Climatic change is the prominent factors for the growing in adoption of heating and cooling equipment. Due to undetermined climatic conditions and increasing global warming, customers are considering HVAC equipment as good investment. Moreover, the demand of improved designs and changing customer preferences towards innovated products are creating a huge product demand over forecasted period. Further, increase in demand in sectors such as real estate, service industries, and commercial owing to the factors such as global warming, comforts and disposable incomes. The growth of the real estate industry is rising owing to the increasing demand for office space, sub-urban & urban accommodations, and the growth of the corporate sector, subsequently influencing the product demand. However, the heating, ventilation and air conditioning equipment market is restricted to growth due to the high installation and maintenance costs, high energy consumption, and other operational difficulties are the challenges for market growth. In addition, regions with humid climatic conditions are expected to reduce the life span of these systems due to corrosive effects. This can also hinder the market growth.
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Market Trends
- In February 2020 – Honeywell launched one of the primary self-sufficient building maintainability arrangements which detect whether a building’s HVAC system is running at top efficiency. Honeywell Forge Energy Optimization is a cloud-based, AI solutions that routinely examine the energy utilization and consequently adjust them to ideal energy saving settings without compromising inhabitant comfort levels.
- In January 2020, Daikin Industries, Ltd. introduced Fit Heat Pump Systems for double fuel applications, focusing on private applications with high-performing inverter compressors.
- In December 2019, Danfoss A/S collaborated with Microsoft to acquire its expertise in ventilation, cooling, and refrigeration to the cloud. The new stage will be controlled by Microsoft Azure and is expected to result in operational-and cost-effectiveness.
- Air conditioning equipment is required to hold a prominent portion of the HVAC equipment market, owing to the pattern of an expanding number of private and commercial users, joined with government regulations for energy effectiveness and ecofriendly equipment.
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COVID-19 Impact analysis
- The global heating, ventilation, and cooling system market growth has been adversely affected due to the global COVID outburst, owing to the lockdown of several component manufacturing industries across countries across the globe. The lockdown has halted the manufacturing process and also reduced the customer demand for this equipment.
- The spread of coronavirus has had a negative impact on the market, but post this situation it is expected to provide momentum to the market in the long run. Owing to increased awareness about the health hazards caused by the impure air, more customers are interested to invest in HVAC systems for purifying the air and creating a hygienic indoor surrounding. Thus, the pandemic is expected to open up new opportunities for the market players.
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