The HVAC System Global Market Report 2024 by The Business Research
Company provides market overview across 60+ geographies in the seven
regions - Asia-Pacific, Western Europe, Eastern Europe, North America,
South America, the Middle East, and Africa, encompassing 27 major global
industries. The report presents a comprehensive analysis over a
ten-year historic period (2010-2021) and extends its insights into a
ten-year forecast period (2023-2033).
Learn More On The HVAC System Market:
https://www.thebusinessresearchcompany.com/report/hvac-system-global-market-report
According to The Business Research Company’s HVAC System Global Market
Report 2024, The hvac system market size has grown strongly in recent
years. It will grow from $172.62 billion in 2023 to $183.57 billion in
2024 at a compound annual growth rate (CAGR) of 6.3%. The growth in
the historic period can be attributed to urbanization and construction
boom, global temperature variations, energy efficiency concerns,
government regulations and standards, indoor air quality awareness,
health and comfort factors..
The hvac system market size is
expected to see strong growth in the next few years. It will grow to
$237.16 billion in 2028 at a compound annual growth rate (CAGR) of
6.6%. The growth in the forecast period can be attributed to
globalization of markets, focus on net-zero buildings, advancements in
refrigerants, renewable energy integration, resilience to climate
change, evolving building codes.. Major trends in the forecast period
include rise of smart hvac systems, integration of artificial
intelligence (ai), variable refrigerant flow (vrf) systems, hybrid and
integrated hvac solutions, remote monitoring and control,
electrification and heat pump adoption..
The surge in
construction activities in the commercial and residential sectors is
expected to propel the growth of the HVAC system market going forward.
Residential and non-residential (including commercial, industrial, and
other) infrastructure are part of the construction sector. A heating,
ventilation, and air conditioning (HVAC) system is a building mechanical
system that provides thermal comfort for occupants accompanied by
indoor air quality and is more frequently used in diverse types of
buildings, including industrial, commercial, residential, and
institutional buildings. For instance, in October 2021, according to a
forecast from Oxford Economics, a US-based advisory firm, the global
construction output in 2020 was 10.7 trillion and was expected to grow
by 42% in terms of volume to reach 15.2 trillion by 2030. Therefore, the
surge in construction activities in the commercial and residential
sectors is driving the growth of the HVAC system market.
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The hvac system market covered in this report is segmented –
1) By Product: Heating, Ventilation, Cooling
2) By Implmenetaion Type: New Construction, Retrofit
3) By Application: Commercial, Residential, Industrial
Green and smart technology is a key trend gaining popularity in the
HVAC system market. Major companies operating in the HVAC system market
are focused on providing innovative solutions by using the Internet of
Things (IoT) and machine learning to strengthen their position in the
market. Green and smart technologies improve living conditions and
eco-friendly methods for constructing, renovating, and operating homes
and buildings. For instance, in July 2021, Haier Group Corporation, a
China-based home appliances, and consumer electronics company, launched
the industry's first IoT-enabled Smart Sharing AC in India to add more
comfort and convenience to the evolving lifestyle of consumers. The
service is an end-to-end digitally monitored cooling system. It allows
users to operate and keep an eye on the AC from their smartphones and
will be totally controlled using a smartphone application. The air
conditioners are linked to a cloud server as part of the service,
allowing users to control and manage them remotely using an application
from any location.
The hvac system market report table of contents includes:
1. Executive Summary
2. Market Characteristics
3. Market Trends And Strategies
4. Impact Of COVID-19
5. Market Size And Growth
6. Segmentation
7. Regional And Country Analysis
.
.
.
27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
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