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.).
The cooling equipment is expected to lead the HVAC systems market between 2016 and 2022. The growth is attributed to reduction in energy consumption of cooling equipment, introduction of innovative solutions such as low GWP products, changing weather conditions, increase in disposable incomes, and government grants and tax benefits.
Countries such as China, Japan, and India are majorly driving the growth of HVAC systems market in Asia-Pacific. These countries have a considerable market size and scope for the development of HVAC industry. There are number of government regulations, acts, and associations supporting the adoption of HVAC system in APAC.