“HVAC system market to exhibit significant growth during 2020?2025”
The global HVAC system market size is estimated to grow from USD 202 billion in 2020 to USD 277 billion by 2025 at a CAGR of 6.5%. 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.

Profile break-up of primary participants for the report is given below:
? By Company Type ? Tier 1 = 25%, Tier 2 = 35%, and Tier 3 = 40%
? By Designation ? C-Level = 33%, Director Level = 48%, and Manager Level = 19%
? By Region ? North America = 18%, APAC = 40%, Europe = 35%, and RoW = 7%

The key players in the market include Daikin (Japan), Ingersoll Rand (Ireland), Johnson Controls (US), LG Electronics (South Korea), United Technologies (US), Electrolux (Sweden), Emerson (US), Honeywell (US), Lennox (US), Mitsubishi Electric (Japan), Nortek (US), and Samsung Electronics (Korea).
The global HVAC system market is segmented into the heating equipment, ventilation equipment, cooling equipment, application, implementation type, and region. The market based on heating equipment is segmented into heat pumps, furnaces, unitary heaters, and boilers, Based on ventilation equipment, the market has been split into air-handling units, air filters, dehumidifiers, ventilation fans, humidifiers, and air purifiers. Based on cooling equipment, the market is segmented into unitary air conditioners, VRF systems, chillers, room air conditioners, coolers, and cooling towers. Based on the application, the market has been split into commercial, residential, and industrial. The market based on implementation type is segmented into new constructions and retrofits. The market is segmented into four regions?North America, Europe, Asia Pacific (APAC), and Rest of the World (RoW).

Reasons to buy the report:
? Illustrative segmentation, analysis, and forecast for markets based on heating equipment, ventilation equipment, cooling equipment, application, implementation type, and region have been conducted to give an overall view of the HVAC system market.
? The value chain analysis has been performed to provide an in-depth insight into the HVAC system.
? Major drivers, restraints, opportunities, and challenges for the HVAC system market have been detailed in this report.
? The report includes a detailed competitive landscape along with key players, in-depth analysis, and revenue of key players.

TABLE OF CONTENTS

1 INTRODUCTION 18
1.1 STUDY OBJECTIVES 18
1.2 MARKET DEFINITION AND SCOPE 18
1.2.1 INCLUSIONS AND EXCLUSIONS 19
1.3 STUDY SCOPE 19
1.3.1 MARKETS COVERED 19
1.3.2 YEARS CONSIDERED 20
1.4 CURRENCY 20
1.5 LIMITATIONS 20
1.6 MARKET STAKEHOLDERS 21
2 RESEARCH METHODOLOGY 22
2.1 INTRODUCTION 22
2.1.1 SECONDARY DATA 23
2.1.1.1 List of major secondary sources 23
2.1.1.2 Key data from secondary sources 23
2.1.2 PRIMARY DATA 24
2.1.2.1 Key data from primary sources 24
2.1.2.2 Breakdown of primaries 24
2.1.3 SECONDARY AND PRIMARY RESEARCH 25
2.1.3.1 Key industry insights 26
2.2 MARKET SIZE ESTIMATION 26
2.2.1 BOTTOM-UP APPROACH 26
2.2.1.1 Approach for arriving at market size using bottom-up analysis 27
2.2.2 TOP-DOWN APPROACH 28
2.2.2.1 Approach for arriving at market size using top-down analysis 28
2.3 MARKET BREAKDOWN AND DATA TRIANGULATION 29
2.4 RESEARCH ASSUMPTIONS 30
3 EXECUTIVE SUMMARY 31
4 PREMIUM INSIGHTS 34
4.1 HVAC SYSTEM MARKET, 2020?2025 (USD BILLION) 34
4.2 HVAC SYSTEM MARKET, BY EQUIPMENT TYPE 35
4.3 HVAC SYSTEM MARKET, BY APPLICATION 35
4.4 HVAC SYSTEM MARKET, BY IMPLEMENTATION TYPE AND REGION 36
4.5 HVAC SYSTEM MARKET, BY GEOGRAPHY 36
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5 MARKET OVERVIEW 37
5.1 INTRODUCTION 37
5.2 MARKET DYNAMICS 37
5.2.1 DRIVERS 38
5.2.1.1 Growing demand for energy-efficient solutions 38
5.2.1.2 Rising government incentives through tax credit programs 38
5.2.1.3 Increasing government regulations and policies for saving energy 38
5.2.1.4 Growing trend of smart homes 39
5.2.1.5 Rising demand for HVAC systems due to need for upgrade or refurbishment 39
5.2.2 RESTRAINTS 40
5.2.2.1 Higher installation cost of energy-efficient HVAC systems 40
5.2.2.2 Shortage of skilled labor 41
5.2.3 OPPORTUNITIES 42
5.2.3.1 Rapid transformation of IoT within HVAC industry 42
5.2.3.2 Increasing penetration of VRF systems in residential and commercial applications 42
5.2.3.3 Constant efforts to develop next-generation low global warming potential refrigerants for HVAC systems 42
5.2.4 CHALLENGES 43
5.2.4.1 Lack of awareness about benefits of HVAC systems in developing countries 43
5.3 VALUE CHAIN ANALYSIS 44
5.4 SOFTWARE & SERVICES 45
5.5 SOFTWARE 46
5.6 SERVICES 47
6 HVAC SYSTEM MARKET, BY HEATING EQUIPMENT 48
6.1 INTRODUCTION 49
6.2 HEAT PUMPS 51
6.2.1 GOVERNMENT SUPPORT TO BOOST MARKET FOR HEAT PUMPS 51
6.2.1.1 Air-to-air heat pumps 51
6.2.1.2 Air-to-water heat pumps 51
6.2.1.3 Water-to-water heat pumps 51
6.3 FURNACES 52
6.3.1 EUROPE TO HOLD LARGEST SHARE OF FURNACES DURING FORECAST PERIOD 52
6.3.1.1 Oil furnaces 53
6.3.1.2 Gas furnaces 53
6.3.1.3 Electric furnaces 53
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6.4 UNITARY HEATERS 54
6.4.1 HIGH EFFICIENCY OF UNITARY HEATERS TO BOOST MARKET 54
6.4.1.1 Gas unit heaters 54
6.4.1.2 Oil-fired unit heaters 54
6.4.1.3 Electric unit heaters 54
6.5 BOILERS 55
6.5.1 RESIDENTIAL SEGMENT TO HOLD LARGEST SIZE OF BOILERS FROM
2020 TO 2025 55
6.5.1.1 Steam boilers 56
6.5.1.2 Hot water boilers 56
7 HVAC SYSTEM MARKET, BY VENTILATION EQUIPMENT 57
7.1 INTRODUCTION 58
7.2 AIR-HANDLING UNITS 60
7.2.1 COMMERCIAL SEGMENT TO ACCOUNT FOR LARGEST SIZE OF AIR-HANDLING UNITS 60
7.3 AIR FILTERS 61
7.3.1 APAC TO HOLD LARGEST SIZE OF AIR FILTERS 61
7.4 DEHUMIDIFIERS 62
7.4.1 INDUSTRIAL SEGMENT TO ACCOUNT FOR LARGEST SIZE OF DEHUMIDIFIERS 62
7.4.1.1 Refrigeration dehumidifiers 63
7.4.1.2 Absorption dehumidifiers 63
7.5 VENTILATION FANS 64
7.5.1 APAC TO HOLD LARGEST SIZE OF VENTILATION FANS 64
7.5.1.1 Crossflow fans 64
7.5.1.2 Axial fans 64
7.5.1.3 Centrifugal fans 64
7.5.1.4 Domestic fans 64
7.5.1.5 Range hood fans 64
7.5.2 POWER ROOF FANS 65
7.6 HUMIDIFIERS 66
7.6.1 COMMERCIAL SEGMENT TO ACCOUNT FOR LARGEST SIZE OF HUMIDIFIERS 66
7.6.1.1 Warm-mist humidifiers 66
7.6.1.2 Ultrasonic humidifiers 66
7.6.1.3 Cool-mist humidifiers 66
7.7 AIR PURIFIERS 67
7.7.1 AIR PURIFIER MARKET IN APAC TO GROW AT HIGHEST CAGR DURING FORECAST PERIOD 67
7.7.1.1 HEPA air purifiers 67
7.7.1.2 Activated carbon air purifiers 67
7.7.1.3 Electrostatic air purifiers 68
7.7.1.4 Ionic air purifiers 68
8 HVAC SYSTEM MARKET, BY COOLING EQUIPMENT 69
8.1 INTRODUCTION 70
8.2 UNITARY AIR CONDITIONERS 73
8.2.1 COMMERCIAL SEGMENT TO ACCOUNT FOR LARGEST SIZE OF COOLING EQUIPMENT MARKET FOR UNITARY AIR CONDITIONERS IN 2025 73
8.2.1.1 Split air conditioners 73
8.2.1.2 Packaged air conditioners 73
8.3 VRF SYSTEMS 74
8.3.1 APAC TO HOLD LARGEST SIZE OF VRF SYSTEMS 74
8.4 CHILLERS 76
8.4.1 COMMERCIAL SEGMENT TO ACCOUNT FOR LARGEST SIZE OF CHILLERS FROM IN 2025 76
8.4.1.1 Scroll chillers 76
8.4.1.2 Screw chillers 76
8.4.1.3 Centrifugal chillers 77
8.4.1.4 Reciprocating chillers 77
8.4.1.5 Absorption chillers 77
8.5 ROOM AIR CONDITIONERS 78
8.5.1 RESIDENTIAL SEGMENT TO HOLD LARGEST SIZE OF ROOM AIR CONDITIONERS BY 2025 78
8.6 COOLERS 79
8.6.1 RESIDENTIAL SEGMENT TO ACCOUNT FOR LARGEST SIZE OF COOLER MARKET IN 2025 79
8.6.1.1 Ducted coolers 80
8.6.1.2 Window coolers 80
8.7 COOLING TOWERS 81
8.7.1 APAC TO HOLD LARGEST SIZE OF MARKET FOR COOLING TOWERS IN 2025 81
8.7.1.1 Evaporative cooling towers 81
8.7.1.2 Dry cooling towers 81
8.7.1.3 Hybrid cooling towers 82
9 HVAC SYSTEM MARKET, BY APPLICATION 84
9.1 INTRODUCTION 85
9.2 COMMERCIAL 87
9.2.1 ADOPTION OF ENERGY-EFFICIENT EQUIPMENT TO BOOST HVAC SYSTEM MARKET FOR COMMERCIAL SPACES 87
9.2.1.1 Office 89
9.2.1.2 Government 89
9.2.1.3 Healthcare 89
9.2.1.4 Education 90
9.2.1.5 Retail 90
9.2.1.6 Airport 90
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9.3 RESIDENTIAL 90
9.3.1 GOVERNMENT REGULATIONS AND TAX CREDIT PROGRAMS TO PROMOTE USE OF HVAC SYSTEMS IN RESIDENTIAL APPLICATIONS 90
9.4 INDUSTRIAL 92
9.4.1 ENERGY-EFFICIENT HVAC SYSTEMS IN INDUSTRIAL SPACES TO REDUCE OPERATIONAL COST AND SAVE ENERGY 92
10 HVAC SYSTEM MARKET, BY IMPLEMENTATION TYPE 95
10.1 INTRODUCTION 96
10.2 NEW CONSTRUCTIONS 97
10.2.1 GROWING URBANIZATION TO BOOST DEMAND FOR HVAC SYSTEMS IN
NEW CONSTRUCTIONS 97
10.3 RETROFITS 97
10.3.1 GOVERNMENT REGULATIONS FOR GREEN BUILDINGS TO CHANGE
HVAC INDUSTRY 97
11 HVAC SYSTEM MARKET, BY GEOGRAPHY 98
11.1 INTRODUCTION 99
11.2 NORTH AMERICA 100
11.2.1 US 103
11.2.1.1 Growing construction activities to boost HVAC system market growth in US 103
11.2.2 CANADA 104
11.2.2.1 Government energy-saving initiatives to drive HVAC system market in Canada 104
11.2.3 MEXICO 104
11.2.3.1 Promotion of energy-efficient HVAC systems to help surge Mexican market growth 104
11.3 EUROPE 104
11.3.1 UK 107
11.3.1.1 High demand for energy-efficient devices in commercial and residential buildings to foster growth of market in UK 107
11.3.2 GERMANY 108
11.3.2.1 Introduction of engineering simulation platforms for HVAC professionals to support growth of German market 108
11.3.3 FRANCE 108
11.3.3.1 Growing focus toward reduction in energy and emissions of greenhouse gases to drive demand for HVAC systems in France 108
11.3.4 REST OF EUROPE 108
11.3.4.1 Technological developments to increase demand for HVAC systems in Rest of Europe 108
11.4 APAC 109
11.4.1 CHINA 112
11.4.1.1 Growing industrialization and urbanization in China to fuel growth of HVAC system market 112
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11.4.2 INDIA 112
11.4.2.1 Growing awareness for energy saving to boost demand for HVAC systems in India 112
11.4.3 JAPAN 112
11.4.3.1 Strict regulations in terms of improving energy conservation to upsurge demand for HVAC systems in Japan 112
11.4.4 REST OF APAC 112
11.4.4.1 Growing trend of green buildings to increase demand for
HVAC systems in Rest of APAC 112
11.5 ROW 113
11.5.1 SOUTH AMERICA 115
11.5.1.1 Growing infrastructure in South America to boost HVAC system market growth 115
11.5.2 MIDDLE EAST 116
11.5.2.1 Regulations regarding energy efficiency driving HVAC system market in Middle East 116
11.5.3 AFRICA 116
11.5.3.1 Increasing construction activities in Africa driving demand for
HVAC systems 116
12 COMPETITIVE LANDSCAPE 117
12.1 OVERVIEW 117
12.2 RANKING OF PLAYERS IN HVAC SYSTEM MARKET 118
12.3 MICROQUADRANTS OVERVIEW 119
12.3.1 VISIONARIES 119
12.3.2 DYNAMIC DIFFERENTIATORS 119
12.3.3 INNOVATORS 119
12.3.4 EMERGING COMPANIES 119
12.4 COMPETITIVE SITUATIONS & TRENDS 121
12.4.1 PRODUCT LAUNCHES 121
13 COMPANY PROFILES 124
(Business Overview, Products/Solutions/Services Offered, Recent Developments, SWOT Analysis, and MnM View)*
13.1 KEY PLAYERS 124
13.1.1 DAIKIN 124
13.1.2 INGERSOLL RAND 127
13.1.3 JOHNSON CONTROLS 131
13.1.4 LG ELECTRONICS 134
13.1.5 UNITED TECHNOLOGIES 137
13.1.6 ELECTROLUX 142
13.1.7 EMERSON 144
13.1.8 HONEYWELL 147
13.1.9 LENNOX 149
13.1.10 MITSUBISHI ELECTRIC 151
13.1.11 NORTEK 154
13.1.12 SAMSUNG ELECTRONICS 157
13.2 RIGHT TO WIN 159
13.3 OTHER KEY PLAYERS 160
13.3.1 DANFOSS 160
13.3.2 FUJITSU 160
13.3.3 GREE 161
13.3.4 HITACHI 161
13.3.5 MIDEA 162
13.3.6 PANASONIC 162
13.3.7 QINGDAO HAIER 163
13.3.8 TOSHIBA 163
13.3.9 WHIRLPOOL 164
*Details on Business Overview, Products/Solutions/Services Offered, Recent Developments, SWOT Analysis, and MnM View might not be captured in case of unlisted companies.
14 APPENDIX 165
14.1 INSIGHTS OF INDUSTRY EXPERTS 165
14.2 DISCUSSION GUIDE 166
14.3 KNOWLEDGE STORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL 169
14.4 AVAILABLE CUSTOMIZATIONS 171
14.5 RELATED REPORTS 171
14.6 AUTHOR DETAILS 172