New York City, NY -- (SBWIRE) -- 09/10/2020 -- The global heating, ventilation, and air conditioning (HVAC) market generated $240.8 billion revenue in 2019 and is predicted to attain a valuation of $358.1 billion by 2030. The highest demand for HVAC systems was observed in China from 2014 to 2019, on account of the country being the highest manufacturer and user of these systems. The major growth drivers for the market are the increasing requirement for these systems in the construction sector, the rising global temperature, and the soaring government support in many countries for the usage of these systems.
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The COVID-19 pandemic has severely affected the advancement of the HVAC market. This is because the strict nationwide lockdown initiated by the governments of several countries for controlling the spread of the virus has massively affected the logistics and supply chains across the globe. This has, in turn, negatively impacted the operations of manufacturing facilities and other businesses. As a result, the companies operating in the market recorded a sharp fall in their sales. Moreover, the salary deductions and job losses occurring in many countries because of the lockdowns have considerably reduced the purchasing power of people, which has subsequently affected the sales of non-essential commodities such as HVAC systems.
Geographically, the HVAC market is currently exhibiting the highest growth in Asia-Pacific (APAC) and is predicted to demonstrate the highest CAGR in the market in the future years. The boom of the market in this region is ascribed to the rising urban population, rapid economic prosperity, and the local production of HVAC equipment. For example, as per the World Bank, the urban population in India grew from 27.8% of the total population of the country to 34.4% from 2011 to 2019. Similarly, in Indonesia and Thailand, the urban population increased from 51% and 45% in 2011 to 55.9% and 50.6% in 2019, respectively.
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Since the last few years, the players operating in the HVAC market have been launching advanced products and equipment for gaining foothold and attaining higher revenue share in the market. Such measures are helping players improve their position in the market and expand their customer base and geographical reach.
Some of the major market players are Johnson Controls International PLC, Danfoss A/S, Midea Group Co. Ltd., Fujitsu Limited, Toshiba Carrier Corporation, Trane Technologies plc, Gree Electric Appliances Inc. of Zhuhai, Mitsubishi Electric Corporation, Carrier Global Corporation, LG Electronics Inc., Lennox International Inc., Samsung Electronics Co. Ltd., and Daikin Industries Ltd.
The research includes detailed analysis of;
Based on Offering
* Equipment
- Heating
- Furnaces
- Heat pumps
- Boilers
- Unitary heaters
- Ventilation
- Humidifiers/dehumidifiers
- Air cleaners
- Ventilation fans
- Air handling units and fan coil units
- Air Conditioning
- Variable refrigerant flow
- Ducted split/packaged unit
- Split units
- Chillers
- Room ACs
* Services
- Installation
- Upgradation/Replacement
- Maintenance & Repair
- Consulting
Based on End user
* Commercial
- Office and buildings
- Supermarkets/hypermarkets
- Government
- Healthcare
- Hospitality
- Transportation
* Industrial
- Oil and gas
- Food and beverage
- Automotive
- Energy and utilities
* Residential
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