Global HVAC Equipment Market To Witness Substantial Growth Through 2026

May 12, 2022

According to the market analysis report titled ‘Global HVAC Equipment Market (2021 Edition): Analysis By Equipment Type (Heating, Cooling, Ventilation), By End User, By Region, By Country: Market Insights and Forecast with Impact of COVID-19 (2021-2026)’, available with MarketStudyReport, global HVAC equipment market which amassed a valuation of USD 84.65 billion in 2020 is expected to garner substantial returns by 2026.

High disposable income, rapid urbanization, increase in government initiatives that focus on sustainable construction activities, and growing utilization of natural refrigerants such as CO2 are likely to propel global HVAC equipment market.

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For the unversed, HVAC equipment systems maintain uniformity in temperature and provide varying levels of humidity, contributing significantly to the comfort of occupants.

During the Covid-19 pandemic, lockdown restrictions adversely affected the growth trajectory of the industry as several establishments were forced to adapt to remote working or shut down temporarily to curb the spread of the virus. This led to a massive decline in production capacity over the past few years.

Moving on, for the purpose of a comprehensive assessment, the market is fragmented in terms of equipment type, end-user, and region.  

Speaking of end-user scope, the residential segment of worldwide HVAC equipment industry is likely to expand exponentially during the forecast period creditable to rapid urbanization across several economies around the globe.

Considering equipment type, the cooling equipment segment is slated to accumulate considerable remuneration during the study period. Cooling systems are a preferred choice among consumers in summers to regulate the temperature in enclosed spaces, thereby maintaining a comfortable atmosphere.

From a regional frame of reference, Asia Pacific market is slated to record a considerable CAGR during the assessment period, owing to the extreme climatic conditions in Australia, Thailand, and Malaysia, combined with a growing consumer base that demands energy-efficient air conditioners.

The competitive terrain of global HVAC equipment marketplace is influenced by companies such as Rheem Manufacturing Company, Emerson Electric Co., Mitsubishi Electric Corporation, Lennox International Inc., LG Electronics Inc., Honeywell International Inc., Johnson Controls International, Trane Technologies plc, Carrier Global Corporation, and Daikin Industries Ltd.

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