HVAC Equipment Market to Improve by 5% CAGR as Demand in Construction Sector Grows – TMR

October 20 10:48 2021
HVAC Equipment Market to Improve by 5% CAGR as Demand in Construction Sector Grows - TMR
HVAC Equipment Market
HVAC Equipment Market to Reach Valuation of US$ 180 Bn by 2030, expanding at a CAGR of 5% during the forecast period, growing awareness among users about using energy efficient equipment and growth in the construction sector is expected to drive the market for HVAC equipment

Transparency Market Research delivers key insights on the global HVAC equipment market. In terms of revenue, the global HVAC equipment market is anticipated to expand at a CAGR of ~5% during the forecast period, owing to numerous factors, regarding which TMR offers thorough insights and forecasts in the HVAC equipment market report.

HVAC is the abbreviation for heating, ventilation and air conditioning. The HVAC equipment market includes heating, ventilation, and cooling or air conditioning equipment. These equipment are used to move the air between indoor & outdoor areas. The equipment provides thermal comfort temperature during extreme climatic conditions.

In this market report, TMR estimates that based on product type, cooling equipment is likely to be the most widely used product type by the end of 2030 in the HVAC equipment market. Growing usage of HAVC equipment for construction projects and renovation of residential spaces is anticipated to drive the market. Moreover, growing awareness among users about using energy efficient equipment and growth in the construction sector is expected to drive the market for HVAC equipment.

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HVAC Equipment Market: Prominent Regions

Asia Pacific is projected to show prominent growth in the HVAC equipment market in the near future, due to increasing number of construction projects in the region. North America is the dominant market for HVAC equipment over the years. Demand for energy efficient equipment is one the major reasons for growth of this market in North America as well as Europe. Growing home automation and development of smart HVAC equipment is expected to create better opportunities for the HVAC equipment market in the near future.

Major brands are likely to focus on research & development to manufacture high-tech equipment and expand their business to strengthen their footprints in the global HVAC equipment market.

HVAC Equipment Market: Key Players

Prominent companies operating in the global HVAC equipment market include Daikin Industries, Ltd., Samsung, United Technologies, Johnson Controls International Plc, Panasonic Corporation, Lennox International Inc., Mitsubishi Electric Corporation, Nortek Global HVAC LLC, Hitachi, Ltd., and Trane Technologies Plc (formerly Ingersoll-Rand Plc).

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HVAC Equipment Contractors Create Awareness about Filters to Fight Coronavirus

As individuals are aiming to create clean breathing environments at home amidst the coronavirus (COVID-19) outbreak, HVAC technicians and public health workers are being weighed at similar levels to help fight life-threatening infection. However, HVAC equipment alone cannot be effective for the prevention of spread of coronavirus. As suggested by William Bahnfleth, the presidential member of ASHRAE (American Society of Heating, Refrigerating and Air-Conditioning Engineers), contractors in the HVAC equipment market must prepare homeowners to adopt other preventive measures that are not necessarily HVAC-related.

From the HVAC perspective, individuals are becoming increasingly aware about how airborne transmission plays a key role in the spread of coronavirus, since the novel virus is a similar strain of the former SARS virus. Contractors in the HVAC equipment market are increasing awareness whether HEPA (High-efficiency Particulate Air) filters can be effective in neutralizing coronavirus particles in hospital facilities.

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Transparency Market Research is a global market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. Our experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyse information.

Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.

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