Northbrook, IL -- (SBWIRE) -- 09/23/2019 -- HVAC System Market is expected to witness high growth during the forecast period. The market was valued at USD 170.11 Billion in 2017 and is expected to reach USD 251.60 Billion by 2023, at a CAGR of 6.80% during the forecast period. HVAC systems are mainly used to reduce energy consumption, provide moisture consistency, and improve thermal comfort and indoor air quality. HVAC systems comprise both heating and cooling equipment.

The objective of the report is to provide a detailed analysis of the market segmented on the basis of heating equipment, ventilation equipment, cooling equipment, implementation type, application, and geography. It also provides detailed information on the major factors influencing the growth of HVAC system market.

Browse 79 market data Tables and 70 Figures spread through 196 Pages and in-depth TOC on "HVAC System Market - Global Forecast to 2023"

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Factors that drive the growth of the market include the increasing demand for HVAC systems for reducing energy consumption, extreme weather conditions, government tax credit and rebate programs, and growing demand for HVAC systems to upgrade old systems.

Heat pumps are expected to hold the largest share of the HVAC systems market for heating equipment. The acceptance for heat pumps is increasing owing to their evolving capabilities; these capabilities include performing both space-cooling and -heating functions along with the ability to heat water. Furthermore, heat pumps have higher efficiency than many other cooling or space-heating units, which is expected to increase the demand for the same.

The air handling units hold the largest share of the HVAC system market for ventilation equipment. Air handling units are used to regulate and circulate air in an enclosed environment. It draws the ambient air, reconditions (filtered and cooled) it, and supplies fresh air to the room. Main factors controlled by air handling units are temperature, humidity, air movement, and air cleanliness. Various benefits of air handling units include restriction in cross contamination, simple and safer damper for regulating air, minimal space utility, and portability.

The market for the unitary air conditioners of the HVAC systems for cooling equipment is expected to grow at the highest CAGR between 2018 and 2023. Unitary air conditioners are used in residential, industrial, and commercial applications due to their advantages including low failure risk, space efficiency, and high cooling performance. These air conditioners are used in most classes of buildings, from schools to offices and retail stores, particularly at places where the facilities are associated with low initial cost, and simplified installation is needed.

HVAC system market for commercial application is expected to grow at the highest CAGR between 2018 and 2023. HVAC systems are widely used in commercial buildings, which include healthcare, education, government, office, airport, and retail. This factor is positively driving the market for commercial buildings. HVAC systems consume the highest energy in commercial places around 30% of the energy at a business place. Replacing a traditional HVAC system with an advanced and energy-efficient one can help save a lot of energy.

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HVAC systems market in APAC is expected to grow at the highest CAGR between 2018 and 2023. Among the major APAC countries, China is contributing immensely to the market. The Ministry of Housing and Urban-Rural Development of P.R. China (MOHURD) has implemented certain protocols and standards associated with construction policies regarding HVAC installation.

Major factors restraining the growth of the HVAC system market include high capital investment required for deployment, lack of availability of vendors, and project financing. Key market players such as Daikin (Japan), United Technologies (US), Johnson Controls (US), Ingersoll-Rand (Ireland), and LG Electronics (South Korea) have adopted strategies such as product launches and developments, expansions, acquisitions, agreements, contracts, collaborations, and partnerships to gain a competitive edge in the market and expand their distribution networks.

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