According to a new report Global HVAC Systems Market, published by KBV research, The Global HVAC Systems Market size is expected to reach $191.1 billion by 2027, rising at a market growth of 5.5% CAGR during the forecast period.
The cooling product segment acquired the maximum revenue share of the HVAC systems market in 2020 and would showcase a similar kind of trend even during the forecast period. The cooling segment consists of air conditioning units such as cooling towers, room air conditioners, split & packaged systems, unitary air conditioners, and portable units. The demand for new cooling systems is expected to be fueled by the constant technological developments, like remote operation, IoT-equipped HVAC systems, and compact units that facilitate cost savings and improve energy efficiency & comfort. In addition, the requirement for cooling units would be driven by the changing climatic conditions in the Asia-Pacific and Middle East region.
The commercial segment would witness the fastest growth rate during the forecast period. Factors such as the growing number of infrastructure development and growing urbanizations around the majority of regions, thereby developing a high demand for more office spaces are responsible for the growth of this segment. Commercial HVAC units need massive space and are hence implemented on rooftops of big restaurants, theaters, shopping malls, and other commercial spaces. These systems are utilized constantly, and hence, the wear & tear is more as compared to residential units.
Asia-Pacific emerged as the largest region of the global HVAC systems market in 2020. Factors such as growing urbanization, the surge in the population, and the increase in disposable income levels are responsible for the growth of this market. In this region, China emerged as the leading country in the demand for air conditioning systems and held the maximum unit sales in 2020.
Full Report: https://www.kbvresearch.com/hvac-systems-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of Carrier Global Corporation, Johnson Controls International PLC, Hitachi, Ltd., Emerson Electric Co., Mitsubishi Electric Corporation, Trane Technologies PLC, Samsung Electronics Co., Ltd., Daikin Industries, Ltd., LG Electronics, Inc. and Lennox International, Inc.
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