Global Heating, Ventilation and Air Conditioning Market by Type, Application and Top Key Vendors in 2023


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The HVAC business is a mature industry where competitive pressure is strong, and vendors compete on performance, reliability, service and price. Like most mature industries, the HVAC business is a relatively low-growth industry. This industry is subject to heavy governmental regulation on energy efficiency and gas emission. HVAC systems use refrigerant for cooling that can harm the environment and humans. Because HVAC projects can take several months to complete, they are subject to raw material cost fluctuation. This is why customers often impose on vendors fixed cost contracts that vendors are often battling with their supplier to obtain in order to protect their margin.

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HVAC manufacturers are dependent on the construction industry risks; bad weather or delays of all kinds typical of this industry. Vendors need to constantly invest in research and development to stay current with the possibilities offered by technology advances. Because HVAC equipment can be critical in some environments (hospitals, assisted living facilities, preschools), the industry is subject to potential high liability; for example, in case of defects.

The HVAC systems market is driven by growth in industrial and home automation technology, increasing demand for automated vehicle functions in the automotive sector and a surge in sensor adoption in multiple industries. Additionally, advancements in the connectivity technology, Internet of Things (IoT) is expected to boost market growth in coming years. However, factors such as high regional competition, sensor pricing and difficulty in sensor-to-sensor communication techniques are some of the major hurdles expected for the market.

The global market for HVAC is segmented based on type, implementation type, end-user application and geography. Based on type, the market is classified into HVAC systems and Smart HVAC systems. By enduser application, the market is categorized into residential, commercial and industrial. Based on implementation type, the market is segmented into new installations and retrofit/renovation. Based on geography, the market is segmented into North America, Europe, the Asia-Pacific region, Rest of the World (RoW).

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The Asia-Pacific region is expected to grow at a healthy rate due to greater demand from emerging economies such as China, South Korea and India. In these countries, technological and industrial advancements are expected to boost the market development. Also, the market is driven by the energy efficient HVAC systems and the government initiatives.

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The global HVAC market reached REDACTED in 2017 and is expected to reach REDACTED by 2023, growing at a CAGR of REDACTED during the forecast period. Asia-Pacific accounts for the largest market share of the global HVAC market, followed by North America and Europe.

Key market participants include AAON Inc., Carrier Corp. (UTC), Daikin Industries, Ltd., Danfoss Group, Electrolux AB, Emerson Electric Company, Honeywell International Inc., Hitachi Ltd., Johnson Controls Inc., Texas Instruments, TE Connectivity, LG Electronics, Lennox International, Midea group and others. Key players in the market have adopted several business development strategies such as new product launches, product upgrades, partnerships and others to penetrate the global market.”

“Report Scope

The research study includes market information on HVAC systems and its key segments including type, end-user application, implementation type and regions.

This comprehensive report reviews the global market for the heating, ventilation and air-conditioning (HVAC) systems. The study analyzes global market trends, presents data from 2016, 2017 (base year), forecasts data for the period 2018-2023, and estimates the CAGR percentage for the forecast period.

The report discusses the technological, regulatory, competitive factors, and economic trends impacting the market. Further, it explains the major drivers and regional dynamics of the global HVAC systems market and current industry trends.

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The report also reviews types of HVAC systems including central HVAC systems (traditional) and Smart HVAC systems. The implementation type segment includes retrofit and new constructions. The report also analyzes end-user application areas such as Residential, Commercial, Industrial and Other applications. Finally, it also profiles key vendors in the global HVAC systems market.

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Report Includes

– 26 data tables and 17 additional tables
– An industry analysis of the global markets for heating, ventilation and air conditioning (HVAC) systems within the industry
– Country specific data and analysis for United States, Canada, France, Germany, U.K., Spain, China, India, Japan, Brazil and South Africa
– Market breakdown of the global HVAC systems by system types, end-user applications, implementation types and geographical regions
– Discussion of technological, regulatory and competitive factors, along with economic trends and regional dynamics that are affecting the market
– Detailed profiles of the major vendors in the global HVAC systems market, including AAON Inc., Daikin Industries, Ltd., Danfoss Group, Honeywell International Inc., Hitachi Ltd., Johnson Controls Inc., LG Electronics, and Lennox International”


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