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Strategies Centered on Solution-based HVAC Offerings and Clean Air for the Built Environment Create New Growth Opportunities
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Frost & Sullivan estimated HVAC equipment market revenue at $102.5 billion in 2019. Revenue is expected to grow at a nominal rate through 2026 to reach $140.6 billion. Demand for HVAC products because of climate change and the need for clean air in buildings is fueling market growth. Environmentally friendly, energy-efficient systems that save money are in the spotlight. The COVID-19 pandemic has intensified the focus on buildings’ ventilation systems and their role in reducing the risk of airborne virus transmission in workplaces and commercial establishments. Software-enabled services are in wide use to monitor usage trends and system performance, and perform predictive and preventive maintenance in order to reduce downtime and unexpected breakdowns.COVID-19-related construction activity suspension, supply chain disruption, manufacturing facility shutdowns wreaked havoc on the industry; this is expected to affect market growth in short and medium terms. The high upfront cost for large installations also is proving to be a challenge. New business models that address the high capital expenditure barrier and support system operation and maintenance will be beneficial to the market.
Frost & Sullivan examines market performance in 4 key regions (North America, Europe, Asia-Pacific, and Rest of World [consisting of the Middle East, Africa, Latin America, and the Commonwealth of Independent States]), and by product type: heating equipment (heat pumps, boilers, furnaces, unitary heaters); ventilation equipment (ventilation fans, air handling units and fan coil units, humidifiers/dehumidifiers, air cleaners); and cooling equipment (ducted split/packaged unit, split units, room ACs, chillers, variable refrigerant flow) for residential, industrial (warehouses, factories, manufacturing plants) and commercial (offices, malls, schools, universities/colleges, healthcare facilities, hospitality businesses, data centers, and transportation and government building) use.
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