The flourishing construction industry has unlocked substantial business opportunities for the HVAC equipment market. HVAC equipment is installed for heating and cooling purposes in facilities such as high-rise buildings, industrial units, commercial complexes, parking units, hospitals, and hotels. The growing adoption of HVAC equipment can also be attributed to its several benefits including longer service life and high energy efficiency. Other key factors that are augmenting the growth of the market include rising urbanisation, migration, and industrialisation. Such a scenario has pushed vendors in the market to foster innovation and develop products with enhanced capabilities. Several firms are also expanding their product portfolio to gain a differentiating position in the industry. Considering these factors, the market is expected to witness robust expansion in the upcoming years.
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IoT-Enabled HVAC Equipment to Gain Significant Prominence in HVAC Equipment Market
The wave of technological advancement has also hit the ventilation space, resulting in the development of Internet of Things (IoT) enabled HVAC equipment. The integration of the Internet of Things (IoT) has proven to improve the configuration of HVAC equipment. IoT analysis equipment algorithms embedded in this equipment accelerate various operation processes and optimise their performance. Moreover, data collected and stored in the cloud allows for predictive maintenance, hence assets maintain their best performance and stay at their most energy-efficient levels. Furthermore, IoT enables monitoring and controlling of HVAC equipment and system diagnosis in a cost-effective manner. Through user-friendly interpretation of performance data of HVAC equipment, it also enables remote adjustments of units, saving costs, and minimising system downtime. Therefore, with surge in demand for IoT-enabled HVAC equipment, the global HVAC equipment market is projected to experience robust growth over the forecasted period.
Air Conditioning Equipment to Unleash New Revenue Opportunities for HVAC Equipment Market
In recent years, the demand for air conditioning equipment has witnessed a steady rise. This is majorly attributed to the rising commercial and residential activities coupled with favourable government regulations regarding eco-friendly and energy-efficient equipment. Exponential carbon dioxide emission due to space cooling has created the need for energy-efficient air conditioners. Against this backdrop, these air conditioners are gaining traction in facilities such as hospitals that require clean air and optimal temperatures. Other benefits of air conditioning equipment include direct energy savings and better ROI. Noticeably, the burgeoning air conditioning equipment sales are expected to drive the global HVAC equipment market to sound maturity.
Growing Adoption of HVAC Equipment Enables North America to Sustain Dominance in HVAC Equipment Market
North America is expected to gain a competitive edge in the market due to the rising adoption of HVAC equipment across its developed economies. The growing industrial activities in the region are further providing a boost to the HVAC equipment demand. Additionally, the surge in the number of data centres is also playing an eminent role in regional market growth. Data centres need a constant cooling environment to protect their IT infrastructure including servers. Furthermore, the growing presence of key industry participants is expected to augur well for North America’s HVAC equipment industry.
Prominent Market Players
Some of the major players in the market include Johnson Controls, LG Electronics Inc., Daikin Industries Ltd., Mitsubishi Electric Trane HVAC US LLC, Honeywell International Inc., and Danfoss AS.
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