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 Market Study Report LLC, global HVAC equipment market was assessed at USD 84.65 billion in 2020 and is anticipated to amass huge returns between 2021-2026.
 

Rising number of households, growing government expenditure on sustainable building development, and fast-paced urbanization are the key growth stimulants for global HVAC equipment market. Increasing use of natural refrigerants, federal efforts to promote energy-efficient products, and rising disposable income will aid revenue inflow as well. 
 

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For the record, HVAC units, or heating, ventilation, & air conditioning systems, are used in summers to regulate warm air in enclosed spaces by releasing conditioned air. HVAC systems also provide comfort, enhance air quality, and maintain varying humidity levels. They are classified into central or local systems as per locations, zones, and air distributions.
 

On the downside, the ongoing COVID-19 pandemic and the resulting implementation of lockdowns and social distancing norms have forced businesses in this domain to shut down, operate remotely, or reduce employees. This has disrupted the supply chain, thus restricting the growth of worldwide HVAC equipment industry.
 

Based on equipment type, the market is split into cooling equipment (room AC, chillers, split AC), heating equipment (heat pumps, boilers, furnace), and ventilation equipment (air filters, air purifiers, humidifiers). As per end user spectrum, the industry is divided into commercial, residential, and industrial.
 

From regional frame of reference, Asia Pacific held majority of global HVAC equipment market share in the past year, owing to extreme climatic conditions. While Thailand and Malaysia have wet and humid climates, other countries such as India & Australia have a hot climate which raises the demand for energy efficient air conditioners.
 

Leading players formulating the competitive landscape of the marketplace are Daikin Industries Ltd., Trane Technologies plc, Carrier Global Corporation, Rheem Manufacturing Co., Johnson Controls International, Emerson Electric Co., Honeywell International Inc., Mitsubishi Electric Corporation, LG Electronics Inc., and Lennox International Inc.