HVAC refers to heating, ventilation, and air conditioning, which is used in buildings to regulate the indoor climate. It also helps in improving indoor air quality. The majority of these systems are centralized for heat, air, and forced displacement of ventilation.
The global HVAC equipment market is expected to surpass US$ 243.61 Mn in terms of value by the end of 2028.
Technological advancements are expected to boost the global HVAC equipment market growth over the forecast period. HVAC system manufacturers are focused on the development of efficient solutions, in order to cater to customer requirements and fulfill the supply gap for energy. This, in turn, is expected to help consumers to reduce their energy bills and support product adoption. For instance, in 2013, LG Corporation introduced a new commercial air conditioning systems which were targeted at diversified market demands. Innovative technologies such as smart sensors based HVAC equipment, home automation, multi-functional equipment, and HVAC systems with green refrigerants, and many others, are thus helping in meeting customer requirements.
Development of energy-efficient systems can present lucrative growth opportunities in the global HVAC equipment market. According to Coherent Market Insights’ analysis, space heating and cooling requirement account for around 45% of the household energy bills, which is compelling consumers to install the HVAC equipment. However, with governments enforcing stricter energy regulations and manufacturers to developing more efficient systems, it is expected that more consumers will be willing to install HVAC systems in the near future. Introduction of low energy consuming equipment will help in reducing electricity bills and lowers carbon emission too. For instance, Toshiba developed a new air conditioner under the super heat recovery VRF category, which has a SEER rating of 8.
Global HVAC Equipment Market: Recent Developments
Lack of awareness regarding the benefits of HAC equipment is expected to hamper the global HVAC equipment market growth over the forecast period. Despite is numerous advantages, a large portion of consumers are unaware of the benefits of HVAC equipment. As a result of this, the adoption of HVAC equipment significantly low, especially in emerging regions such as Asia Pacific, Latin America, and Africa.
Global HVAC Equipment Market - Impact of Coronavirus (Covid-19) Pandemic
Since the outbreak of COVID-19 pandemic, many industries have witnessed significant negative impact including the global HVAC equipment market. With adoption of nationwide lockdown policies across various countries, manufacturing activities remained suspended for the greater part of the 2020. Companies had to shut down their routine operations, in order comply with stringent regulations of physical distancing. Moreover, the global supply chain industry also witnessed a negative impact due to the pandemic outbreak with disruption in international travel and trade activities. However, many countries have gradually relaxed the COVID-19 regulations with rollout of vaccines. The global supply chain industry is gaining traction, which is expected to drive the market growth in the near future.
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Among regions, North America is expected to witness significant growth in the global HVAC equipment market during the forecast period. This is owing to growing construction activities and proactive government initiatives to save energy across the region. Furthermore, rising promotion of energy-efficient HVAC systems is expected to boost the regional market growth over the forecast period.
Developments in the commercial segment and rapid growth in Asia Pacific region are two key drivers for market growth. Growth in Asia Pacific is driven by rise in construction influenced by economic developments and subsequent growth of construction sector. Both commercial and residential constructions are on the rise. Key demand segments in the region include residential, tourism, and industrial sectors. Asia Pacific accounted for highest share of new hotels being opened in 2012 and has the second-highest number of projects which are in pipeline. Only, the U.S. exceeds Asia Pacific region in terms of the number of projects in the pipeline. Growth in Asia-Pacific is largely driven by a rise in tourist arrivals, wherein the region saw 233 billion international arrivals in 2012 and recorded the highest annual growth (7%) accounting for 22.5% of global tourist arrivals.
Major companies operating in the global HVAC equipment market are United Technologies Corporation (Carrier), LG Corporation, Daikin Industries. Ltd., AB Electrolux, Haier Inc., Lennox International Inc., Samsung Electronics, and Panasonic Corporation.
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