Which are the major opportunities in the HVAC system market?

The rapid transformation of IoT within HVAC industry and increasing penetration of VRF systems in residential and commercial applications can offer opportunity for HVAC system market globally.

Which are the major applications of this market?

The commercial application is expected to lead the HVAC system market. The growth is due to increasing adoption of HVAC systems in commercial buildings, growing demand for energy-efficient devices, and increasing consumer awareness toward energy conservation in developing regions.

Which region is expected to witness significant demand for HVAC systems in the coming years?

APAC is expected to have the largest market share in terms of value, as the region. Countries such as China, Japan, and India are a few of the major contributors to the HVAC system market in the APAC region. Growing construction activities and rising population are a few of the factors boosting the growth of the HVAC system market in the region.

Which are the major companies in the market? What are their major strategies to strengthen their market presence?

Daikin, Ingersoll Rand, Johnson Controls, LG Electronics, and United Technologies are some of the major companies providing HVAC systems. The key strategies adopted by most of the companies operating in the HVAC system market include product launches, partnerships, joint ventures, and agreements, acquisitions, and expansions.

Why there is increasing need of heat pumps? Which heating equipment is expected to drive the growth of the market in the next 5 years?

Heat pumps are gaining higher acceptance owing to their multiple capabilities. Many models feature both cooling and space heating capabilities and a few also have the ability to heat water. Further, heat pumps have higher efficiency compared with many other cooling or space heating units, which is expected to increase the demand for the same in next 5 years.

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