HVAC System Market Size To Reach USD 219.49 Billion In 2030 | Rapid Adoption Of Energy-Efficient Air Conditioners In Consumer Products Is A Major Factor Driving Market Revenue Growth, Says Reports And Data
NEW YORK, April 25, 2022 /PRNewswire/ -- The global Heating, Ventilation, and Air Conditioning (HVAC) system market size is expected to reach USD 219.49 Billion in 2030 and register a revenue CAGR of 5.5% over the forecast period, according to latest report by Reports and Data. Rapid integration of sensors and other similar components into industrial equipment plays a critical role in driving HVAC system market revenue growth. A sensor is a type of component when integrated into a device responds to any changes in physical environment and sends output signals. Specific input could be light, heat, motion, moisture, and any other environmental phenomena. The output generated is a signal that is transmitted electronically over a network for reading or further processing. Advanced HVAC system designs incorporate a wide variety of sensors. These sensors aid in measuring and controlling temperature, humidity, air quality, and building pressure. Moreover, it aids designers in identifying critical areas where further improvements can be done. A pressure sensor, for instance, is a critical component used within the HVAC system. It monitors pressure levels within specific zones and measures pressure drop across filters and other components thereby alerting system when maintenance and filter replacement is required.
Rising demand for HVAC systems from food production industry is a key factor driving market revenue growth. Cooling and heating systems play a major role in several industries. However, in food production and storage this is even more important. Food products in storage spaces might get affected by volume of space, quality of air, humidity, and number of workers present in the location. Therefore, it needs to be preserved. Moreover, a properly designed and installed air conditioning unit is essential for food factories. It aids in controlling airborne particulates and odors. In addition, it also minimizes risk of any contamination by keeping food products fresh all time.
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Some Key Highlights from the Report
- On August 12, 2021, Johnson Controls, headquartered in Cork, Ireland, announced a strategic alliance with Apollo Global Management, Inc., a leading provider of innovative capital solutions based in Los Angeles. The new venture aims to provide performance-based energy efficiency and smart buildings services to customers in the U.S. and Canada at no upfront cost and with predictable monthly fees. As a result, customers will be able to address their long-term goals of energy savings and decarbonization.
- Heat pumps segment accounted for a moderate revenue share in 2021. Rising demand for energy-efficient alternatives to furnaces and air conditioners is a key factor driving this segment's growth. A heat pump is a component of a heating and cooling system that functions similarly to that of an air conditioner. It is also capable of generating heat during winters, by drawing heat from cold air outside and transferring it into indoor space. These systems are powered by electricity and utilize refrigerants to efficiently transfer heat all year. Heat pumps are commonly used in commercial buildings and are preferred due to number of benefits they offer. For instance, heat pumps utilize refrigerants such as ammonia, and propane, reducing carbon footprint significantly.
- Humidifiers segment accounted for moderate revenue share in 2021. Rising consumer awareness regarding various benefits of using humidifiers is a key factor driving growth of this segment. Humidifiers are devices that increase and maintain moisture content of air. These devices are extremely beneficial as they aid in prevention of diseases such as influenza. Furthermore, adding moisture to indoor air can improve coughing by releasing trapped or sticky phlegm. Humidifiers are also beneficial for patients who snore. Increasing the amount of moisture in air can significantly help to relieve this symptom.
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- Cooling towers segment accounted for moderate revenue share in 2021. Rising demand for cost-effective cooling systems from thermal power plants is a key factor driving growth of this segment. A cooling tower is a heat removal device that operates on principle of removing heat from water by evaporating a small portion of water that is recirculated through the unit. Mixing of warm water and cooler air releases latent heat of vaporization, causing water to cool. Cooling tower plays a key role in industries where process cooling is vital. Moreover, with increasing population worldwide, there has been a huge rise in need for finished products. This has significantly forced industrial units to manufacture significant number of products daily, increasing manufacturing process heat. Machines and processes that aid in production activities need to be cooled so that they can operate efficiently for a long time. Therefore, cooling tower provides a cost-effective solution to removing this heat.
- Market in Asia Pacific accounted for second-largest revenue share in 2021. Rise in temperature and rising demand for industrial boiler systems from end-use industries are important factors driving HVAC system market growth in this region. In addition, Asia Pacific region is seeing a surge in multiple real estate projects and public-private investments in various residential, commercial, and industrial development zones as a result of increasing urban population, which thereby significantly accelerated adoption of HVAC systems. Moreover, governments in various countries in this region are rapidly investing in construction of metro lines and airports, which further has promoted market growth.
- Major companies in the global market report include Daikin Industries, Ltd., Ingersoll Rand, Johnson Controls, LG Electronics, Electrolux, Lennox International Inc., Nortek Air Management, Samsung Electronics, Honeywell International Inc., and Emerson Electric Co.
To identify the key trends in the industry, research study at https://www.reportsanddata.com/report-detail/hvac-system-market
For the purpose of this report, Reports and Data has segmented the HVAC system market based on type, ventilation devices, cooling equipment, application, and region:
- Type Outlook (Revenue, USD Billion; 2019–2030)
- Heat Pumps
- Furnace
- Boilers
- Unitary Heaters
- Ventilation Devices Outlook (Revenue, USD Billion; 2019–2030)
- Humidifiers
- Dehumidifiers
- Air Purifiers
- Air Filters
- Ventilation Fans
- Air Handling Units
- Cooling Equipment Outlook (Revenue, USD Billion; 2019–2030)
- Room Air Conditioners
- Unitary Air Conditioners
- Chillers
- Coolers
- Cooling Towers
- Variable Refrigerant Flow (VRF) Systems
- Application Outlook (Revenue, USD Billion; 2019–2030)
- Residential
- Commercial
- Industrial
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- Regional Outlook (Revenue, USD Billion; 2019–2030)
- North America
- USA
- Canada
- Mexico
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Sweden
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Israel
- Rest of MEA
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About Reports and Data
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