The HVAC Systems market size is estimated at $ 197.0 billion in 2021 and is projected to reach $ 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 drive demand for HVAC systems.
New York, December 20, 2021 (GLOBE NEWSWIRE) – Reportlinker.com announces the release of the report, HVAC Systems Market Affected by COVID-19, By Cooling Equipment, Heating Equipment, Ventilating Equipment, Implementation Type, Application and Region – Global Forecast to 2026 “- https://www.reportlinker.com/p03973704/?utm_source=GNW
An HVAC system is used in smart homes to control air temperature, humidity and fresh air supply. It helps maintain better airflow and comfortable temperatures in every room. In a smart home, you can monitor system performance and respond to system-generated alarms from local or remote locations.
New energy efficient HVAC systems are replacing traditional HVAC systems. Upcoming technologies such as ice-powered air conditioning, motion-activated air conditioning and smart vents are being incorporated into modern HVAC systems to increase energy efficiency, reduce energy costs and reduce CO2 emissions.
The cost of installing energy efficient HVAC equipment in residential, commercial, and industrial applications depends on several other factors. For residential applications, for example, the cost of installing all HVAC systems depends on the size of the house, additional ducts, type of equipment, and the SEER of the equipment.
For example, an HVAC system replacement costs about $ 3,250 to $ 12,350 for an average home of 2,000 square feet in a temperate climate zone. In addition, the average installation cost of different heating and cooling systems can vary with parameters such as energy efficiency and the size of the unit required for the building.
VRF Systems: The fastest cooling equipment on the market for HVAC systems.
Countries like Japan, China, and South Korea are the first to adopt VRF technology, which is the main reason the market size for APAC. VRF systems are used in apartment buildings, hotels, and schools.
The high efficiency, design flexibility and long life of VRF systems are expected to drive market growth.
Ovens: The fastest heating devices on the market for HVAC systems.
The oven market is expected to grow with the highest CAGR during the forecast period. The growth of the oven segment is mainly driven by the low acquisition costs, the longer service life and the increasing demand for residential applications.
The residential segment dominated the HVAC systems market for ovens. Government grants and discounts for homeowners when replacing old heaters with new stoves are likely to increase demand for stoves in the home.
For example, the British Columbia (BC) government is offering homeowners discounts of up to $ 700 on a new gas stove.
Ventilation Equipment: Largest growing ventilation equipment in the HVAC system market
The increasing use of ventilation equipment in commercial buildings, hospitals and universities should stimulate market growth. The air purifier market is forecast to grow from 2021 to 2026 with the highest CAGR of 13.9%. The demand for air purifiers is increasing due to the deteriorating air quality. In addition, increasing air pollution puts people at increased risk of developing respiratory and other cardiovascular diseases. Growing public health concerns about air pollution are expected to increase demand for air purifiers worldwide.
Commercial: Largest application in the HVAC systems market
The commercial application segment is expected to hold the largest share of the market over the forecast period. The growth will be due to the increasing prevalence of HVAC systems in commercial buildings, the growing demand for energy efficient equipment and the increasing awareness of energy savings in developing regions such as APAC and RoW.
In addition, increasing government investment in commercial building is expected to drive growth in the market for HVAC systems for commercial applications.
Europe: The second largest region in the global HVAC systems market.
Europe held the second largest market for HVAC systems in 2020. Growing awareness of energy savings, high per capita income and supportive government plans to reduce carbon footprint are helping to fuel the growth of the HVAC systems market in Europe.
In addition, the growth of the European HVAC systems market is being driven by the growing demand for high quality, energy efficient equipment from residential and commercial buildings.
The study includes insights from various industry experts ranging from component suppliers to tier 1 companies and OEMs. The division of the area codes is as follows:
• By type of company: Tier 1 – 40%, Tier 2 – 25% and Tier 3 – 35%
• By appointment: 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 (USA), Carrier (USA), Trane Technologies plc, (USA), LG Electronics (South Korea), Emerson Electric Co. (USA), Honeywell International Inc. (USA), Mitsubishi Electric Corporation (Japan), Nortek Air Management (USA), Samsung Electronics (South Korea), Danfoss (Denmark), FUJITSU (Japan), GREE (China), Hitachi (Japan), Midea (China), Panasonic (Japan), Haier Smart Home (China), Toshiba (Japan), Whirlpool (USA), Siemens (Germany), Electrolux (Sweden), Lennox (USA), Schneider Electric (France), Ferroli (Italy) and Bosch Thermotechnology (Germany) are among the many players in the HVAC systems market.
The report segments and forecasts the size of the HVAC Systems market by value based on refrigeration equipment, heating equipment, ventilation equipment, implementation type, application, and geography.
The report also provides a comprehensive view of the market drivers, restraints, opportunities, and challenges in the HVAC Systems market. In addition to the quantitative aspects of these markets, the report also deals with qualitative aspects.
Main benefits of purchasing the report
The report will assist the market leaders / newcomers to the market with information on the closest approximations to sales figures for the overall market and its sub-segments -to-market strategies.
The report also helps the stakeholders to understand the pulse of the HVAC Systems market providing them with information regarding the key market drivers, restraints, challenges, and opportunities. The report also covers the impact of COVID-19 on the HVAC Systems Market.
Read the full report: https://www.reportlinker.com/p03973704/?utm_source=GNW
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