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(Construction.IndustryNews247.Com, October 28, 2016 ) 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 growth of this market is propelled by the government support, increasing industrialization and urbanization, development of advance solutions, and growing demand for energy-efficient devices.
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The HVAC system ecosystem comprises component providers, OEMs, system integrators, software providers, and distributors. The players involved in the development of HVAC system include Daikin Industries Limited (Japan), Ingersoll-Rand Plc. (Ireland), Johnson Controls, Inc. (U.S.), Nortek, Inc. (U.S.), and United Technologies Corporation (U.S.) among others as well as associations such as the Air-Conditioning, Heating and Refrigeration Institute (AHRI), American Society of Heating, Refrigeration, and Air-Conditioning Engineers (ASHRAE), and Association of European Refrigeration Component Manufacturers (ASERCOM).
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.
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The market for air purifier is expected to grow at a high CAGR in the overall HVAC systems market between 2016 and 2022. The demand for air purifier is growing due to degrading air quality. Further, people are more exposed to high risk of contracting respiratory and other cardiovascular diseases due to rising air pollution. The increasing health concern among people regarding air contamination is expected to drive demand for air purifiers globally.
The market for services in HVAC is expected to reach USD 90.77 Billion by 2022, at a CAGR of 6.2% between 2016 and 2022. The services such as installation, maintenance, and repair generated majority of revenue. These services require skilled workforce and proper training of employees.
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The HVAC system software is used for various activities such as designing, servicing, scheduling appointments, tracking business activities, and load calculation. Software solutions in the HVAC industry has made a positive impact on the approach of HVAC professionals to do their job. Technological advancements and digital analytics have simplified the complexities associated with design, load calculations, and monitoring of HVAC system.
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