HVAC System Market Global Forecast to 2026: Implementation of IoT with HVAC Systems Has Fueled Demand in Commercial and Residential Applications - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--The "HVAC System Market with COVID-19 Impact, by Cooling Equipment, Heating Equipment, Ventilation Equipment, Implementation Type, Application (Residential, Commercial, Industrial) and Region (North America, Europe, APAC, RoW) - Global Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.

The HVAC system market size was estimated to be USD 197.0 billion in 2021 and is projected to reach USD 271.5 billion by 2026; it is expected to grow at a CAGR of 6.6% from 2021 to 2026.

The growth in smart homes is expected to create demand for HVAC systems. An HVAC system is used in smart homes for controlling air temperature, humidity, and fresh air intake. It helps maintain better airflow and comfortable temperatures in every room. In a smart home, one can monitor the system performance and respond to system-generated alarms from local or remote locations.

VRF Systems: The fastest cooling equipment of the HVAC system market.

Countries such as Japan, China, and South Korea are the early adopters of VRF technology, which is the major reason for the large size of the market in APAC. VRF systems are used in multifamily residential buildings, hotels, and schools. The high efficiency, design flexibility, and long operational life of VRF systems are expected to fuel the market growth.

Furnaces: The fastest heating equipment of the HVAC system market.

The market for furnaces is expected to grow at the highest CAGR during the forecast period. The growth of the furnaces segment is mainly driven by their low initial cost, higher lifespan, and increasing demand in residential applications. The residential segment dominated the HVAC system market for furnaces. Government grants and rebates for homeowners on replacing old heating equipment with new furnaces are expected to increase the demand for furnaces in residential applications. For instance, the British Columbia (BC) government offers rebates of up to USD 700 to homeowners for a new gas furnace.

Air handling units: Largest growing ventilation equipment of HVAC system market

The rising use of air-handling units in commercial buildings, hospitals, and universities is expected to fuel the growth of the market. The market for air purifiers is expected to grow at the highest CAGR of 13.9% from 2021 to 2026. The demand for air purifiers is growing due to degrading air quality. Further, people are more exposed to high risks of contracting respiratory and other cardiovascular diseases due to the rising air pollution. Increasing health concerns among people regarding air contamination are expected to drive the demand for air purifiers globally.

Key Topics Covered:

Executive Summary

• Growth Projections of HVAC System Market in Realistic, Optimistic, and Pessimistic Scenarios
• Unitary Air Conditioners Segment to Hold Largest Share of HVAC System Market During Forecast Period
• HVAC System Market for Commercial Application to Register Highest CAGR During Forecast Period
• APAC HVAC System Market to Exhibit Highest Share from 2021 to 2026

Premium Insights

• Attractive Opportunities in HVAC System Market - Implementation of IoT with HVAC Systems Has Fueled Demand in Commercial and Residential Applications
• HVAC System Market in North America, by Country and Equipment Type - US and Heating Equipment Segment Are Expected to Hold Largest Shares of North American HVAC System Market in 2021
• HVAC System Market, by Application - Office Sub-Segment to Hold Largest Share of HVAC System Market for Commercial Application During Forecast Period
• HVAC System Market, by Country - HVAC System Market in India to Register Highest CAGR from 2021 to 2026

Market Overview

Drivers

• Surging Demand for Energy-Efficient Solutions
• Rising Tax Credit Programs and Incentives by Governments Worldwide to Install High-Efficiency HVAC Systems
• Increasing Government Regulatory Policies and Incentives to Ensure Energy Saving and Conservation of Natural Resources
• Growing Trend of Smart Homes
• Elevating Need to Upgrade or Refurbish Commercial Buildings

Restraints

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

Opportunities

• Rapid Transformation of IoT Within HVAC Industry
• High 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

HVAC System Market, by Cooling Equipment

HVAC System Market, by Heating Equipment

HVAC System Market, by Ventilation Equipment

HVAC System Market, by Implementation Type

HVAC System Market, by Application

Geographic Analysis

Competitive Landscape

Company Profiles

• Bosch Thermotechnology
• Carrier
• Daikin
• Danfoss
• Electrolux
• Emerson
• Ferroli
• Fujitsu
• Gree
• Haier Smart Home
• Hitachi
• Honeywell
• Johnson Controls
• Lennox
• Lg Electronics
• Midea
• Mitsubishi Electric
• Nortek
• Panasonic
• Samsung
• Schneider Electric
• Siemens
• Toshiba
• Trane Technologies
• Whirlpool

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