Factors that drive the growth of the market include the increasing demand for HVAC systems for reducing energy consumption, extreme weather conditions, government tax credit and rebate programs, and growing demand for HVAC systems to upgrade old systems.

The increase in urbanization has led to the demand for smart buildings. These buildings require efficient HVAC equipment, leading to the growth of the HVAC system market. Smart buildings are not only green/sustainable but are also intelligent; these buildings are equipped with advanced technologies, which include HVAC systems.

Major players operating in the HVAC system market are Daikin (Japan), United Technologies (US), Johnson Controls (US), Ingersoll-Rand (Ireland), LG Electronics (South Korea), Electrolux (Sweden), Emerson (US), Honeywell (US), Lennox (US), and Nortek (US)

Major APAC countries such as China, Japan, and India are the major consumers of HVAC systems. The governments of these countries have taken various measures to ensure that energy-efficient HVAC systems are being installed in new buildings. The collaboration of HVAC companies with major regulatory bodies is required to create awareness regarding HVAC implementation. Awareness among real-estate developers, architects, and engineers would ensure effective installation of HVAC in buildings, right from the designing stage. This would support the market for HVAC equipment.

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