The heating, ventilation, and air conditioning (hvac) market is being driven by increasing government initiatives for the adoption of such equipment and the expanding construction industry across the world. The market, which valued at $108.1 billion in 2018, is projected to progress to $136.5 billion in 2024, at a 3.9% CAGR during the forecast period (2019–2024). HVAC systems provide cooling, ventilation, and heating, either individually or as all-in-one equipment.
Ventilation, cooling, and air conditioning are the three market categories under the by HVAC type segment. In 2018, the market was dominated by cooling systems, in terms of sales volume as well as revenue, owing to the rising global temperatures and increasing disposable income, both of which pushed AC sales. This category is also predicted to observe the highest value and sales volume CAGRs in the HVAC market during the forecast period.
The expanding construction sector is one of the most significant factors driving the growth of HVAC market globally. By 2024 end, the worth of the global construction sector or predicted to be $13.5 trillion, compared to approximately $11 trillion in 2017. The most rapid growth in the domain is being seen in China, India, the U.A.E., the U.S., Qatar, and Saudi Arabia, where an increasing number of hotels, shopping malls, and mix-use skyscrapers are being built. This is a direct result of the rising tourism activities and resident population.
Based on end user, the market is divided into industrial, residential, and commercial users. Among these, the commercial division led the market during the historical period (2014–2018), due to the increase in the number of office, hotel, and other commercial buildings across the world. Large-scale events, such as FIFA World Cup 2022 in Qatar, World Expo 2020 in U.A.E., and FIFA World Cup 2026 in the U.S., Canada, and Mexico, are resulting in increasing commercial property construction activities in the host countries.
Now, the growth of the construction sector has been observed to be the key driver of the HVAC market. In 2017, the total spending on the global construction sector amounted to nearly $11 trillion, and is further predicted to cross $13.5 trillion by the end of 2024, advancing at a CAGR of 3.0% between 2019–2024. India, Saudi Arabia, China, the U.S., the U.A.E., and Qatar are the major spenders in the construction industry.
Download Brochure With Technical Innovation : https://www.psmarketresearch.com/market-analysis/hvac-market/report-sample
These countries have various ongoing or planned construction projects, including those for upcoming events, such as 2022 FIFA World Cup and 2020 World Expo, which would bring tourists in huge amount. To cater to them, countries are further investing in the construction of hotels and shopping complexes, all of which require HVACs in some or the other form.
Therefore, it is clear that the growing construction sector is expected to push the demand for HVACs, resulting in significant market growth in the near future.
Company Name: P&S Intelligence
Contact Person: Abhishek
Email: Send Email
Address:Noida Sector 2