HVAC System Global Market Report 2024

The global hvac system market has grown strongly in recent years. It will grow from $172.62 billion in 2023 to $183.57 billion in 2024 at a compound annual growth rate (CAGR) of 6.3%. The growth observed in the historical period can be attributed to urbanization and a construction boom, global temperature variations, concerns about energy efficiency, government regulations and standards, awareness of indoor air quality, and considerations related to health and comfort factors in the building and construction industry.

The global hvac system market is expected to see strong growth in the next few years. It will grow to $237.16 billion in 2028 at a compound annual growth rate (CAGR) of 6.6%. The projected growth in the forecast period can be attributed to the globalization of markets, a heightened focus on achieving net-zero buildings, advancements in refrigerants, the integration of renewable energy, increased resilience to climate change, and the evolution of building codes. Noteworthy trends expected in this period include the rise of smart HVAC systems, the integration of artificial intelligence (AI) in HVAC technologies, the adoption of variable refrigerant flow (VRF) systems, the development of hybrid and integrated HVAC solutions, the implementation of remote monitoring and control systems, and a growing emphasis on electrification and the adoption of heat pumps.

The HVAC system market is poised for significant growth, driven by a surge in construction activities in both commercial and residential sectors. The construction sector, comprising residential and non-residential infrastructure, plays a pivotal role in the adoption of heating, ventilation, and air conditioning (HVAC) systems. These systems ensure thermal comfort and indoor air quality in diverse building types. According to a forecast from Oxford Economics in October 2021, global construction output was expected to grow by 42% in volume, reaching 15.2 trillion by 2030 from 10.7 trillion in 2020. This robust growth in construction activities is a key driver propelling the HVAC system market.

The HVAC system market is experiencing growth attributed to the rising manufacturing industry. HVAC systems are crucial in maintaining optimal indoor conditions, including temperature and air quality, in manufacturing facilities. This regulation enhances productivity and overall efficiency in industrial processes. Eurostat reported a 0.2% increase in industrial output in the European area in July 2023, signaling the importance of HVAC systems in supporting manufacturing growth. As the manufacturing industry continues to expand, the demand for HVAC systems is expected to rise, contributing to the market's overall growth.

Green and smart technology is a prevailing trend in the HVAC system market, with major companies leveraging innovations such as the Internet of Things (IoT) and machine learning. These technologies enhance living conditions and promote eco-friendly practices in construction and operation. Haier Group Corporation, a China-based home appliances and consumer electronics company, introduced the industry's first IoT-enabled Smart Sharing AC in India in July 2021. This system allows users to control and monitor the AC remotely via a smartphone application, showcasing the integration of smart technology in HVAC solutions. As the demand for energy-efficient and smart HVAC systems grows, companies embracing these trends are likely to gain a competitive advantage.

Major companies in the HVAC system market are intensifying their focus on advanced heating and cooling solutions to stay competitive. The introduction of the dual fuel system is one such innovation that optimizes energy use by utilizing two different fuel sources, such as natural gas and electricity. Johnson Controls-Hitachi Air Conditioning launched the Hitachi Air365 Hybrid dual fuel system in September 2023. This system integrates electric and gas technologies for efficient climate control in residential and commercial settings. The emphasis on advanced solutions demonstrates the commitment of HVAC industry leaders to meet evolving market demands and enhance overall system performance.

In May 2023, Daikin Applied, a prominent US-based HVAC solutions company, successfully acquired Carroll Air Systems for an undisclosed sum. This strategic acquisition is anticipated to facilitate the expansion of Daikin Applied's HVAC product offerings. Aldridge Carroll Air Systems, the acquired company, is based in the US and specializes in providing heating, ventilation, and air-conditioning (HVAC) systems and services tailored for commercial, industrial, and institutional facilities.

Major companies operating in the hvac system market report are Daikin Industries Ltd., Johnson Controls International, Carrier Global Corporation, Trane Technologies PLC, LG Electronics, AAON Heating and Cooling Products, Addison HVAC, Allied Commercial, Danfoss AS, Emerson Electric Co., Honeywell International Inc., Mitsubishi Electric Corporation, Nortek Air Management, Samsung Group, Midea Group, Electrolux AB, Toshiba Corporation, York International Corporation, Nortek Global HVAC, Rheem Manufacturing Company, Trane Inc., Goodman Manufacturing Company, Lennox International Inc., SPX Corporation, Standex International Corporation, CSW Industrials Inc., EMCOR Group Inc., Ingersoll-Rand plc (Ireland), Watts Water Technologies Inc., Ingersoll Rand

Asia-Pacific was the largest region in the HVAC system market in 2023. The regions covered in the hvac system market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the hvac system market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary components of HVAC systems are heating, ventilation, and cooling. Heating utilizes various technologies to regulate air temperature, humidity, and purity within the HVAC system. These systems can be implemented in different contexts, including new construction and retrofit projects, and are applicable in commercial, residential, and industrial settings.

This report provides HVAC system market statistics, including HVAC system industry global market size, regional shares, competitors with an HVAC system market share, detailed HVAC system market segments, market trends and opportunities, and any further data you may need to thrive in the HVAC system industry. This HVAC system market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The HVAC system market consists of sales of heat pumps, furnaces, unitary heaters, boilers, single splits, variable refrigerant flow (VRF) systems, chillers, room air conditioners, and other types. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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