HVAC System Market by Cooling Equipment (Unitary Air Conditioners, VRF Systems), Heating Equipment (Heat Pumps, Furnaces), Ventilation Equipment (AHUs, Air Filters), Implementation Type, Application and Region - Global Forecast to 2028
The global HVAC system market is expected to be valued at USD 206.3 billion in 2023 and is projected to reach USD 280.1 billion by 2028; it is expected to grow at a CAGR of 6.3% from 2023 to 2028. HVAC systems use refrigerants such as hydrofluorocarbons (HCFs) and hydrochlorofluorocarbons (HCFCs), which emit greenhouse gases (GHGs). Further, several HVAC equipment emit significant amounts of CO2 as they account for ~40% of the total energy consumption in a building. However, in recent years, there have been several advancements in HVAC technology that can help reduce carbon emissions. Moreover, Freon 22, also known as HCFC-22 and R-22, is used as the primary refrigerant chemical in residential air-conditioning units and heat pumps. The United States Environmental Protection Agency (EPA) banned the production of Freon 22 in January 2020.
“Air-handling unit to account for the largest ventilation equipment segment for HVAC system market”
Variable frequency drives (VFDs) are often used in air-handling units (AHUs) to control the speed of the motors that power the fans. VFDs can adjust the speed of the motor to match the air flow requirements of the system, which can help reduce energy consumption and improve system efficiency. By using VFDs in AHUs, the system can better match the airflow needs of the building, allowing for better temperature and humidity control. VFDs also allow for more precise control over the system, which can improve the overall efficiency of the HVAC system.
“Industrial application to grow at the second highest CAGR for HVAC system market.”
Industrial buildings require a lot of energy to operate their processes. HVAC systems used in industrial buildings help to reduce costs related to energy. Industrial owners are installing efficient HVAC systems in warehouses, control rooms, distribution centers, and production facilities to increase the optimum use of energy in these areas. For instance, The US Environmental Protection Agency (EPA) regulates refrigerants in HVAC systems to protect the environment. HVAC systems in industrial settings must comply with EPA regulations for refrigerants.
“India to grow at the highest CAGR for Asia Pacific HVAC system market”
India is one of the top-ranking developing economies in the world. India, being the second-most populated country, has many infrastructure projects, including residential and commercial. Increasing awareness about energy preservation using energy-efficient equipment is fuelling the growth of the smart home industry in the country. Initiatives such as Foreign Direct Investment (FDI), expansion of metro rail, smart city projects, and “Housing for All by 2020” are expected to boost the demand for HVAC systems in the country.
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:
This research report categorizes the HVAC system market by cooling equipment (Unitary Air Conditioners, Variable Refrigerant Flow Systems (VRF), Chillers, Room Air Conditioners, Coolers, and Cooling Towers), by heating equipment (Heat Pumps, Furnaces, Unitary Heaters, and Boilers), by ventilation equipment (Air-handling Units (AHUs), Air Filters, Dehumidifiers, Ventilation Fans, Humidifiers, and Air Purifiers), by implementation type (New Constructions and Retrofits), by application (Residential, Commercial, and Industrial) and region (North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America). The scope of the report covers detailed information regarding the major factors, such as drivers, restraints, challenges, and opportunities, influencing the growth of the HVAC system market. A detailed analysis of the key industry players has been done to provide insights into their business overview, solutions, and services; key strategies; Contracts, partnerships, agreements. new product & service launches, mergers and acquisitions, and recent developments associated with the HVAC system market. Competitive analysis of upcoming startups in the HVAC system market ecosystem is covered in this report.
Research Coverage:
Key Benefits of Buying the Report
“Air-handling unit to account for the largest ventilation equipment segment for HVAC system market”
Variable frequency drives (VFDs) are often used in air-handling units (AHUs) to control the speed of the motors that power the fans. VFDs can adjust the speed of the motor to match the air flow requirements of the system, which can help reduce energy consumption and improve system efficiency. By using VFDs in AHUs, the system can better match the airflow needs of the building, allowing for better temperature and humidity control. VFDs also allow for more precise control over the system, which can improve the overall efficiency of the HVAC system.
“Industrial application to grow at the second highest CAGR for HVAC system market.”
Industrial buildings require a lot of energy to operate their processes. HVAC systems used in industrial buildings help to reduce costs related to energy. Industrial owners are installing efficient HVAC systems in warehouses, control rooms, distribution centers, and production facilities to increase the optimum use of energy in these areas. For instance, The US Environmental Protection Agency (EPA) regulates refrigerants in HVAC systems to protect the environment. HVAC systems in industrial settings must comply with EPA regulations for refrigerants.
“India to grow at the highest CAGR for Asia Pacific HVAC system market”
India is one of the top-ranking developing economies in the world. India, being the second-most populated country, has many infrastructure projects, including residential and commercial. Increasing awareness about energy preservation using energy-efficient equipment is fuelling the growth of the smart home industry in the country. Initiatives such as Foreign Direct Investment (FDI), expansion of metro rail, smart city projects, and “Housing for All by 2020” are expected to boost the demand for HVAC systems in the country.
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 – 33%, Directors – 48%, and Others – 19%
- By Region: North America – 18%, Europe – 35%, Asia Pacific – 40%, RoW – 7%
This research report categorizes the HVAC system market by cooling equipment (Unitary Air Conditioners, Variable Refrigerant Flow Systems (VRF), Chillers, Room Air Conditioners, Coolers, and Cooling Towers), by heating equipment (Heat Pumps, Furnaces, Unitary Heaters, and Boilers), by ventilation equipment (Air-handling Units (AHUs), Air Filters, Dehumidifiers, Ventilation Fans, Humidifiers, and Air Purifiers), by implementation type (New Constructions and Retrofits), by application (Residential, Commercial, and Industrial) and region (North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America). The scope of the report covers detailed information regarding the major factors, such as drivers, restraints, challenges, and opportunities, influencing the growth of the HVAC system market. A detailed analysis of the key industry players has been done to provide insights into their business overview, solutions, and services; key strategies; Contracts, partnerships, agreements. new product & service launches, mergers and acquisitions, and recent developments associated with the HVAC system market. Competitive analysis of upcoming startups in the HVAC system market ecosystem is covered in this report.
Research Coverage:
Key Benefits of Buying the Report
- Analysis of key drivers (Increasing demand for energy-efficient HVAC systems, Rising constructions activities in residential and industrial sectors, Government regulatory policies and incentives to ensure energy saving and conservation of natural resources, Growing demand for indoor and outdoor air quality, Technological advancements in HVAC systems), restraints (High maintenance, repair, and installation costs for HVAC systems, Limited space in commercial and residential buildings for large HVAC systems, Lack of technical knowledge and shortage of skilled labor), opportunities (Rapid transformation of IoT within HVAC industry, High penetration of VRF systems in residential and commercial applications, Efforts to develop next-generation low global warming potential refrigerants for HVAC systems), and challenges (Lack of awareness about benefits of HVAC systems in developing countries, Increase in environmental concerns and aging infrastructure) influencing the growth of the HVAC system market.
- Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product & service launches in the HVAC system market
- Market Development: Comprehensive information about lucrative markets – the report analyses the HVAC system market across varied regions.
- Market Diversification: Exhaustive information about new products & services, untapped geographies, recent developments, and investments in the HVAC system market
- Competitive Assessment: In-depth assessment of market shares, growth strategies and service offerings of leading players like DAIKIN INDUSTRIES, Ltd. (Japan), Johnson Controls (US), Carrier (US), Trane Technologies plc (US), and LG Electronics (South Korea), among others in the HVAC system market.
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 REGIONAL SCOPE
1.3.3 YEARS CONSIDERED
1.4 CURRENCY
1.5 MARKET STAKEHOLDERS
1.6 SUMMARY OF CHANGES
1.7 RECESSION ANALYSIS
FIGURE 1 GDP GROWTH PROJECTION UNTIL 2023 FOR MAJOR ECONOMIES
FIGURE 2 MARKET PROJECTIONS FOR HVAC SYSTEM MARKET
2 RESEARCH METHODOLOGY
2.1 RESEARCH DATA
FIGURE 3 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 4 MARKET SIZE ESTIMATION METHODOLOGY: SUPPLY-SIDE ANALYSIS
FIGURE 5 MARKET SIZE ESTIMATION METHODOLOGY: APPROACH 2 (SUPPLY-SIDE)—IDENTIFICATION OF REVENUE GENERATED BY COMPANIES FROM HVAC SYSTEM MARKET
2.2.1 BOTTOM-UP APPROACH
2.2.1.1 Approach for arriving at market size using bottom-up analysis
FIGURE 6 MARKET SIZE ESTIMATION METHODOLOGY: BOTTOM-UP APPROACH
FIGURE 7 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 8 MARKET SIZE ESTIMATION METHODOLOGY: TOP-DOWN APPROACH
2.3 MARKET BREAKDOWN AND DATA TRIANGULATION
FIGURE 9 MARKET BREAKDOWN AND DATA TRIANGULATION
2.4 RESEARCH ASSUMPTIONS
2.5 RISK ASSESSMENT
TABLE 1 LIMITATIONS AND ASSOCIATED RISKS
2.6 ASSUMPTIONS: RECESSION
TABLE 2 ASSUMPTIONS: RECESSION
2.7 STUDY LIMITATIONS
3 EXECUTIVE SUMMARY
3.1 GROWTH RATE ASSUMPTIONS/FORECAST
FIGURE 10 UNITARY AIR CONDITIONERS TO HOLD LARGEST SHARE OF HVAC SYSTEM MARKET DURING FORECAST PERIOD
FIGURE 11 HVAC SYSTEM MARKET FOR FURNACES TO GROW AT HIGHEST CAGR DURING FORECAST PERIOD
FIGURE 12 HVAC SYSTEM MARKET FOR AHUS TO RECORD MAXIMUM CAGR DURING FORECAST PERIOD
FIGURE 13 HVAC SYSTEM MARKET FOR NEW CONSTRUCTION TO SECURE HIGHEST MARKET SHARE DURING FORECAST PERIOD
FIGURE 14 HVAC SYSTEM MARKET FOR COMMERCIAL APPLICATIONS TO DISPLAY HIGHER CAGR DURING FORECAST PERIOD
FIGURE 15 ASIA PACIFIC TO EXHIBIT HIGHEST CAGR DURING FORECAST PERIOD
4 PREMIUM INSIGHTS
4.1 ATTRACTIVE OPPORTUNITIES FOR PLAYERS IN HVAC SYSTEM MARKET
FIGURE 16 IMPLEMENTATION OF IOT ACROSS HVAC SYSTEMS TRANSFORMED SCENARIO OF COMMERCIAL AND RESIDENTIAL APPLICATIONS
4.2 HVAC SYSTEM MARKET IN NORTH AMERICA, BY COUNTRY AND EQUIPMENT TYPE
FIGURE 17 US AND HEATING EQUIPMENT EXPECTED TO HOLD LARGEST SHARE OF NORTH AMERICAN HVAC SYSTEM MARKET IN 2023
4.3 HVAC SYSTEM MARKET FOR COMMERCIAL APPLICATIONS, BY TYPE
FIGURE 18 OFFICES TO HOLD LARGEST SHARE OF HVAC SYSTEM MARKET IN COMMERCIAL APPLICATION DURING FORECAST PERIOD
4.4 HVAC SYSTEM MARKET, BY COUNTRY
FIGURE 19 HVAC SYSTEM MARKET IN INDIA TO GROW AT HIGHEST CAGR FROM 2023 TO 2028
5 MARKET OVERVIEW
5.1 INTRODUCTION
5.2 MARKET DYNAMICS
FIGURE 20 MARKET DYNAMICS: HVAC SYSTEM MARKET
5.2.1 DRIVERS
FIGURE 21 DRIVERS AND THEIR IMPACT ON HVAC SYSTEM MARKET
5.2.1.1 Increasing demand for energy-efficient HVAC systems
5.2.1.2 Rising constructions activities in residential and industrial sectors
5.2.1.3 Government regulatory policies and incentives to ensure energy saving and conservation of natural resources
5.2.1.4 Growing demand for indoor and outdoor air quality
5.2.1.5 Technological advancements in HVAC systems
5.2.2 RESTRAINTS
FIGURE 22 RESTRAINTS AND THEIR IMPACT ON HVAC SYSTEM MARKET
5.2.2.1 High maintenance, repair, and installation costs of HVAC systems
5.2.2.2 Limited space in commercial and residential buildings for large HVAC systems
5.2.2.3 Lack of technical knowledge and shortage of skilled labor
5.2.3 OPPORTUNITIES
FIGURE 23 OPPORTUNITIES AND THEIR IMPACT ON HVAC SYSTEM MARKET
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 Efforts to develop next-generation low global warming potential refrigerants for HVAC systems
5.2.4 CHALLENGES
FIGURE 24 CHALLENGES AND THEIR IMPACT ON HVAC SYSTEM MARKET
5.2.4.1 Lack of awareness about benefits of HVAC systems in developing countries
5.2.4.2 Increase in environmental concerns and aging infrastructure
5.3 VALUE CHAIN ANALYSIS
FIGURE 25 VALUE CHAIN ANALYSIS: HVAC SYSTEM MARKET
5.4 ECOSYSTEM ANALYSIS
FIGURE 26 KEY PLAYERS IN HVAC SYSTEM MARKET
TABLE 3 ROLE OF HVAC COMPANIES IN ECOSYSTEM
5.5 PORTER’S FIVE FORCES ANALYSIS
TABLE 4 HVAC SYSTEM MARKET: PORTER’S FIVE FORCES ANALYSIS
FIGURE 27 PORTER'S FIVE FORCES ANALYSIS: HVAC SYSTEM MARKET
5.5.1 DEGREE OF COMPETITION
5.5.2 BARGAINING POWER OF SUPPLIERS
5.5.3 BARGAINING POWER OF BUYERS
5.5.4 THREAT OF SUBSTITUTES
5.5.5 THREAT OF NEW ENTRANTS
5.6 KEY STAKEHOLDERS AND BUYING CRITERIA
5.6.1 KEY STAKEHOLDERS IN BUYING PROCESS
FIGURE 28 INFLUENCE OF STAKEHOLDERS ON BUYING PROCESS FOR TOP THREE APPLICATIONS
TABLE 5 INFLUENCE OF STAKEHOLDERS ON BUYING PROCESS FOR TOP THREE APPLICATIONS
5.6.2 BUYING CRITERIA
FIGURE 29 KEY BUYING CRITERIA FOR TOP THREE APPLICATIONS
TABLE 6 KEY BUYING CRITERIA FOR TOP THREE APPLICATIONS
5.7 TRENDS/DISRUPTIONS IMPACTING CUSTOMER BUSINESS
FIGURE 30 REVENUE SHIFT FOR PLAYERS IN HVAC SYSTEM MARKET
5.8 CASE STUDY ANALYSIS
5.8.1 TOWER OF LONDON INSTALLS HVAC SYSTEMS FROM AIREDALE
5.8.2 THE EBELL OF LOS ANGELES AND WILSHIRE EBELL THEATER HOUSE REPLACE OLD AND INEFFICIENT HVAC SYSTEMS
5.8.3 GEORGIA SCHOOL DISTRICT UPGRADES HVAC SYSTEMS AND LOWERS ENERGY COSTS
5.8.4 VIRGINIA DATA CENTER INSTALLATION IN MODULAR HVAC SYSTEMS
5.8.5 ALACHUA COUNTY LIBRARY DISTRICT IN GAINESVILLE, FLORIDA, IMPLEMENTS INNOVATIVE HVAC SOLUTIONS USING ICEBANK ENERGY STORAGE SYSTEM OF CALMAC
5.9 TECHNOLOGY ANALYSIS
5.9.1 KEY TECHNOLOGIES
5.9.1.1 Air conditioning units
5.9.1.2 Heating units
5.9.1.3 Ventilation systems
5.9.2 COMPLEMENTARY TECHNOLOGIES
5.9.2.1 Sensors
5.9.2.2 Building automation systems
5.9.3 ADJACENT TECHNOLOGIES
5.9.3.1 Software technologies
5.10 AVERAGE SELLING PRICE ANALYSIS
FIGURE 31 AVERAGE SELLING PRICE OF HVAC SYSTEM EQUIPMENT, BY APPLICATION
5.10.1 AVERAGE SELLING PRICES OF HVAC SYSTEM EQUIPMENT, BY APPLICATION (USD)
TABLE 7 AVERAGE SELLING PRICES OF HVAC SYSTEM EQUIPMENT, BY APPLICATION (USD)
5.10.2 AVERAGE SELLING PRICE TRENDS
FIGURE 32 AVERAGE SELLING PRICES OF DIFFERENT COOLING EQUIPMENT USED IN HVAC SYSTEMS (USD)
FIGURE 33 AVERAGE SELLING PRICES OF DIFFERENT HEATING EQUIPMENT USED IN HVAC SYSTEMS (USD)
FIGURE 34 AVERAGE SELLING PRICES OF DIFFERENT VENTILATION EQUIPMENT USED IN HVAC SYSTEMS (USD)
TABLE 8 HVAC INSTALLATION COSTS, BY TYPE, 2022
5.11 PATENT ANALYSIS
FIGURE 35 NUMBER OF PATENTS GRANTED IN HVAC SYSTEM MARKET, 2012–2023
TABLE 9 LIST OF PATENTS IN HVAC SYSTEM MARKET, 2021–2023
5.12 TRADE ANALYSIS
TABLE 10 IMPORT DATA, BY COUNTRY, 2018–2022 (USD MILLION)
FIGURE 36 IMPORT DATA, BY COUNTRY, 2018–2022 (USD MILLION)
TABLE 11 EXPORT DATA, BY COUNTRY, 2018–2022 (USD MILLION)
FIGURE 37 EXPORT DATA, BY COUNTRY, 2018–2022 (USD MILLION)
5.13 TARIFF ANALYSIS
TABLE 12 MFN TARIFFS FOR HS CODE: 8415 EXPORTED BY US (2022)
TABLE 13 MFN TARIFFS FOR HS CODE: 8415 EXPORTED BY CHINA (2022)
TABLE 14 MFN TARIFF FOR HS CODE: 8415 EXPORTED BY INDIA (2022)
5.14 STANDARDS AND REGULATORY LANDSCAPE
5.14.1 REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
5.14.1.1 North America: List of regulatory bodies, government agencies, and other organizations
TABLE 15 NORTH AMERICA: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
5.14.1.2 Europe: List of regulatory bodies, government agencies, and other organizations
TABLE 16 EUROPE: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
5.14.1.3 Asia Pacific: List of regulatory bodies, government agencies, and other organizations
TABLE 17 ASIA PACIFIC: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
5.14.1.4 RoW: List of regulatory bodies, government agencies, and other organizations
TABLE 18 ROW: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
5.14.2 STANDARDS & REGULATIONS RELATED TO HVAC SYSTEM MARKET
5.14.2.1 Environmental HVAC requirements
5.14.2.1.1 Current HCFC regulations
5.14.2.1.2 New HFC regulations
5.14.2.1.3 US regulations
5.14.2.1.4 Canadian regulations
5.14.2.2 HVAC efficiency standards
5.14.2.3 HVAC tech certifications
5.15 KEY CONFERENCES AND EVENTS, 2023–2024
TABLE 19 HVAC SYSTEM MARKET: DETAILED LIST OF CONFERENCES AND EVENTS
5.16 COMPANY INFORMATION FOR TOP HVAC SYSTEM MANUFACTURERS
5.17 TIER 2 AND TIER 3 SUPPLIERS OF HVAC SYSTEM MARKET
6 HVAC SYSTEM MARKET, BY COOLING EQUIPMENT
6.1 INTRODUCTION
FIGURE 38 UNITARY AIR CONDITIONERS TO HOLD LARGEST SHARE OF HVAC SYSTEM MARKET FOR COOLING EQUIPMENT IN 2028
TABLE 20 HVAC SYSTEM MARKET, BY COOLING EQUIPMENT, 2019–2022 (USD BILLION)
TABLE 21 HVAC SYSTEM MARKET, BY COOLING EQUIPMENT, 2023–2028 (USD BILLION)
TABLE 22 HVAC SYSTEM MARKET, BY COOLING EQUIPMENT, 2019–2022 (THOUSAND UNITS)
TABLE 23 HVAC SYSTEM MARKET, BY COOLING EQUIPMENT, 2023–2028 (THOUSAND UNITS)
6.2 UNITARY AIR CONDITIONERS
6.2.1 COMMERCIAL SEGMENT TO ACCOUNT FOR LARGEST SHARE OF COOLING EQUIPMENT MARKET FOR UNITARY AIR CONDITIONERS
6.2.1.1 Split air conditioners
6.2.1.2 Packaged air conditioners
TABLE 24 UNITARY AIR CONDITIONERS: HVAC SYSTEM MARKET, BY APPLICATION, 2019–2022 (USD MILLION)
TABLE 25 UNITARY AIR CONDITIONERS: HVAC SYSTEM MARKET, BY APPLICATION, 2023–2028 (USD MILLION)
TABLE 26 UNITARY AIR CONDITIONERS: HVAC SYSTEM MARKET, BY REGION, 2019–2022 (USD BILLION)
TABLE 27 UNITARY AIR CONDITIONERS: HVAC SYSTEM MARKET, BY REGION, 2023–2028 (USD BILLION)
6.3 VRF SYSTEMS
6.3.1 GROWING POPULARITY DUE TO ENERGY EFFICIENCY, FLEXIBILITY, AND ZONING CAPABILITIES
TABLE 28 VRF SYSTEMS: HVAC SYSTEM MARKET, BY APPLICATION, 2019–2022 (USD MILLION)
TABLE 29 VRF SYSTEMS: HVAC SYSTEM MARKET, BY APPLICATION, 2023–2028 (USD MILLION)
TABLE 30 VRF SYSTEMS: HVAC SYSTEM MARKET, BY REGION, 2019–2022 (USD MILLION)
TABLE 31 VRF SYSTEMS: HVAC SYSTEM MARKET, BY REGION, 2023–2028 (USD MILLION)
6.4 CHILLERS
6.4.1 DRIVES REFRIGERATION CYCLE OF COOLING EQUIPMENT
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 32 CHILLERS: HVAC SYSTEM MARKET, BY APPLICATION, 2019–2022 (USD BILLION)
TABLE 33 CHILLERS: HVAC SYSTEM MARKET, BY APPLICATION, 2023–2028 (USD BILLION)
TABLE 34 CHILLERS: HVAC SYSTEM MARKET, BY REGION, 2019–2022 (USD MILLION)
TABLE 35 CHILLERS: HVAC SYSTEM MARKET, BY REGION, 2023–2028 (USD MILLION)
6.5 ROOM AIR CONDITIONERS
6.5.1 RESIDENTIAL SEGMENT TO HOLD LARGEST SHARE OF ROOM AIR CONDITIONERS MARKET
TABLE 36 ROOM AIR CONDITIONERS: HVAC SYSTEM MARKET, BY APPLICATION, 2019–2022 (USD MILLION)
TABLE 37 ROOM AIR CONDITIONERS: HVAC SYSTEM MARKET, BY APPLICATION, 2023–2028 (USD MILLION)
TABLE 38 ROOM AIR CONDITIONERS: HVAC SYSTEM MARKET, BY REGION, 2019–2022 (USD MILLION)
TABLE 39 ROOM AIR CONDITIONERS: HVAC SYSTEM MARKET, BY REGION, 2023–2028 (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 40 COOLERS: HVAC SYSTEM MARKET, BY APPLICATION, 2019–2022 (USD MILLION)
TABLE 41 COOLERS: HVAC SYSTEM MARKET, BY APPLICATION, 2023–2028 (USD MILLION)
TABLE 42 COOLERS: HVAC SYSTEM MARKET, BY REGION, 2019–2022 (USD MILLION)
TABLE 43 COOLERS: HVAC SYSTEM MARKET, BY REGION, 2023–2028 (USD MILLION)
6.7 COOLING TOWERS
6.7.1 ASIA PACIFIC TO HOLD LARGEST SHARE 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 44 COOLING TOWERS: HVAC SYSTEM MARKET, BY APPLICATION, 2019–2022 (USD MILLION)
TABLE 45 COOLING TOWERS: HVAC SYSTEM MARKET, BY APPLICATION, 2023–2028 (USD MILLION)
TABLE 46 COOLING TOWERS: HVAC SYSTEM MARKET, BY REGION, 2019–2022 (USD MILLION)
TABLE 47 COOLING TOWERS: HVAC SYSTEM MARKET, BY REGION, 2023–2028 (USD MILLION)
7 HVAC SYSTEM MARKET, BY HEATING EQUIPMENT
7.1 INTRODUCTION
FIGURE 39 HEAT PUMPS TO HOLD LARGEST SHARE OF HVAC SYSTEM MARKET DURING FORECAST PERIOD
TABLE 48 HVAC SYSTEM MARKET, BY HEATING EQUIPMENT, 2019–2022 (USD BILLION)
TABLE 49 HVAC SYSTEM MARKET, BY HEATING EQUIPMENT, 2023–2028 (USD BILLION)
TABLE 50 HVAC SYSTEM MARKET, BY HEATING EQUIPMENT, 2019–2022 (MILLION UNITS)
TABLE 51 HVAC SYSTEM MARKET, BY HEATING EQUIPMENT, 2023–2028 (MILLION UNITS)
7.2 HEAT PUMPS
7.2.1 INCREASING ADOPTION OF COST-EFFECTIVE HEAT PUMPS
7.2.2 CASE STUDY: KING EDWARD VII HIGH SCHOOL INSTALLS HEAT PUMPS TO UTILIZE RENEWABLE ENERGY WITHIN BUDGET
7.2.2.1 Air-to-air heat pumps
7.2.2.2 Air-to-water heat pumps
7.2.2.3 Water-to-water heat pumps
TABLE 52 HEAT PUMPS: HVAC SYSTEM MARKET, BY APPLICATION, 2019–2022 (USD BILLION)
TABLE 53 HEAT PUMPS: HVAC SYSTEM MARKET, BY APPLICATION, 2023–2028 (USD BILLION)
TABLE 54 HEAT PUMPS: HVAC SYSTEM MARKET, BY REGION, 2019–2022 (USD BILLION)
TABLE 55 HEAT PUMPS: HVAC SYSTEM MARKET, BY REGION, 2023–2028 (USD BILLION)
7.3 FURNACES
7.3.1 LOW COST AND HIGH EFFICIENCY TO FUEL DEMAND FOR FURNACES
7.3.2 CASE STUDY: FURNACE REPLACEMENT FOR COLONIAL HOME INCREASES EFFICIENCY
7.3.2.1 Oil furnaces
7.3.2.2 Gas furnaces
7.3.2.3 Electric furnaces
TABLE 56 FURNACES: HVAC SYSTEM MARKET, BY APPLICATION, 2019–2022 (USD BILLION)
TABLE 57 FURNACES: HVAC SYSTEM MARKET, BY APPLICATION, 2023–2028 (USD BILLION)
TABLE 58 FURNACES: HVAC SYSTEM MARKET, BY REGION, 2019–2022 (USD MILLION)
TABLE 59 FURNACES: HVAC SYSTEM MARKET, BY REGION, 2023–2028 (USD MILLION)
7.4 UNITARY HEATERS
7.4.1 HIGH EFFICIENCY AND COST-EFFECTIVENESS 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 60 UNITARY HEATERS: HVAC SYSTEM MARKET, BY APPLICATION, 2019–2022 (USD BILLION)
TABLE 61 UNITARY HEATERS: HVAC SYSTEM MARKET, BY APPLICATION, 2023–2028 (USD BILLION)
TABLE 62 UNITARY HEATERS: HVAC SYSTEM MARKET, BY REGION, 2019–2022 (USD MILLION)
TABLE 63 UNITARY HEATERS: HVAC SYSTEM MARKET, BY REGION, 2023–2028 (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 64 BOILERS: HVAC SYSTEM MARKET, BY APPLICATION, 2019–2022 (USD BILLION)
TABLE 65 BOILERS: HVAC SYSTEM MARKET, BY APPLICATION, 2023–2028 (USD BILLION)
TABLE 66 BOILERS: HVAC SYSTEM MARKET, BY REGION, 2019–2022 (USD MILLION)
TABLE 67 BOILERS: HVAC SYSTEM MARKET, BY REGION, 2023–2028 (USD MILLION)
8 HVAC SYSTEM MARKET, BY VENTILATION EQUIPMENT
8.1 INTRODUCTION
FIGURE 40 AIR-HANDLING UNITS SEGMENT TO HOLD LARGEST SHARE OF HVAC SYSTEM MARKET DURING FORECAST PERIOD
TABLE 68 HVAC SYSTEM MARKET, BY VENTILATION EQUIPMENT, 2019–2022 (USD BILLION)
TABLE 69 HVAC SYSTEM MARKET, BY VENTILATION EQUIPMENT, 2023–2028 (USD BILLION)
TABLE 70 HVAC SYSTEM MARKET, BY VENTILATION EQUIPMENT, 2019–2022 (MILLION UNITS)
TABLE 71 HVAC SYSTEM MARKET, BY VENTILATION EQUIPMENT, 2023–2028 (MILLION UNITS)
8.2 AIR-HANDLING UNITS
8.2.1 VARIABLE FREQUENCY DRIVES USED IN AIR-HANDLING UNIT TO CONTROL MOTOR SPEED
TABLE 72 AIR-HANDLING UNITS: HVAC SYSTEM MARKET, BY APPLICATION, 2019–2022 (USD BILLION)
TABLE 73 AIR-HANDLING UNITS: HVAC SYSTEM MARKET, BY APPLICATION, 2023–2028 (USD BILLION)
TABLE 74 AIR-HANDLING UNITS: HVAC SYSTEM MARKET, BY REGION, 2019–2022 (USD BILLION)
TABLE 75 AIR-HANDLING UNITS: HVAC SYSTEM MARKET, BY REGION, 2023–2028 (USD BILLION)
8.3 AIR FILTERS
8.3.1 ASIA PACIFIC TO HOLD LARGEST SHARE OF AIR FILTERS MARKET
TABLE 76 AIR FILTERS: HVAC SYSTEM MARKET, BY APPLICATION, 2019–2022 (USD BILLION)
TABLE 77 AIR FILTERS: HVAC SYSTEM MARKET, BY APPLICATION, 2023–2028 (USD BILLION)
TABLE 78 AIR FILTERS: HVAC SYSTEM MARKET, BY REGION, 2019–2022 (USD MILLION)
TABLE 79 AIR FILTERS: HVAC SYSTEM MARKET, BY REGION, 2023–2028 (USD MILLION)
8.4 DEHUMIDIFIERS
8.4.1 INDUSTRIAL SEGMENT TO ACCOUNT FOR LARGEST SHARE OF HVAC SYSTEM MARKET FOR DEHUMIDIFIERS
8.4.1.1 Refrigeration dehumidifiers
8.4.1.2 Absorption dehumidifiers
TABLE 80 DEHUMIDIFIERS: HVAC SYSTEM MARKET, BY APPLICATION, 2019–2022 (USD BILLION)
TABLE 81 DEHUMIDIFIERS: HVAC SYSTEM MARKET, BY APPLICATION, 2023–2028 (USD BILLION)
TABLE 82 DEHUMIDIFIERS: HVAC SYSTEM MARKET, BY REGION, 2019–2022 (USD MILLION)
TABLE 83 DEHUMIDIFIERS: HVAC SYSTEM MARKET, BY REGION, 2023–2028 (USD MILLION)
8.5 VENTILATION FANS
8.5.1 ASIA PACIFIC TO HOLD LARGEST SHARE 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 VENTILATION FANS: HVAC SYSTEM MARKET, BY APPLICATION, 2019–2022 (USD BILLION)
TABLE 85 VENTILATION FANS: HVAC SYSTEM MARKET, BY APPLICATION, 2023–2028 (USD BILLION)
TABLE 86 VENTILATION FANS: HVAC SYSTEM MARKET, BY REGION, 2019–2022 (USD MILLION)
TABLE 87 VENTILATION FANS: HVAC SYSTEM MARKET, BY REGION, 2023–2028 (USD MILLION)
8.6 HUMIDIFIERS
8.6.1 CHANGING WEATHER PATTERNS AND INCREASING INDOOR AIR POLLUTION
8.6.1.1 Warm-mist humidifiers
8.6.1.2 Ultrasonic humidifiers
8.6.1.3 Cool-mist humidifiers
TABLE 88 HUMIDIFIERS: HVAC SYSTEM MARKET, BY APPLICATION, 2019–2022 (USD MILLION)
TABLE 89 HUMIDIFIERS: HVAC SYSTEM MARKET, BY APPLICATION, 2023–2028 (USD MILLION)
TABLE 90 HUMIDIFIERS: HVAC SYSTEM MARKET, BY REGION, 2019–2022 (USD MILLION)
TABLE 91 HUMIDIFIERS: HVAC SYSTEM MARKET, BY REGION, 2023–2028 (USD MILLION)
8.7 AIR PURIFIERS
8.7.1 USED IN HOMES AND WORKPLACES TO IMPROVE INDOOR AIR QUALITY AND CONTROL SYMPTOMS OF ALLERGIES AND ASTHMA
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 AIR PURIFIERS: HVAC SYSTEM MARKET, BY APPLICATION, 2019–2022 (USD MILLION)
TABLE 93 AIR PURIFIERS: HVAC SYSTEM MARKET, BY APPLICATION, 2023–2028 (USD MILLION)
TABLE 94 AIR PURIFIERS: HVAC SYSTEM MARKET, BY REGION, 2019–2022 (USD MILLION)
TABLE 95 AIR PURIFIERS: HVAC SYSTEM MARKET, BY REGION, 2023–2028 (USD MILLION)
9 HVAC SYSTEM MARKET, BY IMPLEMENTATION TYPE
9.1 INTRODUCTION
FIGURE 41 HVAC SYSTEM MARKET FOR NEW CONSTRUCTIONS TO WITNESS HIGHEST CAGR DURING FORECAST PERIOD
TABLE 96 HVAC SYSTEM MARKET, BY IMPLEMENTATION TYPE, 2019–2022 (USD BILLION)
TABLE 97 HVAC SYSTEM MARKET, BY IMPLEMENTATION TYPE, 2023–2028 (USD BILLION)
9.2 NEW CONSTRUCTION
9.2.1 GROWING URBANIZATION TO BENEFIT MARKET
9.3 RETROFIT
9.3.1 GOVERNMENT REGULATIONS FOR GREEN BUILDINGS
10 HVAC SYSTEM MARKET, BY APPLICATION
10.1 INTRODUCTION
FIGURE 42 HVAC SYSTEM MARKET FOR COMMERCIAL APPLICATIONS TO ATTAIN HIGHEST MARKET SHARE DURING FORECAST PERIOD
TABLE 98 HVAC SYSTEM MARKET, BY APPLICATION, 2019–2022 (USD BILLION)
TABLE 99 HVAC SYSTEM MARKET, BY APPLICATION, 2023–2028 (USD BILLION)
10.2 COMMERCIAL
10.2.1 GROWING ADOPTION OF ENERGY-EFFICIENT EQUIPMENT TO BOOST HVAC SYSTEM MARKET FOR COMMERCIAL SPACES
TABLE 100 COMMERCIAL: HVAC SYSTEM MARKET, BY TYPE, 2019–2022 (USD BILLION)
TABLE 101 COMMERCIAL: HVAC SYSTEM MARKET, BY TYPE, 2023–2028 (USD BILLION)
TABLE 102 COMMERCIAL: HVAC SYSTEM MARKET, BY COOLING EQUIPMENT, 2019–2022 (USD MILLION)
TABLE 103 COMMERCIAL: HVAC SYSTEM MARKET, BY COOLING EQUIPMENT, 2023–2028 (USD MILLION)
TABLE 104 COMMERCIAL: HVAC SYSTEM MARKET, BY HEATING EQUIPMENT, 2019–2022 (USD BILLION)
TABLE 105 COMMERCIAL: HVAC SYSTEM MARKET, BY HEATING EQUIPMENT, 2023–2028 (USD BILLION)
TABLE 106 COMMERCIAL: HVAC SYSTEM MARKET, BY VENTILATION EQUIPMENT, 2019–2022 (USD MILLION)
TABLE 107 COMMERCIAL: HVAC SYSTEM MARKET, BY VENTILATION EQUIPMENT, 2023–2028 (USD MILLION)
10.2.1.1 Offices
10.2.1.2 Governments
10.2.1.3 Healthcare
10.2.1.4 Education
10.2.1.5 Retail
10.2.1.6 Airports
10.3 RESIDENTIAL
10.3.1 GOVERNMENT REGULATIONS AND TAX CREDIT PROGRAMS TO PROMOTE USE OF HVAC SYSTEMS IN RESIDENTIAL APPLICATIONS
TABLE 108 RESIDENTIAL: HVAC SYSTEM MARKET, BY COOLING EQUIPMENT, 2019–2022 (USD MILLION)
TABLE 109 RESIDENTIAL: HVAC SYSTEM MARKET, BY COOLING EQUIPMENT, 2023–2028 (USD MILLION)
TABLE 110 RESIDENTIAL: HVAC SYSTEM MARKET, BY HEATING EQUIPMENT, 2019–2022 (USD BILLION)
TABLE 111 RESIDENTIAL: HVAC SYSTEM MARKET, BY HEATING EQUIPMENT, 2023–2028 (USD BILLION)
TABLE 112 RESIDENTIAL: HVAC SYSTEM MARKET, BY VENTILATION EQUIPMENT, 2019–2022 (USD MILLION)
TABLE 113 RESIDENTIAL: HVAC SYSTEM MARKET, BY VENTILATION EQUIPMENT, 2023–2028 (USD MILLION)
10.4 INDUSTRIAL
10.4.1 GROWING USE OF ENERGY-EFFICIENT HVAC SYSTEMS IN INDUSTRIAL SPACES TO REDUCE OPERATIONAL COSTS AND SAVE ENERGY
TABLE 114 INDUSTRIAL: HVAC SYSTEM MARKET, BY COOLING EQUIPMENT, 2019–2022 (USD MILLION)
TABLE 115 INDUSTRIAL: HVAC SYSTEM MARKET, BY COOLING EQUIPMENT, 2023–2028 (USD MILLION)
TABLE 116 INDUSTRIAL: HVAC SYSTEM MARKET, BY HEATING EQUIPMENT, 2019–2022 (USD BILLION)
TABLE 117 INDUSTRIAL: HVAC SYSTEM MARKET, BY HEATING EQUIPMENT, 2023–2028 (USD BILLION)
TABLE 118 INDUSTRIAL: HVAC SYSTEM MARKET, BY VENTILATION EQUIPMENT, 2019–2022 (USD MILLION)
TABLE 119 INDUSTRIAL: HVAC SYSTEM MARKET, BY VENTILATION EQUIPMENT, 2023–2028 (USD MILLION)
11 HVAC SYSTEM MARKET, BY REGION
11.1 INTRODUCTION
FIGURE 43 ASIA PACIFIC REGION TO HOLD LARGEST SHARE IN HVAC SYSTEM MARKET DURING FORECAST PERIOD
TABLE 120 HVAC SYSTEM MARKET, BY REGION, 2019–2022 (USD BILLION)
TABLE 121 HVAC SYSTEM MARKET, BY REGION, 2023–2028 (USD BILLION)
TABLE 122 COOLING EQUIPMENT: HVAC SYSTEM MARKET, BY REGION, 2019–2022 (MILLION UNITS)
TABLE 123 COOLING EQUIPMENT: HVAC SYSTEM MARKET, BY REGION, 2023–2028 (MILLION UNITS)
TABLE 124 HEATING EQUIPMENT: HVAC SYSTEM MARKET, BY REGION, 2019–2022 (MILLION UNITS)
TABLE 125 HEATING EQUIPMENT: HVAC SYSTEM MARKET, BY REGION, 2023–2028 (MILLION UNITS)
TABLE 126 VENTILATION EQUIPMENT: HVAC SYSTEM MARKET, BY REGION, 2019–2022 (MILLION UNITS)
TABLE 127 VENTILATION EQUIPMENT: HVAC SYSTEM MARKET, BY REGION, 2023–2028 (MILLION UNITS)
11.2 NORTH AMERICA
11.2.1 NORTH AMERICA: IMPACT OF RECESSION
FIGURE 44 NORTH AMERICA: HVAC SYSTEM MARKET SNAPSHOT
TABLE 128 NORTH AMERICA: HVAC SYSTEM MARKET, BY EQUIPMENT TYPE, 2019–2022 (USD BILLION)
TABLE 129 NORTH AMERICA: HVAC SYSTEM MARKET, BY EQUIPMENT TYPE, 2023–2028 (USD BILLION)
TABLE 130 NORTH AMERICA: HVAC SYSTEM MARKET, BY COUNTRY, 2019–2022 (USD BILLION)
TABLE 131 NORTH AMERICA: HVAC SYSTEM MARKET, BY COUNTRY, 2023–2028 (USD BILLION)
11.2.2 US
11.2.2.1 Increasing number of construction projects
11.2.3 CANADA
11.2.3.1 Government initiatives to save energy
11.2.4 MEXICO
11.2.4.1 Increasing focus on promoting use of energy-efficient HVAC systems
11.3 EUROPE
11.3.1 EUROPE: IMPACT OF RECESSION
FIGURE 45 EUROPE: HVAC SYSTEM MARKET SNAPSHOT
TABLE 132 EUROPE: HVAC SYSTEM MARKET, BY EQUIPMENT TYPE, 2019–2022 (USD BILLION)
TABLE 133 EUROPE: HVAC SYSTEM MARKET, BY EQUIPMENT TYPE, 2023–2028 (USD BILLION)
TABLE 134 EUROPE: HVAC SYSTEM MARKET, BY COUNTRY, 2019–2022 (USD BILLION)
TABLE 135 EUROPE: HVAC SYSTEM MARKET, BY COUNTRY, 2023–2028 (USD BILLION)
11.3.2 UK
11.3.2.1 High demand for energy-efficient devices from commercial and residential users
11.3.3 GERMANY
11.3.3.1 Increasing innovations in software solutions for HVAC professionals
TABLE 136 GERMAN GREENHOUSE GAS EMISSIONS REDUCTION TARGETS, 2030
11.3.4 FRANCE
11.3.4.1 Rising focus on reducing greenhouse gases
11.3.5 REST OF EUROPE
11.4 ASIA PACIFIC
11.4.1 ASIA PACIFIC: IMPACT OF RECESSION
FIGURE 46 ASIA PACIFIC: HVAC SYSTEM MARKET SNAPSHOT
TABLE 137 ASIA PACIFIC: HVAC SYSTEM MARKET, BY EQUIPMENT TYPE, 2019–2022 (USD BILLION)
TABLE 138 ASIA PACIFIC: HVAC SYSTEM MARKET, BY EQUIPMENT TYPE, 2023–2028 (USD BILLION)
TABLE 139 ASIA PACIFIC: HVAC SYSTEM MARKET, BY COUNTRY, 2019–2022 (USD BILLION)
TABLE 140 ASIA PACIFIC: HVAC SYSTEM MARKET, BY COUNTRY, 2023–2028 (USD BILLION)
11.4.2 CHINA
11.4.2.1 Growing industrialization and urbanization
11.4.3 JAPAN
11.4.3.1 Strict regulations for energy conservation
11.4.4 INDIA
11.4.4.1 Surging need to save energy to boost demand
11.4.5 REST OF ASIA PACIFIC
11.5 ROW
11.5.1 ROW: IMPACT OF RECESSION
TABLE 141 ROW: HVAC SYSTEM MARKET, BY EQUIPMENT TYPE, 2019–2022 (USD BILLION)
TABLE 142 ROW: HVAC SYSTEM MARKET, BY EQUIPMENT TYPE, 2023–2028 (USD BILLION)
TABLE 143 ROW: HVAC SYSTEM MARKET, BY COUNTRY, 2019–2022 (USD BILLION)
TABLE 144 ROW: HVAC SYSTEM MARKET, BY COUNTRY, 2023–2028 (USD BILLION)
11.5.2 SOUTH AMERICA
11.5.2.1 Strong focus on infrastructure development
11.5.3 MIDDLE EAST & AFRICA
11.5.3.1 Stringent regulations for enhancing energy performance of buildings
12 COMPETITIVE LANDSCAPE
12.1 OVERVIEW
12.2 KEY PLAYER STRATEGIES
TABLE 145 OVERVIEW OF STRATEGIES DEPLOYED BY HVAC SYSTEM OEMS
12.3 COMPANY REVENUE ANALYSIS, 2020–2022
FIGURE 47 THREE-YEAR REVENUE ANALYSIS OF TOP FIVE PLAYERS, 2020–2022
12.4 MARKET SHARE ANALYSIS, 2022
FIGURE 48 SHARE OF MAJOR PLAYERS IN HVAC SYSTEM MARKET, 2022
TABLE 146 HVAC SYSTEM MARKET: DEGREE OF COMPETITION
12.5 COMPANY EVALUATION QUADRANT
12.5.1 STARS
12.5.2 PERVASIVE PLAYERS
12.5.3 EMERGING LEADERS
12.5.4 PARTICIPANTS
FIGURE 49 HVAC SYSTEM MARKET: COMPANY EVALUATION QUADRANT, 2022
12.6 STARTUP/SME EVALUATION QUADRANT
12.6.1 PROGRESSIVE COMPANIES
12.6.2 RESPONSIVE COMPANIES
12.6.3 DYNAMIC COMPANIES
12.6.4 STARTING BLOCKS
FIGURE 50 HVAC SYSTEM MARKET: STARTUP/SME EVALUATION QUADRANT, 2022
12.7 HVAC SYSTEM MARKET: COMPANY FOOTPRINT
TABLE 147 FOOTPRINT OF COMPANIES
TABLE 148 APPLICATION FOOTPRINT OF COMPANIES
TABLE 149 PRODUCT FOOTPRINT OF COMPANIES
TABLE 150 REGIONAL FOOTPRINT OF COMPANIES
12.8 STARTUP/SME EVALUATION MATRIX
12.8.1 LIST OF STARTUPS/SMES: HVAC SYSTEM MARKET
TABLE 151 LIST OF STARTUPS/SMES: HVAC SYSTEM MARKET
12.8.2 STARTUP/SME MATRIX: DETAILED LIST OF KEY STARTUPS/SMES
TABLE 152 STARTUP/SME MATRIX: DETAILED LIST OF KEY STARTUPS/SMES
TABLE 153 HVAC SYSTEM MARKET: COMPETITIVE BENCHMARKING OF KEY STARTUPS/SMES, BY PRODUCT
TABLE 154 HVAC SYSTEM MARKET: COMPETITIVE BENCHMARKING OF KEY STARTUPS/SMES, BY REGION
12.9 COMPETITIVE SCENARIO AND TRENDS
12.9.1 DEALS
TABLE 155 HVAC SYSTEM MARKET: DEALS, 2021–2023
12.9.2 PRODUCT LAUNCHES
TABLE 156 HVAC SYSTEM MARKET: PRODUCT LAUNCHES, 2021–2023
13 COMPANY PROFILES
(Business Overview, Products/Solutions/Services Offered, Recent Developments, and MnM View (Key strengths/Right to Win, Strategic Choices Made, and Weaknesses and Competitive Threats))*
13.1 KEY PLAYERS
13.1.1 DAIKIN
TABLE 157 DAIKIN: BUSINESS OVERVIEW
FIGURE 51 DAIKIN: COMPANY SNAPSHOT
TABLE 158 DAIKIN: PRODUCTS/SOLUTIONS/SERVICES OFFERED
TABLE 159 DAIKIN: PRODUCT LAUNCHES
TABLE 160 DAIKIN: DEALS
TABLE 161 DAIKIN: OTHERS
13.1.2 JOHNSON CONTROLS INTERNATIONAL PLC
TABLE 162 JOHNSON CONTROLS INTERNATIONAL PLC: BUSINESS OVERVIEW
FIGURE 52 JOHNSON CONTROLS INTERNATIONAL PLC: COMPANY SNAPSHOT
TABLE 163 JOHNSON CONTROLS INTERNATIONAL PLC: PRODUCTS/SOLUTIONS/SERVICES OFFERED
TABLE 164 JOHNSON CONTROLS INTERNATIONAL PLC: PRODUCT LAUNCHES
TABLE 165 JOHNSON CONTROLS: DEALS
13.1.3 LG ELECTRONICS
TABLE 166 LG ELECTRONICS: BUSINESS OVERVIEW
FIGURE 53 LG ELECTRONICS: COMPANY SNAPSHOT
TABLE 167 LG ELECTRONICS: PRODUCTS/SOLUTIONS/SERVICES OFFERED
TABLE 168 LG ELECTRONICS: PRODUCT LAUNCHES
13.1.4 CARRIER GLOBAL CORPORATION
TABLE 169 CARRIER GLOBAL CORPORATION: BUSINESS OVERVIEW
FIGURE 54 CARRIER GLOBAL CORPORATION: COMPANY SNAPSHOT
TABLE 170 CARRIER GLOBAL CORPORATION:
PRODUCTS/SOLUTIONS/SERVICES OFFERED
TABLE 171 CARRIER GLOBAL CORPORATION: PRODUCT LAUNCHES
TABLE 172 CARRIER GLOBAL CORPORATION: DEALS
13.1.5 TRANE TECHNOLOGIES PLC
TABLE 173 TRANE TECHNOLOGIES PLC: BUSINESS OVERVIEW
FIGURE 55 TRANE TECHNOLOGIES PLC: COMPANY SNAPSHOT
TABLE 174 TRANE TECHNOLOGIES PLC: PRODUCTS/SOLUTIONS/SERVICES OFFERED
TABLE 175 TRANE TECHNOLOGIES PLC: PRODUCT LAUNCHES
TABLE 176 TRANE TECHNOLOGIES PLC: DEALS
13.1.6 EMERSON ELECTRIC CO.
TABLE 177 EMERSON ELECTRIC CO.: BUSINESS OVERVIEW
FIGURE 56 EMERSON ELECTRIC CO.: COMPANY SNAPSHOT
TABLE 178 EMERSON ELECTRIC CO.: PRODUCTS/SOLUTIONS/SERVICES OFFERED
TABLE 179 EMERSON ELECTRIC CO.: DEALS
TABLE 180 EMERSON ELECTRIC CO.: OTHERS
13.1.7 HONEYWELL INTERNATIONAL INC.
TABLE 181 HONEYWELL INTERNATIONAL INC.: BUSINESS OVERVIEW
FIGURE 57 HONEYWELL INTERNATIONAL INC.: COMPANY SNAPSHOT
TABLE 182 HONEYWELL INTERNATIONAL INC.:
PRODUCTS/SOLUTIONS/SERVICES OFFERED
TABLE 183 HONEYWELL INTERNATIONAL INC.: PRODUCT LAUNCHES
TABLE 184 HONEYWELL INTERNATIONAL INC.: DEALS
TABLE 185 HONEYWELL INTERNATIONAL INC.: OTHERS
13.1.8 MITSUBISHI ELECTRIC CORPORATION
TABLE 186 MITSUBISHI ELECTRIC CORPORATION: BUSINESS OVERVIEW
FIGURE 58 MITSUBISHI ELECTRIC CORPORATION: COMPANY SNAPSHOT
TABLE 187 MITSUBISHI ELECTRIC CORPORATION:
PRODUCTS/SOLUTIONS/SERVICES OFFERED
TABLE 188 MITSUBISHI ELECTRIC CORPORATION: PRODUCT LAUNCHES
TABLE 189 MITSUBISHI ELECTRIC CORPORATION: DEALS
TABLE 190 MITSUBISHI ELECTRIC CORPORATION: OTHERS
13.1.9 SAMSUNG ELECTRONICS CO., LTD.
TABLE 191 SAMSUNG ELECTRONICS CO., LTD.: BUSINESS OVERVIEW
FIGURE 59 SAMSUNG ELECTRONICS CO., LTD.: COMPANY SNAPSHOT
TABLE 192 SAMSUNG ELECTRONICS CO., LTD.:
PRODUCTS/SOLUTIONS/SERVICES OFFERED
TABLE 193 SAMSUNG ELECTRONICS CO., LTD.: PRODUCT LAUNCHES
TABLE 194 SAMSUNG ELECTRONICS CO., LTD.: OTHERS
13.1.10 NORTEK AIR MANAGEMENT
TABLE 195 NORTEK AIR MANAGEMENT: BUSINESS OVERVIEW
TABLE 196 NORTEK AIR MANAGEMENT: PRODUCTS/SOLUTIONS/SERVICES OFFERED
TABLE 197 NORTEK AIR MANAGEMENT: PRODUCT LAUNCHES
TABLE 198 NORTEK AIR MANAGEMENT: DEALS
TABLE 199 NORTEK AIR MANAGEMENT: OTHERS
13.2 OTHER KEY PLAYERS
13.2.1 DANFOSS
13.2.2 FUJITSU
13.2.3 GREE
13.2.4 HITACHI
13.2.5 MIDEA
13.2.6 PANASONIC HOLDINGS CORP
13.2.7 HAIER SMART HOME
13.2.8 TOSHIBA
13.2.9 WHIRLPOOL
13.2.10 SIEMENS AG
13.2.11 ELECTROLUX
13.2.12 LENNOX
13.2.13 SCHNEIDER ELECTRIC
13.2.14 FERROLI
13.2.15 BOSCH THERMOTECHNIK
*Details on Business Overview, Products/Solutions/Services Offered, Recent Developments, and MnM View (Key strengths/Right to Win, Strategic Choices Made, and Weaknesses and Competitive Threats) might not be captured in case of unlisted companies.
14 APPENDIX
14.1 DISCUSSION GUIDE
14.2 KNOWLEDGE STORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL
14.3 CUSTOMIZATION OPTIONS
14.4 RELATED REPORTS
14.5 AUTHOR DETAILS
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 REGIONAL SCOPE
1.3.3 YEARS CONSIDERED
1.4 CURRENCY
1.5 MARKET STAKEHOLDERS
1.6 SUMMARY OF CHANGES
1.7 RECESSION ANALYSIS
FIGURE 1 GDP GROWTH PROJECTION UNTIL 2023 FOR MAJOR ECONOMIES
FIGURE 2 MARKET PROJECTIONS FOR HVAC SYSTEM MARKET
2 RESEARCH METHODOLOGY
2.1 RESEARCH DATA
FIGURE 3 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 4 MARKET SIZE ESTIMATION METHODOLOGY: SUPPLY-SIDE ANALYSIS
FIGURE 5 MARKET SIZE ESTIMATION METHODOLOGY: APPROACH 2 (SUPPLY-SIDE)—IDENTIFICATION OF REVENUE GENERATED BY COMPANIES FROM HVAC SYSTEM MARKET
2.2.1 BOTTOM-UP APPROACH
2.2.1.1 Approach for arriving at market size using bottom-up analysis
FIGURE 6 MARKET SIZE ESTIMATION METHODOLOGY: BOTTOM-UP APPROACH
FIGURE 7 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 8 MARKET SIZE ESTIMATION METHODOLOGY: TOP-DOWN APPROACH
2.3 MARKET BREAKDOWN AND DATA TRIANGULATION
FIGURE 9 MARKET BREAKDOWN AND DATA TRIANGULATION
2.4 RESEARCH ASSUMPTIONS
2.5 RISK ASSESSMENT
TABLE 1 LIMITATIONS AND ASSOCIATED RISKS
2.6 ASSUMPTIONS: RECESSION
TABLE 2 ASSUMPTIONS: RECESSION
2.7 STUDY LIMITATIONS
3 EXECUTIVE SUMMARY
3.1 GROWTH RATE ASSUMPTIONS/FORECAST
FIGURE 10 UNITARY AIR CONDITIONERS TO HOLD LARGEST SHARE OF HVAC SYSTEM MARKET DURING FORECAST PERIOD
FIGURE 11 HVAC SYSTEM MARKET FOR FURNACES TO GROW AT HIGHEST CAGR DURING FORECAST PERIOD
FIGURE 12 HVAC SYSTEM MARKET FOR AHUS TO RECORD MAXIMUM CAGR DURING FORECAST PERIOD
FIGURE 13 HVAC SYSTEM MARKET FOR NEW CONSTRUCTION TO SECURE HIGHEST MARKET SHARE DURING FORECAST PERIOD
FIGURE 14 HVAC SYSTEM MARKET FOR COMMERCIAL APPLICATIONS TO DISPLAY HIGHER CAGR DURING FORECAST PERIOD
FIGURE 15 ASIA PACIFIC TO EXHIBIT HIGHEST CAGR DURING FORECAST PERIOD
4 PREMIUM INSIGHTS
4.1 ATTRACTIVE OPPORTUNITIES FOR PLAYERS IN HVAC SYSTEM MARKET
FIGURE 16 IMPLEMENTATION OF IOT ACROSS HVAC SYSTEMS TRANSFORMED SCENARIO OF COMMERCIAL AND RESIDENTIAL APPLICATIONS
4.2 HVAC SYSTEM MARKET IN NORTH AMERICA, BY COUNTRY AND EQUIPMENT TYPE
FIGURE 17 US AND HEATING EQUIPMENT EXPECTED TO HOLD LARGEST SHARE OF NORTH AMERICAN HVAC SYSTEM MARKET IN 2023
4.3 HVAC SYSTEM MARKET FOR COMMERCIAL APPLICATIONS, BY TYPE
FIGURE 18 OFFICES TO HOLD LARGEST SHARE OF HVAC SYSTEM MARKET IN COMMERCIAL APPLICATION DURING FORECAST PERIOD
4.4 HVAC SYSTEM MARKET, BY COUNTRY
FIGURE 19 HVAC SYSTEM MARKET IN INDIA TO GROW AT HIGHEST CAGR FROM 2023 TO 2028
5 MARKET OVERVIEW
5.1 INTRODUCTION
5.2 MARKET DYNAMICS
FIGURE 20 MARKET DYNAMICS: HVAC SYSTEM MARKET
5.2.1 DRIVERS
FIGURE 21 DRIVERS AND THEIR IMPACT ON HVAC SYSTEM MARKET
5.2.1.1 Increasing demand for energy-efficient HVAC systems
5.2.1.2 Rising constructions activities in residential and industrial sectors
5.2.1.3 Government regulatory policies and incentives to ensure energy saving and conservation of natural resources
5.2.1.4 Growing demand for indoor and outdoor air quality
5.2.1.5 Technological advancements in HVAC systems
5.2.2 RESTRAINTS
FIGURE 22 RESTRAINTS AND THEIR IMPACT ON HVAC SYSTEM MARKET
5.2.2.1 High maintenance, repair, and installation costs of HVAC systems
5.2.2.2 Limited space in commercial and residential buildings for large HVAC systems
5.2.2.3 Lack of technical knowledge and shortage of skilled labor
5.2.3 OPPORTUNITIES
FIGURE 23 OPPORTUNITIES AND THEIR IMPACT ON HVAC SYSTEM MARKET
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 Efforts to develop next-generation low global warming potential refrigerants for HVAC systems
5.2.4 CHALLENGES
FIGURE 24 CHALLENGES AND THEIR IMPACT ON HVAC SYSTEM MARKET
5.2.4.1 Lack of awareness about benefits of HVAC systems in developing countries
5.2.4.2 Increase in environmental concerns and aging infrastructure
5.3 VALUE CHAIN ANALYSIS
FIGURE 25 VALUE CHAIN ANALYSIS: HVAC SYSTEM MARKET
5.4 ECOSYSTEM ANALYSIS
FIGURE 26 KEY PLAYERS IN HVAC SYSTEM MARKET
TABLE 3 ROLE OF HVAC COMPANIES IN ECOSYSTEM
5.5 PORTER’S FIVE FORCES ANALYSIS
TABLE 4 HVAC SYSTEM MARKET: PORTER’S FIVE FORCES ANALYSIS
FIGURE 27 PORTER'S FIVE FORCES ANALYSIS: HVAC SYSTEM MARKET
5.5.1 DEGREE OF COMPETITION
5.5.2 BARGAINING POWER OF SUPPLIERS
5.5.3 BARGAINING POWER OF BUYERS
5.5.4 THREAT OF SUBSTITUTES
5.5.5 THREAT OF NEW ENTRANTS
5.6 KEY STAKEHOLDERS AND BUYING CRITERIA
5.6.1 KEY STAKEHOLDERS IN BUYING PROCESS
FIGURE 28 INFLUENCE OF STAKEHOLDERS ON BUYING PROCESS FOR TOP THREE APPLICATIONS
TABLE 5 INFLUENCE OF STAKEHOLDERS ON BUYING PROCESS FOR TOP THREE APPLICATIONS
5.6.2 BUYING CRITERIA
FIGURE 29 KEY BUYING CRITERIA FOR TOP THREE APPLICATIONS
TABLE 6 KEY BUYING CRITERIA FOR TOP THREE APPLICATIONS
5.7 TRENDS/DISRUPTIONS IMPACTING CUSTOMER BUSINESS
FIGURE 30 REVENUE SHIFT FOR PLAYERS IN HVAC SYSTEM MARKET
5.8 CASE STUDY ANALYSIS
5.8.1 TOWER OF LONDON INSTALLS HVAC SYSTEMS FROM AIREDALE
5.8.2 THE EBELL OF LOS ANGELES AND WILSHIRE EBELL THEATER HOUSE REPLACE OLD AND INEFFICIENT HVAC SYSTEMS
5.8.3 GEORGIA SCHOOL DISTRICT UPGRADES HVAC SYSTEMS AND LOWERS ENERGY COSTS
5.8.4 VIRGINIA DATA CENTER INSTALLATION IN MODULAR HVAC SYSTEMS
5.8.5 ALACHUA COUNTY LIBRARY DISTRICT IN GAINESVILLE, FLORIDA, IMPLEMENTS INNOVATIVE HVAC SOLUTIONS USING ICEBANK ENERGY STORAGE SYSTEM OF CALMAC
5.9 TECHNOLOGY ANALYSIS
5.9.1 KEY TECHNOLOGIES
5.9.1.1 Air conditioning units
5.9.1.2 Heating units
5.9.1.3 Ventilation systems
5.9.2 COMPLEMENTARY TECHNOLOGIES
5.9.2.1 Sensors
5.9.2.2 Building automation systems
5.9.3 ADJACENT TECHNOLOGIES
5.9.3.1 Software technologies
5.10 AVERAGE SELLING PRICE ANALYSIS
FIGURE 31 AVERAGE SELLING PRICE OF HVAC SYSTEM EQUIPMENT, BY APPLICATION
5.10.1 AVERAGE SELLING PRICES OF HVAC SYSTEM EQUIPMENT, BY APPLICATION (USD)
TABLE 7 AVERAGE SELLING PRICES OF HVAC SYSTEM EQUIPMENT, BY APPLICATION (USD)
5.10.2 AVERAGE SELLING PRICE TRENDS
FIGURE 32 AVERAGE SELLING PRICES OF DIFFERENT COOLING EQUIPMENT USED IN HVAC SYSTEMS (USD)
FIGURE 33 AVERAGE SELLING PRICES OF DIFFERENT HEATING EQUIPMENT USED IN HVAC SYSTEMS (USD)
FIGURE 34 AVERAGE SELLING PRICES OF DIFFERENT VENTILATION EQUIPMENT USED IN HVAC SYSTEMS (USD)
TABLE 8 HVAC INSTALLATION COSTS, BY TYPE, 2022
5.11 PATENT ANALYSIS
FIGURE 35 NUMBER OF PATENTS GRANTED IN HVAC SYSTEM MARKET, 2012–2023
TABLE 9 LIST OF PATENTS IN HVAC SYSTEM MARKET, 2021–2023
5.12 TRADE ANALYSIS
TABLE 10 IMPORT DATA, BY COUNTRY, 2018–2022 (USD MILLION)
FIGURE 36 IMPORT DATA, BY COUNTRY, 2018–2022 (USD MILLION)
TABLE 11 EXPORT DATA, BY COUNTRY, 2018–2022 (USD MILLION)
FIGURE 37 EXPORT DATA, BY COUNTRY, 2018–2022 (USD MILLION)
5.13 TARIFF ANALYSIS
TABLE 12 MFN TARIFFS FOR HS CODE: 8415 EXPORTED BY US (2022)
TABLE 13 MFN TARIFFS FOR HS CODE: 8415 EXPORTED BY CHINA (2022)
TABLE 14 MFN TARIFF FOR HS CODE: 8415 EXPORTED BY INDIA (2022)
5.14 STANDARDS AND REGULATORY LANDSCAPE
5.14.1 REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
5.14.1.1 North America: List of regulatory bodies, government agencies, and other organizations
TABLE 15 NORTH AMERICA: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
5.14.1.2 Europe: List of regulatory bodies, government agencies, and other organizations
TABLE 16 EUROPE: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
5.14.1.3 Asia Pacific: List of regulatory bodies, government agencies, and other organizations
TABLE 17 ASIA PACIFIC: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
5.14.1.4 RoW: List of regulatory bodies, government agencies, and other organizations
TABLE 18 ROW: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
5.14.2 STANDARDS & REGULATIONS RELATED TO HVAC SYSTEM MARKET
5.14.2.1 Environmental HVAC requirements
5.14.2.1.1 Current HCFC regulations
5.14.2.1.2 New HFC regulations
5.14.2.1.3 US regulations
5.14.2.1.4 Canadian regulations
5.14.2.2 HVAC efficiency standards
5.14.2.3 HVAC tech certifications
5.15 KEY CONFERENCES AND EVENTS, 2023–2024
TABLE 19 HVAC SYSTEM MARKET: DETAILED LIST OF CONFERENCES AND EVENTS
5.16 COMPANY INFORMATION FOR TOP HVAC SYSTEM MANUFACTURERS
5.17 TIER 2 AND TIER 3 SUPPLIERS OF HVAC SYSTEM MARKET
6 HVAC SYSTEM MARKET, BY COOLING EQUIPMENT
6.1 INTRODUCTION
FIGURE 38 UNITARY AIR CONDITIONERS TO HOLD LARGEST SHARE OF HVAC SYSTEM MARKET FOR COOLING EQUIPMENT IN 2028
TABLE 20 HVAC SYSTEM MARKET, BY COOLING EQUIPMENT, 2019–2022 (USD BILLION)
TABLE 21 HVAC SYSTEM MARKET, BY COOLING EQUIPMENT, 2023–2028 (USD BILLION)
TABLE 22 HVAC SYSTEM MARKET, BY COOLING EQUIPMENT, 2019–2022 (THOUSAND UNITS)
TABLE 23 HVAC SYSTEM MARKET, BY COOLING EQUIPMENT, 2023–2028 (THOUSAND UNITS)
6.2 UNITARY AIR CONDITIONERS
6.2.1 COMMERCIAL SEGMENT TO ACCOUNT FOR LARGEST SHARE OF COOLING EQUIPMENT MARKET FOR UNITARY AIR CONDITIONERS
6.2.1.1 Split air conditioners
6.2.1.2 Packaged air conditioners
TABLE 24 UNITARY AIR CONDITIONERS: HVAC SYSTEM MARKET, BY APPLICATION, 2019–2022 (USD MILLION)
TABLE 25 UNITARY AIR CONDITIONERS: HVAC SYSTEM MARKET, BY APPLICATION, 2023–2028 (USD MILLION)
TABLE 26 UNITARY AIR CONDITIONERS: HVAC SYSTEM MARKET, BY REGION, 2019–2022 (USD BILLION)
TABLE 27 UNITARY AIR CONDITIONERS: HVAC SYSTEM MARKET, BY REGION, 2023–2028 (USD BILLION)
6.3 VRF SYSTEMS
6.3.1 GROWING POPULARITY DUE TO ENERGY EFFICIENCY, FLEXIBILITY, AND ZONING CAPABILITIES
TABLE 28 VRF SYSTEMS: HVAC SYSTEM MARKET, BY APPLICATION, 2019–2022 (USD MILLION)
TABLE 29 VRF SYSTEMS: HVAC SYSTEM MARKET, BY APPLICATION, 2023–2028 (USD MILLION)
TABLE 30 VRF SYSTEMS: HVAC SYSTEM MARKET, BY REGION, 2019–2022 (USD MILLION)
TABLE 31 VRF SYSTEMS: HVAC SYSTEM MARKET, BY REGION, 2023–2028 (USD MILLION)
6.4 CHILLERS
6.4.1 DRIVES REFRIGERATION CYCLE OF COOLING EQUIPMENT
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 32 CHILLERS: HVAC SYSTEM MARKET, BY APPLICATION, 2019–2022 (USD BILLION)
TABLE 33 CHILLERS: HVAC SYSTEM MARKET, BY APPLICATION, 2023–2028 (USD BILLION)
TABLE 34 CHILLERS: HVAC SYSTEM MARKET, BY REGION, 2019–2022 (USD MILLION)
TABLE 35 CHILLERS: HVAC SYSTEM MARKET, BY REGION, 2023–2028 (USD MILLION)
6.5 ROOM AIR CONDITIONERS
6.5.1 RESIDENTIAL SEGMENT TO HOLD LARGEST SHARE OF ROOM AIR CONDITIONERS MARKET
TABLE 36 ROOM AIR CONDITIONERS: HVAC SYSTEM MARKET, BY APPLICATION, 2019–2022 (USD MILLION)
TABLE 37 ROOM AIR CONDITIONERS: HVAC SYSTEM MARKET, BY APPLICATION, 2023–2028 (USD MILLION)
TABLE 38 ROOM AIR CONDITIONERS: HVAC SYSTEM MARKET, BY REGION, 2019–2022 (USD MILLION)
TABLE 39 ROOM AIR CONDITIONERS: HVAC SYSTEM MARKET, BY REGION, 2023–2028 (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 40 COOLERS: HVAC SYSTEM MARKET, BY APPLICATION, 2019–2022 (USD MILLION)
TABLE 41 COOLERS: HVAC SYSTEM MARKET, BY APPLICATION, 2023–2028 (USD MILLION)
TABLE 42 COOLERS: HVAC SYSTEM MARKET, BY REGION, 2019–2022 (USD MILLION)
TABLE 43 COOLERS: HVAC SYSTEM MARKET, BY REGION, 2023–2028 (USD MILLION)
6.7 COOLING TOWERS
6.7.1 ASIA PACIFIC TO HOLD LARGEST SHARE 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 44 COOLING TOWERS: HVAC SYSTEM MARKET, BY APPLICATION, 2019–2022 (USD MILLION)
TABLE 45 COOLING TOWERS: HVAC SYSTEM MARKET, BY APPLICATION, 2023–2028 (USD MILLION)
TABLE 46 COOLING TOWERS: HVAC SYSTEM MARKET, BY REGION, 2019–2022 (USD MILLION)
TABLE 47 COOLING TOWERS: HVAC SYSTEM MARKET, BY REGION, 2023–2028 (USD MILLION)
7 HVAC SYSTEM MARKET, BY HEATING EQUIPMENT
7.1 INTRODUCTION
FIGURE 39 HEAT PUMPS TO HOLD LARGEST SHARE OF HVAC SYSTEM MARKET DURING FORECAST PERIOD
TABLE 48 HVAC SYSTEM MARKET, BY HEATING EQUIPMENT, 2019–2022 (USD BILLION)
TABLE 49 HVAC SYSTEM MARKET, BY HEATING EQUIPMENT, 2023–2028 (USD BILLION)
TABLE 50 HVAC SYSTEM MARKET, BY HEATING EQUIPMENT, 2019–2022 (MILLION UNITS)
TABLE 51 HVAC SYSTEM MARKET, BY HEATING EQUIPMENT, 2023–2028 (MILLION UNITS)
7.2 HEAT PUMPS
7.2.1 INCREASING ADOPTION OF COST-EFFECTIVE HEAT PUMPS
7.2.2 CASE STUDY: KING EDWARD VII HIGH SCHOOL INSTALLS HEAT PUMPS TO UTILIZE RENEWABLE ENERGY WITHIN BUDGET
7.2.2.1 Air-to-air heat pumps
7.2.2.2 Air-to-water heat pumps
7.2.2.3 Water-to-water heat pumps
TABLE 52 HEAT PUMPS: HVAC SYSTEM MARKET, BY APPLICATION, 2019–2022 (USD BILLION)
TABLE 53 HEAT PUMPS: HVAC SYSTEM MARKET, BY APPLICATION, 2023–2028 (USD BILLION)
TABLE 54 HEAT PUMPS: HVAC SYSTEM MARKET, BY REGION, 2019–2022 (USD BILLION)
TABLE 55 HEAT PUMPS: HVAC SYSTEM MARKET, BY REGION, 2023–2028 (USD BILLION)
7.3 FURNACES
7.3.1 LOW COST AND HIGH EFFICIENCY TO FUEL DEMAND FOR FURNACES
7.3.2 CASE STUDY: FURNACE REPLACEMENT FOR COLONIAL HOME INCREASES EFFICIENCY
7.3.2.1 Oil furnaces
7.3.2.2 Gas furnaces
7.3.2.3 Electric furnaces
TABLE 56 FURNACES: HVAC SYSTEM MARKET, BY APPLICATION, 2019–2022 (USD BILLION)
TABLE 57 FURNACES: HVAC SYSTEM MARKET, BY APPLICATION, 2023–2028 (USD BILLION)
TABLE 58 FURNACES: HVAC SYSTEM MARKET, BY REGION, 2019–2022 (USD MILLION)
TABLE 59 FURNACES: HVAC SYSTEM MARKET, BY REGION, 2023–2028 (USD MILLION)
7.4 UNITARY HEATERS
7.4.1 HIGH EFFICIENCY AND COST-EFFECTIVENESS 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 60 UNITARY HEATERS: HVAC SYSTEM MARKET, BY APPLICATION, 2019–2022 (USD BILLION)
TABLE 61 UNITARY HEATERS: HVAC SYSTEM MARKET, BY APPLICATION, 2023–2028 (USD BILLION)
TABLE 62 UNITARY HEATERS: HVAC SYSTEM MARKET, BY REGION, 2019–2022 (USD MILLION)
TABLE 63 UNITARY HEATERS: HVAC SYSTEM MARKET, BY REGION, 2023–2028 (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 64 BOILERS: HVAC SYSTEM MARKET, BY APPLICATION, 2019–2022 (USD BILLION)
TABLE 65 BOILERS: HVAC SYSTEM MARKET, BY APPLICATION, 2023–2028 (USD BILLION)
TABLE 66 BOILERS: HVAC SYSTEM MARKET, BY REGION, 2019–2022 (USD MILLION)
TABLE 67 BOILERS: HVAC SYSTEM MARKET, BY REGION, 2023–2028 (USD MILLION)
8 HVAC SYSTEM MARKET, BY VENTILATION EQUIPMENT
8.1 INTRODUCTION
FIGURE 40 AIR-HANDLING UNITS SEGMENT TO HOLD LARGEST SHARE OF HVAC SYSTEM MARKET DURING FORECAST PERIOD
TABLE 68 HVAC SYSTEM MARKET, BY VENTILATION EQUIPMENT, 2019–2022 (USD BILLION)
TABLE 69 HVAC SYSTEM MARKET, BY VENTILATION EQUIPMENT, 2023–2028 (USD BILLION)
TABLE 70 HVAC SYSTEM MARKET, BY VENTILATION EQUIPMENT, 2019–2022 (MILLION UNITS)
TABLE 71 HVAC SYSTEM MARKET, BY VENTILATION EQUIPMENT, 2023–2028 (MILLION UNITS)
8.2 AIR-HANDLING UNITS
8.2.1 VARIABLE FREQUENCY DRIVES USED IN AIR-HANDLING UNIT TO CONTROL MOTOR SPEED
TABLE 72 AIR-HANDLING UNITS: HVAC SYSTEM MARKET, BY APPLICATION, 2019–2022 (USD BILLION)
TABLE 73 AIR-HANDLING UNITS: HVAC SYSTEM MARKET, BY APPLICATION, 2023–2028 (USD BILLION)
TABLE 74 AIR-HANDLING UNITS: HVAC SYSTEM MARKET, BY REGION, 2019–2022 (USD BILLION)
TABLE 75 AIR-HANDLING UNITS: HVAC SYSTEM MARKET, BY REGION, 2023–2028 (USD BILLION)
8.3 AIR FILTERS
8.3.1 ASIA PACIFIC TO HOLD LARGEST SHARE OF AIR FILTERS MARKET
TABLE 76 AIR FILTERS: HVAC SYSTEM MARKET, BY APPLICATION, 2019–2022 (USD BILLION)
TABLE 77 AIR FILTERS: HVAC SYSTEM MARKET, BY APPLICATION, 2023–2028 (USD BILLION)
TABLE 78 AIR FILTERS: HVAC SYSTEM MARKET, BY REGION, 2019–2022 (USD MILLION)
TABLE 79 AIR FILTERS: HVAC SYSTEM MARKET, BY REGION, 2023–2028 (USD MILLION)
8.4 DEHUMIDIFIERS
8.4.1 INDUSTRIAL SEGMENT TO ACCOUNT FOR LARGEST SHARE OF HVAC SYSTEM MARKET FOR DEHUMIDIFIERS
8.4.1.1 Refrigeration dehumidifiers
8.4.1.2 Absorption dehumidifiers
TABLE 80 DEHUMIDIFIERS: HVAC SYSTEM MARKET, BY APPLICATION, 2019–2022 (USD BILLION)
TABLE 81 DEHUMIDIFIERS: HVAC SYSTEM MARKET, BY APPLICATION, 2023–2028 (USD BILLION)
TABLE 82 DEHUMIDIFIERS: HVAC SYSTEM MARKET, BY REGION, 2019–2022 (USD MILLION)
TABLE 83 DEHUMIDIFIERS: HVAC SYSTEM MARKET, BY REGION, 2023–2028 (USD MILLION)
8.5 VENTILATION FANS
8.5.1 ASIA PACIFIC TO HOLD LARGEST SHARE 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 VENTILATION FANS: HVAC SYSTEM MARKET, BY APPLICATION, 2019–2022 (USD BILLION)
TABLE 85 VENTILATION FANS: HVAC SYSTEM MARKET, BY APPLICATION, 2023–2028 (USD BILLION)
TABLE 86 VENTILATION FANS: HVAC SYSTEM MARKET, BY REGION, 2019–2022 (USD MILLION)
TABLE 87 VENTILATION FANS: HVAC SYSTEM MARKET, BY REGION, 2023–2028 (USD MILLION)
8.6 HUMIDIFIERS
8.6.1 CHANGING WEATHER PATTERNS AND INCREASING INDOOR AIR POLLUTION
8.6.1.1 Warm-mist humidifiers
8.6.1.2 Ultrasonic humidifiers
8.6.1.3 Cool-mist humidifiers
TABLE 88 HUMIDIFIERS: HVAC SYSTEM MARKET, BY APPLICATION, 2019–2022 (USD MILLION)
TABLE 89 HUMIDIFIERS: HVAC SYSTEM MARKET, BY APPLICATION, 2023–2028 (USD MILLION)
TABLE 90 HUMIDIFIERS: HVAC SYSTEM MARKET, BY REGION, 2019–2022 (USD MILLION)
TABLE 91 HUMIDIFIERS: HVAC SYSTEM MARKET, BY REGION, 2023–2028 (USD MILLION)
8.7 AIR PURIFIERS
8.7.1 USED IN HOMES AND WORKPLACES TO IMPROVE INDOOR AIR QUALITY AND CONTROL SYMPTOMS OF ALLERGIES AND ASTHMA
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 AIR PURIFIERS: HVAC SYSTEM MARKET, BY APPLICATION, 2019–2022 (USD MILLION)
TABLE 93 AIR PURIFIERS: HVAC SYSTEM MARKET, BY APPLICATION, 2023–2028 (USD MILLION)
TABLE 94 AIR PURIFIERS: HVAC SYSTEM MARKET, BY REGION, 2019–2022 (USD MILLION)
TABLE 95 AIR PURIFIERS: HVAC SYSTEM MARKET, BY REGION, 2023–2028 (USD MILLION)
9 HVAC SYSTEM MARKET, BY IMPLEMENTATION TYPE
9.1 INTRODUCTION
FIGURE 41 HVAC SYSTEM MARKET FOR NEW CONSTRUCTIONS TO WITNESS HIGHEST CAGR DURING FORECAST PERIOD
TABLE 96 HVAC SYSTEM MARKET, BY IMPLEMENTATION TYPE, 2019–2022 (USD BILLION)
TABLE 97 HVAC SYSTEM MARKET, BY IMPLEMENTATION TYPE, 2023–2028 (USD BILLION)
9.2 NEW CONSTRUCTION
9.2.1 GROWING URBANIZATION TO BENEFIT MARKET
9.3 RETROFIT
9.3.1 GOVERNMENT REGULATIONS FOR GREEN BUILDINGS
10 HVAC SYSTEM MARKET, BY APPLICATION
10.1 INTRODUCTION
FIGURE 42 HVAC SYSTEM MARKET FOR COMMERCIAL APPLICATIONS TO ATTAIN HIGHEST MARKET SHARE DURING FORECAST PERIOD
TABLE 98 HVAC SYSTEM MARKET, BY APPLICATION, 2019–2022 (USD BILLION)
TABLE 99 HVAC SYSTEM MARKET, BY APPLICATION, 2023–2028 (USD BILLION)
10.2 COMMERCIAL
10.2.1 GROWING ADOPTION OF ENERGY-EFFICIENT EQUIPMENT TO BOOST HVAC SYSTEM MARKET FOR COMMERCIAL SPACES
TABLE 100 COMMERCIAL: HVAC SYSTEM MARKET, BY TYPE, 2019–2022 (USD BILLION)
TABLE 101 COMMERCIAL: HVAC SYSTEM MARKET, BY TYPE, 2023–2028 (USD BILLION)
TABLE 102 COMMERCIAL: HVAC SYSTEM MARKET, BY COOLING EQUIPMENT, 2019–2022 (USD MILLION)
TABLE 103 COMMERCIAL: HVAC SYSTEM MARKET, BY COOLING EQUIPMENT, 2023–2028 (USD MILLION)
TABLE 104 COMMERCIAL: HVAC SYSTEM MARKET, BY HEATING EQUIPMENT, 2019–2022 (USD BILLION)
TABLE 105 COMMERCIAL: HVAC SYSTEM MARKET, BY HEATING EQUIPMENT, 2023–2028 (USD BILLION)
TABLE 106 COMMERCIAL: HVAC SYSTEM MARKET, BY VENTILATION EQUIPMENT, 2019–2022 (USD MILLION)
TABLE 107 COMMERCIAL: HVAC SYSTEM MARKET, BY VENTILATION EQUIPMENT, 2023–2028 (USD MILLION)
10.2.1.1 Offices
10.2.1.2 Governments
10.2.1.3 Healthcare
10.2.1.4 Education
10.2.1.5 Retail
10.2.1.6 Airports
10.3 RESIDENTIAL
10.3.1 GOVERNMENT REGULATIONS AND TAX CREDIT PROGRAMS TO PROMOTE USE OF HVAC SYSTEMS IN RESIDENTIAL APPLICATIONS
TABLE 108 RESIDENTIAL: HVAC SYSTEM MARKET, BY COOLING EQUIPMENT, 2019–2022 (USD MILLION)
TABLE 109 RESIDENTIAL: HVAC SYSTEM MARKET, BY COOLING EQUIPMENT, 2023–2028 (USD MILLION)
TABLE 110 RESIDENTIAL: HVAC SYSTEM MARKET, BY HEATING EQUIPMENT, 2019–2022 (USD BILLION)
TABLE 111 RESIDENTIAL: HVAC SYSTEM MARKET, BY HEATING EQUIPMENT, 2023–2028 (USD BILLION)
TABLE 112 RESIDENTIAL: HVAC SYSTEM MARKET, BY VENTILATION EQUIPMENT, 2019–2022 (USD MILLION)
TABLE 113 RESIDENTIAL: HVAC SYSTEM MARKET, BY VENTILATION EQUIPMENT, 2023–2028 (USD MILLION)
10.4 INDUSTRIAL
10.4.1 GROWING USE OF ENERGY-EFFICIENT HVAC SYSTEMS IN INDUSTRIAL SPACES TO REDUCE OPERATIONAL COSTS AND SAVE ENERGY
TABLE 114 INDUSTRIAL: HVAC SYSTEM MARKET, BY COOLING EQUIPMENT, 2019–2022 (USD MILLION)
TABLE 115 INDUSTRIAL: HVAC SYSTEM MARKET, BY COOLING EQUIPMENT, 2023–2028 (USD MILLION)
TABLE 116 INDUSTRIAL: HVAC SYSTEM MARKET, BY HEATING EQUIPMENT, 2019–2022 (USD BILLION)
TABLE 117 INDUSTRIAL: HVAC SYSTEM MARKET, BY HEATING EQUIPMENT, 2023–2028 (USD BILLION)
TABLE 118 INDUSTRIAL: HVAC SYSTEM MARKET, BY VENTILATION EQUIPMENT, 2019–2022 (USD MILLION)
TABLE 119 INDUSTRIAL: HVAC SYSTEM MARKET, BY VENTILATION EQUIPMENT, 2023–2028 (USD MILLION)
11 HVAC SYSTEM MARKET, BY REGION
11.1 INTRODUCTION
FIGURE 43 ASIA PACIFIC REGION TO HOLD LARGEST SHARE IN HVAC SYSTEM MARKET DURING FORECAST PERIOD
TABLE 120 HVAC SYSTEM MARKET, BY REGION, 2019–2022 (USD BILLION)
TABLE 121 HVAC SYSTEM MARKET, BY REGION, 2023–2028 (USD BILLION)
TABLE 122 COOLING EQUIPMENT: HVAC SYSTEM MARKET, BY REGION, 2019–2022 (MILLION UNITS)
TABLE 123 COOLING EQUIPMENT: HVAC SYSTEM MARKET, BY REGION, 2023–2028 (MILLION UNITS)
TABLE 124 HEATING EQUIPMENT: HVAC SYSTEM MARKET, BY REGION, 2019–2022 (MILLION UNITS)
TABLE 125 HEATING EQUIPMENT: HVAC SYSTEM MARKET, BY REGION, 2023–2028 (MILLION UNITS)
TABLE 126 VENTILATION EQUIPMENT: HVAC SYSTEM MARKET, BY REGION, 2019–2022 (MILLION UNITS)
TABLE 127 VENTILATION EQUIPMENT: HVAC SYSTEM MARKET, BY REGION, 2023–2028 (MILLION UNITS)
11.2 NORTH AMERICA
11.2.1 NORTH AMERICA: IMPACT OF RECESSION
FIGURE 44 NORTH AMERICA: HVAC SYSTEM MARKET SNAPSHOT
TABLE 128 NORTH AMERICA: HVAC SYSTEM MARKET, BY EQUIPMENT TYPE, 2019–2022 (USD BILLION)
TABLE 129 NORTH AMERICA: HVAC SYSTEM MARKET, BY EQUIPMENT TYPE, 2023–2028 (USD BILLION)
TABLE 130 NORTH AMERICA: HVAC SYSTEM MARKET, BY COUNTRY, 2019–2022 (USD BILLION)
TABLE 131 NORTH AMERICA: HVAC SYSTEM MARKET, BY COUNTRY, 2023–2028 (USD BILLION)
11.2.2 US
11.2.2.1 Increasing number of construction projects
11.2.3 CANADA
11.2.3.1 Government initiatives to save energy
11.2.4 MEXICO
11.2.4.1 Increasing focus on promoting use of energy-efficient HVAC systems
11.3 EUROPE
11.3.1 EUROPE: IMPACT OF RECESSION
FIGURE 45 EUROPE: HVAC SYSTEM MARKET SNAPSHOT
TABLE 132 EUROPE: HVAC SYSTEM MARKET, BY EQUIPMENT TYPE, 2019–2022 (USD BILLION)
TABLE 133 EUROPE: HVAC SYSTEM MARKET, BY EQUIPMENT TYPE, 2023–2028 (USD BILLION)
TABLE 134 EUROPE: HVAC SYSTEM MARKET, BY COUNTRY, 2019–2022 (USD BILLION)
TABLE 135 EUROPE: HVAC SYSTEM MARKET, BY COUNTRY, 2023–2028 (USD BILLION)
11.3.2 UK
11.3.2.1 High demand for energy-efficient devices from commercial and residential users
11.3.3 GERMANY
11.3.3.1 Increasing innovations in software solutions for HVAC professionals
TABLE 136 GERMAN GREENHOUSE GAS EMISSIONS REDUCTION TARGETS, 2030
11.3.4 FRANCE
11.3.4.1 Rising focus on reducing greenhouse gases
11.3.5 REST OF EUROPE
11.4 ASIA PACIFIC
11.4.1 ASIA PACIFIC: IMPACT OF RECESSION
FIGURE 46 ASIA PACIFIC: HVAC SYSTEM MARKET SNAPSHOT
TABLE 137 ASIA PACIFIC: HVAC SYSTEM MARKET, BY EQUIPMENT TYPE, 2019–2022 (USD BILLION)
TABLE 138 ASIA PACIFIC: HVAC SYSTEM MARKET, BY EQUIPMENT TYPE, 2023–2028 (USD BILLION)
TABLE 139 ASIA PACIFIC: HVAC SYSTEM MARKET, BY COUNTRY, 2019–2022 (USD BILLION)
TABLE 140 ASIA PACIFIC: HVAC SYSTEM MARKET, BY COUNTRY, 2023–2028 (USD BILLION)
11.4.2 CHINA
11.4.2.1 Growing industrialization and urbanization
11.4.3 JAPAN
11.4.3.1 Strict regulations for energy conservation
11.4.4 INDIA
11.4.4.1 Surging need to save energy to boost demand
11.4.5 REST OF ASIA PACIFIC
11.5 ROW
11.5.1 ROW: IMPACT OF RECESSION
TABLE 141 ROW: HVAC SYSTEM MARKET, BY EQUIPMENT TYPE, 2019–2022 (USD BILLION)
TABLE 142 ROW: HVAC SYSTEM MARKET, BY EQUIPMENT TYPE, 2023–2028 (USD BILLION)
TABLE 143 ROW: HVAC SYSTEM MARKET, BY COUNTRY, 2019–2022 (USD BILLION)
TABLE 144 ROW: HVAC SYSTEM MARKET, BY COUNTRY, 2023–2028 (USD BILLION)
11.5.2 SOUTH AMERICA
11.5.2.1 Strong focus on infrastructure development
11.5.3 MIDDLE EAST & AFRICA
11.5.3.1 Stringent regulations for enhancing energy performance of buildings
12 COMPETITIVE LANDSCAPE
12.1 OVERVIEW
12.2 KEY PLAYER STRATEGIES
TABLE 145 OVERVIEW OF STRATEGIES DEPLOYED BY HVAC SYSTEM OEMS
12.3 COMPANY REVENUE ANALYSIS, 2020–2022
FIGURE 47 THREE-YEAR REVENUE ANALYSIS OF TOP FIVE PLAYERS, 2020–2022
12.4 MARKET SHARE ANALYSIS, 2022
FIGURE 48 SHARE OF MAJOR PLAYERS IN HVAC SYSTEM MARKET, 2022
TABLE 146 HVAC SYSTEM MARKET: DEGREE OF COMPETITION
12.5 COMPANY EVALUATION QUADRANT
12.5.1 STARS
12.5.2 PERVASIVE PLAYERS
12.5.3 EMERGING LEADERS
12.5.4 PARTICIPANTS
FIGURE 49 HVAC SYSTEM MARKET: COMPANY EVALUATION QUADRANT, 2022
12.6 STARTUP/SME EVALUATION QUADRANT
12.6.1 PROGRESSIVE COMPANIES
12.6.2 RESPONSIVE COMPANIES
12.6.3 DYNAMIC COMPANIES
12.6.4 STARTING BLOCKS
FIGURE 50 HVAC SYSTEM MARKET: STARTUP/SME EVALUATION QUADRANT, 2022
12.7 HVAC SYSTEM MARKET: COMPANY FOOTPRINT
TABLE 147 FOOTPRINT OF COMPANIES
TABLE 148 APPLICATION FOOTPRINT OF COMPANIES
TABLE 149 PRODUCT FOOTPRINT OF COMPANIES
TABLE 150 REGIONAL FOOTPRINT OF COMPANIES
12.8 STARTUP/SME EVALUATION MATRIX
12.8.1 LIST OF STARTUPS/SMES: HVAC SYSTEM MARKET
TABLE 151 LIST OF STARTUPS/SMES: HVAC SYSTEM MARKET
12.8.2 STARTUP/SME MATRIX: DETAILED LIST OF KEY STARTUPS/SMES
TABLE 152 STARTUP/SME MATRIX: DETAILED LIST OF KEY STARTUPS/SMES
TABLE 153 HVAC SYSTEM MARKET: COMPETITIVE BENCHMARKING OF KEY STARTUPS/SMES, BY PRODUCT
TABLE 154 HVAC SYSTEM MARKET: COMPETITIVE BENCHMARKING OF KEY STARTUPS/SMES, BY REGION
12.9 COMPETITIVE SCENARIO AND TRENDS
12.9.1 DEALS
TABLE 155 HVAC SYSTEM MARKET: DEALS, 2021–2023
12.9.2 PRODUCT LAUNCHES
TABLE 156 HVAC SYSTEM MARKET: PRODUCT LAUNCHES, 2021–2023
13 COMPANY PROFILES
(Business Overview, Products/Solutions/Services Offered, Recent Developments, and MnM View (Key strengths/Right to Win, Strategic Choices Made, and Weaknesses and Competitive Threats))*
13.1 KEY PLAYERS
13.1.1 DAIKIN
TABLE 157 DAIKIN: BUSINESS OVERVIEW
FIGURE 51 DAIKIN: COMPANY SNAPSHOT
TABLE 158 DAIKIN: PRODUCTS/SOLUTIONS/SERVICES OFFERED
TABLE 159 DAIKIN: PRODUCT LAUNCHES
TABLE 160 DAIKIN: DEALS
TABLE 161 DAIKIN: OTHERS
13.1.2 JOHNSON CONTROLS INTERNATIONAL PLC
TABLE 162 JOHNSON CONTROLS INTERNATIONAL PLC: BUSINESS OVERVIEW
FIGURE 52 JOHNSON CONTROLS INTERNATIONAL PLC: COMPANY SNAPSHOT
TABLE 163 JOHNSON CONTROLS INTERNATIONAL PLC: PRODUCTS/SOLUTIONS/SERVICES OFFERED
TABLE 164 JOHNSON CONTROLS INTERNATIONAL PLC: PRODUCT LAUNCHES
TABLE 165 JOHNSON CONTROLS: DEALS
13.1.3 LG ELECTRONICS
TABLE 166 LG ELECTRONICS: BUSINESS OVERVIEW
FIGURE 53 LG ELECTRONICS: COMPANY SNAPSHOT
TABLE 167 LG ELECTRONICS: PRODUCTS/SOLUTIONS/SERVICES OFFERED
TABLE 168 LG ELECTRONICS: PRODUCT LAUNCHES
13.1.4 CARRIER GLOBAL CORPORATION
TABLE 169 CARRIER GLOBAL CORPORATION: BUSINESS OVERVIEW
FIGURE 54 CARRIER GLOBAL CORPORATION: COMPANY SNAPSHOT
TABLE 170 CARRIER GLOBAL CORPORATION:
PRODUCTS/SOLUTIONS/SERVICES OFFERED
TABLE 171 CARRIER GLOBAL CORPORATION: PRODUCT LAUNCHES
TABLE 172 CARRIER GLOBAL CORPORATION: DEALS
13.1.5 TRANE TECHNOLOGIES PLC
TABLE 173 TRANE TECHNOLOGIES PLC: BUSINESS OVERVIEW
FIGURE 55 TRANE TECHNOLOGIES PLC: COMPANY SNAPSHOT
TABLE 174 TRANE TECHNOLOGIES PLC: PRODUCTS/SOLUTIONS/SERVICES OFFERED
TABLE 175 TRANE TECHNOLOGIES PLC: PRODUCT LAUNCHES
TABLE 176 TRANE TECHNOLOGIES PLC: DEALS
13.1.6 EMERSON ELECTRIC CO.
TABLE 177 EMERSON ELECTRIC CO.: BUSINESS OVERVIEW
FIGURE 56 EMERSON ELECTRIC CO.: COMPANY SNAPSHOT
TABLE 178 EMERSON ELECTRIC CO.: PRODUCTS/SOLUTIONS/SERVICES OFFERED
TABLE 179 EMERSON ELECTRIC CO.: DEALS
TABLE 180 EMERSON ELECTRIC CO.: OTHERS
13.1.7 HONEYWELL INTERNATIONAL INC.
TABLE 181 HONEYWELL INTERNATIONAL INC.: BUSINESS OVERVIEW
FIGURE 57 HONEYWELL INTERNATIONAL INC.: COMPANY SNAPSHOT
TABLE 182 HONEYWELL INTERNATIONAL INC.:
PRODUCTS/SOLUTIONS/SERVICES OFFERED
TABLE 183 HONEYWELL INTERNATIONAL INC.: PRODUCT LAUNCHES
TABLE 184 HONEYWELL INTERNATIONAL INC.: DEALS
TABLE 185 HONEYWELL INTERNATIONAL INC.: OTHERS
13.1.8 MITSUBISHI ELECTRIC CORPORATION
TABLE 186 MITSUBISHI ELECTRIC CORPORATION: BUSINESS OVERVIEW
FIGURE 58 MITSUBISHI ELECTRIC CORPORATION: COMPANY SNAPSHOT
TABLE 187 MITSUBISHI ELECTRIC CORPORATION:
PRODUCTS/SOLUTIONS/SERVICES OFFERED
TABLE 188 MITSUBISHI ELECTRIC CORPORATION: PRODUCT LAUNCHES
TABLE 189 MITSUBISHI ELECTRIC CORPORATION: DEALS
TABLE 190 MITSUBISHI ELECTRIC CORPORATION: OTHERS
13.1.9 SAMSUNG ELECTRONICS CO., LTD.
TABLE 191 SAMSUNG ELECTRONICS CO., LTD.: BUSINESS OVERVIEW
FIGURE 59 SAMSUNG ELECTRONICS CO., LTD.: COMPANY SNAPSHOT
TABLE 192 SAMSUNG ELECTRONICS CO., LTD.:
PRODUCTS/SOLUTIONS/SERVICES OFFERED
TABLE 193 SAMSUNG ELECTRONICS CO., LTD.: PRODUCT LAUNCHES
TABLE 194 SAMSUNG ELECTRONICS CO., LTD.: OTHERS
13.1.10 NORTEK AIR MANAGEMENT
TABLE 195 NORTEK AIR MANAGEMENT: BUSINESS OVERVIEW
TABLE 196 NORTEK AIR MANAGEMENT: PRODUCTS/SOLUTIONS/SERVICES OFFERED
TABLE 197 NORTEK AIR MANAGEMENT: PRODUCT LAUNCHES
TABLE 198 NORTEK AIR MANAGEMENT: DEALS
TABLE 199 NORTEK AIR MANAGEMENT: OTHERS
13.2 OTHER KEY PLAYERS
13.2.1 DANFOSS
13.2.2 FUJITSU
13.2.3 GREE
13.2.4 HITACHI
13.2.5 MIDEA
13.2.6 PANASONIC HOLDINGS CORP
13.2.7 HAIER SMART HOME
13.2.8 TOSHIBA
13.2.9 WHIRLPOOL
13.2.10 SIEMENS AG
13.2.11 ELECTROLUX
13.2.12 LENNOX
13.2.13 SCHNEIDER ELECTRIC
13.2.14 FERROLI
13.2.15 BOSCH THERMOTECHNIK
*Details on Business Overview, Products/Solutions/Services Offered, Recent Developments, and MnM View (Key strengths/Right to Win, Strategic Choices Made, and Weaknesses and Competitive Threats) might not be captured in case of unlisted companies.
14 APPENDIX
14.1 DISCUSSION GUIDE
14.2 KNOWLEDGE STORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL
14.3 CUSTOMIZATION OPTIONS
14.4 RELATED REPORTS
14.5 AUTHOR DETAILS
According to the new market research report "HVAC System Market by Heating Equipment (Heat Pumps, Furnaces), Ventilation Equipment (Humidifiers, Dehumidifiers), Cooling Type (VRF Systems, Unitary Air Conditioners), Implementation Type, Application, and Geography - Global Forecast to 2023", the HVAC system market was valued at USD 181.00 Billion in 2018 and is expected to reach USD 251.60 Billion by 2023, at a CAGR of 6.80% between 2018 and 2023. Factors that are driving the growth of the market include increasing demand for HVAC systems for reducing energy consumption, extreme weather conditions, government tax credit and rebate programs, and growing demand for HVAC systems to upgrade old systems.
Major players operating in the HVAC system market:
- Daikin (Japan)
- United Technologies (US)
- Johnson Controls (US)
- Ingersoll-Rand (Ireland)
- LG Electronics (South Korea)
- Electrolux (Sweden)
- Emerson (US)
- Honeywell (US)
- Lennox (US)
- Nortek (US)
Heat pumps to hold the largest size of the HVAC system market for heating equipment throughout the forecast period
In the HVAC system, a heat pump transfers heat from one point to another. A heat pump is the vital part of cooling and heating processes, which use the air available outside and inside a particular space to perform these functions. The acceptance for heat pumps is increasing owing to their evolving capabilities; these capabilities include performing both space cooling and heating functions along with the ability to heat water. Furthermore, heat pumps have higher efficiency than many other cooling or space-heating units, which is expected to increase the demand for the same.
Air handling units held a major share of the HVAC system market for ventilation equipment in 2017
Air handling units held a major share of the HVAC system market for ventilation equipment in 2017. Increasing pollution levels have triggered a rise in the number of health issues among people. Hence, there is a high demand for air purifying systems, such as AHUs, which can provide clean and fresh air. Although, till date, the commercial application of AHUs accounts for a major share of the HVAC system market, the market share of the residential application of AHUs is also expected to increase in the near future.
New construction to hold the largest size of the HVAC system market during the forecast period
The increase in urbanization has led to the demand for smart buildings. These buildings require efficient HVAC equipment, leading to the growth of the HVAC system market. Smart buildings are not only green/sustainable but are also intelligent; these buildings are equipped with advanced technologies, which include HVAC systems. HVAC systems provide a comfortable standard living environment. Governments are relying on smart buildings, which ensure a lower carbon footprint, 40% reduction in the usage of water, and less electricity consumption. Thus, developers and owners of buildings are trying to meet energy-efficiency guidelines related to HVAC systems.
HVAC system market in APAC to grow at the highest CAGR between 2018 and 2023
Major APAC countries such as China, Japan, and India are the major consumers of HVAC systems. The governments of these countries have taken various measures to ensure that energy-efficient HVAC systems are being installed in new buildings. The collaboration of HVAC companies with major regulatory bodies is required to create awareness regarding HVAC implementation. Awareness among real-estate developers, architects, and engineers would ensure effective installation of HVAC in buildings, right from the designing stage. This would support the market for HVAC equipment. Increased awareness among consumers regarding the adoption of the star-labelled HVAC products, high use of VRV, and invertor-based AC systems have boosted the growth of the HVAC equipment market
