The HVAC System Market Size is valued at 213.88 billion in 2022 and is predicted to reach 338.84 billion by the year 2031 at a 5.46% CAGR during the forecast period for 2023-2031.
Heating, ventilation, and cooling systems are used to transport air between indoor and outdoor spaces. They filter the interior air to keep the environment healthy and humidity comfortable. A key trend predicted to impact the market over the projected period is varying climatic conditions and the necessity to maintain an ambient climate in a building. Most customers have recently prioritized the availability of smart features and energy efficiency as essential purchase criteria, and this trend is projected to continue in the next years.
Furthermore, the increased building activity in the commercial and residential sectors and the demand from the food and beverage and telecommunications industries are expected to contribute considerably to market growth. Moreover, a shortage of competent professionals is projected to have a negative impact on market growth in the near future.
However, after the first occurrence of COVID-19 was revealed in December 2019, the global economy has seen tremendous disruption. The pandemic had a negative impact on global heating, ventilation, and cooling system market development in the first quarter of 2020. This is due to the lockdown effect that has occurred in nations such as Ireland, Germany, the United States, China, and others. The lockout interrupted production and diminished client demand for the equipment.
Recent Developments:
- In April 2022, Daikin confirmed its support for the REPowerEU, which has set a goal of increasing heat pump deployment from 10 million units in 2027 to 30 million units by 2030. This is also linked to home de-carbonization, as the movement can assist the European Union in meeting the residential sector's de-carbonization targets by 2050. Other HVAC service providers are also assisting with such projects.
Competitive Landscape:
Some of the HVAC System Market players are:
- Carrier Corporation
- Daikin Industries, Ltd. (Japan)
- Emersion Electronic Co.
- Hitachi Ltd.
- Honeywell International Inc.
- Johnson Controls International plc
- Lennox International, Inc.
- LG Electronics
- Mitsubishi Electric Corporation
- Nortek Air Management
- Samsung Electronics
- Trane Technologies plc.
Market Segmentation:
The HVAC System Market is segmented based on cooling equipment, heating equipment, ventilation equipment, implementation type and application. Based on cooling equipment, the market is segmented as unitary air conditioners, VRF systems, chillers, room air conditioners, coolers, and cooling towers. The heating equipment segment includes heat pumps, furnaces, unitary heaters, and boilers. By ventilation equipment, the market is segmented into air handling units, air filters, dehumidifiers, ventilation fans, humidifiers, and air purifiers. The implementation type segment includes new construction and retrofit. By application, the market is segmented into residential, commercial, and industrial.
Based On Cooling Equipment, The Unitary Air Conditioners Segment Is Accounted As A Substantial Contributor To The HVAC System Market
The unitary air conditioners category is expected to hold a major share of the global HVAC system market in 2021. According to the International Energy Agency (IEA), cooling accounts for more than 10% of global electricity use. Increasing population and disposable incomes, particularly in hotter regions of the world, have encouraged the use of air conditioners, supporting the need for cooling equipment.
The Residential Segment Witnessed Growth At A Rapid Rate
The residential segment is projected to grow rapidly in the global HVAC system market. The residential HVAC segment is expanding due to an increase in multi-family and single-family buildings. Residential HVAC (Heating, ventilation, and air conditioning) demand is predicted to remain more or less stagnant in developed areas of the world, but demand from emerging markets, particularly developing economies, is expected to be slightly higher. This is mostly due to the rising population in emerging economies and increased market maturity in mature markets.
In The Region, The Asia Pacific HVAC System Market Holds A Significant Revenue Share
The Asia Pacific HVAC system market is expected to register the highest market share in terms of revenue in the near future. Rising urbanization, population expansion, and rising consumer disposable income have contributed to the region's phenomenal progress. Currently, the corporate sector has been increasingly offering opportunities for future regional growth. North America was the second-largest customer of HVAC systems, closely followed by Europe. The market for HVAC systems as a whole has matured; however, replacement sales owing to aged infrastructure or retrofit projects are opening new revenue streams for OEMs in addition to expanding into the services and maintenance area.
HVAC System Market Report Scope:
|
Report Attribute |
Specifications |
|
Market size value in 2022 |
USD 213.88 Bn |
|
Revenue forecast in 2031 |
USD 338.84 Bn |
|
Growth rate CAGR |
CAGR of 5.46 % from 2023 to 2031 |
|
Quantitative units |
Representation of revenue in US$ Billion, and CAGR from 2023 to 2031 |
|
Historic Year |
2019 to 2022 |
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Forecast Year |
2023-2031 |
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Report coverage |
The forecast of revenue, the position of the company, the competitive market statistics, growth prospects, and trends |
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Segments covered |
Cooling Equipment, Heating Equipment, Ventilation Equipment, Implementation Type And Application |
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Regional scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
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Country scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; The UK; France; Italy; Spain; China; Japan; India; South Korea; Southeast Asia; South Korea; Southeast Asia |
|
Competitive Landscape |
Daikin Industries, Johnson Controls, Carrier, Trane Technologies plc., LG Electronics, Emersion Electronic Co., Honeywell International Inc., Mitsubishi Electric Corporation, Nortek Air Management, and Samsung Electronics. |
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Customization scope |
Free customization report with the procurement of the report, Modifications to the regional and segment scope. Particular Geographic competitive landscape. |
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Pricing and available payment methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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