HVAC System Market are mainly used to reduce energy consumption, provide moisture consistency, and improve thermal comfort and indoor air quality. HVAC systems comprise both heating and cooling equipment. This system helps in saving construction space, installation time and cost, and power. The advent of centralized heat, ventilation, and air conditioning has made life easier for many people in terms of comfort and efficiency.
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The HVAC system market is expected to grow from USD 181.00 billion in 2018 to reach USD 251.60 billion by 2023, at a CAGR of 6.80% between 2018 and 2023.Increasing demand for HVAC systems for reducing energy consumption, extreme weather conditions, government tax credit and rebate programs, and growing demand for HVAC systems to upgrade old systems are the major factors boosting the growth of the HVAC system market.
• Major Keyplayers : HVAC System Market
Daikin (Japan), United Technologies (US), Johnson Controls (US), Ingersoll-Rand (Ireland), and LG Electronics (South Korea) are some of the leading players in the HVAC system market. Product launches and developments, expansions, acquisitions, agreements, contracts, collaborations, and partnerships were the key strategies adopted by these players to gain a competitive edge in the market.
Daikin ranked first in the HVAC system market in 2017. The company provides a full line of products, ranging from refrigerants to air conditioners. HVAC products offered by Daikin are room air-conditioning systems, air purifiers, room-heating systems, packaged air-conditioning systems, absorption refrigerators, air filters, air-handling units, and water chillers.
The company has a strategically balanced portfolio and a strong geographic presence. Moreover, all production facilities of the company are certified by ISO9001 and OHSAS18001. To expand the market presence, in July 2017, Daikin acquired Airmaster Corporation Pty Ltd., a leading company in the business field of service and solutions for air-conditioning equipment in Australia. This acquisition enabled Daikin to expand its business in Australia.
United Technologies ranked second in the HVAC system market in 2017. The company provides HVAC products and services under brand names such as Totaline, Payne, Arcoaire, and Carrier Transicold. Carrier is a global manufacturer of heating, ventilation, air-conditioning, and refrigeration systems. It has established a strong brand name because of its innovative approach, technological excellence, high sustainability, and high-quality products.
The company also has a strong geographic presence. The offerings of the company are focused on the sustainable technologies, and its HVAC systems are utilized by building contractors and owners, homeowners, transportation companies, retail stores and food service companies. The company is also fostering its growth through product developments in HVAC products for different applications. It launched AARIA Start, the new monosplit air-conditioning unit, to provide customers efficient and sustainable operations. AARIA Start includes 4 models with varying cooling capacities: 2.6, 3.6, 5.2, and 7.0 kW.
Other companies involved in the development of HVAC systems include Electrolux (Sweden), Emerson (US), Honeywell (US), Lennox (US), and Nortek (US).
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