NEW YORK, Sept. 9, 2020 /PRNewswire/ -- From $11 trillion in 2017, the worldwide spending on construction activities is expected to rise to $13.5 trillion by 2024. This would be one of the prime reasons that the global heating, ventilation, and air conditioning (HVAC) market would witness a steady CAGR, of 4.8%, during 2020 and 2030, to reach $358.1 billion by 2030, from $240.8 billion in 2019. China, the U.S., India, Saudi Arabia, the U.A.E., and Qatar are the major construction markets currently, owing to the pouring public and private investments in infrastructure.
The HVAC market advance in these nations will be quite notable, as they have numerous hotel, skyscraper, and shopping mall projects under various stages of implementation. Many of these are part of the preparations for major upcoming events, such as Dubai Expo 2020, FIFA World Cup 2022 and 2026, as well as the Tokyo Olympics. Once complete, all such commercial spaces will be equipped with an array of HVAC equipment, thus helping the market progress.
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The impact of the COVID-19 pandemic has been quite negative on the HVAC market, as the lockdowns around the world have halted the manufacturing and supply of equipment. Similarly, due to bleak economic prospects for the short term, people are refraining from purchasing non-essential goods, which is why even the demand for HVAC systems and services has decreased. Moreover, many of the infrastructure projects that were to be commissioned this year have been thrown off schedule, due to reduced funding and laborers heading back home.
Browse report with detailed COVID-19 impact analysis on HVAC Market Research Report: By Offering (Equipment, Services), End User (Commercial, Industrial, Residential) - Global Industry Analysis and Growth Forecast to 2030 @ https://www.psmarketresearch.com/market-analysis/hvac-market
Asia-Pacific (APAC) has been the largest HVAC market till now, and the situation in the immediate future would be the same. Presently, the region, excluding China, has 1,673 construction projects in pipeline; the hotel construction pipeline in the region has grown by 12% since 2017. Furthermore, the increasing spending power in APAC is leading to the rising HVAC sales, as such appliances are not considered a luxury anymore, which is, in turn, also creating a high requirement for various services.
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Major HVAC market players are using product launches as an effective move to increase their revenue, as the new products are targeted at:
- Reducing the energy consumption, by leveraging their lighter weight
- Giving themselves a competitive edge
- Allowing them to be better placed across countries, by catering to the specific demands there
- Widening the choice of HVAC equipment available for customers
- Offering small and mid-sized stores, offices, and restaurants suitable AC solutions
The most prominent companies in the global HVAC market are Johnson Controls International Plc, Samsung Electronics Co. Ltd., Lennox International Inc., Carrier Global Corporation, Trane Technologies plc, Daikin Industries Ltd., Toshiba Carrier Corporation, Mitsubishi Electric Corporation, LG Electronics Inc., Midea Group Co. Ltd., Fujitsu Limited, Danfoss A/S, and Gree Electric Appliances Inc. of Zhuhai.
Browse more reports on HVAC
U.A.E. HVAC Market - https://www.psmarketresearch.com/market-analysis/uae-hvac-market
India HVAC Market - https://www.psmarketresearch.com/market-analysis/india-hvac-market
Saudi Arabian HVAC Market - https://www.psmarketresearch.com/market-analysis/saudi-arabia-hvac-market
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