HVAC System - An Overview | Updated 2022 [𝑷𝑫𝑭 Guide]

 What Is HVAC System and How Does It Work?

Heating, ventilation, and air conditioning (HVAC) systems utilizes various technologies to control and maintain the qualitative aspects of indoor air. HVAC systems are experiencing widespread adoption owing to the features provided in this equipment or systems and their benefits amidst climate change and temperature needs. Such factors promoted revenue generation of HVAC system market players. The traditional or old air conditioning (AC) units can cause 100 million tons of greenhouse gas emissions each year. To resolve these issues, around 200 countries have signed the environmental agreement.

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HVAC System: Everything You Need to Know

To resolve these issues, around 200 countries have signed the environmental agreement. The focus behind this is to limit the number of hydrofluorocarbon refrigerants (HFC) used in many air conditioners, as HFC is considered the most damaging to energy utilization. HVAC systems provide benefits such as cost savings and energy savings and help to maintain sustainable goals regarding environmental safety. The rapid urbanization and growing construction industry across the globe are projected to boost the HVAC system market growth.

The HVAC system market is segmented into component, type, implementation, and application. Based on component, the market is segmented into thermostat, air handling units, central ACs, furnace, heat pump, compressor, and others. On the basis of type, the market is segmented into split system, ductless system, and packaged system. Based on installation, the market is bifurcated into new installation and retrofit. On the basis of application, the market is further segmented in to residential, commercial and industrial.

The global HVAC system market ecosystem comprises the following stakeholders: electrical component suppliers, other component suppliers, technology providers, HVAC system manufacturers, third party service providers, aftermarket part providers and end users. Electrical & electronic component suppliers supply HVAC manufacturers with critical components of the HVAC system such as the fans, display modules and control systems, among others.

The key players influencing the market are Daikin Industries, Ltd.; Emerson Electric Co.; Rheem Manufacturing Company; Honeywell International Ltd.; Johnson Controls International plc; LG Electronics, Inc.; EVAPCO; Lennox International; Carrier AG and Trane Technologies, Inc. among others.

The Insight Partner's dedicated research and analysis team consist of experienced professionals with advanced statistical expertise and offer various customization options in the existing study.

 

Reference: The Insight Partners