Heating, ventilation, and air conditioning (HVAC) is a mechanical system that provides thermal comfort and improves air quality in an enclosed space. A complete system controls air temperature & humidity, allows fresh air intake, and maintains the quality of air in residential, commercial, or industrial buildings. Equipment such as heating, cooling, and ventilation are used for maintaining ambient temperatures in buildings.
The global HVAC system market size is expected to reach USD 277 billion by 2025, from USD 202 billion in 2020, at a CAGR of 6.5%. The market growth is attributed mainly to the rising government incentives via tax credit programs, growing demand for energy-efficient solutions, increasing government regulations & policies for saving energy, and the growing trend of smart homes.
Johnson Controls (US), Daikin (Japan), United Technologies (US), Ingersoll Rand (Ireland), and LG Electronics (South Korea) are the leading players in the global HVAC system market.
Johnson Controls (US) is a multinational conglomerate that operates in building technologies & solutions and power solution businesses. The Building Technologies & Solutions segment includes HVAC equipment, HVAC controls, energy-management systems, security systems, fire detection systems, and fire suppression solutions. Moreover, it offers products related to HVAC equipment, which include heating, cooling, air handling, and controls solutions. The company provides HVAC equipment services such as planned & preventive maintenance, predictive diagnostic services, building remote monitoring management, building systems, and HVAC repair services. It adopted inorganic strategies to continue its growth in the HVAC system market. For instance, in April 2018, Johnson Controls acquired Triatek, a global manufacturer of airflow solutions for critical environments. The acquisition will help Johnson Controls to offer HVAC airflow control systems for health care and critical research facility applications.
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Daikin (Japan) is one of the leading players in air-conditioning and fluorochemicals businesses. It manufactures general air-conditioning equipment with in-house divisions covering both air conditioning and refrigerants. The company mainly operates through Air Conditioning, Chemicals, Oil Hydraulics, and Defense business segments. The Air Conditioning segment offers HVAC products such as split/multi-split air conditioners, unitary air conditioners, air-to-water heat pumps, heating systems, air purifiers, medium/low-temperature refrigeration systems, ventilation products, control systems, chillers, filters, and marine HVAC. Daikin has more than 100 production units across the world and conducts business in more than 150 countries. The company adopted inorganic strategies to continue its growth in the HVAC system market. For instance, in February 2019, Daikin completed the acquisition of AHT Group (Austria), a leading company in the commercial refrigeration market in Europe. The acquisition will help Daikin in adding a range of products, services, and solutions based on its air conditioning and refrigeration equipment.
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