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The energy-efficient HVAC systems market share is expected to increase by USD 24.37 billion from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 11.02%.
This energy-efficient HVAC systems market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers energy-efficient HVAC systems market segmentations by product (air Conditioning, heating, and ventilation) and geography (APAC, North America, Europe, South America, and Middle East and Africa). The energy-efficient HVAC systems market report also offers information on several market vendors, including Daikin Industries Ltd., Emerson Electric Co., Gree Electric Appliances Inc. of Zhuhai, Hitachi Ltd., Ingersoll Rand Inc., Johnson Controls International Plc, Lennox International Inc., LG Electronics Inc., LIXIL Corp., Mitsubishi Electric Corp., Nortek Inc., Paloma Co. Ltd., Panasonic Corp., Raytheon Technologies Corp., Robert Bosch GmbH, Samsung Electronics Co. Ltd., Siemens AG, The Climate Control Group Inc., Trane Technologies plc, and WaterFurnace International Inc. among others.
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The demand for reducing energy consumption and operating costs is notably driving the energy-efficient HVAC systems market growth, although factors such as the higher initial cost of energy-efficient HVAC systems may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the energy-efficient HVAC systems industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Energy-Efficient HVAC Systems Market Driver
The demand for reducing energy consumption and operating costs is one of the key drivers supporting the energy-efficient HVAC systems market growth. According to the US Energy Information Administration (EIA) estimates, about 1,410 billion kWh of electricity was utilized by the US residential consumers during 2016, of which 634 billion kWh was utilized for heating, ventilation, air conditioning, and refrigeration (HVAC and R) applications, forming about 45% of the total energy consumption. The heating, cooling, and ventilation costs for the commercial and industrial users also represent a significant proportion of their overall operating cost, and there is a persistent demand to reduce the operational efficiency of such end-users. This is encouraging the increased adoption of energy-efficient HVAC systems. Such increasing demand will drive the energy-efficient HVAC systems market growth during the forecast period.
Key Energy-Efficient HVAC Systems Market Trend
The growing adoption of R32 refrigerant in air conditioners is one of the key energy-efficient HVAC systems market trends that is contributing to the market growth. The R32 refrigerant is a relatively newer hydrofluorocarbon (HFC), the adoption of which is growing rapidly. The adoption of R32 refrigerants in air conditioners as a replacement for R410A, R22, and other refrigerants is growing as it does not deplete the ozone layer and has significantly lower GWP in comparison to the currently available commercial refrigerants. R32 also has heat transfer efficiency that reduces the energy consumption of the air conditioner per unit of cooling capacity. Most commercial and residential air conditioners available currently in the market use the R410A refrigerant. Although R410A has zero ODP, its GWP is still significantly high. In comparison to R410A and R22, the GWP of R32 is almost one-third. These factors will boost the energy-efficient HVAC systems market growth during the forecast period.
Key Energy-Efficient HVAC Systems Market Challenge
The higher initial cost of energy-efficient HVAC systems is one of the factors hindering the energy-efficient HVAC systems market growth. The ongoing drive toward increasing energy efficiency, reducing energy costs, and lowering emissions is expected to create a significant opportunity for the growth of the global energy-efficient HVAC systems market. However, the higher initial cost of capital and installation is a major challenge that may impede the growth of the global market. Most energy-efficient HVAC technologies are considerably more expensive than their conventional counterparts, and although they provide significant energy savings, the breakeven period for the return on initial investment can be significantly longer. Thus, the greater cost of energy-efficient HVAC systems may be a bigger challenge among extremely price-sensitive customers, especially in emerging economies. Such challenges may limit the energy-efficient HVAC systems market growth during the forecast period.
This energy-efficient HVAC systems market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
Technavio categorizes the global energy-efficient HVAC system market as a part of the global industrial machinery market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the energy-efficient HVAC systems market during the forecast period.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
This statistical study of the energy-efficient HVAC systems market encompasses successful business strategies deployed by the key vendors. The energy-efficient HVAC systems market is fragmented and the vendors are deploying growth strategies such as product quality, features, and aftermarket services to compete in the market.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The energy-efficient HVAC systems market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the energy-efficient HVAC systems market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
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40% of the market's growth will originate from APAC during the forecast period. China, Japan, and India are the key markets for the energy-efficient HVAC systems market in APAC. Market growth in this region will be faster than the growth of the market in other regions.
The rapid growth in population will facilitate the energy-efficient HVAC systems market growth in APAC over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID Impact and Recovery Analysis
The outbreak of COVID-19 had a negative impact on the regional market growth. However, the deployment of energy-efficient HVAC systems increased in the residential sector due to the adoption of the work from home (WFH) module, which positively impacted the growth of the regional energy-efficient HVAC systems market
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The energy-efficient HVAC systems market share growth by the air conditioning segment will be significant during the forecast period. Air conditioning removes particulates and is used for humidifying/dehumidifying the space. Air conditioners often utilize high-power compressors and fans to distribute the conditioned air and are widely used in homes and commercial spaces, due to which their share in the overall HVAC market is significantly high. Thus, increasing demand for air conditioners will drive the energy-efficient HVAC systems market growth during the forecast period.
This report provides an accurate prediction of the contribution of all the segments to the growth of the energy-efficient HVAC systems market size and actionable market insights on post COVID-19 impact on each segment.
Energy-Efficient HVAC Systems Market Scope |
|
Report Coverage |
Details |
Page number |
120 |
Base year |
2021 |
Forecast period |
2022-2026 |
Growth momentum & CAGR |
Accelerate at a CAGR of 11.02% |
Market growth 2022-2026 |
$ 24.37 billion |
Market structure |
Fragmented |
YoY growth (%) |
10.29 |
Regional analysis |
APAC, North America, Europe, South America, and Middle East and Africa |
Performing market contribution |
APAC at 40% |
Key consumer countries |
US, China, Japan, India, and Brazil |
Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
Key companies profiled |
Daikin Industries Ltd., Emerson Electric Co., Gree Electric Appliances Inc. of Zhuhai, Hitachi Ltd., Ingersoll Rand Inc., Johnson Controls International Plc, Lennox International Inc., LG Electronics Inc., LIXIL Corp., Mitsubishi Electric Corp., Nortek Inc., Paloma Co. Ltd., Panasonic Corp., Raytheon Technologies Corp., Robert Bosch GmbH, Samsung Electronics Co. Ltd., Siemens AG, The Climate Control Group Inc., Trane Technologies plc, and WaterFurnace International Inc. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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