The
HVAC system market is expected to grow from USD 181.00 Billion in
2018 to USD 251.60 Billion by 2023, at a CAGR of 6.80% between 2018 and 2023.
Factors that drive the growth of the market include the increasing demand for
HVAC systems for reducing energy consumption, extreme weather conditions,
government tax credit and rebate programs, and growing demand for HVAC systems
to upgrade old systems.
Heat
pumps are expected to hold the largest share of the HVAC system market for
heating equipment. The acceptance for heat pumps is increasing owing to their
evolving capabilities; these capabilities include performing both space-cooling
and -heating functions along with the ability to heat water. Furthermore, heat
pumps have higher efficiency than many other cooling or space-heating units,
which is expected to increase the demand for the same.
The
air handling units hold the largest share of the HVAC system market for
ventilation equipment. Air handling units are used to regulate and circulate
air in an enclosed environment. It draws the ambient air, reconditions
(filtered and cooled) it, and supplies fresh air to the room. Main factors
controlled by air handling units are temperature, humidity, air movement, and
air cleanliness. Various benefits of air handling units include restriction in
cross contamination, simple and safer damper for regulating air, minimal space
utility, and portability.
The
market for the unitary air conditioners of the HVAC systems for cooling
equipment is expected to grow at the highest CAGR between 2018 and 2023.
Unitary air conditioners are used in residential, industrial, and commercial
applications due to their advantages including low failure risk, space
efficiency, and high cooling performance. These air conditioners are used in
most classes of buildings, from schools to offices and retail stores,
particularly at places where the facilities are associated with low initial
cost, and simplified installation is needed.
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The
HVAC system market for commercial application is expected to grow at the
highest CAGR between 2018 and 2023. HVAC systems are widely used in commercial
buildings, which include healthcare, education, government, office, airport,
and retail. This factor is positively driving the HVAC system market for
commercial buildings. HVAC systems consume the highest energy in commercial
places around 30% of the energy at a business place. Replacing a traditional
HVAC system with an advanced and energy-efficient one can help save a lot of
energy.
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