International. The global HVAC market is expected to reach US$198 billion by 2026, with growth of 4.40% CAGR. This sector is primarily driven by the burgeoning residential and construction market, energy efficiency regulations, and growing technological advancements. One of the next core developments in the global HVAC industry is a step towards green technology.
According to the report prepared by ResearchAndMarkets.com, end users and HVAC suppliers are moving towards green technology with the introduction of hybrid systems and non-polluting refrigerants such as hydrofluorocarbons (HFCs). HVAC manufacturers are producing new heating and cooling equipment that is compatible with eco-friendly refrigerants such as R32, R290, R600a, R744, and R717. In 2020, Daikin launched its first European VRV air conditioning system powered by R32 refrigerant with lower global warming potential.
In addition, rapid urbanization in developing countries has resulted in a significant increase in the demand for HVAC equipment. Rising disposable income has led to a change in consumers' lifestyles, as people's preferences lean more toward connected smart equipment.
The global HVAC market is segmented by direct expansion systems product type, central air conditioning product type, end user, region, and company. In terms of type, the global HVAC market can be segregated into direct expansion systems and central air conditioning systems.
Among which, direct expansions have accounted for the majority of the market share of around 74% in 2020, followed by central air conditioning systems. This is mainly due to several advantages associated with them, such as energy efficiency, lower running cost, easy availability and integration of the latest technologies along with the increase in urban population and increased construction activities.
In terms of end-user, the global HVAC market is segmented into residential, commercial, institutional, energy, oil and gas, marine and offshore real estate, and others. Due to solid growth in residential space, increasing population, and increasing urbanization, the residential sector accounted for the largest share of the market share in 2020. In addition, growing consumer awareness of the latest air conditioning technologies, combined with rising purchasing power, is driving demand. for air conditioners in the residential sector worldwide.
Regionally, Asia-Pacific dominated the global HVAC market in 2020 and is the leading market followed by North America due to the growing middle-class population base, rising temperatures due to climate change, a growing business sector, and increasing consumer purchasing power. In addition, increasing commercial and residential construction activities in several APAC countries, particularly India and China, as well as consumer preference for lifestyle products, are expected to drive the Asia Pacific HVAC market.
* If you want to know more about the air conditioning market in Latin America, access the Top 100 Contractors – Installers Report 2021-2022 prepared by ACR Latin America.
Source: ResearchAndMarkets.com.
