Rise in Demand For Energy Efficient HVAC Systems, Particularly Cooling Equipment In APAC Market Will Drive The HVAC Industry During The Forecast Period 2021-2026. Heating, Ventilation, And Cooling (HVAC) Market Size Was Valued At $121.2 Billion In 2020, And It Is Estimated To Grow At A CAGR Of 5.0% During 2021-2026.
Heating Equipment has shown a significant growth in the market share accounting for $ 30.5 billion in 2020 and is expected to grow with a CAGR of 4.3% in the forecast period. However Cooling equipment dominates the market and is estimated at $78.5 billion in 2020. China is the largest manufacturer of HVAC products across the globe. This is due to the presence of many manufacturing industries. Growing infrastructural developments in different industries along with government initiatives are driving the demand for HVAC in the country. India is the fastest-growing region for HVAC equipment due to the growth of construction activities in the infrastructural and real estate sector. Japan is the second-largest manufacturer of HVAC systems in Asia Pacific region. In South Korea, many leading industries have established their production facilities in the region. This factor enhances the growth of temperature sensors in South Korea. The commercial HVAC systems can be used for larger capacity installation with central air conditioning and ducted systems that need various sensors to maintain the required temperature in commercial buildings. A commercial building can be made energy efficient with the help of HVAC sensors in the HVAC equipment along with the heating and cooling systems. The factors responsible for the growth of HVAC tools in the commercial segment include strict regulations, reduction in prices, and increase in consumer spending.
Asia-Pacific for heating equipment market held maximum revenue of 35.8% in 2020. The Heating HVAC unit market is anticipated to grow at a faster CAGR of 11.9% to reach revenue of $56332.94 million by 2023, followed by North America market. The increase in developing countries in middle class families leading towards increase in purchase due to changing lifestyle is the major driver for the industry in the APAC region. In cooling equipment market for Asia-Pacific is expected to grow at a CAGR of 8.14% to register revenue of $79074.44 million by 2023, followed by North America market. Rise in growing demand for cooling equipment and the demand in mostly satisfied by imports of cooling equipment mostly from Chinese manufacturers are helping the market to grown exponentially.
Increasing cost of energy, has forced the manufacturers to developed energy efficient devices. The launch of energy efficient products has maximized and made more convenient for the consumer to adopt the technology. Hence, the market is expected continue growing in the coming future. Considering new government rules efficient low carbon heating and is environmental friendly is growing at a good pace and has captured significant market in the residential sector. In commercial sector, the demand for central air conditioners, which establishes cooling towers and chillers is moderately higher due to increase in demand from the construction and refurbishment activity, will lead the market to grow decently.
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HVAC Market Growth Drivers:
Rise in Demand for Energy Efficient HVAC Equipment
Water heater manufacturers are increasingly producing energy-efficient products to reduce carbon footprint and enable energy savings for the consumers. The rise of energy-efficient appliances can be attributed to the stringent government regulations on electric home appliances and advances in technology. The U.S. Department of energy mandated the industry manufacturers to use new technologies for the development of energy-efficient heaters which were rated based on thermal efficiency and standby losses. As energy-efficient appliances are designed to utilize minimum energy. More than 80 countries have set standards and labels for energy-efficient appliances. For instance, in the USA, an ENERGY STAR certified water heater saves $3500 over its lifetime. With BEE’s Standards and Labelling Program having included water heaters as a mandatory appliance, manufacturers produce more energy-efficient products, in turn reducing energy costs and improving demand for water heaters.
The Major Players in this Market Include
The major companies in the Water and Heat Meters Market include Johnson Controls International plc, United Technologies Corporation, Ingersoll-Rand plc, Daikin Industries Ltd, Mitsubishi Electric Corporation, Toshiba Carrier Corporation, LG Electronics Inc, Fujitsu Limited, Midea Group Co. Ltd and others. In November 2019, Johnson Controls had acquired EasyIO Building and Energy Management System (BEMS) product line in order to expand its HVAC and refrigeration systems, thereby driving the market.
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