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Heating, Ventilation and Air Conditioning systems are mechanical systems that impart thermal comfort as well as quality air in a particular indoor space. HVAC systems filter air controls moisture and temperature as per predetermined requirements. HVAC systems improve the odor and infuse fresh air into space. Boilers, centralized air conditioners, chillers, coolers, cooling towers, furnaces, heat pumps, packaged systems, rooftop units, unitary air-conditioners, and unitary heaters are some of the major HVAC systems used for commercial, residential, and industrial purposes. Heat exchangers are now widely used as part of HVAC systems for heat recovery.
HVAC Systems Market: Drivers and Restraints
Global warming encourages change in climate in various regions to drive the demand for HVAC systems, as extreme weather conditions affect human comfort and productivity. Technological advancements are anticipated to drive the growth of the HVAC systems market, as new applications emerge in commercial, industrial and residential sectors. Tax credit programs and regulations aimed at promoting energy efficient systems are expected to enhance the demand for HVAC systems. The stability in the automobile industry is expected to drive the demand for HVAC systems, as customers prefer to have air-conditioning or heating systems in their vehicles, depending upon the local weather conditions. Besides, higher energy consumption by HVAC systems is a major restraint for the HVAC systems market, as it makes unaffordable to many consumers. Moreover, the countries with extreme weather conditions are expected to provide growth opportunities for the HVAC system in the upcoming years.
HVAC Systems Market: Regional Analysis
As per the geographies, North America dominated the growth for the HVAC system market, followed by Europe. Asia-Pacific is anticipated to become the fastest growing and largest HVAC systems market during the forecast period. The adoption of new technologies, new regulations that demand the adoption of energy efficient HVAC systems and the need for renewing or upgrading the existing HVAC systems are the major factors that drive the growth of the North American HVAC system market. The incentive programs for replacing old HVAC system in countries such as France, Germany, and the UK are driving the growth of the European HVAC system market. Presence of huge population, changing lifestyles, favorable government regulations and programs that promote adoption of HVAC systems boost the demand for HVAC system in Asia Pacific region.
HVAC Systems Market: Competitive Landscape
The report provides profiles of the companies in the market such as Daikin Industries, Ltd., Electrolux AB, Johnson Controls International plc, Ingersoll-Rand plc, Lennox International Inc., Mitsubishi Electric Corporation, Nortek, Inc., Qingdao Haier Co., Ltd., Samsung Electronics Co., Ltd., United Technologies Corporation, and Other companies.
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