HVAC Systems Market Expected To Witness Significant Growth Due To Government Tax Credit And Rebate Programs Till 2025: Grand View Research Inc.

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According to report published by Grand View Research, growing commercial sector and rapid urbanization across the globe are driving the demand for HVAC equipment. Furthermore, incentives and rebates programs offered by various governments to promote the use of energy-efficient units is anticipated to bolster the HVAC Systems market growth.

According to a new report,“HVAC Systems Market Size, Share & Trends Analysis Report By Product (Ventilation, Cooling, Heating), By End Use (Residential, Commercial, Industrial), By Region, And Segment Forecasts, 2018 – 2025”, published by Grand View Research, Inc., the global HVAC systems market size is anticipated to reach USD 183.8 billion by 2025. The market is estimated to witness a CAGR of 5.7% during the forecast period. Growing commercial sector and rapid urbanization across the globe are driving the demand for HVAC equipment. Furthermore, incentives and rebates programs offered by various governments to promote the use of energy-efficient units is anticipated to bolster the HVAC equipment market growth.

Key Takeaways from the report:

  • Cooling systems led the HVAC equipment market in 2017 and is likely to grow further on account of rising demand from the residential and commercial sectors

  • The residential segment held the majority share of the total revenue in 2017 owing to rise in real estate sector in developing regions

  • Driven by Japan and China, Asia Pacific was the dominant region in the global market. It is projected to maintain its dominance in future on account of growing real estate market and consumer disposable income levels

  • Leading companies and several governments across the globe are promoting HVAC systems through endorsement labels like ENERGY STAR and incentive programs, which will boost the market growth

  • Some of the top companies in this market are LG Electronics, Inc.; Lennox International, Inc.; Carrier Corporation; Samsung Electronics Co. Ltd.; United Technologies Corporation; Johnson Controls International PLC; and Daikin Industries Ltd.

North America HVAC systems market size, by product, 2015 - 2025 (USD Billion)

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  • Furniture MarketHigh demand for branded home furniture coupled with rising spending capacity of consumers on home decor products are some of the driving factors for the growth of this market. Additionally, government initiatives to provide housing for all is also expected to positively impact the growth. 
  • Cooling Towers Market: Rising global demand for electricity, the number of power plants is also expected to increase, thereby driving growth of this market. Furthermore, a tremendous rise in the number of construction activities across the residential and commercial sectors in developing countries is expected to boost the demand for this product. Additionally, rapid global industrialization is also a key driver expected to favorably impact the cooling towers market growth over the forecast period.

Global HVAC systems market share, by end use, 2017 (%)

Moreover, HVAC systems are being integrated with next-generation technologies, such as IoT sensors, remote control systems, and hybrid HVAC units, to provide optimum comfort with reduced energy consumption. This is also anticipated to support the global market expansion over the forecast period. On the other hand, high installation and maintenance costs coupled with complexity of retrofit HVAC installations may hinder the market growth. However, many prominent manufacturers are investing in R&D to develop cost- and energy-efficient units; which will fuel the product demand.

For instance, a California-based company developed an ice-powered air conditioning system. The new system reduces the energy consumption of the building by freezing a significant amount of water overnight and offers six hours of cooling the next day. Several residential complexes and businesses are replacing old HVAC systems with new energy-efficient units for higher performance, energy savings, and cost reduction. Moreover, remodeling and new construction of residential, commercial or industrial buildings requires HVAC systems. These factors are expected to propel the market development over the forecast period.

Asia Pacific region led the HVAC equipment market, in terms of market share. This growth is attributed to the rising disposable income and awareness regarding energy-efficient products. Furthermore, growing real estate industry across the region as a result of increasing population will also have a positive impact on the product demand. The emergence of smart buildings and government initiatives promoting the use of energy- and cost-efficient systems are also expected to boost the market growth in this region.

Grand View Research has segmented the global HVAC systems market on the basis of product, end use, and region:

HVAC Systems Product Outlook (Revenue, USD Billion, 2015 – 2025)

  • Heating

  • Ventilation

  • Cooling

HVAC Systems End Use Outlook (Revenue, USD Billion, 2015 – 2025)

  • Residential

  • Commercial

  • Industrial

HVAC Systems Regional Outlook (Revenue, USD Billion, 2015 – 2025)

  • North America

    • U.S.

    • Canada

    • Mexico

  • Europe

    • U.K.

    • Germany

    • Italy

    • Spain

    • France

  • Asia Pacific

    • India

    • China

    • Japan

    • South Korea

    • Australia

  • South America

    • Brazil

    • Argentina

    • Chile

  • Middle East & Africa (MEA)

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About Grand View Research

Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.

For more information: www.grandviewresearch.com

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