The Residential HVAC Market to grow by USD 37,304.79 million from 2022 to 2027|The rise in demand for HVAC in the construction industry to boost the market growth- Technavio
NEW YORK, July 31, 2023 /PRNewswire/ -- The residential HVAC market is estimated to grow by USD 37,304.79 million from 2022 to 2027, according to Technavio. The market is estimated to grow at a CAGR of 8.47% during the forecast period. However, the growth momentum will progress For more insights on the historical (2017 to 2021) and forecast market size (2023 to 2027) - Request a sample report
Residential HVAC Market - Segmentation Assessment
Technavio has segmented the market based on type (HVAC equipment and HVAC services), and product (air conditioning system, heating system, and ventilating system)
By geography, the residential HVAC market is segmented into APAC, Europe, North America, Middle East and Africa, and South America. The report provides actionable insights and estimates the contribution of all regions to the growth of the global residential HVAC market.
Insights on the market contribution of various segments, including country and region wise historic data (2017 to 2021), and forecast market size (2023 to 2027) - Download a Sample Report
Residential HVAC Market – Market Dynamics
The rise in demand for HVAC in the construction industry is a key factor driving market growth. The construction industry is growing worldwide, with APAC being the major market. The demand for HVAC systems has increased due to the rise of green buildings. Additionally, there is an increasing use of HVAC systems in residential settings. Ductless HVAC systems are an excellent choice for homes as they are highly efficient, flexible, and cost-effective. They consume less energy compared to central air conditioning and can be used to regulate the temperature of the entire house or specific rooms, making them a popular option. Hence, these factors are expected to drive market growth during the forecast period.
Power evaluation software program is a major trend in the market. Power evaluation software programs offer contractors the ability to access power data, leading to cost savings for their clients. With this program, users can calculate the lifetime power consumption and various parameters related to HVAC devices, enabling the monitoring of performance. This software benefits both clients and HVAC specialists, fostering innovation in HVAC systems. Hence, these factors are expected to drive market growth during the forecast period.
The high initial cost of HVAC equipment is a significant challenge restricting market growth. Deploying energy-efficient HVAC technology requires significant initial investment and installation costs. These advanced technologies typically cost more than traditional options, resulting in a longer break-even point for your return on investment. This increased effort could pose challenges for price-sensitive customers, especially in emerging markets. In developing countries such as India and China, residential property buyers are highly price sensitive and focus on the initial cost of HVAC equipment. Hence, the high initial cost is expected to restrict the market growth during the forecast period.
Insights on Market Drivers, trends, & Challenges, historic period (2017 to 2021), and forecast period(2023 to 2027)- Request a sample report!
What are the key data covered in this Residential HVAC Market report?
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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 Product
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 provide 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 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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