According to the research report titled ‘Global HVAC Equipment Market (2021 Edition): Analysis By Equipment Type (Heating, Cooling, Ventilation), By End User, By Region, By Country: Market Insights and Forecast with Impact of COVID-19 (2021-2026)’, available with MarketStudyReport, global HVAC equipment market was worth USD 84.65 billion in 2020 and is anticipated to grow considerably through 2026.

Rise in number of new households, increasing average construction spending, surging government expenditure on sustainable building development, rapid urbanization, and growth in disposable income across several nations are boosting the global HVAC equipment industry size.

Request sample copy of this report: https://www.marketstudyreport.com/request-a-sample/4121731/  

For the unversed, HVAC systems provide thermal comfort and indoor air quality to residents of a building or room. According to zones, locations, and air distributions, these systems can be classed as local or central.

Growing usage of natural refrigerants, such as CO2, along with increasing efforts by governments around the world to promote energy-efficient products are likely to drive the industry expansion.

Notably, the COVID-19 outbreak have created major interruptions in the worldwide supply chain, which hampered the market growth across a variety of application sectors in the recent past.

Based on equipment type terrain, the industry is divided into cooling equipment (room AC, chillers, split AC), ventilation equipment (air purifier, humidifier, air filter), and heating equipment (furnace, heat pump, boilers). Among these, cooling systems are primarily used in the summer to regulate the heated air with the introduction of conditioned air to maintain the comfort level in an enclosed space.

In terms of end user, global HVAC equipment market is classified into residential, commercial, and industrial. Out of which, residential segment is generating substantial revenues due to rapid urbanization as well as features like variable humidity levels, and improved air quality of residential HVAC systems.

Regionally speaking, Asia Pacific industry held a significant revenue share in the recent past and is anticipated to grow considerably through 2026, owing to the equipment’s capacity of combating the changing climatic conditions in countries like Australia, Malaysia, and Thailand.

Rheem Manufacturing Company, Emerson Electric Co., Mitsubishi Electric Corporation, Lennox International Inc., LG Corporation, Honeywell International Inc., Johnson Controls International, Trane Technologies plc, Carrier Global Corporation, and Daikin Industries Ltd. are the leading players in worldwide HVAC equipment market.