The HVAC Equipment Market is expected to grow at a CAGR of 4.7% during the forecast period (2021-2026)


Booming construction activity in individual emerging economies and growing end-user markets like the data center market are important factors driving the growth of HVAC equipment market during the forecast period .

New York, May 14, 2021 (GLOBE NEWSWIRE) – Reportlinker.com announces the publication of the report “HVAC Equipment Market – Growth, Trends, COVID-19 Impact and Forecast (2021 – 2026)” – https://www.reportlinker.com/p06030453/?utm_source=GNW
Some of the benefits of adopting HVAC equipment include energy efficiency, improved performance, and longer life, among others. According to British Petroleum PLC, China leads the world in primary energy consumption, with around 3.3 million metric tonnes of oil equivalent in 2018.

– Changes in urbanization, industrialization and migration are some of the critical factors influencing the growth of the market; this has given rise to the number of factories, manufacturing units and residential complexes that use HVAC equipment. According to the Population Reference Bureau, in 2019, the degree of urbanization in the world was around 54%. According to the source, North America, with 82% of the population living in cities, was the most urbanized continent in the world. An AHR Expo and ASHRAE Journal survey found that nearly 88% of HVAC industry respondents are seeing a “good” or “excellent” business year in 2019. 43% of these respondents predict 5-10% growth for their business, and 23.5% expect more than 10% growth.
– Additionally, at the AHR Expo 2019 in Atlanta, Samsung HVAC North America announced its strategy to expand its residential and commercial air conditioning market in the region by building, training and supporting a wide range of representatives. , distributors and specific installers. The growth of the construction industry and the increase in disposable income in developing countries have increased the need for HVAC equipment for a wider consumer base. According to the Bureau of Labor Statistics, construction industry activity in the United States is expected to reach nearly $ 1.58 trillion by 2028.
– According to a report from the US National Academy of Sciences (NAS), the first decade of the 21st century was 0.8 ° C (1.4 ° F) warmer than the first decade of the 20th century. The variation in climate change has led to an increasing demand for electric cooling systems in the summer and, simultaneously, for natural gas, oil, wood and electric heating systems in the winter. In addition, climate change affects the energy consumption of buildings and affects air conditioning loads, which vary with ambient temperature and humidity. With the advent of new government regulations, such as in the United States, the energy efficiency of HVAC systems is expected to increase. This opened a gateway to intelligent HVAC control systems for the most advanced heating and air conditioning units in buildings.
– In March 2020, REHVA, the European Federation of HVAC Associations, advised that humidification, air conditioning and duct cleaning do not have a significant effect on the transmission of COVID-19. They insisted that humidification and air conditioning had no possible impact on the transmission of the virus. Unlike some other viruses, the virus, which causes COVID-19, is resistant to changes in the environment and is only sensitive to high relative humidity above 80% and temperature above 30 ° C. However, the viral particles present in the return ducts could reenter a building when the centralized air handling units are equipped with recirculation sectors. Thus, it is recommended to avoid central recirculation during COVID-19 by closing the recirculation dampers.

Main market trends
Air conditioning should hold an important part

– Among HVAC equipment, air conditioning systems are expected to hold a significant market share during the forecast period, owing to energy efficiency, low installation costs and ease of maintenance. Various other factors motivating the use of air conditioning systems for cooling applications in data centers include increased construction of modular data centers, due to the increased capacity to deliver computing power and efficiency and performance. the ability of these systems to adapt to variations in temperature and humidity.
– Population growth and rapid increase in mobile devices and other electronic devices are leading to increased data production. The enormous production of data caused by the increased use of the Internet necessitates the demand for optimal data storage techniques. As more and more data begins to become more energy efficient, data center power solutions are needed. Since data centers are operational 24/7, they can consume a large amount of electricity. As this electricity is used to power the servers and process all the data, it generates a lot of heat. Therefore, the environment must be cooled, otherwise the electrical components will overheat.
– Large-scale data centers are growing in the Asia-Pacific region, which is expected to be one of the biggest contributors to the global demand for larger and faster IT infrastructure. According to Cisco Systems, by 2021 there are expected to be 628 hyperscale data centers worldwide. Since rugged HVAC systems work with efficient air conditioning systems, they are expected to be useful in large-scale data centers. Florida is now courting large-scale data centers, planning to invest in HVAC for frequent thunderstorms, hurricanes and thermal load management. According to Data Center Dynamics, the construction of new data centers will increase by about 9% per year.
– In addition, companies are innovating methods to manage air cooling to make them more efficient and consume less energy. Amazon recently developed an air handling system that includes a thermal storage unit; the system is configured to provide temperature and humidity conditioned air to the heat producing components in the data center. These developments in the air conditioning space are expected to increase even more over the forecast period. In April 2020, Mitsubishi Electric Europe BV acquired the Swedish air conditioning distributor AQS PRODUKTER AB. Hot-water air conditioners and heat pumps are gaining popularity in Sweden, where people are working to combat global warming by saving energy.

North America is expected to hold a significant share

– The HVAC industry is expected to move towards smart technologies in North America as the region experiences a massive level of IoT connections. The US Energy Information Administration (EIA) Residential Energy Use Survey (RECS) provided an estimate that 76 million occupied US homes (64% of the total) use central air conditioning equipment. About 13 million homes (11%) use heat pumps for heating or air conditioning. By 2023, all residential central air conditioning and air-source heat pump systems sold in the United States will need to meet the latest energy efficiency standards that are expected to fuel the growth of HVAC equipment in the region.
– According to the US Census Bureau, the value of housing starts in the United States is expected to reach $ 135 billion in 2022. In addition, according to a new forecast from the American Institute of Architect, construction spending is expected to increase through 2019 Based on short-term projections, the US non-residential construction market is expected to grow to 2.4% in 2020 from the previous year. Therefore, such a growth in construction in the region is expected to create opportunities for HVAC equipment in residential, commercial and industrial applications.
– The Canadian HVAC market has seen an increase in shipments of commercial air conditioners, according to the Canadian Heating, Refrigeration and Air Conditioning Institute (HRAI). The Canadian government plans to eradicate high global warming potential (GWP) refrigerants, such as R-134A, R-507 and R-404, from the commercial market. It set a maximum limit of 700 GWP for air conditioning coolers, due to increased environmental concerns associated with these refrigerants. Notably, the demand for HVAC is increasing in the marijuana industry to maintain a specific humidity level. The legalization of marijuana in Canada has opened up a wide range of possibilities for HVAC equipment suppliers.
– In the United States, the growth of the Internet of Things (IoT) has allowed users to control, monitor and interact with systems and devices as well as remotely. HVAC systems are starting to incorporate this technology, including repair notifications, remote access, self-regulation, techniques, which are designed to improve efficiency. For example, Amazon’s Nest and Alexa thermostats are in more homes. Consumers view their homes as a stand-alone unit and see home systems more as a connected solution rather than separate and divided devices and services, a growing trend among consumers to expect connected HVAC equipment.

Competitive landscape
The HVAC equipment market is quite competitive and consists of significant players. In terms of market share, a few leading players are currently dominating the market. The players, who hold a leading market share, are focused on expanding their customer base into other geographies. Daikin Industries Ltd., Johnson Controls – Hitachi Air Conditioning Company, and Honeywell International, Inc. were among the major players in the HVAC market globally. In addition, a significant share of companies started to offer HVAC systems with higher energy efficiency and green technology compatible with various smart devices.

– February 2020 – Honeywell announced one of the first stand-alone building sustainability solutions that assess whether a building’s HVAC system is operating at peak efficiency. Honeywell Forge Energy Optimization is a cloud-based machine learning solution that regularly studies patterns such as building energy consumption and automatically adjusts them to optimal energy-saving settings without compromising on comfort levels. occupants.
– January 2020 – LG Air Conditioning Technologies USA announced the installation of its HVAC technologies at The Ebell of Los Angeles, a performance art installation located in Los Angeles, and The Lido Hous, an upscale property located in California. The company said its variable refrigerant flow (VRF) technology and ducted and ductless solutions are making significant inroads in the United States, where demand for flexible, high-performance HVAC technology continues to grow.

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