HVAC System Market estimated to be worth $277 billion by 2025

(IT-NEWSWIRE.COM, July 09, 2020 ) The global HVAC system market size is expected to grow from USD 202 billion in 2020 to USD 277 billion by 2025, at a CAGR of 6.5%. The market growth is fueled by growing demand for energy-efficient solutions, rising government incentives through tax credit programs, and an increasing trend of smart homes.

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Heating, ventilation, and air conditioning (HVAC) is a mechanical system that provides thermal comfort and improves air quality in an enclosed space. A complete system controls air temperature & humidity, allows fresh air intake, and maintains the quality of air in residential, commercial, or industrial buildings. Heating equipment is an important part of HVAC systems. These types of equipment are used to heat buildings to a particular temperature. The ventilation process removes the unpleasant smell and excessive moisture from the air in an indoor space and introduces fresh air. Cooling systems are used to lower the temperature and enable the proper distribution of air and the control of humidification in a space.

“HVAC system market for heating equipment to grow at highest CAGR during the forecast period”

The heating equipment market is expected to grow at the highest CAGR during the forecast period. Heating equipment is an important part of HVAC systems. These types of equipment are used to heat buildings to a particular temperature. The rapid climate changes and increasing need for renewable energy sources, along with the extensive government support in the form of subsidiaries and other monetary benefits, have increased the demand for heating equipment globally.

“New constructions to hold the largest share of the global HVAC system market from 2020 to 2025.”

The governments of various countries are making heavy investments in infrastructure development, such as expansion projects of hotels, retail stores, airports, and educational buildings. Growing construction activities are driving the demand for HVAC systems to remove pollutants, maintain air quality, and control the temperature and humidity in buildings. Moreover, government regulations for smart homes and incentives for the installation of the energy-efficient HVAC system in new construction projects are expected to propel the market growth.

“APAC to be fastest-growing market for HVAC system during the forecast period”

The HVAC system market in APAC is expected to grow at the highest CAGR during 2020–2025. The growing construction activities and rising population are some of the factors boosting the growth of HVAC systems in the region. There is a considerable demand for smart homes in countries such as Japan, South Korea, and China. The rapid urbanization and industrialization are increasing demand for HVAC systems in the region.

Major players involved in the global HVAC system market include Daikin (Japan), Ingersoll Rand (Ireland), Johnson Controls (US), LG Electronics (South Korea), United Technologies (US), Electrolux (Sweden), Emerson (US), Honeywell (US), Lennox (US), Mitsubishi Electric (Japan), Nortek (US), and Samsung Electronics (Korea).

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HVAC System Market estimated to be worth $277 billion by 2025