Surge in the use of energy-efficient device is expected to drive the growth of the global HVAC system market. The global HVAC systems market size is anticipated to around USD 185.4 billion by 2026, this market is anticipated to grow with 5.9% CAGR during the forecast time period.

Pune, India -- (SBWire) -- 02/28/2019 --Industries sector are commonly the major energy consumer in the whole economy. Factories such as chemical, refineries, aluminium, paper, steel, or other manufacturing companies are few industries which consume energy in bulk for their operating cost and most of them use electricity in a 24-hour cycle. Moreover, as environmental protocols turn out to be more stringent, even though the industries endures to strive to make their processes efficient and clean. All these aforementioned factors make it imperative for industries to monitor their energy consumption and manage it for optimal consumption. Owing to which the demand for HVAC system is projected to surge in the fourth coming years.

The market for smart energy management services and products is primarily encouraged by the desire for efficiency, driven by environmental and economic factors. The increasing cost of energy, increasing maintenance costs for ageing infrastructure, the looming capital cost to replace end-of-life infrastructure, increasing global populations and the continued rise in consumption per head, all contribute to the need to surge efficiency in the way energy is generated, distributed and consumed, which is why the need for smart HVAC system is projected to increase in the coming years. Further development of innovative technologies to install remote sensors in HVAC and lighting system for real time monitoring control drive the need for smart HVAC products across the globe.

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Successful implementation and installation of international EMS standards along with favourable government initiative to promote energy management in various sectors is anticipated to drive the growth of the market over the next eight year. Optimized utilization along with improving efficiency of these system expected to lead to realization of untapped energy efficiency potential. This installation will not only help in saving cost but also helps in improving productivity.

Growing industrial setup in nation for instance, China and India would surge the demand for energy, which in turn is anticipated to provide substantial growth opportunity for the global HVAC market during the forecast period. Furthermore, augmented consumer awareness regarding the benefits associated with HVAC solution has urged the home owners, especially in the developed and developing countries to install effective energy management system at residential and commercial places to lessen the overall energy expenses. This is further boosting the growth of global HVAC systems market.

The global HVAC market is segmented into product, end-user and region. On the basis of product the global HVAC market is segmented into cooling, ventilation, heating. On the basis of the end-user the global HVAC market is segmented into commercial, residential, and industrial. On the basis of region the global HVAC market is segmented into Latin America, Europe, Asia Pacific, North America, and Middle East & Africa.

Asia Pacific is anticipated to grow at a decent CAGR of over the forecast period. Increasing energy prices coupled with favourable government initiatives may be attributed to high growth in the region. Favourable government initiatives in terms of rebates and tax incentives coupled with rapid industrialization, particularly in India and China is anticipated to drive growth in the regional market over the next seven years.

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North America dominated the global demand and accounted for over 40% of the total revenue in 2017. The regional market is anticipated to lose share to high growth economies of Asia Pacific. Extensive adoption of energy management systems in various verticals including retail, power & energy, and manufacturing sectors may be attributed to high penetration in the region. Favourable government initiatives coupled with high requirement to curtail power losses in various economies including Germany, UK, and France is expected to drive growth in this region over next few years.

The key players catering to the global HVAC systems market are Carrier Corporation, LG Corporation, United Technologies Corporation, Arkema S.A., Mitsubishi Electric Corp., Daikin Industries Ltd., Johnson Controls International PLC., Samsung Electronics, and Lennox International, Inc. Important strategic initiatives undertaken by global companies include partnerships, new product launch, acquisitions, and Increasing R&D investments coupled with technological advancements to commercialize highly efficient products are anticipated to offer lucrative opportunities for industry participants.

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