As per a detailed analysis by Market Research Future (MRFR), the global heating ventilation and air conditioning market can reach a stellar CAGR during the forecast period (2018-2027). The favorable sustainable energy policies are likely to influence the market growth across the globe. Heating, ventilation, and air conditioning (HVAC) systems are majorly used in the automotive in order to maintain and control the air temperature, humidity, quality of the air, and fresh air intake. The future of automotive HVAC systems seems promising with the evolving automobile production along with innovations in the compressor designs.
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Competitive Dashboard
The prominent players operating in the global heating ventilation and air conditioning market comprises Daikin, Zamil Air Conditioners, Ingersoll Rand, Lennox International, Siemens Building Technologies, Samsung Electronics, Gree Electric Appliances Inc, Johnson Controls, Fujitsu General, and Honeywell International.
Segmentation:
The global HVAC market can be segmented by product type and application.
By product type, the market includes central air conditioning, window or through the wall air conditioners, split residential air conditioners, and packaged air conditioners. The market for split air conditioners is deemed to experience a steady growth owing to its adoption in residential buildings. However, packaged air conditioners market is expecting a heavy boost owing to its rising demand from the commercial sector.
Application-wise, the market comprises institution, residential, commercial, hospitality, and others. The commercial segment is anticipated to exhibit an impressive CAGR during the forecast period. Eco-friendly construction designs have given rise to the demand for HVAC system which coupled with favorable government guidelines can enjoy a healthy market growth.
Regional Analysis:
Geographically, the HVAC market covers regions such as the Middle East and Africa (MEA), Asia Pacific (APAC), Europe, and the Americas.
The Americas and Europe are expected to be the leaders in terms of volume and value. The favorable condition for the latest technological implementations, growing disposable income, and ready adoption of the newest trends have resulted in such a robust market of HVAC. The popularity of boilers and furnace is also a major reason that is driving the market forward.
The MEA region is a worthwhile province for HVAC market owing to climatic conditions. Upcoming residential and commercial projects and well-performing economies could prove market controlling factors.
The APAC region is going to experience robust growth owing to a number of factors such as rapid urbanization, impressive industrialization, and a booming population. Government policies in China have also provided the market with a conducive atmosphere. Easy home loans and new project sanctions could also fetch in lucrative projects.
Industry Updates
May 09, 2019: Montreal-based BrainBox AI has recently declared the launch of their latest product which combines cloud-based computing, deep learning, and algorithms in order to encourage a self-sustaining commercial building. BrainBox AI’s solution also uses AI in order to predict a building’s thermal load, enables the heating, ventilation, and air conditioning system so that it can operate autonomously.
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