Global HVAC Market Size, Share, Development, Growth and Demand Forecast to 2023

The heating, ventilation, and air conditioning (HVAC) market is growing at a considerable rate due to technological developments for meeting consumer expectations, climate shift from historical records, and stringent government regulations. The growing trend of smart homes, development of energy efficient systems, and higher market penetration supported by green technologies are some of the factors contributing towards the growth of the HVAC market in the coming years.

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The integration of HVAC controls and building systems such as lighting and access controls is providing opportunities for the growth of the HVAC market. By integrating HVAC controls within the building systems, the building managers could easily manage the building through the touch of single button. Integration also helps in saving energy and electricity bills by managing the power of HVAC system as per the number of people in an office or a factory. Smart thermostats were launched to control the temperature in multiple rooms through a single interface.

The HVAC systems deliver fresh outdoor air to remove internal airborne contaminants from the room, such as odors emitted from interior furnishings, volatile organic compounds, and various cleaning chemicals. The heating, ventilation, and air conditioning equipment are implemented for cooling or heating industrial, residential or commercial buildings. The HVAC market is expected to grow in both the commercial and residential category in the coming years. The central functions of ventilation, heating and air conditioning are interconnected to each other particularly the need to provide acceptable indoor air quality and thermal comfort within affordable operation, installation, and maintenance costs.

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On the basis of equipment type, the HVAC Market can be categorized as heating equipment, ventilation equipment, and air conditioning equipment. Heating equipment includes furnaces, boilers, heat pumps and unitary heaters; ventilation equipment includes humidifiers or dehumidifiers, and ventilation pumps or air pumps; and air conditioning equipment includes unitary air conditioners, room air conditioners, and coolers. Air conditioning equipment category leads the HVAC market under equipment types. In spite of the increase in the cooling equipment, coolers have seen a gradual declining trend due to its demand from only low income sections of the developing economies of the Asia-Pacific region. Air conditioners are leading the air conditioning equipment category and are expected to grow by a considerable rate in the coming years.

On the basis of end users, the HVAC Market can be categorized as industrial, residential, and commercial. The HVAC market is expected to grow fastest in industrial sector in the coming years due to the increasing use of HVAC equipment in the industrial sector.

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