International. The global HVAC systems market size is projected to reach US$191.35 billion by 2026, exhibiting a CAGR of 5.7% during the forecast period.
The growing demand for HVAC units rated high energy efficiency will play a key role in driving the growth of the market, shares Fortune Business Insights in its latest report forecasting the market between 2019 and 2026, which was conducted during 2018 and will receive an update analyzing the issue of COVID-19.
Regional analysis
Asia-Pacific will establish a dominant dominance over market share; North America will show healthy growth
With a market size of US$60.62 billion in 2018, Asia-Pacific is forecast to dominate the HVAC system market share during the forecast period, primarily as a result of the increase in disposable revenue in the region. Greater purchasing power is allowing homes and businesses in the region to demand advanced heating, ventilation and cooling units, which bodes well for the market.
On the other hand, North America is expected to present lucrative sales opportunities due to the rapid growth of the region's residential sector. In Europe, the sudden increase in demand for HVAC systems as a means of combating the effects of worsening global warming is driving the market.
Growing emphasis on smart energy management in urban areas to drive the market
Urban agglomerations are one of the main contributors to pollution worldwide. UN Habitat, in a 2017 study, found that urban areas are responsible for nearly 50% to 60% of global greenhouse gas emissions. In light of this fact, many governments have undertaken new initiatives to make urban spaces sustainable through efficient energy management techniques and equipment.
For example, the Indian government launched the Smart Cities Mission in 2015 with the aim of establishing energy-efficient infrastructure in urban spaces and promoting green technologies in the construction industry. HVAC systems will play a critical role in minimising the carbon footprint of urban dispersions, reducing pollution levels and achieving far-reaching sustainability goals. Together, these factors are likely to drive the growth of the heating, ventilation, and cooling systems market in the near future.
HVAC systems have emerged as economically viable solutions to efficiently regulate the internal environmental conditions of a building or a house. However, despite their economic viability, these systems can account for a large part of a structure's energy consumption. As a result, consumers actively demand energy-efficient HVAC systems to reduce their energy costs, which is one of the most prominent trends in the HVAC system market. In addition to this, the governments of several countries are constantly updating energy consumption standards for heating and cooling technologies. For example, the minimum seasonal energy efficiency index (SEER) rating was raised by the U.S. Department of Energy. To raise the energy efficiency ratio of HVAC systems in the country.
