Demand for HVAC Systems to Increase in Construction Industry Owing to Development of Modern and Advanced Buildings

Published Date : May 08, 2017

ALBANY, New York, May 08, 2017: has stated the addition of a new market research report to its report repository. The research publication is titled, “Global HVAC Market 2017-2021.” The research report offers an exhaustive outlook of the dynamics that are controlling the changes that are occurring in the global market and further assesses them painstakingly The effect of some progressive and regressive elements has also been taken into consideration with equal significance in the market intelligence report. It also delivers data on the marketing and publicity strategies, shares, and merchandises of the top drawer companies.

HVAC or heating, ventilation, and air conditioning systems are employed in order to filter and ventilate the air in non-residential and residential spaces in order to preserve thermal balance. Several components employed in these type of systems are fans, pumps, and heat exchangers. These systems regulate and control the humidity levels and the temperature. The kind of HVAC systems is determined by the outdoor and indoor air quality. One the prime factors propelling the adoption of HVAC systems is the robust growth of the real estate markets and construction sector across the globe. Several newly constructed buildings have been using energy efficient HVAC systems. Additionally, industrialization and urbanization have been rising in developing economies. This has also resulted in a rise in the number of residential complexes, commercial buildings, manufacturing units, and factories that have been employing HVAC systems.

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The global HVAC market is expected to rise at a 5.24% CAGR between 2017 and 2021. The growing preference of consumers on condensing boilers is also likely to boost the demand HVAC systems in the coming years. Countries with extreme weather conditions also prefer HVAC systems for both heating and cooling purposes. The two primary systems that are applicable for functions related to heating are boiler-based system and furnace-based system. Furnace-based systems are popular in the markets of Asia Pacific and North America. European countries are the major users of the boiler-based systems. As boiler-based systems are based on convection or radiant heat, they provide a temperature consistency with steady heat. Furthermore, durability of condensing boilers, easy maintenance, and advanced technology controls are also likely to make the segment prominent in the coming years.

In terms of equipment and services, the HVAC equipment segment led the global HVAC market and held the majority share in 2016. The prime factors which are responsible for the progress of this segment are increasing disposable income of middle class consumers, rising sales of residential and commercial buildings, growing construction expenditure, industrialization, and mounting population.

Region-wise, Asia Pacific held the leading share in 2016 and is expected to continue its dominance in the next couple of years. Population explosion and urbanization are the leading factors influencing the growth of the market in the region. Some of the top players in the market are LG Electronics, Johnson Controls, Ingersoll Rand, DAIKIN INDUSTRIES, and Carrier Corporation.

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