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Pandemic disrupted the entire world and affected many industries.
Get detailed COVID-19 impact analysis on the Hvac Electronics Market
Request Now !HVAC stands for heating, ventilation, and air conditioning. It is the commonly used term for describing equipment used to maintain homes at a comfortable temperature. Demand for HVAC equipment is increasing rapidly due to growing construction expenditure and rise in disposable income across major economies. Climate change is another significant factor that adds to the growing demand for HVAC equipment globally. Owing to rise in temperatures and volatile climatic conditions, a number of customers regard HVAC equipment as a good investment. In addition, the growing inclination of customers toward comfort has increased demand for HVAC systems.
The global HVAC electronics market is segmented on the basis of heating equipment, ventilation equipment, cooling equipment, end user, service, implementation type, and region. Based on heating equipment, the HVAC electronics market is divided into heat pumps, furnaces, unitary heaters, and boilers. In terms of ventilation equipment, the market is categorized into air-handling units, air filters, dehumidifiers, ventilation fans, humidifiers, and air purifiers. Based on cooling equipment, the market is divided into unitary air conditioners, VRF systems, chillers, room air conditioners, coolers, and cooling towers.
Based on end user, the HVAC electronics market is categorized into commercial, industrial, and residential. Based on service, the market is divided into installation, upgradation/replacement, maintenance & repair, and consulting. Based on implementation type, the market is further divided into new constructions and retrofits. Geographically, the market is analyzed across several regions such as North America, Europe, Asia-Pacific, and Latin America, Middle East & Africa (LAMEA).
Top Impacting Factors
The factors of HVAC electronics market driving market growth are rising urbanization and advent of energy-efficient HVAC systems. In addition, governments across the globe are committed to encouraging the use of energy-efficient HVAC systems by offering incentives and rebate programs. Such programs and initiatives are also projected to drive growth in the market.
The heating equipment is expected to experience the huge adoption in the upcoming future. Heating devices are the crucial part of HVAC systems. Such types of appliances are used in heating buildings up to a certain temperature, a custom that is common across the cold countries. In addition to this, the increasing need for renewable energy sources and the rapid changes in climate, along with extensive government support in the form of subsidiaries, is anticipated to increase demand for heating devices.
During the forecast period the commercial segment is expected to lead the global market for HVAC systems. HVAC systems are commonly used in commercial constructions. Within the commercial segment the office segment is projected to have the largest share of the HVAC system market. HVAC systems provide adequate temperature and ventilation conditions at workplaces, helping to enhance employee efficiency, working environments and avoid health problems resulting from excessive levels of humidity. Thus, the adoption of HVAC systems in commercial buildings is expected to increase in tandem with the increasing building stock.
During the forecast period the HVAC system industry at Asia-Pacific is expected to rise at the fastest CAGR. China, India, and Japan are the big contributors to this market. Increasing infrastructure projects and expanding population are just a few of the factors that boost the growth of the region’s HVAC system market.
HVAC equipment is being transformed by technology such as the automated control systems, Internet of Things (IoT), and remote-control access. Automated control systems monitor the temperature & velocity of the fans automatically and sense the ambient atmosphere to give maximum comfort. On the other hand, the remote-control access allows users to use internet to operate connected systems via mobile apps. IoT-enabled HVAC devices can be connected to the internet and can provide suppliers and consumers with real-time information on the state of the systems, enabling them to reduce maintenance costs and to predict faults.
Key Benefits of the Stakeholders
COVID-19 Scenario Analysis
Questions Answered in the HVAC electronics Market Research Report
Key Market Segments
| Segments | Sub-segments |
|---|---|
| By Heating Equipment |
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| By Ventilation Equipment |
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| By Cooling Equipment |
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| By BY End User |
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| By Service |
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| By Implementation Type |
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| By Region |
|
Key Market Players
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