HVAC System Market is expected to witness high growth during the forecast period. The market was valued at USD 170.11 Billion in 2017 and is expected to reach USD 251.60 Billion by 2023, at a CAGR of 6.80% during the forecast period. HVAC systems are mainly used to reduce energy consumption, provide moisture consistency, and improve thermal comfort and indoor air quality. HVAC systems comprise both heating and cooling equipment. This system helps in saving construction space, installation time and cost, and power. The advent of centralized heat, ventilation, and air conditioning has made life easier for many people in terms of comfort and efficiency. The base year considered for the study is 2017, and the forecast period is between 2018 and 2023. Major factors driving the growth of the market include increasing demand for HVAC systems for reducing energy consumption, extreme weather conditions, government tax credit and rebate programs, and growing demand for HVAC systems to upgrade old systems.
The objective of the report is to provide a detailed analysis of the market segmented on the basis of heating equipment, ventilation equipment, cooling equipment, implementation type, application, and geography. It also provides detailed information on the major factors influencing the growth of the HVAC system market.
The research methodology used to estimate and forecast the HVAC system market begins with obtaining the data on the revenues of key vendors through secondary research via sources such as The American Society of Heating, Refrigerating and Air-Conditioning Engineers (ASHRAE) and Air Conditioning Contractors of America Association (ACCA). The vendors’ offerings have also been considered to determine market segments. The bottom-up procedure has been employed to arrive at the overall size of the market from the revenues of key players. After arriving at the overall market size, the market has been split into several segments and subsegments, which have then been verified through primary research by conducting extensive interviews with the key experts such as CEOs, VPs, directors, and executives. The market breakdown and data triangulation procedures have been employed to complete the overall market engineering process and arrive at the exact statistics for all the segments and subsegments. The breakdown of the profiles of primaries has been depicted in the following figure.
Some of the major players operating in the HVAC system market are Daikin (Japan), United Technologies (US), Johnson Controls (US), Ingersoll-Rand (Ireland), and LG Electronics (South Korea). The HVAC system provided by these players are required to meet the standards mandated by governmental organizations, such as International Organization for Standardization (ISO).
