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Hvac System Market

HVAC System Market By Type (Single Slit Systems, Variable Refrigerant Flow Systems, Chillers, and Others), Product Type (Heating [Heat Pumps, Furnaces, and Others], Ventilation [Air-Handling Units, Dehumidifiers and Others], Cooling [Unitary Air Conditioners, Chillers and Others]), Component (Hardware and Service [Installation, Replacement, Maintenance, and Consulting]), Industry Vertical (Commercial, Residential, Industrial, Automotive, and Others): Global Opportunity Analysis and Industry Forecast, 2022-2029

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HVAC System Market Outlook – 2027 

Heating, ventilation, and air-conditioning system (HVAC) is a mechanical system based on the principle of thermodynamics, fluid mechanics and heat transfer, which is used to provide thermal comfort and improve air quality in an enclosed space. HVAC system is used on a large-scale in food & beverages industry for preservation of food, chemicals, proteins, and enzymes as it offers long-term energy-saving benefits and enhances energy conservation, owing to use of nonchlorine-based coolant. 

In addition, HVAC systems find large-scale applications in the commercial industry, especially in office segment to provide ventilation as they can fit in a variety of spaces and flexible for space heating, floor heating and tensile heating. This cost-effective ventilation system using renewable energy resources is easily installable and removes excessive odors, humidity, pollutants, and other contaminants from the indoor area thereby enhancing product quality standards. Remote control access to IoT-enabled HVAC systems and huge investments in R&D activities imply that the HVAC system market size would grow at a considerable steady pace in coming years.

The global HVAC system market is segmented on the basis of type, product type, component, industry vertical, and region. Based on type, the market is segmented into single slit systems, variable refrigerant flow systems, chillers, and others. In terms of product type, the market is categorized into heating, ventilation, and cooling. The heating segment is further segmented into heat pumps, furnaces, and others. The ventilation segment is further divided into air-handling units, dehumidifiers and others. The cooling segment is further categorized into unitary air conditioners, chillers and others. 

On the basis of component, the market is divided into hardware and service. The service segment is further segmented into installation, replacement, maintenance, and consulting. In terms of industry vertical, the market is categorized into commercial, residential, industrial, automotive, and others. Geographically, the market is analyzed across several regions such as North America, Europe, Asia-Pacific, and Latin America, Middle East & Africa (LAMEA).

Key players operating in the global HVAC system industry include Mitsubishi Electric Corp., Johnson Controls, LG Corp., Ingersoll Rand, Daikin, Arkema SA, Carrier Corp., Samsung Electronics Pvt. Ltd., Panasonic Corp. and Lennox International Inc. These companies have adopted several strategies such as product launches, partnerships, collaborations, mergers & acquisitions, and joint ventures to strengthen their foothold in the global HVAC system market. 

Top Impacting Factors

Rapid and unpredictable climate changes with rise in temperature along with increase in customer inclination toward comfort requiring control of humidification and proper distribution of air are the major factors driving HVAC system market share. However high installation and maintenance cost of HVAC systems due to need for periodic maintenance and lack of skilled technician for these purposes tend to hamper the HVAC system market growth.

On the other hand, government regulations to install thermally-driven air-conditioners using solar energy with a view to control the quantity of greenhouse gases and other pollutants further boosts the market revenue. Development of IoT-enabled HVAC units that provide real-time information about condition of systems and allow remote-control of connected systems through internet is anticipated to present new pathways to the HVAC system industry. 

New Product Launches to Flourish the Market

Leading global market players adopt necessary steps to provide dependable indoor comfort solutions with high performance at affordable price. In December 2019, Trane Inc., a leading provider of residential comfort solutions and remote services, launched the RunTruTM, a ducted heating and cooling equipment to offer customers simple, dependable solutions at an affordable cost. RunTru comprises of a full line of ducted split and packaged units, up to 14SEER air-conditioners (ACs), heat pumps, furnaces, coils and air handlers. 

RunTru ACs comprise of the A4AC3 and A4AC4 air-conditioners that are equipped with all-aluminum coils with scroll compressor and operates quietly at 74-76db. They come in full array of cooling capacities and are suitable for any size space. RunTru offers cost-effective A4HP4 heat pumps for residents in mild climate. These units are efficient and durable with 1.5-5ton capacity, 14SEER, all-aluminum coil and scroll compressor. The device is available in variable size options and are used to keep homes comfortable year-round at an affordable price.

Surge in Use of HVAC Systems in Automotive and Industrial Applications

HVAC systems are used in automobiles to clean, cool, heat ventilate, and dehumidify the air entering the cabin depending on the inputs of the operator as well as the electronic sensors. In defense sector, military HVAC systems are used in workstations for direct surveillance drones that operate in harsh conditions such as desert, extreme heat, blowing sand and driving rain.

In February 2020, Johnson Controls, multinational conglomerate focusing on efficiency, controls and automation, introduced a series of 27.5 to 50 ton commercial rooftop units featuring simple, smart controls that delivers maximum system control and extended equipment life. The roof-top units offer greater part-load efficiency by 31% than competitive models and reduces operating cost. The units are equipped with multiple air-flow strategies including two-stage constant volume, two-stage with IntelliSpeed fan control, four-stage variable air volume and four-stage with IntelliSpeed fan control. 

In addition, it is equipped with easy-to-use controls along with broad range of heat options such as staged and modulating gas heat, stainless steel heat exchangers and electric heat. It is further simplified as it is equipped with accessible connections, coil cleaning hatches, hinged access panels, convenience outlets, service disconnect switches and optional service valves hence enhancing ease of service during maintenance. The units are optimized to help identify issues incorporated with an optional Mobile Access Portal that offers remote diagnostic monitoring of the device thereby reducing trips to the job site.

Key Benefits of the Stakeholders

  • The study gives an analytical overview of the HVAC System market forecast with current trends and future estimations to determine imminent investment pockets.
  • The report provides information related to key drivers, restraints, and opportunities along with detailed HVAC System market analysis.
  • The current HVAC System market trends are quantitatively analyzed from 2021 to 2027.
  • Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market. 

COVID-19 Impact Analysis

  • China is the manufacturing hub of semiconductor and electronic items. Owing to the COVID-19 outbreak, most manufacturing units have been shut down. The ultimate impact in China and globally, owing to effect of coronavirus on sales loss seems to be uncertain.
  • The HVAC industry is experiencing both challenges and opportunities and as a response to social distancing measures many HVAC businesses are forced to temporarily shutdowns, lay off employees or begin remote operations. Customers are trying to avoid the risk of exposing themselves, thereby reducing the use of HVAC units in commercial sectors, industries and enterprises during this shutdown scenario.
  • Companies such as Johnson Controls, N.E.T.R Inc. heating and air are offering free virtual maintenance calls through Skype or FaceTime to enable end users discuss problems with skilled technicians to guide customers through small repairs.
  • HVAC businesses have seen upsurge in demand from essential buildings such as healthcare facilities, grocery and medical stores as properly ventilated buildings are critical to improve air quality as well as prevent spread of disease and secondary infection. In May 2020, AAON, a semi-custom commercial HVAC system manufacturer provided 50-ton HVAC units for Stony Brook Temporary Hospital of New York City to treat COVID-19 patients.
  • HVAC systems market is anticipated to have positive impact as COVID-19 spreads for applications such as dilution ventilation, differential room pressurization, filtration and ultraviolet germicidal irradiation with a view to treat infected patients. This dynamic nature is anticipated to result in fast rebound after temporary moderate decline of HVAC system market owing to this unnatural crisis.

Questions Answered in the HVAC System Market Research Report

  • Who are the leading players in the HVAC system market?
  • What are the current trends that would influence the market in the next few years?
  • What would be the detailed impact of COVID-19 on HVAC system market?
  • What are the driving factors, restraints, and opportunities in the market?
  • What are the projections for the future that would help in taking further strategic steps?

Key Market Segments & Key Market Players

Segments Sub-segments
By Type
  • Single Slit Systems
  • Variable Refrigerant Flow Systems
  • Chillers
  • Others

By Product Type
  • Heating
    • Heat Pumps
    • Furnaces
    • Others
  • Ventilation
    • Air-Handling Units
    • Dehumidifiers
    • Others
  • Cooling
    • Unitary Air Conditioners
    • Chillers
    • Others

By Component
  • Hardware
  • Service
    • Installation
    • Replacement
    • Maintenance
    • Consulting

By Industry Vertical
  • Commercial
  • Residential
  • Industrial
  • Automotive
  • Others

By Region
  • North America
    • US
    • Canada
    • Mexico
  • Europe
    • Germany
    • UK
    • France
    • Russia
    • rest of Europe
  • Asia Pacific
    • India
    • Japan
    • China
    • rest of Asia Pacific
    • Latin America
    • Middle East
    • Africa

Key Market Players
  • Mitsubishi Electric Corp.
  • Johnson Controls
  • LG Corp.
  • Ingersoll Rand
  • Daikin
  • Arkema SA
  • Carrier Corp.
  • Samsung Electronics Pvt. Ltd.
  • Panasonic Corp.
  • Lennox International Inc.

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