HVAC System Market Size, Latest Trend, Growth By Size, Application And Forecast 2027

The global HVAC system market size is projected to reach USD 191.83 billion by 2027, exhibiting a CAGR of 5.0% during the forecast period. Increasing indoor air pollution worldwide will emerge as a major factor propelling the adoption of HVAC systems, finds Fortune Business Insights™ in its report, titled “Heating, Ventilation, and Cooling (HVAC) System Market Size, Share & COVID-19 Impact Analysis, By Type (Single Split Systems, Variable Refrigerant Flow (VRF) Systems, Chillers and Others), By Application (Residential, Commercial and Industrial), and Regional Forecast, 2020-2027”. Indoor air quality in enclosed structures such as schools, homes, and commercial spaces is hampered by the presence of different pollutants such as volatile organic compounds and carbon monoxide. The US Environmental Protection Agency estimates that concentrations of pollutants indoors are 2 to 5 times higher than outdoors. In many countries around the world, inefficient cooking practices are the primary for indoor household pollution. According to the World Health Organization (WHO), around 4 million people die prematurely from illnesses, such as lung cancer and ischemic heart disease, developed due to household pollutants. Heating, ventilation, and cooling systems provide an optimal solution to this problem as these systems can mechanically pulls outdoor air into the home and purifies the indoor air, removing pollutants in an efficient manner.

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List of Top Companies Covered in the HVAC System Market Report:

  • Panasonic Corporation
  • LG Electronics
  • Lennox International Inc.
  • Mitsubishi Electric Corporation
  • Johnson Controls
  • Haier Inc.
  • Schneider Electric
  • Carrier Corporation

Market Driver

Growing Emphasis on Smart Energy Management in Urban Areas to Fuel the Market

Urban agglomerations are one of the main contributors to pollution across the globe. The UN Habitat, in a study in 2017, found that urban areas are responsible for nearly 50% to 60% of the global greenhouse gas emissions. In light of this fact, many governments have undertaken novel initiatives to make urban spaces for sustainable through efficient energy management techniques and equipment. For instance, the Indian government launched the Smart Cities Mission in 2015 with a view to establish energy-efficient infrastructure in urban spaces and promote green technologies in the construction industry. HVAC systems will play an instrumental role in minimizing the carbon footprint of urban sprawls, reducing pollution levels, and achieving far-reaching sustainability targets. Together, these factors are likely to fuel the heating, ventilation, and cooling system market growth in the near future.

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Regional Analysis

Asia-Pacific to Establish Commanding Hold on Market Share; North America to Display Healthy Growth

With a market size of USD 60.62 billion in 2018, Asia-Pacific is predicted to dominate the HVAC system market share during the forecast period, primarily as a result of increasing disposable income in the region. Higher purchasing power is enabling households and businesses in the region to demand advanced heating, ventilation, and cooling units, which bodes well for the market. On the other hand, North America is expected to present lucrative sales opportunities owing to the region’s rapidly expanding residential sector. In Europe, sudden rise in demand for HVAC systems as a means to combat the worsening effects of global warming is propelling the market.

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