HVAC Systems Market is segmented by Product (Heating, Ventilation, Cooling), by Component (Sensors, and Control & Control Devices), by End-Use (Residential, Commercial, Industrial), Region (United States, Canada, Mexico, France, Germany, Italy, Spain, United Kingdom, Russia, China, India, Philippines, Malaysia, Australia, Austria, South Korea, Middle East, Japan, Africa, Rest of World) and HVAC Systems Market companies (Carrier Corporation; Daikin Industries, Ltd., Emerson Electric Co., Hitachi Ltd., Johnson Controls International plc, Lennox International, Inc., Trane Technologies)
HVAC Systems Market was estimated at US$ 1,050. 10 million in 2021 and is poised to register gains at over 5.7% CAGR between 2022 and 2032.
The HVAC system consists of heating, ventilation, and air conditioning unit. A comfortable indoor environment includes a variety of structures, equipment, and technology that enhance comfort indoors, such as in residences, offices, halls, and transport systems by maintaining an optimum temperature. Condensing boilers are becoming increasingly popular in the HVAC industry. In regions with extreme weather conditions, HVAC systems are used for both cooling and heating.
The food production industry’s demand for HVAC systems is one of the major factors driving market revenue growth.
Construction activities have increased to meet household demands due to an increase in the global population. From 7.7 billion people in 2020, the global population is anticipated to reach 9.7 billion by 2050. Moreover, industrialization and urbanization have boosted investment in the construction industry along with government support for commercial projects. The Chinese government, for instance, developed an affordable housing system to provide support to approximately 70% of urban families and middle-class households. Urbanization, construction, and industrialization are all likely to increase demand for HVAC systems, contributing to the growth of handheld HVAC monitoring devices.
The surge in the use of automation in residential, commercial, and industrial sectors has also contributed to an increase in energy consumption on a large scale. In addition, the use of electricity-based HVAC systems has created pressure on electricity production plants and negatively affected the environment on a global scale. In order to reduce environmental problems, geothermal HVAC systems have gained popularity. Moreover, increasing environmental awareness has fuelled the demand for energy-efficient buildings, driving the HVAC systems market.
Many industries rely heavily on cooling and heating systems. Food industries are particularly dependent on HVAC Systems for food storage and production. Food products in the storage unit could be affected by the humidity, the volume of space, the quality of air, and the number of workers present. Thus, a properly designed and installed air conditioning system is also essential for food factories. It controls odors and airborne particulates. In addition, it keeps food products fresh by reducing the risk of contamination.
The cooling segment is expected to grow at a CAGR of approximately 6% from 2022 to 2032.
HVAC systems were dominated by the cooling segment in 2021, with a revenue share of 54.7%. This is because cooling consumes over 10% of the global electricity. The huge statistics explain the dominance of the cooling segment in the HVAC (Heating, ventilation, and air conditioning) systems market for so long. A growing population and high disposable incomes have led to more people using air conditioners, increasing the demand for these cooling systems (AC).
Apart from cooling, heating is also a significant segment that has been growing steadily over time. The market share of the segment was over 20.0% as of 2021. During the forecast period, this market segment will gain traction as it gradually transitions from a fuel-based model to an efficient, low-carbon one. In addition, the proliferation of solar-powered heat pumps will also provide growth opportunities for the market.
Air conditioners for rooms will hold a major share during the forecast period.
The room ACs category held the largest market share in 2021 and is predicted to continue to do so throughout the forecast period. VRF systems are expected to be in high demand due to the replacement of old systems with energy-efficient options, which also have the benefit of being cost-effective and easy to install. The demand for ventilation fans was also high, especially in the Asia-Pacific region, where investments in residential, commercial, and industrial infrastructure have soared.
HVAC Market to remain dominated by commercial end-users until 2032
The leading end-user category is commercial, mainly due to the high number of offices and buildings and the growing hospitality industry everywhere. Increased tourism worldwide has resulted in an increase in infrastructure development projects in the hospitality industry. The upcoming events such as the FIFA World Cup 2022 in Qatar, which will involve the construction of numerous stadiums, will cause the HVAC industry to grow.
Smart HVAC systems are becoming increasingly popular
The global HVAC market is observing an increasing preference for smart systems. Customers are turning to smart HVAC technologies to reduce energy consumption and strengthen sustainability efforts. These technologies offer better controls, advanced monitoring systems, and smart thermostats. In addition to providing better temperature variability, smart HVAC systems also produce cleaner air. Moreover, these systems can be monitored in real-time, and they produce less noise than other systems.
Southeast Asia’s HVAC Market Will Grow at a 6.4% CAGR.
The HVAC market in Southeast Asia is expected to cross $32,824.1 million by 2032, growing at a compound annual growth rate of 6.4%. Major drivers of the market include the rapid growth of infrastructure development and the growing hospitality industry. Further, the tourism industry of this region is experiencing growth year over year due to its popular spicy cuisines, white beaches, and rich cultural heritage. The hospitality category is expected to grow at a fast pace during the forecast period, thereby supporting the HVAC systems market growth.
Vendors in this market have relied on organic growth strategies to grow their businesses.
Partnerships, mergers and acquisitions are the means of expanding market reach and beating the competition. In the short term, OEMs are aiming to remain relevant and profitable by targeting technology and energy efficiency. In addition to expanding their size and reaching, market players focus on research and development to create technologically advanced and differentiated products to gain a competitive advantage.
Also, only 15% of households in regional nations have air conditioners, which indicates an opportunity for large market growth. In addition, when the income rises, affordability improves, resulting in an increase in the demand for air conditioners. A VRF system for industrial buildings and spaces was announced by Carrier Malaysia in December 2021. While preserving building aesthetics and maximizing efficiency, these systems can meet a wide range of temperature requirements.
Years considered for this report
• Historical Years: Available on Request
• Base Year: 2021
• Forecast Period: 2022-2032
HVAC Systems Market Research Report Analysis Highlights
• Historical data available (as per request)
• Estimation/projections/forecast for revenue (2022 – 2032)
• Data breakdown for every market segment (2022 – 2032)
• Gross margin and profitability analysis of companies
• Price analysis of each product type
• Business trend and expansion analysis
• Import and export analysis
• Competition analysis/market share
• Supply chain analysis
• Client list and case studies
• Market entry strategy
Industry Segmentation and Revenue Breakdown
Product Analysis (Revenue, USD Million, 2022 - 2032)
Component Analysis (Revenue, USD Million, 2022 - 2032)
• Control & Control Devices
End-Use Analysis (Revenue, USD Million, 2022 - 2032)
By Country (Revenue, USD Million, 2022 - 2032):
• United States
• United Kingdom
• South Korea
• Middle East
• Rest of the World
HVAC Systems Market companies:
• Carrier Corporation
• Daikin Industries, Ltd.
• Emerson Electric Co.
• Trane Technologies
• Hitachi Ltd.
• Johnson Controls International plc
• Lennox International, Inc.
Available Versions of HVAC Systems Market: -
United States HVAC Systems Market Research Report
Europe HVAC Systems Market Research Report
Asia Pacific HVAC Systems Market Research Report
India HVAC Systems Market Research Report
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