Jan 10, 2024 SOURCE: BusinessWire

Global HVAC&R Market Analysis and Forecast to 2028 - A $360.49 Billion Market by 2028 with Competitive Analysis of Johnson Controls, Mitsubishi Electric, Daikin, Lennox & Fujitsu General - ResearchAndMarkets.com

The "Global HVAC&R Market: Analysis By Type, By End User, By Region Size & Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.

In 2022, the global HVAC&R market was valued at US$259.37 billion, and is forecast to reach US$360.49 billion by 2028, with projected growth of a CAGR of 5.64%, during the forecast period of 2023-2028.

The rising need for energy-efficient and sustainable buildings is expected to further propel the growth of the HVAC&R system industry during the forecast period. The varied global climatic conditions and the strong need to maintain an ambient environment in a building are the key reasons that will positively impact the market over the forecast period. Furthermore, enhanced control systems and automation technologies can improve the efficiency of HVAC systems. Machine learning algorithms and artificial intelligence may play a significant role in optimizing system performance and adapting to changing conditions.

Market Segmentation Analysis:

By Type: Cooling segment acquired majority of share in the market in 2022, as the growth is driven by technological advancements, regulatory changes, environmental concerns, and evolving consumer preferences. It is expected that space cooling to deliver fast installation growth, particularly driven by residential air conditioners and data centre cooling. Whereas, heating segment would grow with the fastest rate, due to the integration of smart technologies in heating systems that allows for better control and automation. Smart thermostats, connected heating devices, and home automation systems contribute to improved energy management and increased convenience for users. Within heating, heat pumps would be the fastest-growing product segment.

By End User: Residential segment acquired majority of share in the market in 2022, as an increasing number of multi-family and single-family homeowners are creating opportunities in the residential HVAC&R sector, therefore the demand for HVAC&R system is expected to be volatile in the developed countries. Whereas, commercial segment has the fastest growing CAGR, due to several trends, including green and smart technologies for automation systems. Many government initiatives have also been the reason for the growth of the market. Overall, the commercial sector is increasingly recognizing the value of investing in efficient and effective HVAC&R systems.

Global HVAC&R Market Dynamics:

Growth Drivers: Global Warming plays a pivotal role in driving growth in the global HAVC&R market as extreme heat will result in two significant growth trends in space cooling - fast penetration of air conditioners in low-latitude developing countries that are facing increasing extreme hot weathers, as well as penetration of air conditioners in high latitude developed areas such as northern Europe, Canada, and Hokkaidao in Japan. Also, there are significant potential for upgrade purchases, backed by government incentives and regulatory changes.

According to IEA, as of 2022, financial incentives for heat pumps are already available in over 30 countries, which together cover more than 70% of heating demand. Further, the market is expected to increase due to increasing AC installations, rapid urbanization, amplified disposable income, upgrade and renovation demand, economic development in emerging markets, government incentives/policy/regulations, etc.

Challenges: The market's expansion is projected to be hampered by high maintenance, as it introduces a range of issues impacting both businesses and end-users. The complexity of Heating, Ventilation, Air Conditioning, and Refrigeration systems demands regular and meticulous maintenance to ensure optimal performance. However, when maintenance requirements are high, businesses face increased operational costs, as more resources are directed towards servicing and repairs. The other challenges that HVAC&R market faces include skill shortage, etc.

Trends: One of the most distinct and pervasive trends observed in the global HVAC&R market is growing data centre cooling. HVAC makers are mostly engaged in outside server rack cooling for data centres, key players including Daikin, Mitsubishi Electric, Carrier, Trane, and Schneider. They provide equipment such as computer room air conditioners, chillers, and air handling units of chilled water systems for medium- to large-size data centres. Thus, surging the demand for HVAC&R equipment.

More trends in the market are believed to augment the growth of HVAC&R market during the forecasted period include, augmenting heat pumps, growing energy efficient solutions, district cooling, growth in the use of variable refrigerant flow (VRF) systems, etc.

Key Player Profiles

Johnson Controls
Mitsubishi Electric
Daikin Industries
Lennox International
Trane Technologies
Samsung Electronics
Panasonic
Midea Group
Voltas Limited
LG Electronics
Fujitsu General
Carrier Global
Haier Group
Danfoss
Zhuhai Gree Electric Appliances

Key Topics Covered:

1. Executive Summary

2. Introduction

2.1 HVAC&R: An Overview

2.2 HVAC&R Segmentation: An Overview

3. Global Market Analysis

3.1 Global HVAC&R Market: An Analysis

3.2 Global HVAC&R Market: Type Analysis

3.3 Global HVAC&R Market: End User Analysis

4. Regional Market Analysis

5. Impact of COVID-19

6. Market Dynamics

6.1 Growth Drivers

6.1.1 Global Warming

6.1.2 Increasing AC Installations

6.1.3 Rapid Urbanization

6.1.4 Amplified Disposable Income

6.1.5 Government Incentives/Policy/Regulations

6.1.6 Upgrade and Renovation Demand

6.1.7 Economic Development in Emerging Markets

6.2 Challenges

6.2.1 High Maintenance

6.2.2 Skill Shortage

6.3 Market Trends

6.3.1 Growing Data Centre Cooling

6.3.2 Augmenting Heat Pumps

6.3.3 Growing Energy Efficient Solutions

6.3.4 District Cooling

6.3.5 Growth in the Use of Variable Refrigerant Flow (VRF) Systems

7. Competitive Landscape

7.1 Global HVAC&R Market Players: Competitive Landscape

7.2 Global HVAC Equipment Players by Market Share

7.3 China AC Players by Market Share

7.4 Europe Air to Water Heat Pump Heater Market Players: Capacity Expansion Plan

8. Company Profiles

For more information about this report visit https://www.researchandmarkets.com/r/yib6k3

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