The HVAC Systems Market was valued around USD 161.3 billion in 2021 and is Projected to reach USD 259.0 billion in 2029 and is expected to grow at a CAGR 6.1% during Forecast.
The factors driving the growth of HVAC Systems Market includes increasing application of HVAC systems in commercial and residential areas, strict regulations imposed by Government on installing and retrofitting energy-prompt HVAC systems, growing focus on reducing carbon emissions and rise in the construction of smart homes around the world. Moreover, integration of advanced technologies such as Internet of Things (IoT) and Artificial Intelligence (AI), rise in the launch of innovative products, development of environment-friendly HVAC systems and rapid urbanization, are some of the additional factors supplementing the HVAC Systems Market size. In addition, the increasing investments by leading players on research and development, rising disposable incomes and growing population growth rates, are further contributing towards the market growth.
However, growth of the HVAC Systems Market is hindered due to high installation and maintenance cost of HVAC systems.
The prominent players operating in the market are AB Electrolux, Emerson Electric Co., Honeywell International Inc., Daikin, Ingersoll Rand, Johnson Controls, Lennox International Inc., Mitsubishi Electric Corporation, Nortek, LG Electronics and Samsung HVAC, among others.
Based on Heating Equipment, the Heat Pumps segment is predicted to grow at a significant CAGR during the forecast period
Rising energy consumption worldwide and financial incentives given by Government regarding the installation of HVAC systems, are some of the factors responsible for the segment’s growth.
Based on Application, the Commercial segment is projected to capture the largest market share over the forecast period
Technological advancements in HVAC systems and rising trend of work from home, are propelling Global HVAC Systems Market.
Based on Region, the Asia-Pacific region is anticipated to hold the highest market share during the forecast period
Increase in Foreign Direct Investments (FDI) inflow in the construction sector, growing demand for technologically advanced HVAC systems, rapid urbanization, improvements in the living standards and high population growth rates, are some of the important factors augmenting the market growth in Asia-Pacific region.
Key Developments
- In 2020, Daikin introduced its new air-conditioning system known as “Mini VRV 5-s” in the Middle East and Africa region.
- In 2020, LG Electronics introduced its new Round Cassette air conditioner, designed for business building structures. This product outclasses various competing products in terms of design and performance.
- In 2019, Honeywell International Inc., partnered with the Midea Group, a leading Chinese home appliances marker, to replace R-410A with the Solstice N41 in HVAC applications.
Market Segmentation
Segmentation by Heating Equipment
- Heat Pumps
- Furnace
- Unitary Heaters
- Boilers
Segmentation by Ventilation Equipment
- Air-handling Units
- Air Filters
- Dehumidifiers
- Ventilation Fans
- Humidifiers
- Air Purifiers
Segmentation by Cooling Equipment
- Unitary Air Conditioners
- VRF Systems
- Chillers
- Room Air Conditioners
- Coolers
- Cooling Towers
Segmentation by Implementation Type
- New Constructions
- Retrofits
Segmentation by Application
- Residential
- Commercial
- Industrial
Segmentation by Region
- Asia Pacific
- China
- Japan
- India
- Rest of APAC
- North America
- United States of America
- Canada
- Europe
- United Kingdom
- Germany
- France
- Spain
- Rest of Europe
- RoW
- Brazil
- South Africa
- Saudi Arabia
- UAE
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