The global HVAC system market is expected to be valued at USD 206.3 billion in 2023 and is projected to reach USD 280.1 billion by 2028; it is expected to grow at a CAGR of 6.3% from 2023 to 2028.
The rising need for energy-efficient and sustainable buildings is expected to propel the growth of the HVAC system industry during the forecast period. Residential, commercial, and industrial buildings use heating, cooling, or climate control technologies to obtain thermal comfort and satisfactory indoor air quality. Variations in climatic changes have led to the growing demand for cooling and heating systems. Long-term climate change is the major reason for the increased energy consumption to meet the cooling demand from buildings, which increases the load on air conditioners. The energy consumed by this equipment varies according to the ambient temperature and humidity conditions.
Driver: Rising constructions activities in residential and industrial sectors
The construction sector is a major driving force behind the growth of the HVAC industry. The demand for HVAC systems has been increasing in both residential and industrial sectors, driven primarily by the surge in construction activities. The global construction industry has witnessed significant growth in recent years due to rapid urbanization, population growth, and industrialization.
In the residential sector, the increasing demand for housing units has led to the construction of new homes and apartments, thereby driving the demand for HVAC systems. As people spend most of their time indoors, it has become essential to maintain indoor air quality, which can be achieved by installing HVAC systems. HVAC systems also provide heating and cooling solutions that enhance the comfort levels of the occupants. Moreover, HVAC systems are designed to be energy efficient, which can help residents save money on their energy bills. Newer systems are often equipped with features like programmable thermostats and energy-efficient components that can help reduce energy consumption.
Restraint: High maintenance, repair, and installation costs for HVAC systems
According to consumer groups and HVAC industry consultants, 90% of air conditioners and furnaces are improperly sized and installed. The study also states that airflow is key in comfortable indoor environments. Very rarely does a builder put in enough return air vents to support the system they install, especially with new construction. The high cost of maintenance is also a major restraint for HVAC systems. Regular maintenance is essential to keep the system operating efficiently and prevent breakdowns, but this requires trained professionals and specialized equipment. Neglecting maintenance can lead to system failures, which can be costly to repair or replace. The cost of replacement parts also contributes to the high maintenance costs for HVAC systems. Replacement parts for HVAC systems can be expensive, making repairs costly. Furthermore, the availability of replacement parts can be an issue, particularly for the older HVAC system.
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Opportunity: Rapid transformation of IoT within HVAC industry
The Internet of Things (IoT) has been transforming various industries over the past few years, and the HVAC industry is no exception. In the HVAC industry, IoT technology has enabled the development of smart HVAC systems that can be remotely controlled, monitored, and managed through a centralized system. The rapid transformation of IoT within the HVAC industry presents several opportunities for growth and development. Firstly, IoT-enabled HVAC systems provide real-time data on energy consumption, temperature, humidity, and other environmental factors, enabling more accurate and efficient HVAC system control. This data can be used to optimize HVAC system performance and reduce energy consumption, leading to cost savings for building owners and operators.
Challenge: Lack of awareness about benefits of HVAC systems in developing countries
One of the main reasons for the lack of awareness is the limited availability of information and education about HVAC systems in many developing countries. This is due to governments and private organizations' inefficient investment in HVAC infrastructure and training programs. As a result, many people in these countries do not have access to the knowledge and resources needed to make informed decisions about HVAC systems. Another challenge is the affordability of HVAC systems in developing countries. Many people in these countries cannot afford the high initial cost of purchasing and installing HVAC systems, which can be a major barrier to adoption. In addition, the lack of government incentives or financing options for energy-efficient HVAC systems further exacerbates this challenge.
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The global Air Quality Monitoring System Market size is anticipated to reach USD 6.5 billion until 2025.
It is anticipated to register growth with 6.8% CAGR during the forecasted period, 2019 to 2025.
This growth can be associated with rising health issues arising owing to emission of toxic gases and chemicals by vehicles and industries.
Also, the physical pollutants segment is projected to register the highest CAGR during the forecasted years due to awareness about disease caused by pollution like asthma, cardiovascular and respiratory diseases coupled with environmental and health effects on particulate matter.
In 2018, the component segment of hardware held the largest share across the global market on account of the emergence of various designs in these products along with its real-time applications.
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