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NEW YORK , Dec. 9, 2021 /PRNewswire/ -- The global residential HVAC market is observing healthy growth owing to the increasing number of residential construction projects, especially in developing regions such as India , China , and Brazil . The demand for HVAC is also on the rise in countries across the Middle East with the rising number of luxury residential infrastructure projects. In addition, other factors such as rising urbanization and increasing per capita income of consumers in emerging economies are expected to create several growth opportunities for market players during the forecast period.
Technavio expects the global residential HVAC market size to increase by USD 33.02 billion , expanding at a CAGR of 8.46% during the forecast period.
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Residential HVAC Market: Segmentation Analysis
The 120-page report segments the residential HVAC market by product (air conditioning systems, heating systems, and ventilation system) and geography (APAC, Europe , North America , MEA, and South America ).
By product, the market witnessed significant growth in the air conditioning systems segment in 2020. Factors such as increasing population density and rapid urbanization are driving the demand for air conditioning systems. The market growth in this segment will be significant over the forecast period. Similarly, in terms of geography, the market will observe maximum growth in APAC. The region currently holds 60% of the global market share and will continue to remain as the largest market for residential HVAC during the forecast period. Increasing population, rising urbanization, and the increased need for smart and sustainable infrastructure solutions will fuel the growth of the market in APAC.
Residential HVAC Market: Growth Drivers
The residential HVAC market is driven by the availability of energy-efficient HVAC systems. Growing concerns over the environmental damage caused by HVAC systems have forced governments to frame stricter regulations to monitor chlorofluorocarbon and hydrofluorocarbon levels during the production of these systems. To comply with such regulations, vendors in the market are starting to offer energy-efficient HVAC systems for end-user applications. The increasing availability of such systems is encouraging residential users to shift from traditional HVAC systems to more energy-efficient ones. All these factors are positively influencing the growth of the market.
In addition, changing climatic conditions worldwide will further accelerate the market growth. However, increasing competition levels might adversely impact the growth of the market during the forecast period.
Some of key Residential HVAC Players:
Carrier Global Corp.: The company offers a wide range of residential HVAC such as air conditioning, furnaces, heat pumps, ductless systems, healthy homes, thermostats, and many more.
Daikin Industries Ltd.: The company offers a wide range of residential HVAC such as total heating and hot water solution, split and multi-split type air conditioning systems, and gas furnaces.
Danfoss AS: The company offers a wide range of residential HVAC such as heat pumps, room temperature control, smart heating, underfloor heating, energy metering, and frost and snow protection.
Haier Smart Home Co. Ltd.: The company offers multi-spit and mono-split air conditioning units, and ductless mini split systems such as MRV Series Multi Zone Air Conditioners, MRV-S Series Outdoor, and many more.
Johnson Controls International Plc: The company offers a wide range of residential HVAC such as air-cooled chillers, water-cooled chillers, condensing units, and absorption chillers.
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Residential HVAC Market Product Outlook (Revenue, USD Bn, 2020-2025)
Residential HVAC Market Geography Outlook (Revenue, USD Bn, 2020-2025)
HVAC Services Market by End-user and Geography - Forecast and Analysis 2021-2025
Industrial HVAC Market by End-user and Geography - Forecast and Analysis 2021-2025
Accelerate at a CAGR of 8.46%
APAC, Europe, North America, MEA, and South America
China, US, Japan, Germany, and UK
Leading companies, competitive strategies, consumer engagement scope
Carrier Global Corp., Daikin Industries Ltd., Danfoss AS, Haier Smart Home Co. Ltd., Johnson Controls International Plc, Lennox International Inc., LG Electronics Inc., Panasonic Corp., Samsung Electronics Co. Ltd., and Trane Technologies Plc
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and future consumer dynamics, market condition analysis for the forecast period
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Technavio Research Jesse Maida Media & Marketing Executive US: +1 844 364 1100 UK: +44 203 893 3200 Email: [email protected] Website: www.technavio.com/
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