07-Jun-2023 | Facts and Factors
According to the Facts & Factors report, the global HVAC systems market size was nearly $137 billion in 2022 and is anticipated to surge to approximately $235 billion by 2030 along with recording the highest growth rate of nearly 6.4% from 2023 to 2030.
HVAC systems also referred to as heating, ventilation, and air conditioning systems make the utility of a plethora of technologies for regulating air humidity, temperature, and purity of the atmosphere. The key objective of HVAC systems is to offer thermal comfort and bring improvement in indoor air quality. Reportedly, HVAC systems are the part of mechanical engineering based on thermodynamics principles, fluid dynamics, and heat transfer.
Browse the full report “HVAC Systems Market Size, Share, Growth Analysis Report By Product (Heating, Ventilation, and Cooling), By End-Use (Residential, Industrial, and Commercial), and By Region - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2023 – 2030” at https://www.fnfresearch.com/hvac-systems-market
Growth of the global HVAC systems market can be attributed to surging demand for automatic temperature adjustment along with the need for hybrid systems. In addition to this, the HVAC systems market is highly fragmented, and hence new firms are entering the market. Moreover, rise in the competition has forced players in the market to offer high-quality products at relatively reduced costs. This, in turn, is predicted to expand the scope of the market growth in the ensuing years. Rise in the urban population in emerging economies leading to a surge in construction activities in residential as well as commercial sectors will proliferate the size of the global market.
Nevertheless, a prominent surge in the repairing and maintenance costs as well as a rise in the costs of deployment can put brakes on the global HVAC systems industry. However, the growing popularity of sensors & smart thermostats in the commercial sector will open new growth opportunities for the global industry. Massive demand for improving energy efficiency will generate new vistas for the expansion of the industry across the globe.
The global HVAC systems market is sectored into product, end-use, and region.
The product segment of the HVAC systems market is sub-segmented into heating, ventilation, and cooling segments. Furthermore, the cooling segment, which contributed lucratively towards the global market revenue share in 2022, is projected to register the fastest CAGR over the forecast timeline.
The segmental expansion in the coming eight years can be credited to seasonal climatic changes leading to the massive demand for cooling systems. Moreover, the need for reducing power consumption in buildings has resulted in massive penetration of HVAC in cooling systems, thereby steering the growth of the segment.
In terms of end-use, the HVAC systems industry across the globe is sectored into residential, industrial, and commercial segments. The residential segment, which garnered a major share of the global industry in 2022, is predicted to contribute majorly towards the global industry share in the upcoming years.
The segmental expansion in the ensuing years is due to the large-scale demand for HVAC systems in the residential segment. Furthermore, the rise in the population across emerging countries will further accentuate the demand for HVAC systems in the residential segment.
Furthermore, Asia-Pacific, which contributed for more than two-fifths of the global HVAC systems market share in 2022, is anticipated to dominate the regional industry expansion over the analysis period. The regional market surge over the forecast timeline can be a result of
Market Size in 2022
USD 137 Billion
Projected Market Size in 2030
USD 235 Billion
CAGR Growth Rate
Key Market Players
Hitachi Ltd., Carrier Corporation, Lennox International Inc., Emerson Electric Co., Daikin Industries Ltd., Johnson Controls International plc, Trane Technologies, and others.
By Product, End-User, and Region
Major Regions Covered
North America, Europe, Asia Pacific, Latin America, and the Middle East &, Africa
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Key players in the global HVAC systems market are Hitachi Ltd., Carrier Corporation, Lennox International, Inc., Emerson Electric Co., Daikin Industries, Ltd., Johnson Controls International plc, and Trane Technologies.
- In the first half of 2023, Daikin Europe N.V., a division of Daikin Industries, Ltd., signed a partnership agreement with Greater Manchester Combined Authority. The move is aimed at increasing the use of heat pumps and providing training on operating HVAC systems to technicians.
- In the first quarter of 2023, Johnson Controls International, a U.S.-based firm manufacturing HVAC & security equipment for buildings, acquired Hybrid Energy AS, a major provider of high-temperature energy management solutions including heat pumps for industrial processes & district heating. The strategic initiative is aimed at providing cost-efficient solutions to end-users along with addressing environmental concerns such as decarbonization in Europe.
- In the first half of 2023, Ahlstrom-Munksjö Oyj, a key player in the fiber-based products sector, introduced an HVAC filter media product portfolio from its unit in Italy. The move is likely to help in offering high-quality filters to the end-users that will deliver outstanding performance & reduce environmental impact. The product launch will contribute majorly towards the product line and add to the size of the global HVAC market across Europe.
The global HVAC Systems market is segmented as follows:
- North America
- The UK
- Nordic Countries
- Benelux Union
- The Netherlands
- Rest of Europe
- Asia Pacific
- South Korea
- Southeast Asia
- Rest of Southeast Asia
- Rest of Asia Pacific
- The Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Rest of Latin America
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