Knowledge Sourcing Intelligence announces the publication of a new report on “HVAC Equipment Market - Forecasts from 2020 to 2025” to their offering.
Expanding conurbation, rapid industrial growth, rising pharmaceutical innovation, and medical diagnostics, and gradual environmental warming, are the prime factors, among others, that are estimated to drive market growth.
As per the report, the market pertaining to the HVAC Equipment Market is expected to reach US$162.123 billion by 2025, from US$ 116.515 billion in 2019.
The growing rate of urbanization and the gradual cognition of utilitarian, as well as environmental benefits of energy-efficient HVAC systems, are at the forefront which is driving the growth of the HVAC equipment market. Moreover, various national government incentives and multilateral policies are resulting in the successful promotion and consequent adoption of energy-efficient HVAC units which stems from negative externalities of climate change that are collectively expected to fuel the growth of the HVAC equipment market during the next few years. Before all foregoing, the rising availability of disposable income, expanding urban agglomeration and the households’ increasing inclination to maintain pristine conditions indoors, and enhance the aesthetic value of their residential space and commercial establishments among others are few of the demand side drivers that are poised to drive the growth of the market. The sheer volume of projects that are currently being undertaken around the globe is further expected to catapult the HVAC equipment market to a new echelon. For instance, in April 2020, it was reported that a leading international district cooling developer National Central Cooling Company PJSC (DFM: Tabreed) had reportedly acquired 80% stake in Downtown Dubai district cooling business of Emaar Properties PJSC’s (DFM: Emaar) at of AED 2.48 billion (USD 675m), which will result in a reportedly 278,801 RT of cooling post completion of transaction leading to the increasing the total capacity by 12.6% Accounting for 1,338,602 RT derived from 83 plants.
Further delving into the aspects which have the potential to augment the estimated acceleration of the HVAC equipment market is the Internet of Things (IoT) which adds conveniences to the HVAC operations and provides a better return on investment. In other words, through mobile application users can communicate with the HVAC units enabled by IoT and uninterrupted connectivity whereby the consumer will be able to gauge the temperature conditions beforehand and can decide whether adjust the temperate, as well as the manufacture, will able to collect information to facilitate predictive maintenance minimizing the discomfort in case the HVAC system is rendered un-operational. This further adds to the prerequisite knowledge required for HVAC equipment manufacturers to identify the various scope of improvements and bring about product innovation thereby rendering the HVAC equipment market competitivity with a new product offering that in turn is expected to drive the growth of the market. Additionally, the aspect of automated control systems enables the swift detection of ambient climate parameters consequently leading to automated control of the fan speed and temperature adjustment to provide an optimum indoor environment. The aforementioned is also expected to steer the trajectory of the HVAC equipment market upwards during the next few years.
Further, there are increasing investments and engagements (Viz. partnerships) in R&D by players in the HVAC equipment market to bring about energy-efficient HVAC systems. For instance, Ferguson a US-based wholesale distributor of residential and heating and cooling (HVAC/R) equipment, products, and services, among others partnered with Zen Ecosystems the provider of solutions on intelligent energy management solutions for consumers and businesses in June 2020, leading to the launch of a diverse portfolio for the building of all sizes aiding the reduction of carbon footprints and facilitating energy-friendly comfort, among others. Another reason is that of regional climatic conditions which can corrode HVAC equipment which further leads to more expenditure in R&D and product innovation which will impact the HVAC equipment market positively leading to healthy growth in the future. Despite the aforementioned factors that are favorable for the growth of this market, aspects like high maintenance cost due to the prevalence of energy inefficient HVAC systems and energy expenditures there can restrain the growth of the market.
As a part of the report, the major players operating in the HVAC equipment market, which have been covered are Johnson Controls International plc, LG Corporation, Daikin Industries, Ltd., Haier Group Corporation, Lennox International Inc., Ingersoll Rand Inc., Panasonic Corporation, Danfoss Group, Daikin Industries Ltd., and Emerson Electric Co.
View a sample of the report or purchase the complete study at https://www.knowledge-sourcing.com/report/hvac-equipment-market
This report segmented the HVAC equipment market on the basis following terms: