With the evolution of technology in the last few years, there was a transition from traditional industrial practices to the technologically advanced practices. There was no such technology to control the atmospheric temperature during the seasons’ extreme climate change. This, in turn, elevated the need for the adoption of technologically advanced heating ventilation and air-conditioning (HVAC) systems. HVAC systems are used in various application areas such as residential, commercial, and industrials. According to the latest market intelligence report by BIS Research titled, ‘Global Heating Ventilation and Air Conditioning Market-Analysis and Forecast (2018-2024)’, the market is anticipated to register a CAGR of 2.6% in terms of value during the forecast period. This significant market growth is attributed mainly to the revenue generated from the construction sector from the government as well as from private funded projects.
In recent years, the demands for HVAC products has been increased considerably owing to the rise in the construction activities in the residential, commercial, and industrial sector. Significant projects for housing societies, hospitals, and commercial sector have paved the way for the tremendous growth of HVAC products. Ho Chi Minh City’s Skyline (Vietnam), World Trade Centre (Doha), and Palm Towers (U.A.E.), among others are some of the projects responsible for the growth of HVAC products. Some of the constraints factors for the HVAC systems’ market are stringent government regulations, increasing demands for energy, and the threat of global warming. To overcome these challenges, market players are adopting various renewable sources of energy such as solar energy and geothermal energy.
Introduction of environment-friendly refrigerants such as R-134a, R-32, and R-410A along with the development of green buildings and smart cities, presented a pool of opportunities for the growth of HVAC systems market. The Variable Refrigerant Flow (VRF) technology is expected to grow at a CAGR of 9.0% in terms of volume from 2018-2025. The growth of VRF technology is owing to the increase in demands from commercial and industrial sectors. HVAC market is considered as one of the dynamic market due to the rise in urbanization, unprecedented population growth, and various government regulations to make HVAC products energy efficient.
Geographically, Asia-Pacific (APAC) dominated the market for heating ventilation and air conditioning market in 2017 followed by North America. This dominance of APAC is owing to the rapid developments in China’s HVAC market. Asia-Pacific is expected to grow at a CAGR of 1.91% in terms of value from 2018-2024. The HVAC market of North America is expected to register a CAGR of 3.28% in terms of sales revenue during the forecast period. The growth of North America is due to the increased construction activities, rapid urbanization, infrastructural reforms, and HVAC unit replacements, among others. The Oceania market for HVAC system is expected to grow at the highest CAGR of 5.7% during the forecast period.
BIS Research has conducted extensive research on the global heating ventilation and air conditioning market and compiled the observation and insight in this report. The market intelligence report aims at providing an in-depth analysis of the key development strategies, marketing strategies and market trend dynamics which include drivers, restraints, and opportunities prevailing in the industry.
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