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The major drivers for the market growth include government incentives via tax credit programmes, increased construction, favourable government regulations, energy efficiency policies, and the rising trend for smart homes. The overall market is also expected to be aided by the rising integration of smart technology with the HVAC systems, which allow users to operate and control the system via their smartphone and other smart devices.
Due to the rising focus on the energy efficiency of consumer electronics and minimisation of energy usage costs, governments in countries like India are encouraging consumers to adopt energy-efficient HVAC systems. In 2017, the state-run Energy Efficiency Services Limited (EESL) announced its plans to help consumer replace their old air conditioners with new energy-efficient systems at zero-costs upfront. The major players in the market are, thus, attempting to innovate products that have lower energy costs and consumption. In 2018, Haier Electronics Group Co., Ltd. (OTCMKTS: HRELF), one of the key players in the market, entered into an agreement with leading nanotechnology materials company, Dais Analytic Corporation, to include Dais’ PolyCool™ condensing unit into Haier’s commercial cooling line, which is expected to be deployed in the Greater China sales and distribution channels. The condenser helps provide efficient cooling at a lower operating cost and lower CO2 emissions.
Market Analysis by Equipment, Implementation Type, End Use, and Regions:
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The major players in the global HVAC market are LG Electronics, Inc., Lennox International, Inc., Carrier Global Corporation, Samsung Electronics Co. Ltd., Haier Group, Daikin Industries, Ltd, Emerson Electric Co., Honeywell International Inc., and Johnson Controls, Inc, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
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