The HVAC market captured $206.6 billion in 2021, and it will propel at a rate of 5% to reach a value of $319.9 billion by 2030.
The changing climatic conditions and growing need for a livable environment in a building are driving HVAC industry. The need for energy savings and smart features is some of the major reasons behind the growth of the HVAC industry.
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| HVAC Systems & Services Market Analysis and Demand Forecast Report |
The rapid growth in the rates of industrialization and urbanization is leading to the rise in the demand for these products in residential buildings, manufacturing units, and offices
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To decrease energy consumption, the demand for smart HVAC systems is increasing. A large number of customers are leaning toward these systems because they provide a better experience, enhanced real-time performance monitoring and building automation, and low-GWP refrigerants. These systems also provide better temperature change and can be controlled through remotes.
Furthermore, such systems offer preventive maintenance and higher system efficiency. These systems also have low noise in comparison to others, due to which the need for them will increase in the future.
The major reasons behind the growth in the demand for HVAC systems is the increasing per capita income of India, China, Indonesia, Thailand, Brazil, and Mexico. Middle-class families are spending more on appliances such as refrigerators and air conditioners. Moreover, due to mass manufacturing and enhancements in technology, their costs are decreasing.
Major market players are focusing more upon reducing electricity consumption, product cost, and emission of harmful gases. In addition, to save the environment, people are leaning more toward eco-friendly temperature-control units.
It is predicted that the rising demand for energy-efficient temperature-control systems will propel the sales of VRF systems with a CAGR of around 10%. These systems can increase or reduce the temperature in different areas of an enclosed space at the same time. This can be done by controlling the amount of refrigerant delivered to the fan coil systems positioned in a building. Moreover, these systems are extremely cost efficient in the long run.
The weather conditions in Eastern Europe are harsh, and the temperature here can go as low as –6 degree Celsius in winters. This is one of the main reasons behind the growing demand for heating systems in the region. In these applications, VRF equipment is more eco-friendly for homes compared to furnaces and heat pumps, which often burn fossil fuels.
Contrarily, the increasing demand for cooling appliances in Japan, South Korea, Indonesia, India, and China due to the rising temperature is driving the HVAC market in the APAC region. It is expected that by 2030, the industry will reach $170 billion in the region, mainly because of the hot weather.
People from all verticals are leaning toward eco-friendly heating and cooling systems; therefore, the HVAC industry will observe a significant growth in the future.
