Posted on Dec 15 2022 8:33 AM

"The global modular construction market size is expected to gain momentum by reaching USD 114.78 billion by 2028 while exhibiting a CAGR of 6.1% between 2021 and 2028. This information is published by Fortune Business Insights in its latest report, titled, “Modular Construction Market, 2021-2028.” The report further observes that the market stood at USD 72.11 billion in 2020. "

Fortune Business Insights estimated the size of the worldwide Share report covers all the statistical data, the latest primary research, and insights from industry leaders and influencers. it also includes historical data, current market trends, future product environments, marketing strategies, and technological innovations. This will help to track emerging trends or opportunities in the industry.

The HVAC System Market is projected to grow from USD 149.80 billion in 2022 to USD 215.23 billion by 2029, exhibiting a CAGR of 5.3% during the forecast period.

Our research analysts come with years of experience in diverse industries and deploy our proprietary, in-house methodology to verify primary and secondary sources of market information. Readers are provided with an in-depth understanding of the past, present, and future trends in the global HVAC Systems Market with respect to production, technological innovation, revenue, and profitability.

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List of Key Companies Operating in HVAC Systems Market Include:

• Johnson Controls (Ireland)
• DAIKIN INDUSTRIES, Ltd. (Japan)
• Lennox International Inc. (U.S.)
• Carrier (U.S.)
• Mitsubishi Electric Corporation (Japan)
• Nortek Global HVAC LLC (U.S.)
• LG Electronics (South Korea)
• Emerson Electric Co. (U.S.)
• Trane (Ireland)
• SAMSUNG (South Korea)

The outbreak of COVID-19 led to halt in logistic and manufacturing activities across the globe, which, in turn, led to interruption of supply chain, thereby hindering growth of the HVAC Systems Market market. However, this situation is expected to improve as governments globally are relaxing norms for resuming business activities.

On the contrary, advancement of technology owing to use of Internet of Things (IoT) provides better security, which is predicted to create lucrative opportunities for companies operating in the market. In addition, different initiatives by governments lead to rise in investments over commercial and railway projects. This in turn, is expected to offer new opportunities for the HVAC Systems Market providers.

The HVAC Systems Market is segmented on the basis of service type, type, end user, and region. By service type, the market is bifurcated into a property, cleaning, security, catering, and others. By type, the market is segmented into outsourced and in-house. By end user, the market is divided into commercial, institutional, public/ infrastructure, industrial, and others.

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Drivers and Restraints

Energy Efficiency Trend to Usher in Innovations

At the time when stakeholders, including governments and NGOs have been advocating for energy-efficient equipment, heating, ventilation, and cooling (HVAC) system market growth could be pronounced. The trend for green-labeled products has become noticeable following the rise in environmental awareness across emerging and developed economies. For instance, major players, such as Daikin Industries, Ltd., and Lennox International Inc., have upped investments in air conditioners made from solar energy and natural gas. Not to mention, the penetration of smart sensors and thermostats has become trendier, boding well for the global outlook.

Meanwhile, a possible shortage of skilled labor could deter the growth prospect during the forecast period.

Market Segment Analysis -Market Segment Analysis –

• By Type (USD)
  • Single Split Systems
  • Variable Refrigerant Flow (VRF) Systems
  • Chillers
  • Others (Multi-split Systems, and others.)
• By Application (USD)
  • Commercial
  • Residential
  • Industrial
• By Region (USD)
  • North America
  • Europe
  • Asia Pacific
  • Middle East & Africa
  • Latin America

The global HVAC Systems Market report incorporates quantitative and qualitative techniques along with a customary SWOT, PESTEL, and Porter's Five Forces analysis. The report is the ideal mix of primary and secondary research backed by industry-leading tools that have made their mark on the industry. The global HVAC Systems Market can be individually customized as per the client's needs and caters to all major stakeholders and decision-makers that seek to stand head and shoulders above the competition.

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