Global HVAC Equipment Market: Insights and Forecast (2021-2026)

DELHI, India - Sept. 8, 2021 - PRLog -- The Global HVAC Equipment Market was valued at USD 84.65 billion in the year 2020. The global HVAC Equipment market is witnessing lucrative growth owing to the use of natural refrigerants, such as CO2, coupled with increasing efforts by various governments across the globe to promote energy-efficient products is expected to drive the market.

The major factors driving the market for HVAC equipment include an increase in new households, rising average construction spending, rising government spending on sustainable building development, rapid urbanization, and growth in disposable income across several economies.

APAC region occupied the largest share in global HVAC Equipment market. Climate is an important factor which will drive the demand for HVAC products in the APAC region. Countries such as Australia experience extreme climatic conditions. Countries in South-East Asia such as Thailand and Malaysia are known for their wet and humid climates. Population in the Asia Pacific region seek energy efficient air conditioners to offset hot and extreme weather conditions.

The COVID-19 pandemic is restricting the supply of HVAC equipment and other control components due to severe disruptions in the global supply chain. Thus, the anticipated growth of the HVAC controls market across several application segments is expected to witness decline. Social distancing being the foremost way of curbing the spread of the disease, many HVAC businesses are being forced to either temporarily shut down, lay off employees, or pivot to operating remotely.

Cooling systems are mostly used in the summers to maintain the comfort level of an enclosed space by regulating the warm air with the introduction of conditioned air. Cooling equipment has been segmented into room air conditioners, split ac, unitary air conditioners, VRF systems, chillers, coolers, and cooling towers.

HVAC systems provide thermal comfort to occupants of a building or room accompanied by indoor air quality. HVAC systems used for residential purposes maintain a consistent temperature, offer varying humidity levels, and improve air quality. These systems can be classified into local or central systems according to zones, locations, and air distributions. Moreover, growing urbanization has resulted in the increasing adoption of HVAC systems for residential purposes.

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