table 9 Patents Filed for HVAC System, 2019-2021
5.12 Tariffs & Regulations
5.12.1 Tariffs Related to HVAC System Market
Table 10 Tariff Imposed by US on Export of Air-Conditioning Machines Comprising Motor-Driven Fan and Elements for Changing Temperature and Humidity, Including Machines in Which Humidity Cannot be Separately Regulated, by Country, 2020
Table 11 Tariff Imposed by China on Export of Air Conditioning Machines Comprising Motor-Driven Fan and Elements for Changing Temperature and Humidity, Including Machines in Which Humidity Cannot be Separately Regulated, by Country, 2020
Table 12 Tariff Imposed by India on Export of Air Conditioning Machines Comprising Motor-Driven Fan and Elements for Changing Temperature and Humidity, Including Machines in Which Humidity Cannot be Separately Regulated, by Country, 2020
5.12.2 Standards and Regulations Related to HVAC System Market
5.12.2.1 Environmental HVAC Requirements
5.12.2.1.1 Current Hcfc Regulations
5.12.2.1.2 New Hfc Regulations
5.12.2.1.3 US Regulations
5.12.2.1.4 Canadian Regulations
5.12.2.2 HVAC Efficiency Standards
5.12.2.3 HVAC Tech Certifications
5.12.2.4 Workforce Shortages
5.12.2.5 Smart HVAC
5.13 Trends/Disruptions Impacting Customer Businesses
Figure 31 Revenue Shift for HVAC System Market


6 HVAC System Market, by Cooling Equipment
6.1 Introduction
Figure 32 HVAC System Market, by Cooling Equipment
Figure 33 Unitary Air Conditioners to Hold Largest Share of HVAC System Market for Cooling Equipment in 2026
Table 13 HVAC System Market, by Cooling Equipment, 2017-2020 (USD Billion)
Table 14 HVAC System Market, by Cooling Equipment, 2021-2026 (USD Billion)
Table 15 HVAC System Market for Cooling Equipment, by Application, 2017-2020 (USD Billion)
Table 16 HVAC System Market for Cooling Equipment, by Application, 2021-2026 (USD Billion)
Table 17 HVAC System Market for Cooling Equipment, by Region, 2017-2020 (USD Billion)
Table 18 HVAC System Market for Cooling Equipment, by Region, 2021-2026 (USD Billion)
6.2 Unitary Air Conditioners
6.2.1 Commercial Segment to Account for Largest Share of Cooling Equipment Market for Unitary Air Conditioners
Table 19 Ahri Standards Related to Unitary Air Conditioners
6.2.1.1 Split Air Conditioners
6.2.1.2 Packaged Air Conditioners
Table 20 HVAC System Market for Unitary Air Conditioners, by Application, 2017-2020 (USD Billion)
Table 21 HVAC System Market for Unitary Air Conditioners, by Application, 2021-2026 (USD Billion)
Table 22 HVAC System Market for Unitary Air Conditioners, by Region, 2017-2020 (USD Billion)
Table 23 HVAC System Market for Unitary Air Conditioners, by Region, 2021-2026 (USD Billion)
6.3 Vrf Systems
6.3.1 APAC to Hold Largest Size of Vrf Systems Market
Table 24 HVAC System Market for Vrf Systems, by Application, 2017-2020 (USD Billion)
Table 25 HVAC System Market for Vrf Systems, by Application, 2021-2026 (USD Billion)
Table 26 HVAC System Market for Vrf Systems, by Region, 2017-2020 (USD Billion)
Table 27 HVAC System Market for Vrf Systems, by Region, 2021-2026 (USD Billion)
6.4 Chillers
6.4.1 Commercial Segment to Account for Largest Size of Chillers Market
6.4.1.1 Scroll Chillers
6.4.1.2 Screw Chillers
6.4.1.3 Centrifugal Chillers
6.4.1.4 Reciprocating Chillers
6.4.1.5 Absorption Chillers
Table 28 HVAC System Market for Chillers, by Application, 2017-2020 (USD Billion)
Table 29 HVAC System Market for Chillers, by Application, 2021-2026 (USD Billion)
Table 30 HVAC System Market for Chillers, by Region, 2017-2020 (USD Billion)
Table 31 HVAC System Market for Chillers, by Region, 2021-2026 (USD Billion)
6.5 Room Air Conditioners
6.5.1 Residential Segment to Hold Largest Share of Room Air Conditioners Market
Table 32 HVAC System Market for Room Air Conditioners, by Application, 2017-2020 (USD Million)
Table 33 HVAC System Market for Room Air Conditioners, by Application, 2021-2026 (USD Million)
Table 34 HVAC System Market for Room Air Conditioners, by Region, 2017-2020 (USD Million)
Table 35 HVAC System Market for Room Air Conditioners, by Region, 2021-2026 (USD Million)
6.6 Coolers
6.6.1 Residential Segment to Account for Largest Share of Coolers Market
6.6.1.1 Ducted Coolers
6.6.1.2 Window Coolers
Table 36 HVAC System Market for Coolers, by Application, 2017-2020 (USD Million)
Table 37 HVAC System Market for Coolers, by Application, 2021-2026 (USD Million)
Table 38 HVAC System Market for Coolers, by Region, 2017-2020 (USD Million)
Table 39 HVAC System Market for Coolers, by Region, 2021-2026 (USD Million)
6.7 Cooling Towers
6.7.1 APAC to Hold Largest Size of Cooling Towers Market
6.7.1.1 Evaporative Cooling Towers
6.7.1.2 Dry Cooling Towers
6.7.1.3 Hybrid Cooling Towers
Table 40 HVAC System Market for Cooling Towers, by Application, 2017-2020 (USD Million)
Table 41 HVAC System Market for Cooling Towers, by Application, 2021-2026 (USD Million)
Table 42 HVAC System Market for Cooling Towers, by Region, 2017-2020 (USD Million)
Table 43 HVAC System Market for Cooling Towers, by Region, 2021-2026 (USD Million)


7 HVAC System Market, by Heating Equipment
7.1 Introduction
Figure 34 HVAC System Market, by Heating Equipment
Figure 35 Heat Pumps to Hold Largest Share of HVAC System Market During Forecast Period
Table 44 HVAC System Market, by Heating Equipment, 2017-2020 (USD Billion)
Table 45 HVAC System Market, by Heating Equipment, 2021-2026 (USD Billion)
Table 46 HVAC System Market for Heating Equipment, by Application, 2017-2020 (USD Billion)
Table 47 HVAC System Market for Heating Equipment, by Application, 2021-2026 (USD Billion)
Table 48 HVAC System Market for Heating Equipment, by Region, 2017-2020 (USD Billion)
Table 49 HVAC System Market for Heating Equipment, by Region, 2021-2026 (USD Billion)
7.2 Heat Pumps
7.2.1 Government Support to Boost Growth of Heat Pumps Market
7.2.1.1 Air-To-Air Heat Pumps
7.2.1.2 Air-To-Water Heat Pumps
7.2.1.3 Water-To-Water Heat Pumps
Table 50 HVAC System Market, for Heat Pump, by Application, 2017-2020 (USD Billion)
Table 51 HVAC System Market for Heat Pump, by Application, 2021-2026 (USD Billion)
Table 52 HVAC System Market for Heat Pump, by Region, 2017-2020 (USD Billion)
Table 53 HVAC System Market for Heat Pump, by Region, 2021-2026 (USD Billion)
7.3 Furnaces
7.3.1 Low Cost and High Efficiency to Fuel Demand for Electric Furnaces
7.3.1.1 Oil Furnaces
7.3.1.2 Gas Furnaces
7.3.1.3 Electric Furnaces
Table 54 HVAC System Market for Furnace, by Application, 2017-2020 (USD Billion)
Table 55 HVAC System Market for Furnace, by Application, 2021-2026 (USD Billion)
Table 56 HVAC System Market for Furnace, by Region, 2017-2020 (USD Billion)
Table 57 HVAC System Market for Furnace, by Region, 2021-2026 (USD Billion)
7.4 Unitary Heaters
7.4.1 High Efficiency of Unitary Heaters to Boost Market Growth
7.4.1.1 Gas Unit Heaters
7.4.1.2 Oil-Fired Unit Heaters
7.4.1.3 Electric Unit Heaters
Table 58 HVAC System Market for Unitary Heater, by Application, 2017-2020 (USD Billion)
Table 59 HVAC System Market for Unitary Heater, by Application, 2021-2026 (USD Billion)
Table 60 HVAC System Market for Unitary Heater, by Region, 2017-2020 (USD Million)
Table 61 HVAC System Market for Unitary Heater, by Region, 2021-2026 (USD Million)
7.5 Boilers
7.5.1 Residential Segment to Hold Largest Share of HVAC System Market for Boilers
7.5.1.1 Steam Boilers
7.5.1.2 Hot Water Boilers
Table 62 HVAC System Market for Boiler, by Application, 2017-2020 (USD Billion)
Table 63 HVAC System Market for Boiler, by Application, 2021-2026 (USD Billion)
Table 64 HVAC System Market for Boiler, by Region, 2017-2020 (USD Million)
Table 65 HVAC System Market for Boiler, by Region, 2021-2026 (USD Million)


8 HVAC System Market, by Ventilation Equipment
8.1 Introduction
Figure 36 HVAC System Market, by Ventilation Equipment
Figure 37 Air-Handling Units Segment to Hold Largest Share of HVAC System Market During Forecast Period
Table 66 HVAC System Market, by Ventilation Equipment, 2017-2020 (USD Billion)
Table 67 HVAC System Market, by Ventilation Equipment, 2021-2026 (USD Billion)
Table 68 HVAC System Market for Ventilation Equipment, by Application, 2017-2020 (USD Billion)
Table 69 HVAC System Market for Ventilation Equipment, by Application, 2021-2026 (USD Billion)
Table 70 HVAC System Market for Ventilation Equipment, by Region, 2017-2020 (USD Billion)
Table 71 HVAC System Market for Ventilation Equipment, by Region, 2021-2026 (USD Billion)
8.2 Air-Handling Units
8.2.1 Commercial Segment to Account for Largest Size of HVAC System Market for Air-Handling Units
Table 72 HVAC System Market for Air-Handling Units, by Application, 2017-2020 (USD Billion)
Table 73 HVAC System Market for Air-Handling Units, by Application, 2021-2026 (USD Billion)
Table 74 HVAC System Market for Air-Handling Units, by Region, 2017-2020 (USD Billion)
Table 75 HVAC System Market for Air-Handling Units, by Region, 2021-2026 (USD Billion)
8.3 Air Filters
8.3.1 APAC to Hold Largest Size of Air Filters Market
Table 76 HVAC System Market for Air Filters, by Application, 2017-2020 (USD Billion)
Table 77 HVAC System Market for Air Filters, by Application, 2021-2026 (USD Billion)
Table 78 HVAC System Market for Air Filters, by Region, 2017-2020 (USD Million)
Table 79 HVAC System Market for Air Filters, by Region, 2021-2026 (USD Million)
8.4 Dehumidifiers
8.4.1 Industrial Segment to Account for Largest Size of HVAC System Market for Dehumidifiers
8.4.1.1 Refrigeration Dehumidifiers
8.4.1.2 Absorption Dehumidifiers
Table 80 HVAC System Market for Dehumidifiers, by Application, 2017-2020 (USD Billion)
Table 81 HVAC System Market for Dehumidifiers, by Application, 2021-2026 (USD Billion)
Table 82 HVAC System Market for Dehumidifiers, by Region, 2017-2020 (USD Million)
Table 83 HVAC System Market for Dehumidifiers, by Region, 2021-2026 (USD Million)
8.5 Ventilation Fans
8.5.1 APAC to Hold Largest Size of Ventilation Fans Market
8.5.1.1 Crossflow Fans
8.5.1.2 Axial Fans
8.5.1.3 Centrifugal Fans
8.5.1.4 Domestic Fans
8.5.1.5 Range Hood Fans
8.5.1.6 Power Roof Fans
Table 84 HVAC System Market for Ventilation Fans, by Application, 2017-2020 (USD Billion)
Table 85 HVAC System Market for Ventilation Fans, by Application, 2021-2026 (USD Billion)
Table 86 HVAC System Market for Ventilation Fans, by Region, 2017-2020 (USD Million)
Table 87 HVAC System Market for Ventilation Fans, by Region, 2021-2026 (USD Million)
8.6 Humidifiers
8.6.1 Commercial Segment to Account for Largest Share of HVAC System Market for Humidifiers
8.6.1.1 Warm-Mist Humidifiers
8.6.1.2 Ultrasonic Humidifiers
8.6.1.3 Cool-Mist Humidifiers
Table 88 HVAC System Market for Humidifiers, by Application, 2017-2020 (USD Million)
Table 89 HVAC System Market for Humidifiers, by Application, 2021-2026 (USD Million)
Table 90 HVAC System Market for Humidifiers, by Region, 2017-2020 (USD Million)
Table 91 HVAC System Market for Humidifiers, by Region, 2021-2026 (USD Million)
8.7 Air Purifiers
8.7.1 APAC Air Purifier Market to Register Highest CAGR During Forecast Period
8.7.1.1 Hepa Air Purifiers
8.7.1.2 Activated Carbon Air Purifiers
8.7.1.3 Electrostatic Air Purifiers
8.7.1.4 Ionic Air Purifiers
Table 92 HVAC System Market for Air Purifiers, by Application, 2017-2020 (USD Million)
Table 93 HVAC System Market for Air Purifiers, by Application, 2021-2026 (USD Million)
Table 94 HVAC System Market for Air Purifiers, by Region, 2017-2020 (USD Million)
Table 95 HVAC System Market for Air Purifiers, by Region, 2021-2026 (USD Million)


9 HVAC System Market, by Implementation Type
9.1 Introduction
Figure 38 HVAC System Market, by Implementation Type
Figure 39 New Construction Segment to Hold Larger Share of HVAC System Market in 2026
Table 96 HVAC System Market, by Implementation Type, 2017-2020 (USD Billion)
Table 97 HVAC System Market, by Implementation Type, 2021-2026 (USD Billion)
9.2 New Construction
9.2.1 Growing Urbanization to Boost Demand for HVAC Systems in New Construction Segment
9.3 Retrofit
9.3.1 Government Regulations for Green Buildings to Boost Growth of HVAC System Market


10 HVAC System Market, by Application
10.1 Introduction
Figure 40 HVAC System Market, by Application
Table 98 Industry-Standard Rating Parameters Related to HVAC Systems
Figure 41 Commercial Application to Hold Largest Share of HVAC System Market During Forecast Period
Table 99 HVAC System Market, by Application, 2017-2020 (USD Billion)
Table 100 HVAC System Market, by Application, 2021-2026 (USD Billion)
10.2 Commercial
10.2.1 Growing Adoption of Energy-Efficient Equipment to Boost HVAC System Market for Commercial Spaces
Table 101 HVAC System Market, by Commercial Application, 2017-2020 (USD Billion)
Table 102 HVAC System Market, by Commercial Application, 2021-2026 (USD Billion)
Table 103 HVAC System Market for Commercial Application, by Cooling Equipment, 2017-2020 (USD Billion)
Table 104 HVAC System Market for Commercial Application, by Cooling Equipment, 2021-2026 (USD Billion)
Table 105 HVAC System Market for Commercial Application, by Heating Equipment, 2017-2020 (USD Billion)
Table 106 HVAC System Market for Commercial Application, by Heating Equipment, 2021-2026 (USD Billion)
Table 107 HVAC System Market for Commercial Application, by Ventilation Equipment, 2017-2020 (USD Billion)
Table 108 HVAC System Market for Commercial Application, by Ventilation Equipment, 2021-2026 (USD Billion)
10.2.1.1 Office
10.2.1.2 Government
10.2.1.3 Healthcare
10.2.1.4 Education
10.2.1.5 Retail
10.2.1.6 Airport
10.3 Residential
10.3.1 Government Regulations and Tax Credit Programs to Promote Use of HVAC Systems in Residential Applications
Table 109 HVAC System Market for Residential Application, by Cooling Equipment, 2017-2020 (USD Billion)
Table 110 HVAC System Market for Residential Application, by Cooling Equipment, 2021-2026 (USD Billion)
Table 111 HVAC System Market for Residential Application, by Heating Equipment, 2017-2020 (USD Billion)
Table 112 HVAC System Market for Residential Application, by Heating Equipment, 2021-2026 (USD Billion)
Table 113 HVAC System Market for Residential Application, by Ventilation Equipment, 2017-2020 (USD Billion)
Table 114 HVAC System Market for Residential Application, by Ventilation Equipment, 2021-2026 (USD Billion)
10.4 Industrial
10.4.1 Growing Use of Energy-Efficient HVAC Systems in Industrial Spaces to Reduce Operational Cost and Save Energy
Table 115 HVAC System Market for Industrial Application, by Cooling Equipment, 2017-2020 (USD Billion)
Table 116 HVAC System Market for Industrial Application, by Cooling Equipment, 2021-2026 (USD Billion)
Table 117 HVAC System Market for Industrial Application, by Heating Equipment, 2017-2020 (USD Billion)
Table 118 HVAC System Market for Industrial Application, by Heating Equipment, 2021-2026 (USD Billion)
Table 119 HVAC System Market for Industrial Application, by Ventilation Equipment, 2017-2020 (USD Billion)
Table 120 HVAC System Market for Industrial Application, by Ventilation Equipment, 2021-2026 (USD Billion)


11 Geographic Analysis
11.1 Introduction
Figure 42 HVAC System Market in APAC to Grow at Highest CAGR from 2021 to 2026
Table 121 HVAC System Market, by Region, 2017-2020 (USD Billion)
Table 122 HVAC System Market, by Region, 2021-2026 (USD Billion)
11.2 North America
Figure 43 North America: HVAC System Market Snapshot
Table 123 HVAC System Market in North America, by Equipment Type, 2017-2020 (USD Billion)
Table 124 HVAC System Market in North America, by Equipment Type, 2021-2026 (USD Billion)
Table 125 HVAC System Market in North America, by Country, 2017-2020 (USD Billion)
Table 126 HVAC System Market in North America, by Country, 2021-2026 (USD Billion)
11.2.1 US
11.2.1.1 Increasing Number of Construction Projects to Boost HVAC System Market Growth in US
11.2.2 Canada
11.2.2.1 Government Initiatives for Energy Saving to Drive Demand for HVAC Systems in Canada
11.2.3 Mexico
11.2.3.1 Increasing Focus on Promoting Use of Energy-Efficient HVAC Systems to Drive Mexican Market Growth
11.3 Europe
Figure 44 Europe: HVAC System Market Snapshot
Table 127 HVAC System Market in Europe, by Equipment Type, 2017-2020 (USD Billion)
Table 128 HVAC System Market in Europe, by Equipment Type, 2021-2026 (USD Billion)
Table 129 HVAC System Market in Europe, by Country, 2017-2020 (USD Billion)
Table 130 HVAC System Market in Europe, by Country, 2021-2026 (USD Billion)
11.3.1 UK
11.3.1.1 High Demand for Energy-Efficient Devices from Commercial and Residential Users to Boost Market Growth in UK
11.3.2 Germany
11.3.2.1 Increasing Innovations in Software Solutions for HVAC Professionals to Support Growth of German Market
11.3.3 France
11.3.3.1 Rising Focus on Reducing Greenhouse Gases to Spur Demand for HVAC Systems in France
11.3.4 Rest of Europe
11.4 APAC
Figure 45 APAC: HVAC System Market Snapshot
Table 131 HVAC System Market in APAC, by Equipment Type, 2017-2020 (USD Billion)
Table 132 HVAC System Market in APAC, by Equipment Type, 2021-2026 (USD Billion)
Figure 46 India to be Fastest-Growing Market for HVAC Systems in APAC During Forecast Period
Table 133 HVAC System Market in APAC, by Country, 2017-2020 (USD Billion)
Table 134 HVAC System Market in APAC, by Country, 2021-2026 (USD Billion)
11.4.1 China
11.4.1.1 Growing Industrialization and Urbanization in China to Fuel Growth of HVAC System Market
11.4.2 India
11.4.2.1 Surging Need to Save Energy to Boost Demand for HVAC Systems in India
11.4.3 Japan
11.4.3.1 Strict Regulations for Energy Conservation to Upsurge Demand for HVAC Systems in Japan
11.4.4 Rest of APAC
11.5 RoW
Table 135 HVAC System Market in RoW, by Equipment Type, 2017-2020 (USD Billion)
Table 136 HVAC System Market in RoW, by Equipment Type, 2021-2026 (USD Billion)
Table 137 HVAC System Market in RoW, by Country, 2017-2020 (USD Billion)
Table 138 HVAC System Market in RoW, by Country, 2021-2026 (USD Billion)
11.5.1 South America
11.5.1.1 Strong Focus on Infrastructure Development in South America to Boost HVAC System Market Growth
11.5.2 Middle East & Africa
11.5.2.1 Stringent Regulations for Enhancing Energy Performance of Buildings to Drive Market Growth in Middle East & Africa


12 Competitive Landscape
12.1 Overview
12.2 Market Evaluation Framework
Table 139 Overview of Strategies Deployed by Key HVAC System Players
12.2.1 Product Portfolio
12.2.2 Regional FocUS
12.2.3 Manufacturing Footprint
12.2.4 Organic/Inorganic Growth Strategies
12.3 Revenue Analysis of Leading Players (2016-2020)
Figure 47 5-Year Revenue Analysis of Top 5 Players in HVAC System Market
12.4 Market Share Analysis: HVAC System Market, 2020
Table 140 Degree of Competition
12.5 Company Evaluation Matrix
12.5.1 Star
12.5.2 Emerging Leader
12.5.3 Pervasive
12.5.4 Participant
Figure 48 Company Evaluation Matrix, 2020
12.6 Startup Evaluation Matrix
Table 141 List of Startups in HVAC System Market
12.6.1 Progressive Company
12.6.2 Responsive Company
12.6.3 Dynamic Company
12.6.4 Starting Block
Figure 49 Startup (SME) Evaluation Matrix, 2020
12.7 Company Footprint
Table 142 Company Footprint
Table 143 Footprint of Different Types of HVAC Systems Offered by Different Companies
Table 144 Footprint of Different Companies Across Different Verticals
Table 145 Regional Footprint of Different Companies
12.8 Competitive Situations and Trends
12.8.1 Product Launches
Table 146 Product Launches, January 2020-September 2021
12.8.2 Deals
Table 147 Deals, April 2020-September 2021


13 Company Profiles
Business Overview, Products Offered, Recent Developments, Analyst's View Right to Win, Strategic Choices Made, Weaknesses and Competitive Threats
13.1 Introduction
13.2 Key Players
13.2.1 Daikin
Table 148 Daikin: Business Overview
Figure 50 Daikin: Company Snapshot
Table 149 Daikin: Product/Solution/Service Offerings
Table 150 Daikin: Deals
Table 151 Daikin: Others
13.2.2 Johnson Controls
Table 152 Johnson Controls: Business Overview
Figure 51 Johnson Controls: Company Snapshot
Table 153 Johnson Controls: Product/Solution/Service Offerings
Table 154 Johnson Controls: Product Launches
Table 155 Johnson Controls: Deals
13.2.3 Lg Electronics
Table 156 Lg Electronics: Business Overview
Figure 52 Lg Electronics: Company Snapshot
Table 157 Lg Electronics: Product/Solution/Service Offerings
Table 158 Lg Electronics: Product Launches
13.2.4 Carrier
Table 159 Carrier: Business Overview
Figure 53 Carrier: Company Snapshot
Table 160 Carrier: Product/Solution/Service Offerings
Table 161 Carrier: Product Launches
Table 162 Carrier: Deals
13.2.5 Trane Technologies
Table 163 Trane Technologies: Business Overview
Figure 54 Trane Technologies: Company Snapshot
Table 164 Trane Technologies: Product/Solution/Service Offerings
Table 165 Trane Technologies: Product Launches
Table 166 Trane Technologies: Deals
13.2.6 Emerson
Table 167 Emerson: Business Overview
Figure 55 Emerson: Company Snapshot
Table 168 Emerson: Product/Solution/Service Offerings
Table 169 Emerson: Product Launches
Table 170 Emerson: Deals
Table 171 Emerson: Others
13.2.7 Honeywell
Table 172 Honeywell: Business Overview
Figure 56 Honeywell: Company Snapshot
Table 173 Honeywell: Product/Solution/Service Offerings
Table 174 Honeywell: Product Launches
Table 175 Honeywell: Deals
Table 176 Honeywell: Others
13.2.8 Mitsubishi Electric
Table 177 Mitsubishi Electric: Business Overview
Figure 57 Mitsubishi Electric: Company Snapshot
Table 178 Mitsubishi Electric: Product/Solution/Service Offerings
Table 179 Mitsubishi Electric: Product Launches
Table 180 Mitsubishi Electric: Deals
Table 181 Mitsubishi Electric: Others
13.2.9 Samsung
Table 182 Samsung: Business Overview
Figure 58 Samsung: Company Snapshot
Table 183 Samsung: Product/Solution/Service Offerings
Table 184 Samsung: Product Launches
Table 185 Samsung: Others
13.2.10 Nortek
Table 186 Nortek: Business Overview
Table 187 Nortek: Product/Solution/Service Offerings
Table 188 Nortek: Product Launches
Table 189 Nortek: Deals
Table 190 Nortek: Others
13.3 Other Key Players
13.3.1 Danfoss
13.3.2 Fujitsu
13.3.3 Gree
13.3.4 Hitachi
13.3.5 Midea
13.3.6 Panasonic
13.3.7 Haier Smart Home
13.3.8 Toshiba
13.3.9 Whirlpool
13.3.10 Siemens
13.3.11 Electrolux
13.3.12 Lennox
13.3.13 Schneider Electric
13.3.14 Ferroli
13.3.15 Bosch Thermotechnology


Details on Business Overview, Products Offered, Recent Developments, Analyst's View, Right to Win, Strategic Choices Made, Weaknesses and Competitive Threats Might Not be Captured in Case of Unlisted Companies.


14 Appendix
14.1 Discussion Guide
14.2 Knowledge Store: Subscription Portal
14.3 Available Customizations
14.4 Related Reports
14.5 Author Details


Note: Product cover images may vary from those shown
  • Bosch Thermotechnology
  • Carrier
  • Daikin
  • Danfoss
  • Electrolux
  • Emerson
  • Ferroli
  • Fujitsu
  • Gree
  • Haier Smart Home
  • Hitachi
  • Honeywell
  • Johnson Controls
  • Lennox
  • Lg Electronics
  • Midea
  • Mitsubishi Electric
  • Nortek
  • Panasonic
  • Samsung
  • Schneider Electric
  • Siemens
  • Toshiba
  • Trane Technologies
  • Whirlpool
Note: Product cover images may vary from those shown

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