The new residential HVAC market research from Technavio indicates Negative growth in the short term as the business impact of COVID-19 spreads.
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Technavio has announced its latest market research report titled Global Residential HVAC Market 2020-2024 (Graphic: Business Wire)
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"One of the primary growth drivers for this market is the growing concern for indoor air quality," says a senior analyst for Industrials at Technavio.
The growing concern for indoor air quality is one of the main reasons driving the growth of the HVAC market. Daily exposure to multiple chemicals and having a significant indoor presence add to the increasing prevalence of asthma, autism, childhood cancer and many other medically unexplained symptoms. Thus, people have become more aware of these concerns in the recent past and have started adopting measures to prevent these problems. One of the popular preventive measures is the adoption of HVAC equipment. Taking these factors into consideration, Technavio’s market research analysts expect the global residential HVAC market to grow tremendously during the forecast period.
As the markets recover Technavio expects the residential HVAC market size to grow by USD 16.97 bn during the period 2020-2024.
Residential HVAC Market Segment Highlights for 2020
The residential HVAC market is expected to post a year-over-year growth rate of -8.25%.
Air conditioning equipment is required to maintain the quality of indoor air. Also, as the exterior temperature is changing throughout the year, it becomes difficult for people to adapt, especially in enclosed spaces that do not have adequate ventilation.
Due to this, air conditioning equipment is preferred in residential areas to control the rising temperature and humidity levels.
Also, the increasing number of high-rise buildings and residential complexes across the globe is boosting the adoption of air conditioning equipment.
Market growth in this segment will be faster than the growth of the market in the heating system and ventilation system segments.
61% of the growth will originate from the APAC region.
The increasing construction of residential buildings and the rising demand for energy-efficient HVAC equipment will significantly drive residential HVAC market growth in this region over the forecast period.
China and Japan are the key markets for residential HVAC in APAC. Market growth in this region will be faster than the growth of the market in other regions.
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The residential HVAC market size is expected to accelerate at a CAGR of almost 5% during the forecast period.
The residential HVAC market is segmented by Product (Air conditioning system, Heating system, and Ventilation system) and Geography (APAC, Europe, North America, MEA, and South America).
The market is fragmented due to the presence of many established vendors holding significant market share.
The research report offers information on several market vendors, including Carrier Global Corp., Daikin Industries Ltd., Danfoss AS, Haier Smart Home Co. Ltd., Johnson Controls International Plc, Lennox International Inc., LG Electronics Inc., Panasonic Corp., Samsung Electronics Co. Ltd., and Trane Technologies Plc
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