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HVAC Systems Market by Equipment Type (Heating (Heat Pump, Furnace), Ventilation (Air Filter, Dehumidifier, Air Purifier), Cooling (Room AC, Unitary AC, Chiller)), Software & Services, Implementation Type, Application, and Geography - Global Forecast to 2022", the HVAC systems market is expected to reach USD 173.16 Billion by 2022, at a CAGR of 5.9% between 2016 and 2022. The factors which are driving the growth of market include government incentives through tax credit programs, increasing construction activities, government regulations and policies for energy saving, and growing trend of smart homes.
The major players involved in the HVAC systems market include Daikin Industries Limited (Japan), Ingersoll Rand Plc. (Ireland), Johnson Controls, Inc. (U.S.), Nortek, Inc. (U.S.), United Technologies Corporation (U.S.), Electrolux AB (Sweden), Emerson Electric Co. (U.S.), Honeywell International Inc. (U.S.), Lennox International Inc. (U.S.), LG Electronics (South Korea), Mitsubishi Electric (Japan), Panasonic Corporation (Japan), Qingdao Haier Co. Ltd. (China), Samsung Electronics (South Korea), and Whirlpool Corporation (U.S.).
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Unitary air-conditioner is expected to hold a large share of the overall HVAC systems market during the forecast period. The unitary air-conditioner has various advantages such as high performance of equipment, high energy efficiency, lower failure risk, and greater load-management potential. They have high demand in residential and small commercial or industrial buildings.