Categories under the end user segment of the HVAC market include residential, commercial, and industrial. In the forecast years, the commercial category will account for the largest market share, due to the surging number of hospitals and offices, expanding hospitality industry, surging tourist activities, and upcoming sports events, such as FIFA World Cup 2022 in Qatar.
This category is further categorized into healthcare, hospitality, office and buildings, government, supermarkets/hypermarkets, transportation, and others, such as educational institutions, stadiums, banks, data centers, convenience stores, and departmental stores. In recent years, players of the HVAC market players have made hefty investments in research and development (R&D) activities to develop advanced products and engaged in facility expansions to gain a competitive edge.
For instance, in December 2019, Johnson Control International PLC added 22,000 square feet of space to its air handling unit in the manufacturing facility in Hattiesburg, Mississippi, the U.S. Moreover, Hero-Tech Refrigeration Equipment Co. Ltd., Daikin Industries Ltd., Smardt Chiller Group Inc., Petra Engineering Industries Co., and Frigel Firenze SpA are other major players engaging in product launches and facility expansions.
Geographically, the APAC HVAC market generated the highest revenue during the historical period, and it is also expected to register the fastest growth in the forecast years. This can be owed to the increasing construction activities, mounting disposable income of people in China and India, and soaring urban population in regional countries, such as Thailand and Indonesia. Additionally, the rapid economic growth is also projected to supplement the market growth in the region.
Thus, the growing construction sector and the rising number of government initiatives promoting HVAC installation will fuel the market growth.
This category is further categorized into healthcare, hospitality, office and buildings, government, supermarkets/hypermarkets, transportation, and others, such as educational institutions, stadiums, banks, data centers, convenience stores, and departmental stores. In recent years, players of the HVAC market players have made hefty investments in research and development (R&D) activities to develop advanced products and engaged in facility expansions to gain a competitive edge.
For instance, in December 2019, Johnson Control International PLC added 22,000 square feet of space to its air handling unit in the manufacturing facility in Hattiesburg, Mississippi, the U.S. Moreover, Hero-Tech Refrigeration Equipment Co. Ltd., Daikin Industries Ltd., Smardt Chiller Group Inc., Petra Engineering Industries Co., and Frigel Firenze SpA are other major players engaging in product launches and facility expansions.
Geographically, the APAC HVAC market generated the highest revenue during the historical period, and it is also expected to register the fastest growth in the forecast years. This can be owed to the increasing construction activities, mounting disposable income of people in China and India, and soaring urban population in regional countries, such as Thailand and Indonesia. Additionally, the rapid economic growth is also projected to supplement the market growth in the region.
Thus, the growing construction sector and the rising number of government initiatives promoting HVAC installation will fuel the market growth.
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