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Press Release
As the novel coronavirus (COVID-19) continues to spread across the world, our analysts are constantly tracking the impact of this rapidly evolving situation on the markets and the consumer purchase behaviours. Thus, our latest estimates and analysis about the current market trends and forecast will exhaustively reflect the effects of this emerging pandemic.
According to a new report by EMR titled, ‘Global HVAC Market Report and Forecast 2021-2026’, the global market for HVAC reached a value of about USD 241 billion in 2020. The industry is further expected to grow at a CAGR of 4% in the forecast period of 2021-2026 to reach USD 301 billion by 2026.
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:
Key Findings of the Report:
Key Offerings of the report:
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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Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.
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