Written on: October 15, 2020 by ICM
According to ReportLinker, the global market for Heating, Ventilation and Air Conditioning (HVAC) Systems is projected to reach $241.8 billion by 2025. The market will be driven by the need for temperature control in homes and production environments.
In the residential sector, climate change and extreme weather conditions, such as rising temperatures alternating between unusually cold winters, are driving HVAC sales. Also driving the market are concerns over air pollution and indoor air quality (IAQ), boosting sales of high-quality HEPA filters in HVAC systems to remove airborne contaminants and microscopic particulates.
Due to concerns over CO2 emissions from HVAC systems (estimated to be 45% of all CO2 emissions in the U.S.), energy-efficient systems are also booming. From variable refrigerant flow (VRF) technology, environmentally friendly filters, more efficient air handling units (AHUs), to the use of superior insulation materials, the market is witnessing a flurry of innovations, ReportLinker said.
Of noteworthy importance, ReportLinker said, is the integration of Internet of things (IoT) capabilities to enhance HVAC performance with continuous monitoring, management and improved controllability. For example indoor environmental conditions can be monitored and the HVAC system can be controlled to reduce energy consumption.
The growth in the number of smart homes will help make the deployment of these HVAC systems more feasible, ReportLinker said. A few technologies currently under R&D include Movement-Activated Air Conditioning, Thermally Driven Air Conditioning, On-Demand Hot Water Recirculator, Ice-Powered Air Conditioning, Sensor-Enhanced Ventilation, Geothermal Heat Pumps, Dual-Fuel Heat Pumps, and more, ReportLinker said.
The U.S., Europe and Asia-Pacific are the largest markets worldwide with a combined share of 77.3% of the market, according to ReportLinker. China ranks as the fastest growing market with a CAGR of 7.1% over the analysis period supported by the expanding middle class population in the country and a robust manufacturing industry. The country ranks as the world`s largest producer of room air conditioners with a 68% share, ReportLinker said.
See the full report here: https://www.reportlinker.com/p05842190/?utm_source=PRN