HVAC System Market worth 251.60 Billion USD by 2023 | MarketsandMarkets The HVAC system market is expected to grow from USD 181.00 Billion in 2018 to USD 251.60 Billion by 2023, at a CAGR of 6.80% between 2018 and 2023. Major factors driving the growth of the market include increasing demand for HVAC systems for reducing energy consumption, extreme weather conditions, government tax credit and rebate programs, and growing demand for HVAC systems to upgrade old systems. However, complexities in HVAC retrofit pose a challenge for the players in the market. The HVAC system market for furnaces of heating equipment is expected to grow at the highest CAGR between 2018 and 2023. A furnace is heating equipment that generates heat by using various sources of energy, such as fossil fuel, electric energy, or chemical energy. It provides warm and comfortable environment for a wide range of applications, including residential, commercial, and industrial applications. The lifespan of a furnace is usually 20– 30 years. The market for air purifiers of HVAC system for ventilation equipment is expected to grow at the highest CAGR between 2018 and 2023. Air purifier is used to removing contaminants present in the air. Air purifier helps improve the quality of the air flowing through HVAC systems. Air purifiers use the latest nanotechnologies that remove 99% of the particles from the air. Nowadays, air purifiers are becoming popular in healthcare institutions, as they can remove bacteria, viruses, and DNA-damaging particulates present in the air through the use of ultraviolet lighting technology. The market for the VRF systems of HVAC system for cooling equipment is expected to grow at the highest CAGR between 2018 and 2023. The maintenance of VRF systems is mostly limited to changing filters and cleaning coils for the fan coil units. Therefore, these systems do not require regular maintenance of the compressor unit, allowing significant savings in maintenance costs, whereas conventional systems, such as chillers, conventional HVAC systems, and hot water plant equipment, require regular inspection and maintenance for conventional systems. Furthermore, the maintenance of VRF systems is far less time-consuming than that of other conventional systems. The market for commercial application is expected to grow at the highest CAGR between 2018 and 2023. HVAC systems are widely used in commercial buildings, which include healthcare, education, government, office, airport, and retail. This factor is driving the HVAC system market for commercial buildings. HVAC systems consume the highest energy in commercial places—around 30% of the energy at a business place is consumed by HVAC systems. Replacing a traditional HVAC system with an advanced and energy-efficient one can help save a lot of energy. https://www.marketsandmarkets.com/Market-Reports/hvac-system-market-202111288.html The HVAC system market in APAC is expected to grow at the highest CAGR between 2018 and 2023. The demand for HVAC systems in APAC countries such as China, India, and Japan is gradually increasing. The adoption of Smart Cities Mission in India has influenced the transformation of commercial buildings into green buildings. A green building is a building that preserves the natural environment around the project site and promotes a healthy environment for all the involved entities without disrupting land, water, resources, and energy in and around the building. Green buildings have low-energy consumption and are expected to have an efficient HVAC system. For this purpose, these buildings require the adoption of various types of HVAC equipment to meet the requirement of green buildings.
About MarketsandMarkets™ MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions. Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve. MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledgestore" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets. Contact: Mr. Shelly Singh MarketsandMarkets™ INC. 630 Dundee Road Suite 430 Northbrook, IL 60062 USA: 1-888-600-6441 newsletter@marketsandmarkets.com