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HVAC Systems: Worldwide Market to Reach $251.6 Billion by 2023 - Analysis on Daikin, United Technologies, Johnson Controls, Ingersoll-Rand, LG Electronics, and many more - ResearchAndMarkets.com

October 3, 2018

DUBLIN--(BUSINESS WIRE)--Oct 3, 2018--The “HVAC System Market by Heating Equipment (Heat Pumps, Furnaces), Ventilation Equipment (Humidifiers, Dehumidifiers), Cooling Type (VRF Systems, Unitary Air Conditioners), Implementation Type, Application, and Geography - Global Forecast to 2023” report has been added to ResearchAndMarkets.com’s offering. The market is expected to grow from USD 181 Billion in 2018 to USD 251.6 Billion by 2023, at a CAGR of 6.80% between 2018 and 2023.

Factors that drive the growth of the market include the 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. Major factors restraining the growth of the HVAC system market include high capital investment required for deployment, lack of availability of vendors, and project financing. Key market players such as Daikin (Japan), United Technologies (US), Johnson Controls (US), Ingersoll-Rand (Ireland), and LG Electronics (South Korea) have adopted strategies such as product launches and developments, expansions, acquisitions, agreements, contracts, collaborations, and partnerships to gain a competitive edge in the HVAC system market and expand their distribution networks. Key HighlightsHeat pumps are expected to hold the largest share of the HVAC system market for heating equipment.The air handling units hold the largest share of the HVAC system market for ventilation equipment.The market for the unitary air conditioners of the HVAC systems for cooling equipment is expected to grow at the highest CAGR between 2018 and 2023.The HVAC system market for commercial application is expected to grow at the highest CAGR between 2018 and 2023.

Market Dynamics

Drivers

Demand for Improved HVAC Systems to Reduce Energy ConsumptionGovernment Tax Credit and Rebate ProgramsIncreasing Demand for HVAC Systems Because of the Need for Upgrade Or RefurbishmentGovernment Regulations and Policies for Conserving Energy

Restraints

Higher Installation Cost of Energy-Efficient HVAC SystemsLack of Awareness Regarding Benefits of HVAC System in Developing Countries

Opportunities

Increasing Investments in Construction SectorIntegration of IoT With HVAC SystemsIncreasing Penetration of VRF Systems in Residential Applications

Challenge

Complexities in HVAC Retrofit

Companies Profiled

DaikinDanfossElectroluxEmersonFujitsuGreeHitachiHoneywellIngersoll-RandJohnson ControlsLennoxLG ElectronicsMideaMitsubishi ElectricNortekPanasonicQingdao HaierSamsung ElectronicsUnited TechnologiesWhirlpool

For more information about this report visit https://www.researchandmarkets.com/research/xbjnfx/hvac_systems?w=4

View source version on businesswire.com:https://www.businesswire.com/news/home/20181003005376/en/

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Related Topics:HVAC (Heating, Ventilation, and Air Conditioning)

KEYWORD: EUROPE NORTH AMERICA

INDUSTRY KEYWORD: CONSTRUCTION & PROPERTY OTHER CONSTRUCTION & PROPERTY

SOURCE: Research and Markets

Copyright Business Wire 2018.

PUB: 10/03/2018 06:00 AM/DISC: 10/03/2018 06:01 AM

http://www.businesswire.com/news/home/20181003005376/en

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