HVAC System Market Technological Advancements, Demand and Future Industry Trends 2028

The HVAC System Market analysis is projected to reach 579.75 million by 2030 from US$ 246.10 billion in 2022 at a CAGR of 11.3% from 2022 to 2028.

The usage of air conditioners is our safeguard once the common temperature increases. However, many people are seen to be aware of how necessary it is to decide on an air conditioner unit and the way how it is important to exchange an inefficient air conditioning system for an updated version. In HVAC system market analysis, such growth in awareness will have a positive impact. New HVAC systems are economical and far more environment friendly and improve indoor air quality. To decrease greenhouse gas emissions, several countries entered into a pact to work together towards that goal. The focus behind this is to limit the number of hydrofluorocarbon refrigerants (HFC) used in many air conditioners, as HFC is considered the most damaging to energy utilization. Acceptance of modern HVAC systems, owing to their lower greenhouse gas emission rates, is expected to further boost HVAC system market size. HVAC systems provide benefits such as cost savings and energy savings and help to maintain sustainable goals regarding environmental safety. The above-mentioned factors will positively fuel the adoption of HVAC system, and thus would promote the HVAC system market growth.

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Analysis of the Top Market Players:

1. Daikin Industries, Ltd.
2. Emerson Electric Co.
3. Honeywell International Inc.
4. Johnson Controls Inc.
5. LG Electronics
6. Carrier Global Corporation
7. Lennox International Inc.
8. Trane
9. EVAPCO, Inc.
10. Rheem Manufacturing Company

In this report, the market has been segmented on the basis of:

Component (Thermostat, Air Handling Units, Central ACs, Furnace, Heat Pump, Compressor, and Others)
Type (Split System, Ductless System, and Packaged System)
Implementation (New Installation and Retrofit)
Application (Residential, Commercial, and Industrial)

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Impact of COVID-19 Pandemic on HVAC System Market Growth

Limitations imposed by governments to control the spread of COVID-19 during the initial phase of the global health crisis affected the daily operations of most automobile manufacturers. Stringent restrictions and supply chain disruptions, which resulted in the shortage of semiconductor chips, put most HVAC system market players in jeopardy. Several economies in the Asia Pacific region experienced a sharp decline in their GDP in 2020 due to the sudden closedown of most economic activities across the country. China, Japan, and ASEAN countries' machinery exports declined. The implementation of travel restrictions, the emergence of the delta variant of COVID-19, and other issues plagued global value chains (GVCs) in 2021.

For the Association of Southeast Asian Nations (ASEAN), machinery exports have fluctuated, but general and electric machinery goods and precision machinery final products have maintained exports beyond the pre-pandemic levels. East Asia continued to export more machinery than before the pandemic, at least regionally, through August 2021, despite recent irregular dips in specific countries and industries. After the lockdown was implemented in 2020, manufacturing in India reportedly ceased, except for the rice milling industry, where production is said to have decreased by 50%, according to a United Nations Industrial Development Organization (UNIDO) survey.

Metals and chemical goods, automobiles, machinery and equipment, textiles, and other manufacturing-related businesses were among the most impacted sectors. Such closures and decline in manufacturing activities led to decline in HVAC system market growth. Such trends were witnessed globally. But demand for HVAC systems started gaining momentum by the end of 2020, as industries started resuming operations, along with most commercial establishments.

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