Increasing focus toward the adoption of environment-friendly refrigerants, and overall growth in the construction sector are driving the progress of the heating, ventilation, and air conditioning market across the globe. The market generated a revenue of $108.1 billion in 2018, and it is expected to advance at a CAGR of 3.9% during the forecast period (2019–2024).
Heating, ventilation and air conditioning (HVAC) are standalone or all-in-one equipment used for heating and cooling residential, commercial, and industrial buildings.
On the basis of HVAC type, the market is categorized into heating, ventilation, and cooling systems. Among these, the cooling systems category dominated the HVAC market in 2018, both in terms of the revenue generated and total units sold. During the historical period (2014–2018), the reasons for the dominance of cooling systems were rising temperature and increasing disposable income.
Now, the heating category of the HVAC market is further divided into heat pumps, furnaces, boilers, and unitary heaters, among which the boilers division held the largest revenue share in 2018. The increasing demand for boilers for keeping the area warm in the extreme cold climate of Northern Europe was considered the primary reason behind this.
However, in the coming years, the heat pumps category is predicted to witness massive growth in terms of value, due to the heavy sales in European countries, such as Germany, Serbia, Austria, and Russia. Therefore, it is clear that the growing construction sector is expected to push the demand for HVACs, resulting in significant market growth in the near future.
HVAC Market Segmentation
Market Segmentation by HVAC Type
- Heating
- Heat Pumps
- Boilers
- Furnaces
- Unitary Heaters
- Ventilation
- Ventilation Fans
- Air Handling Units and Fan Coil Units
- Humidifiers/Dehumidifiers
- Air Cleaners
- Cooling
- Ducted Split/Packaged Unit
- Split Units
- Room ACs
- Chillers
- Variable Refrigerant Flow
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