Worldwide HVAC System Industry (2020 to 2025) - Key Players Profiled Include Daikin, Ingersoll Rand & Johnson Controls - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--The "HVAC System Market by Heating Equipment (Heat Pumps, Furnaces), Ventilation Equipment (Air-Handling Units, Air Filters), Cooling Equipment (Unitary Air Conditioners, VRF Systems), Application, Implementation Type, and Geography - Global Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.

The HVAC system market was valued at USD 190.5 billion in 2019 and is projected to reach USD 276.8 billion by 2025; it is expected to grow at a CAGR of 6.5% from 2020 to 2025.

HVAC system market to exhibit significant growth during 2020-2025

The key factors driving the growth of the market include growing demand for energy-efficient solutions, rising government incentives through tax credit programs, and the increasing trend of smart homes. However, higher installation cost of energy-efficient HVAC system and shortage of skilled labor is restraining the market growth.

Cooling equipment to lead the HVAC system market during the forecast period

The high humidity levels and high summer temperatures, as well as the rapid increase in disposable incomes of consumers, are key factors driving the growth of the cooling equipment market. Cooling systems are used to lower the temperature and enable the proper distribution of air and the control of humidification in a space.

Commercial application to be the largest and fastest-growing market for HVAC system during the forecast period

Due to the rise in global temperature and pollution because of heavy construction activities, HVAC systems have become an integral part of commercial structures. Concerns over the impact on the environment and rising energy prices have made the use of energy-efficient HVAC systems a necessity in commercial spaces. Moreover, the governments of various countries are supporting the adoption of energy-efficient HVAC systems in commercial complexes.

Asia Pacific to be the largest and fastest-growing HVAC system market during the forecast period

Growing construction activities and rising population are a few of the factors boosting the growth of the HVAC system market in APAC. There is a considerable demand for smart homes in countries such as Japan, South Korea, and China. The rapid urbanization and leading sophisticated infrastructure are increasing the demand for HVAC systems in the region.

Market Dynamics

Drivers

• Growing Demand for Energy-Efficient Solutions
• Rising Government Incentives Through Tax Credit Programs
• Increasing Government Regulations and Policies for Saving Energy
• Growing Trend of Smart Homes
• Rising Demand for HVAC Systems Due to Need for Upgrade Or Refurbishment

Restraints

• Higher Installation Cost of Energy-Efficient HVAC Systems
• Shortage of Skilled Labor

Opportunities

• Rapid Transformation of IoT Within HVAC Industry
• Increasing Penetration of VRF Systems in Residential and Commercial Applications
• Constant Efforts to Develop Next-Generation Low Global Warming Potential Refrigerants for HVAC Systems

Challenges

• Lack of Awareness About Benefits of HVAC Systems in Developing Countries

Companies Profiled

• Daikin
• Ingersoll Rand
• Johnson Controls
• LG Electronics
• United Technologies
• Electrolux
• Emerson
• Honeywell
• Lennox
• Mitsubishi Electric
• Nortek
• Samsung Electronics
• Danfoss
• Fujitsu
• Gree
• Hitachi
• Midea
• Panasonic
• Qingdao Haier
• Toshiba
• Whirlpool

For more information about this report visit https://www.researchandmarkets.com/r/nimdiz