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HVAC Market Revenue, Trends and Growth Drivers Forecast to 2023

The heating, ventilation, and air conditioning (HVAC) market is growing at a considerable rate due to technological developments for meeting consumer expectations, climate shift from historical records, and stringent government regulations. The growing trend of smart homes, development of energy efficient systems, and higher market penetration supported by green technologies are some of the factors contributing towards the growth of the HVAC market in the coming years.

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The integration of HVAC controls and building systems such as lighting and access controls is providing opportunities for the growth of the HVAC market. By integrating HVAC controls within the building systems, the building managers could easily manage the building through the touch of single button. Integration also helps in saving energy and electricity bills by managing the power of HVAC system as per the number of people in an office or a factory. Smart thermostats were launched to control the temperature in multiple rooms through a single interface.

The HVAC market is expected to grow in both the commercial and residential category in the coming years. The central functions of ventilation, heating and air conditioning are interconnected to each other particularly the need to provide acceptable indoor air quality and thermal comfort within affordable operation, installation and maintenance costs.

The increasing commercial applications of HVAC and the expansion of HVAC market in Asia-Pacific region is driving the escalation rate of the global HVAC market. Some of the other factors driving the growth of the HVAC market are increasing disposable income of the consumers, rise in the number of new households, need for product up gradation, and rise in demand for environment friendly and energy efficient products.

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Some of the competitors in the global HVAC market are Samsung Electronics Co. Ltd., AB Electrolux, Carrier Corporation, Lennox International Inc., Daikin Industries Ltd., LG Electronics Inc., Panasonic Corporation and Haier Inc.


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