New York, NY, Oct. 31, 2018 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “HVAC Systems Market by Heating Product (Heat Pumps, Furnaces, Space Heaters, and Boilers), by Air Conditioning Product (Room/Unitary Air Conditioners, Chillers, VRF Systems, Coolers, and Others), by Ventilation Product (Air Filters, Air Purifiers, Centrifugal Fans, Roof Vent, Ventilation Fan, and Air Handling Unit), and by Application Area (Residential, Commercial, Manufacturing, and Automotive): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2017 – 2024”. According to the report, the global HVAC systems market accounted for USD 169.8 billion in 2017 and is expected to reach USD 265.2 billion globally by 2024, with a CAGR of around 6.9% between 2018 and 2024.
Heating, ventilation, and air conditioning (HVAC) systems provide heating and cooling services. These systems control the indoor air quality, humidity, and temperature of buildings and vehicles. HVAC systems are used in commercial, residential, and industrial buildings.
Browse through 119 Tables & 37 Figures spread over 176 Pages and in-depth TOC on “Global HVAC Systems Market Size & Share 2017: Industry Type, Trends, Applications, Segments, Analysis and Forecast to 2024”.
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The automotive sector has advanced at a notable rate during the last few years. Increasing usage of HVAC systems in passenger vehicles is expected to fuel the growth of this market. In 2017, the global vehicle production was 97,302,534 units, about 2.36% more than 2016. Additionally, in 2016, the global motor vehicle sales were about 94 million units as compared to 90 million in 2015. The Asia Pacific region is expected to be the major contributor to this growth. Thus, surging demand for motor vehicles will drive the HVAC systems market during the forecast timeframe.
Escalating demand for VRF systems is anticipated to fuel the growth of the HVAC systems market during the estimated timeframe. In 2017, VRF systems’ sales witnessed a growth of almost 25%. This growth was attributed to the increasing investments made in the commercial construction sector. Furthermore, in 2016, the global construction industry was valued at USD 8.8 trillion and is projected to reach USD 10.1 trillion in 2021. With rapid urbanization in developing countries, increased product demand during the forecast period is evident. Thus, increased VRF systems’ usage is expected to fuel the HVAC systems market during the forecast period.
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By the application area, the global HVAC systems market is divided into residential, commercial, manufacturing, and automotive. The commercial segment is anticipated to hold a substantial share in the HVAC systems market during the forecast period. This is due to the increasing demand for office spaces and global expansion of various organizations. Air filters, air purifiers, centrifugal fans, roof vent, ventilation fan, and air handling unit forms the ventilation product segment of the HVAC Systems market. The roof vent segment is projected to show a rate of growth considerable in the forecast timeframe, owing to growing investments made in the manufacturing sector.
North America is anticipated to hold a substantial share in the global HVAC systems market during the forecast period. This share can be attributed to the rising demand for HVAC systems in the U.S. manufacturing sector. In 2017 and 2018, the U.S. GDP witnessed a growth of 2.1% and 2.2%, respectively, as compared to 1.6% in 2016.
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Increasing demand for HVAC systems among various European automotive manufacturers is expected to propel the European HVAC systems market. About 19.6 million vehicles were manufactured in Europe during 2017. Europe contributed to almost 23% of the global motor vehicle production in 2017. The overall passenger vehicle registrations in the region witnessed a 3.3% growth during the same period. Furthermore, Europe contributed around 18% of the global motor vehicle sales in 2017. Thus, it is anticipated that the European automotive sector will drive the HVAC systems market during the projected timeframe.
The Asia Pacific region is expected to hold a significant share in the HVAC systems market during the forecast timeframe. China, Japan, and India are projected to make major contributions to this region’s HVAC systems market. This share is expected due to the growing commercial sector. From 2014 to 2017, investments made in offices and IT/ITES real estate in India have grown by 150%. Leasing of office spaces in India increased over 10% in the first half of 2018. GDP from the construction sector in India from 2011 to 2018 was averaged at USD 29.11 billion. Further, the real estate sector in India was valued at USD 126 billion in 2015 and is estimated to reach USD 180 billion by 2020.
Browse the full "HVAC Systems Market by Heating Product (Heat Pumps, Furnaces, Space Heaters, and Boilers), by Air Conditioning Product (Room/Unitary Air Conditioners, Chillers, VRF Systems, Coolers, and Others), by Ventilation Product (Air Filters, Air Purifiers, Centrifugal Fans, Roof Vent, Ventilation Fan, and Air Handling Unit), and by Application Area (Residential, Commercial, Manufacturing, and Automotive): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2017 – 2024" report at https://www.zionmarketresearch.com/report/hvac-systems-market
Industrial production in China witnessed a year-over-year growth of 6.1% in August 2018. Further, in 2016, sales of ventilation systems and fans in China increased by almost 21%. This rapid increase was due to the growth of the residential sector. Thus, the HVAC systems market in the Asia Pacific region is estimated to grow at a rapid pace during the forecast timeframe.
The Middle East is estimated to make a substantial contribution in the rise of HVAC systems market during the forecast timeframe. This growth is anticipated to the increasing demand for air conditioning systems.
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Some prominent players in the HVAC systems market are LG Electronics Inc., Daikin, Honeywell, Emerson, Electrolux, United Technologies, Johnson Controls, Ingersoll-Rand, Nortek, Lennox, Samsung Electronics, Hitachi, Mitsubishi Electric, Panasonic Corporation, and Whirlpool, among others.
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This report segments the global HVAC systems market as follows:
Global HVAC Systems Market: Heating Product Segment Analysis
- Heat Pumps
- Furnaces
- Space Heaters
- Boilers
Global HVAC Systems Market: Air Conditioning Product Segment Analysis
- Room/Unitary Air Conditioners
- Chillers
- VRF Systems
- Coolers
- Others
Global HVAC Systems Market: Ventilation Product Segment Analysis
- Air Filters
- Air Purifiers
- Centrifugal Fans
- Roof Vent
- Ventilation Fan
- Air Handling Unit
Global HVAC Systems Market: Application Area Segment Analysis
- Residential
- Commercial
- Manufacturing
- Automotive
Global HVAC Systems market: Regional Segment Analysis
- North America
- The U.S.
- Europe
- UK
- France
- Germany
- Asia Pacific
- China
- Japan
- India
- Latin America
- Brazil
- The Middle East and Africa
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