The global HVAC system market is anticipated to grow at a considerable CAGR of 5.2% during the forecast period (2024-2031). The first decade of the 21st century was 0.8°C warmer than the first decade of the previous century according to the US National Academy of Science. This will resultantly increase the use of cooling systems during hot weather and subsequently heating systems in cold weather. The industrial usage of HVAC systems is also increased for maintaining certain temperatures for specific product manufacturing and their storage.
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These systems are even now used in zoological parks to provide the comforting temperature and humidity to the animals brought to other tropical regions. Additionally, lots of research are carried out globally under the controlled condition with the help of these HVAC systems. The market players present in the HVAC system market are working hard to cope-up with the market challenges by continuous innovations, expansions, and mergers. Additionally, the government organizations are giving support to these market players for growth. For instance, The Singapore Power Group had signed a MoU with Daikin Industries Ltd. in November 2020 to use their energy saving air conditioners in the smart energy town project.
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The usage of HVAC systems in automobiles had added a new segment to this market which is also rapidly growing with the increasing number of vehicles on the road day by day. HVAC systems are nowadays attached to every vehicle and market players of HVAC systems are also having a variant range of products for these users. In March 2021, Panasonic had announced that its Nanoe X technology will be used in Jaguar Land Rover’s future vehicles as HVAC systems. However, COVID-19 had restricted the growth of the HVAC system market; still, it is expected to show significant growth in this market due to the presence of immense opportunity.
Market Coverage
- Segment Covered-
o By Type
o By Equipment Type
o By Applications
- Regions Covered-
o North America
o Europe
o Asia-Pacific
o Rest of the World
- Competitive Landscape- Daikin Industries, Inc., Carrier Global Corp., Haeir US Appliances Solution, Inc., LG Electronics, Panasonic Corp. Emerson Electric Co., Honeywell International Inc, Ingersoll Rand, Inc., and others
Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominate the market in the base year?
- Which segment and region will project the fastest growth in the market?
- How COVID-19 impacted the market?
o Deviation from the pre-COVID-19 forecast
o Most affected region and segment
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
Global HVAC System Market Report Segment
By Type
- Heating
- Air Conditioning
- Ventilation
- Other Types
By Equipment Type
- Unitary Equipment (Site-Assembled)
- Chillers
- Heat Pumps
- Ductless Systems
By Applications
- Commercial
- Residential
- Automotive
- Other
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