Global HVAC System Market (2023-2028) Competitive Analysis, Impact of Covid-19, Ansoff Analysis

More and more homeowners are opting for smart thermostats or smart AC controllers for mini-split, window, or portable AC units to save on bills. 

• HVAC stands for Heating, Ventilation, and Air Conditioning. HVAC systems are designed to provide a comfortable and healthy indoor environment by controlling the temperature, humidity, and air quality of a building or space. HVAC systems can be designed for residential or commercial buildings and can range from simple systems to more complex systems that include automation and control. Energy-efficient HVAC systems have gained popularity in recent years due to their ability to reduce energy consumption and associated costs while providing better indoor air quality.
• In recent years, there has been a significant increase in government regulatory policies related to HVAC systems. These policies are aimed at reducing energy consumption, improving indoor air quality, and reducing greenhouse gas emissions. For example, in many countries, building codes and standards now require that new buildings or renovated buildings meet certain energy efficiency standards for HVAC systems. These standards may include requirements for minimum efficiency ratings for heating and cooling systems, ventilation rates, and other factors that affect the energy consumption of HVAC systems. In addition, some countries have implemented regulations that require regular inspections and maintenance of HVAC systems to ensure that they are operating efficiently and effectively. This can include requirements for the cleaning and replacement of air filters, regular system inspections, and other maintenance activities. Furthermore, many governments are providing financial incentives and tax credits to encourage the adoption of energy-efficient HVAC systems. These incentives may include rebates for the purchase of energy-efficient HVAC systems, tax credits for businesses that invest in energy-efficient upgrades, and other financial incentives that can help offset the higher upfront costs of energy-efficient HVAC systems, due to these the demand for HVAC systems is increasing.
• Moreover, smart HVAC systems offer greater energy efficiency and cost savings. These systems are designed to optimize energy consumption by adjusting HVAC settings based on occupancy patterns, weather conditions, and other factors. This helps reduce energy waste and associated costs, which can be significant for large commercial buildings. smart HVAC systems offer greater convenience and control for building owners and occupants. These systems are equipped with sensors, thermostats, and other smart devices that allow for remote control and monitoring of HVAC systems. Hence these smart HVAC creates an opportunity for the market.
• However, with continuous technological developments, it is very important to make end users aware of the benefits of new products. In the case of HVAC systems, the awareness regarding cost and environment-related benefits of HVAC systems is low; they are normally perceived to be expensive which acts as a challenge for market penetration in developing economies. Despite various innovations, such as the development of low GWP refrigerants for HVAC, the adoption rate of HVAC systems is not at par with the benefits they provide. There also exists a lack of awareness regarding energy-efficient HVAC systems, which negatively hamper the growth of the market.

Market Segmentations

• The Global HVAC System Market is segmented based on Equipment, Implementation Type, applications, and Geography.
• By Equipment, the market is segmented into Cooling Equipment, Heating Equipment, and Ventilation. Cooling Equipment is further classified into Unitary Air Conditioners, Chillers, Room Air Conditioners, Coolers, and Cooling Towers. Heating Equipment is further classified into Heat Pumps, Furnaces, Unitary Heaters, and Boilers. Ventilation is further classified into Air Handling, Air Filters, Air Purifiers, Humidifiers, Dehumidifiers, and Ventilation Fans.
• The cooling segment is predicted to grow with the highest CAGR in the forecasting period. According to the International Energy Agency (IEA) has reported that cooling systems, including air conditioners, make up more than 10% of the world's electricity consumption. This significant figure may help explain why the cooling sector has become a dominant force in the HVAC equipment market. The rise in global population and disposable incomes, particularly in hotter regions, has led to an increased usage of air conditioners and other cooling systems. As a result, there has been a growing demand for cooling systems, such as unitary air conditioners, which has contributed to the growth of the HVAC industry.
• By Implementation Type, the market is classified into New Construction and Retrofit.
• The New Construction segment is expected to grow with the highest CAGR during the forecast period. The governments of various countries are making high investments in infrastructure development, such as expansion projects of hotels, retail stores, airports, and educational buildings. Increasing construction activities are driving the demand for HVAC systems to remove pollutants, maintain air quality, and control the temperature and humidity in buildings. Moreover, government regulations for smart homes and incentives for installing energy-efficient HVAC systems in new construction projects are expected to propel market growth.
• By applications, the market is segmented into Residential, Commercial, and industrial.
• The commercial applications segment is expected to hold the largest market share during the forecast period, due to growing demand for energy-efficient devices, and rising awareness regarding energy conservation in developing. HVAC systems are widely used in commercial buildings. In commercial buildings, HVAC loads normally represent the highest energy expense. Geographic location plays a significant role; buildings far to the north or south of the world typically face high heating expenses. HVAC systems consume the highest energy in commercial places, about 30% of the energy at a business place is consumed by HVAC systems Replacing a traditional HVAC system with an advanced and energy-efficient one can help save a lot of energy in this sector.
• By Geography, the market is classified into the Americas, Europe, Middle-East & Africa, and Asia-Pacific.
• During the forecast period, the Asia Pacific region is expected to exhibit substantial growth in the market. China, Japan, and India are among a few major contributors to the market in APAC. Growing construction activities and a rising population are a few key factors boosting the growth of the market in the region. There is a considerable demand for smart homes in countries such as Japan, South Korea, and China Rapid urbanization and industrialization are also increasing the demand for HVAC systems in the region.

Recent Development

• Mitsubishi Electric Trane HVAC has announced and introduced the next generation of Lossnay Energy Recovery Ventilator (ERV) units, the Lossnay RVX2, to save energy in commercial and light commercial settings. - April 2022
• Cosco Shipping Lines enhanced its refrigerated cargo fleet with next-generation EverFRESH active controlled-atmosphere (CA) systems from Carrier Transicold. The high-performing systems enable perishable shipments to travel farther while retaining commodity quality Carrier Transicold is a part of Carrier Global Corporation. -September 2021
• Camer Transicold launched two new products in the Citimax unit line. The new Citimax 1000 and Citimax-1100 units were developed to support heavy-duty refrigerated trucks with high-roof cabs. -September 2021

Company Profiles

Countries Studied

• America (Argentina, Brazil, Canada, Chile, Colombia, Mexico, Peru, United States, Rest of the Americas)
• Europe (Austria, Belgium, Denmark, Finland, France, Germany, Italy, Ireland, Luxemburg, Netherlands, Norway, Poland, Russia, Spain, Sweden, Switzerland, United Kingdom, Rest of Europe)
• Middle-East and Africa (Egypt, Israel, Nigeria, Qatar, Saudi Arabia, South Africa, United Arab Emirates, Rest of MEA)
• Asia-Pacific (Australia, Bangladesh, China, India, Indonesia, Japan, Malaysia, Philippines, Singapore, South Korea, Sri Lanka, Thailand, Taiwan, Rest of Asia-Pacific)

Competitive Quadrant

Ansoff Analysis

• The report presents a detailed Ansoff matrix analysis for the Global HVAC System Market. Ansoff Matrix, also known as Product/Market Expansion Grid, is a strategic tool used to design strategies for the growth of the company. The matrix can be used to evaluate approaches in four strategies viz. Market Development, Market Penetration, Product Development and Diversification. The matrix is also used for risk analysis to understand the risk involved with each approach.
• The publisher analyses the Global HVAC System Market using the Ansoff Matrix to provide the best approaches a company can take to improve its market position.
• Based on the SWOT analysis conducted on the industry and industry players, the publisher has devised suitable strategies for market growth.

Why buy this report?

• The report offers a comprehensive evaluation of the Global HVAC System Market. The report includes in-depth qualitative analysis, verifiable data from authentic sources, and projections about market size. The projections are calculated using proven research methodologies.
• The research report also provides a detailed market size analysis and projections in volume and value terms. The projections are calculated using verified research methodologies.
• Excel data sheet for the market size will also be provided with the report.
• The report has been compiled through extensive primary and secondary research. The primary research is done through interviews, surveys, and observation of renowned personnel in the industry.
• The report includes an in-depth market analysis using Porter’s 5 forces model, PESTLE Analysis, and the Ansoff Matrix. In addition, the impact of COVID-19 on the market is also featured in the report.
• The report includes the regulatory scenario in the industry, which will help you make a well-informed decision. The report discusses major regulatory bodies and major rules and regulations imposed on this sector across various geographies.
• The report includes Self-Assessment Form, which helps customers evaluate their position in the market compared to their competitors.
• The report offers customized research - tailored uniquely to our customers with a quick turnaround time. We offer a 15% customization option at no extra charge to all our clients for any of our syndicated reports.

Report Highlights:

• A complete analysis of the market, including the parent industry
• Important market dynamics and trends
• Impact Analysis - a comprehensive assessment to confront risk and make strategic & operational decisions to counter the changes in the market environment.
• Market segmentation
• Competitive Analysis: Comparative analysis of competitor
• Historical, current, and projected size of the market based on value and volume
• Market size of the US states
• Market shares and strategies of key players
• Recommendations to companies for strengthening their foothold in the market