Growing Construction Sector Coupled with Rising Need for Energy Efficient Systems to Bode Well for the Market
Growth in the construction industry has opened new opportunities to several businesses. HVAC equipment market has witnessed stable growth on the back of increased adoption in commercial and residential buildings. Perceived benefits of HVAC equipment such as longer service life, high energy efficiency, and improved results have fuelled their adoption across a multitude of applications such as setting high rise building, industrial unit, commercial complex, parking units, hospitals, and hotels where thermal parameters, and quality need to be stable and maintained. Moreover, other macro level aspects such as growing urbanisation, and industrialisation remain instrumental in driving growth of the HVAC equipment market.
IoT in HVAC to Augur Well for the HVAC Equipment Market
Technology penetration in the ventilation space has had significant influence on sales of Internet of Things (IoT) integrated HVAC equipment. Using Internet of Things, configuration of HVAC equipment can be improved. HVAC equipment can be commissioned and set up using application-based tools assisted by cloud. IoT is opening new era of novel possibilities, in turn making it convenient to establish collaboration with partners to provide new offerings. Through IoT, analysis algorithms can be given to HVAC equipment to enhance operations while optimising performance. In addition, data collection and storage in clouds can be used to run predictive maintenance schedules.
Through IoT, monitoring and controlling of HVAC equipment can be carried along with system diagnosis in a cost-effective manner. Moreover, IoT facilitates reduced repair costs, and ongoing maintenance of HVAC equipment. It also allows a real time access to the performance data of HVAC equipment by interpreting it in a user-friendly manner. For instance, buildings powered by IoT can alert faculty and facility managers regarding early warnings of abnormal functionalities in operations through quick diagnosis, thus allowing remote adjustments of units, thus saving costs, and minimising system downtime. In this background, IoT can be considered as the future of HVAC, presenting an optimistic scenario for the market.
Air Conditioning Equipment to Witness High Demand across Residential and Commercial Spaces
Air conditioning equipment is likely to witness high demand, consecutively accounting for a major share in the HVAC equipment market. This can be attributed towards increasing commercial and residential users coupled with regulations from government authorities for eco-friendly, and energy-efficient equipment. For instance, in 2019, 1 GT of carbon dioxide was emitted during space cooling and amounting to about 8.5% of the overall consumption of electricity, according to IEA (International Energy Agency). This further triggered efficient energy equipment, in turn paving the new pathways for HVAC equipment. Moreover, increasing demand for space cooling has resulted in growing installations of energy- and cost-efficient air conditioner equipment across residential and commercial buildings. In addition, controlled air conditioning has gained high importance in hospitals, clinics, and other facilities that require clean and cold temperature. This is expected to drive use of air conditioning systems, in turn contributing towards value growth of the HVAC equipment market.
North America Likely to Hold a Significant Share
Power saving ability and high performance and efficiency offered by HVAC equipment has pushed their adoption across developed economies in North America. Growing activity in the industrial sector including manufacturing facilities, hospitals and institutional facilities has triggered use of HVAC equipment. In addition, increasing number of data centres is also poised to drive growth of the HVAC equipment market in the region. Data centres require optimum level of cooling on a continuous basis to protect servers and other IT infrastructure, which can be managed through HVAC equipment. These aspects coupled with growing presence of companies involved in manufacturing, and distribution of HVAC equipment continue to influence growth of the market in North America.
HVAC Equipment Market: Competitive Landscape
Several companies in the HVAC equipment market are introducing new products backed by advanced technologies to strengthen their market presence. For instance, in 2021, Johnson Controls launched Quantech QWC4 system which is a water-cooled and an addition to the company’s chiller portfolio. This equipment can save around 30% of energy with reduced carbon emissions. In 2020, Honeywell introduced autonomous sustainability solutions for buildings. These solutions provide evaluation of HVAC equipment and provide data on their efficiency, and functioning.
A few of the major players in the market include Daikin Industries Ltd., LG Electronics Inc., Honeywell International Inc., Johnson Controls, Mitsubishi Electric Trane HVAC US LLC, and Danfoss AS.
The Global HVAC Equipment Market is Segmented as Below:
By Heating Equipment
By Cooling Equipment
By Ventilation Equipment
By End Use
Key Elements Included In The Study: Global HVAC Equipment Market
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