HVAC System Market Worth 251.60 Billion USD by 2023

PUNE, India, April 30, 2018 /PRNewswire/ --

According to the new market research report "HVAC System Market by Heating Equipment (Heat Pumps, Furnaces), Ventilation Equipment (Humidifiers, Dehumidifiers), Cooling Type (VRF Systems, Unitary Air Conditioners), Implementation Type, Application, and Geography - Global Forecast to 2023", published by MarketsandMarkets™, the market was valued at USD 181.00 Billion in 2018 and is expected to reach USD 251.60 Billion by 2023, at a CAGR of 6.80% between 2018 and 2023. Factors that are driving the growth of the market include 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.

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Browse 82 market data Tables and 70 Figures spread through 196 Pages and in-depth TOC on "HVAC System Market - Global Forecast to 2023"

https://www.marketsandmarkets.com/Market-Reports/hvac-system-market-202111288.html

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Heat pumps to hold the largest size of the HVAC system market for heating equipment throughout the forecast period 

In the HVAC system, a heat pump transfers heat from one point to another. A heat pump is the vital part of cooling and heating processes, which use the air available outside and inside a particular space to perform these functions. 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.

Air handling units held a major share of the HVAC system market for ventilation equipment in 2017 

Air handling units held a major share of the HVAC system market for ventilation equipment in 2017. Increasing pollution levels have triggered a rise in the number of health issues among people. Hence, there is a high demand for air purifying systems, such as AHUs, which can provide clean and fresh air. Although, till date, the commercial application of AHUs accounts for a major share of the HVAC system market, the market share of the residential application of AHUs is also expected to increase in the near future.