HVAC Market size to grow by USD 74.02 billion from 2022 to 2027; The growing construction sector to be a major market driver - Technavio
NEW YORK, June 7, 2023 /PRNewswire/ -- The HVAC market is expected to grow by USD 74.02 billion from 2022 to 2027, according to Technavio. As per the latest report, the market will progress at a CAGR of 6.5% during the forecast period. The rise in the incorporation of Building Automation Systems (BAS) is the primary trend in the market. BASs, which control and monitor HVAC and other facilities of a given building, are embedded with computing and digital communication tools that allow these systems to enhance energy efficiency. The number of integrated BAS installations has increased owing to the rise in the number of construction projects and building retrofits. The BAS technology has advanced features owing to improvements in sensor technology, availability of cheaper and faster communication systems, and improved user interfaces. Such benefits are expected to propel the growth of the global heating, ventilation, and air conditioning system market during the forecast period. View Sample Report!
HVAC Market 2023-2027: Scope
Technavio presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources. Our hvac market report covers the following areas:
The market is fragmented, and the degree of fragmentation will accelerate during the forecast period. Arkema Group, Carrier Global Corp., Daikin Industries Ltd., Danfoss AS, Emerson Electric Co., Fujitsu General Ltd., Gree Electric, Haier Smart Home Co. Ltd., Honeywell International Inc., Johnson Controls International Plc, Lennox International Inc., LG Electronics Inc., Melrose Industries Plc, MIDEA Group Co. Ltd., Mitsubishi Electric Corp., Paloma Co. Ltd., Panasonic Holdings Corp., Robert Bosch GmbH, Samsung Electronics Co. Ltd., and Trane Technologies plc are some of the major market participants. Although the growing construction sector will offer immense growth opportunities, failure issues with HVAC equipment will challenge the growth of the market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
HVAC Market 2023-2027: Market Driver
The rapidly growing construction sector is driving the demand for industrial HVAC systems. The rapidly growing commercial and residential constructions across the globe increase the demand for HVAC systems. The growing trend of green buildings as a response to growing environmental concerns drives the demand for HVAC systems. Moreover, the office and high-rise buildings adopt HVAC systems to maintain the temperature within the premises. Additionally, residential HVAC systems usage is on the rise, especially in hotter regions in APAC and the Middle East. Such factors will increase market growth during the forecast period.
HVAC Market 2023-2027: Segmentation
HVAC Market is segmented as below:
The market share growth by the HVAC equipment segment will be significant during the forecast period. The growing population and industrialization, the rise in construction expenditure, the increase in sales of commercial and residential buildings, and the augmented disposable income of the middle-class population are driving the global HVAC system market. Heat pumps, air-conditioners (ACs) in rooms, and unitary ACs are likely to witness significant demand in both residential and non-residential buildings, which will increase the demand for the market in focus during the forecast period.
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HVAC Market 2023-2027: Major Challenge
Failures in HVAC systems used in residential and non-residential segments are a major challenge impeding the growth of the market. These systems are made up of several components for heating and cooling systems. Modern-day systems have software-based and electrical components in the HVAC unit. Issues like worn-out and dirty filters, refrigerant leaks, fuse breaks, and malfunctioning dampers can hamper the working of the entire system. Factors like these may impede the growth of the market during the forecast period.
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HVAC Market 2023-2027: Vendor Analysis
We provide a detailed analysis of around 25 vendors operating in the HVAC Market, including some of the vendors, backed with competitive intelligence and benchmarking. Our research reports on the HVAC Market are designed to provide entry support, customer profile and M&As as well as go-to-market strategy support.
HVAC Market 2023-2027: Key Highlights
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Table Of Contents :
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by End-user
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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