Report Highlights
Evolving from rapid growth, the global HVAC market witnessed stagnation, and has subsequently gained momentum again. The dynamic nature of the industry can largely be attributed to factors, such as increasing urbanization, unprecedented population growth, and frequently modifying governmental regulations for making the HVAC products more energy efficient. Furthermore, increasing urban population worldwide which has led to an increase in the demand for HVAC products has acted as a major driver for the HVAC market. The regions having the fastest rate of increasing urban population have been the major target for HVAC system providers.
The global HVAC market is expected to grow at a decent rate during the forecast period. This is due to rapid growth in the construction sector. The VRF technology is expected to grow at the highest rate of 9.0% CAGR in terms of volume during the forecast period. The growth of VRF technology is majorly driven by the increased demand from the commercial and industrial sectors as VRF is more energy efficient. The global HVAC market is estimated to witness growth at a CAGR of 4.5% and 2.6% over the period 2018-2024 in terms of volume and value, respectively. The rising temperature due to global warming have led to an increased demand for HVAC products and its market is expected to grow at a decent rate in the coming years. Furthermore, the boom in the construction sector in regions such as the Middle East and Americas are driving the growth for this market. Also, the presence of industry leaders such as Carrier Corporation, Johnson Controls, and Daikin Industries, among others, has significantly contributed to the growth of the HVAC market.
The most often used strategy for securing stronger presence in the market has been the product launch, followed by partnerships, joint ventures, and collaborations. Moreover, the Company Profiles section of the study includes highlights of significant information about the key companies involved along with their financial positions, key strategies, and developmental activities of recent years. Some of the key players involved in this market are Daikin Industries Ltd., Trane, Johnson Controls, Carrier, Samsung Electronics Co., Ltd., LG Electronics, Fujitsu Limited, and Zamil Industrial.
Key questions answered in the report:
- What will be the global HVAC market value by 2024 along with the estimated CAGR
- What are the major drivers for the global HVAC market in the period 2017-2024
- Which factors are impending the growth of the global HVAC market
- What are the recent trends and developments in the global HVAC industry
- Who are the leading players in the HVAC market and what are the products offered by these leading players
- Which HVAC product type will lead the global HVAC market by 2024
- What will be the revenue generated by HVAC products across different countries during the forecast period
- Which application will dominate the global HVAC application market by 2024
- Which region will lead the global HVAC market by 2024
- Which country will lead the global HVAC market by 2024
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