The HVAC equipment market is projected to experience significant growth opportunities in the forthcoming years. This market growth is on the back of increasing usage of HVAC equipment around the world due to changing weather conditions. Further, innovative HVAC technologies are also changing the way of cooling and heating commercial and residential interiors. Owing to these factors, the market is likely to experience significant growth opportunities in the near future.
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The significant increase in the effects of greenhouse has resulted in climate variations. This factor is stimulating the need and demand prospects for efficient HVAC systems in order to meet the changing climatic variations. Further, users across the globe have been creating demand opportunities for more energy-efficient equipment to reduce power consumption. This serves as an important factor to create replacement demand from the consumers who are looking for new products and advanced solutions. Thus, the technological advancements and changing procurement trends among consumers are estimated to drive demand avenues in the HVAC equipment market in the forthcoming years.
As per the research report by Transparency Market Research, the HVAC equipment market is estimated to reach a CAGR of ~5% and gain a valuation of ~US$ 180 Bn. during the forecast period from 2020 to 2030.
Thermal-driven and Movement-driven Air Conditioning Increase Comfort Level in Houses
Thermal-driven and movement-driven air conditioning solutions are some of the prominent game-changing innovations that have been observed in the HVAC equipment market. The manufacturers from the market are taking initiatives to gain effectiveness in the novel technologies to increase the comfort levels at homes. Further, the companies operating in the market should establish collaborations with the creative talent pool from the major universities. This will help these companies to get a competitive edge over other players in the market. Such as, the engineers from MIT (Massachusetts Institute of Technology) have introduced the new air conditioning design. This design uses sensors along with aluminum rods and hangs from the ceiling. This air conditioning activates in the presence of individuals only.
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The companies operating in the HVAC equipment market have been increasing their concentration in the motion-activated system to tap into new opportunities. The ongoing trend of thermal-driven air conditioning solutions is estimated to become an important factor in the market.
Some of the prominent players in the HVAC equipment market include Daikin Industries, Ltd., United Technologies, Samsung, Panasonic Corporation, Johnson Controls International Plc., Mitsubishi Electric Corporation, Lennox International Inc., Hitachi, Ltd., and Nortek Global HVAC LLC.
Manufacturers in HVAC Equipment Market Leverage Avenues in Renewable Energy Technologies
There is a significant increase in the sale of renewable heating equipment, for example, solar water heaters and heat pumps. However, a significant share of market sales is accounted for by fossil fuel-based systems in the HVAC equipment market. Further, the conventional electric heating equipment is among regressive systems, which do not align with a safety data sheet (SDS) globally. So, the companies operating in the market should introduce renewable heating equipment and advanced-technology solar for effective functioning. This equipment functions in adverse weather conditions, for instance, monsoons.
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Water heaters and electric resistance heathers continue to hold a high revenue in the HVAC equipment market. A rapid increase in the demand for water heaters is expected with the ever-evolving construction industry. With comparatively higher energy efficiencies, the condensing gas boilers are likely to replace the traditional oil and coal boilers.
VR Training and Tech-savvy Services Develop Credibility of Contractors
Virtual reality (VR) training and mobile-friendly technology are bringing various changes in the HVAC equipment market. So, the contractors have been developing HVAC scheduling software for easy maintenance. These initiatives are helpful for a better understanding of the work order of the contractors. Further, these steps eliminate misconceptions that cause a delay in the services. Individuals also prefer tech-savvy consumer services in recent years. This trend led to VR training for technicians in the HVAC equipment market.
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