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Heating, Ventilation and Air Conditioning (HVAC) Systems - Global Strategic Business Report

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    Report

  • 745 Pages
  • February 2024
  • Region: Global
  • Global Industry Analysts, Inc
  • ID: 4805533

Economic Outlook

The global economic outlook is improving, and growth recovery, albeit on the lower side, is expected for this year and the next. The United States although witnessing slowing GDP growth in response to tight monetary and financial conditions, has nevertheless overcome the recession threat. Easing of headline inflation in Euro area is helping boost real incomes and is contributing to pick-up in economic activity. China is expected to see strong increases in GDP in the coming year as the pandemic threat recedes and the government sheds its zero-COVID policy. With optimistic GDP projections, India remains on-course to emerge into a US$6 trillion economy by 2030, surpassing Japan and Germany.

The upturn, however, remains fragile and a number of interlocking challenges continue to run in parallel, such as continued uncertainty around the war in Ukraine; slower than expected decline in global headline inflation; continuation of food and fuel inflation as a persistent economic problem for most developing countries; and still high retail inflation and its impact on consumer confidence and spending. Countries and their governments are showing signs of weathering these challenges, which helps lift market sentiments. As governments continue to combat inflation to get it down to more economically conformable levels by raising interest rates, new job creation will slowdown and impact economic activity. Stricter regulatory environment and pressure to mainstream climate change into economic decisions will compound the complexity of challenges faced.

Although corporate investments can likely be held back by inflation worries and weaker demand, rise of new technologies will reverse partially this prevailing investment sentiment. Rise of generative AI; applied AI; industrializing machine learning; next-generation software development; Web3; cloud and edge computing; quantum technologies; electrification and renewables and climate technologies beyond electrification and renewables, will open up the global investment landscape. The technologies hold the potential to drive sizeable incremental growth and value to global GDP in the coming years. The short-term is expected to be a mixed bag of challenges and opportunities for both consumers and investors alike. There is always opportunity for businesses and their leaders who can chart a path forward with resilience and adaptability.

Global Heating, Ventilation and Air Conditioning (HVAC) Systems Market to Reach $313.4 Billion by 2030

The global market for Heating, Ventilation and Air Conditioning (HVAC) Systems estimated at US$204.8 Billion in the year 2022, is projected to reach a revised size of US$313.4 Billion by 2030, growing at a CAGR of 5.5% over the analysis period 2022-2030. Cooling Systems, one of the segments analyzed in the report, is projected to record 5.9% CAGR and reach US$239.2 Billion by the end of the analysis period. Growth in the Heating Systems segment is estimated at 4.6% CAGR for the next 8-year period.

The U.S. Market is Estimated at $54.8 Billion, While China is Forecast to Grow at 8.3% CAGR

The Heating, Ventilation and Air Conditioning (HVAC) Systems market in the U.S. is estimated at US$54.8 Billion in the year 2022. China, the world's second largest economy, is forecast to reach a projected market size of US$70.9 Billion by the year 2030 trailing a CAGR of 8.3% over the analysis period 2022 to 2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 2.9% and 5% respectively over the 2022-2030 period. Within Europe, Germany is forecast to grow at approximately 3.2% CAGR.

Select Competitors (Total 136 Featured)

  • Blue Star Ltd.
  • Baltimore Aircoil Company
  • Bryant Heating & Cooling System
  • Aprilaire
  • BDR Thermea Group BV
  • Brentwood Industries, Inc.
  • AAON, Inc.
  • Af Gruppen Asa
  • Air International Thermal Systems
  • Airedale International Air Conditioning Ltd.
  • Bell Cooling Towers
  • Baltec IES Pty., Ltd.
  • CaptiveAire Systems
  • Burnham Holdings, Inc.
  • Bard Manufacturing Company

What`s New?

  • Special discussions on the global economic climate and market sentiment
  • Coverage on global competitiveness and key competitor percentage market shares
  • Market presence analysis across multiple geographies - Strong/Active/Niche/Trivial
  • Online interactive peer-to-peer collaborative bespoke updates
  • Access to digital archives and trademarked research platform
  • Complimentary updates for one year
  • Access to curated YouTube video transcripts of market sentiments shared by CEOs, domain experts and market influencers via interviews, podcasts, press statements and event keynotes
Frequently Asked Questions about the Heating, Ventilation and Air Conditioning (HVAC) Systems Market

What is the estimated value of the Heating, Ventilation and Air Conditioning (HVAC) Systems Market?

The Heating, Ventilation and Air Conditioning (HVAC) Systems Market was estimated to be valued at $204.8 Billion in 2022.

What is the growth rate of the Heating, Ventilation and Air Conditioning (HVAC) Systems Market?

The growth rate of the Heating, Ventilation and Air Conditioning (HVAC) Systems Market is 5.5%, with an estimated value of $313.4 Billion by 2030.

What is the forecasted size of the Heating, Ventilation and Air Conditioning (HVAC) Systems Market?

The Heating, Ventilation and Air Conditioning (HVAC) Systems Market is estimated to be worth $313.4 Billion by 2030.

Who are the key companies in the Heating, Ventilation and Air Conditioning (HVAC) Systems Market?

Key companies in the Heating, Ventilation and Air Conditioning (HVAC) Systems Market include Blue Star Ltd., Baltimore Aircoil Company, Bryant Heating & Cooling System, Aprilaire, BDR Thermea Group BV, Brentwood Industries, Inc., AAON, Inc., Af Gruppen Asa, Air International Thermal Systems and Airedale International Air Conditioning Ltd..

Table of Contents

I. METHODOLOGYII. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
  • Impact of COVID-19 Pandemic and Looming Global Recession: 2020 Marked as a Year of Disruption & Transformation
  • As the Race between the Virus & Vaccines Intensifies, Where is the World Economy Headed in 2021?
  • World Economic Growth Projections (Real GDP, Annual % Change) for 2020 through 2022
  • Pandemic-Led Challenges Leave Commercial HVAC Industry Out in Cold
  • COVID-19-Led Bright Points
  • Pandemic-Hit HVAC Manufacturers Find Solace in Changing Customer Needs
  • COVID-19 Disruptions Lead to Spike in Unit Prices for HVAC Systems
  • Role of HVAC Systems in Increasing or Mitigating the Risk of COVID-19 Transmission
  • Key Recommendations and Tools for Improving Building Ventilation
  • HVAC Systems with Filtration: Relevant Answer to Tough COVID-19 Test
  • Global Market Prospects & Outlook
  • Prominent Challenges Daring Expansion of HVAC Market
  • HVAC Industry Deep Dive Reveals Upcoming, Game-Changing Trends
  • Sustainability & Technology: Elements Central to Latest Trends in HVAC Industry
  • Climate Change: An Important Driving Factor for Energy-efficient HVAC Systems
  • HVAC Energy Use by End-Use (in %)
  • Millennial Generation Plays an Important Role
  • Asia-Pacific Continues to Dominate Global Market
  • Heating, Ventilation and Air Conditioning (HVAC) Systems - Global Key Competitors Percentage Market Share in 2023 (E)
  • Heating, Ventilation and Air Conditioning (HVAC) Systems Competitor Market Share Scenario Worldwide (in %): 2020E
  • Competitive Market Presence - Strong/Active/Niche/Trivial for Players Worldwide in 2023 (E)
  • Competitive Scenario
  • HVAC Companies Adapt Strategies to Navigate Unsettling Phase of COVID-19
  • Global HVAC Systems Competitor Market Share Scenario (in %): 2021E
  • Recent Market Activity
  • Select Global Brands
2. FOCUS ON SELECT PLAYERS
3. MARKET TRENDS & DRIVERS
  • Pressing Need to Cut Energy Consumption and Operational Costs Impels Energy Efficient HVAC Systems Market
  • Select Innovations Enabling Efficient and High-Performance HVAC Systems
  • Use of Multi-Enzyme Solutions
  • Sustainable Retrofit
  • Air Conditioning with Ice Power
  • Digital Ceilings
  • Smart Glasses
  • Sustainable HVAC Ductwork
  • Major Market Restraints
  • Trends in HVAC Industry Taking Energy Efficiency to Next Level
  • Smart HVAC Systems Hold Immense Potential
  • Smart Thermotats: An Important Development
  • Integration of HVAC Systems and IoT Offers New Opportunities
  • AI for Reduced Building Heating & Cooling Expenses
  • Importance of Improving the Efficiency of HVAC Systems in US School Buildings
  • Cloud-Connected HVAC Systems Enable Creation of Smart and Efficient Facilities
  • Automated Control Systems for HVAC Equipment Gain Traction in Buildings
  • Alternative Energy Sources Garner Attention
  • Solar Powered HVAC Systems Gain Traction
  • Global Solar Power Market: Solar PV Capacity (in GW) and PV Generation (in TWh) for the Years 2017, 2019, 2021 and 2023
  • Heat Pumps Dominate the HVAC Market
  • Geothermal Cooling & Heating Presents Viable Option to Improve Building Efficiency
  • Closed- and Open-Loop Systems
  • Demand for Ductless ACs on the Rise
  • Strong Growth in Demand for Ductless Multi-Zone Systems
  • Global VRF System Market to Gain Pace
  • Outdoor Units Lead the Market
  • HVACs with Air Quality Systems: High in Demand
  • Air Conditioning Systems: Climate Change and Rising Temperatures Drive Market Growth
  • Adoption (in %) of Air Conditioning in Households
  • Deployment of Environment-Friendly Refrigerants Increases in ACs
  • List of Various Refrigerants Types
  • Green Refrigerants to Replace Hydro Fluorocarbons
  • Next-generation Factory Assembled Cooling Towers to Positively Impact Bottom Line of HVAC and Industrial Processes
  • Rise in Adoption of DeVAP systems
  • Rising Interest in Indoor Growth Facilities: An Emerging Market Driver
  • Construction Sector Investments Strongly Influence Market Prospects
  • Global Construction Industry Growth Outlook (in %) for years 2019 through 2025
  • Global Construction Market: Annual % Growth by Major Geographies for 2019-2025
  • Replacement and Refurbishment Demand for HVAC Systems
  • Urbanization Remains a Key Growth Driver
  • World Urban Population in Thousands: 1950-2050
  • Degree of Urbanization Worldwide: Urban Population as a % of Total Population by Geographic Region for the Years 1950, 1970, 1990, 2018, 2030 and 2050
  • Affluent Middle Class Opens Up Asia into a Major Market
  • Growing Middle Class Population in Asia Pacific Drives Demand for New HVAC Systems: Global Middle Class Population (In Million) by Region for the Years 2020, 2025 and 2030
  • Expanding Base of Middle Class in the Asian Region Provides the Perfect Platform for HVAC Systems: Global Middle Class Spending (US$ Trillion) by Region for the Years 2020, 2025, 2030
  • Impact of COVID-19 on the Operation and Energy Consumption of Future HVAC Systems: Challenges Associated with Designing of HVAC Systems
4. GLOBAL MARKET PERSPECTIVE
  • TABLE 1: World Recent Past, Current & Future Analysis for Cooling Systems by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Million for Years 2022 through 2030 and % CAGR
  • TABLE 2: World Historic Review for Cooling Systems by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Million for Years 2014 through 2021 and % CAGR
  • TABLE 3: World 16-Year Perspective for Cooling Systems by Geographic Region - Percentage Breakdown of Value Sales for USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa for Years 2014, 2023 & 2030
  • TABLE 4: World Recent Past, Current & Future Analysis for Heating Systems by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Million for Years 2022 through 2030 and % CAGR
  • TABLE 5: World Historic Review for Heating Systems by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Million for Years 2014 through 2021 and % CAGR
  • TABLE 6: World 16-Year Perspective for Heating Systems by Geographic Region - Percentage Breakdown of Value Sales for USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa for Years 2014, 2023 & 2030
  • TABLE 7: World Recent Past, Current & Future Analysis for Ventilation Systems by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Million for Years 2022 through 2030 and % CAGR
  • TABLE 8: World Historic Review for Ventilation Systems by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Million for Years 2014 through 2021 and % CAGR
  • TABLE 9: World 16-Year Perspective for Ventilation Systems by Geographic Region - Percentage Breakdown of Value Sales for USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa for Years 2014, 2023 & 2030
  • TABLE 10: World Recent Past, Current & Future Analysis for New Construction by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Million for Years 2022 through 2030 and % CAGR
  • TABLE 11: World Historic Review for New Construction by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Million for Years 2014 through 2021 and % CAGR
  • TABLE 12: World 16-Year Perspective for New Construction by Geographic Region - Percentage Breakdown of Value Sales for USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa for Years 2014, 2023 & 2030
  • TABLE 13: World Recent Past, Current & Future Analysis for Retrofit by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Million for Years 2022 through 2030 and % CAGR
  • TABLE 14: World Historic Review for Retrofit by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Million for Years 2014 through 2021 and % CAGR
  • TABLE 15: World 16-Year Perspective for Retrofit by Geographic Region - Percentage Breakdown of Value Sales for USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa for Years 2014, 2023 & 2030
  • TABLE 16: World Recent Past, Current & Future Analysis for Commercial by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Million for Years 2022 through 2030 and % CAGR
  • TABLE 17: World Historic Review for Commercial by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Million for Years 2014 through 2021 and % CAGR
  • TABLE 18: World 16-Year Perspective for Commercial by Geographic Region - Percentage Breakdown of Value Sales for USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa for Years 2014, 2023 & 2030
  • TABLE 19: World Recent Past, Current & Future Analysis for Residential by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Million for Years 2022 through 2030 and % CAGR
  • TABLE 20: World Historic Review for Residential by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Million for Years 2014 through 2021 and % CAGR
  • TABLE 21: World 16-Year Perspective for Residential by Geographic Region - Percentage Breakdown of Value Sales for USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa for Years 2014, 2023 & 2030
  • TABLE 22: World Recent Past, Current & Future Analysis for Industrial by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Million for Years 2022 through 2030 and % CAGR
  • TABLE 23: World Historic Review for Industrial by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Million for Years 2014 through 2021 and % CAGR
  • TABLE 24: World 16-Year Perspective for Industrial by Geographic Region - Percentage Breakdown of Value Sales for USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa for Years 2014, 2023 & 2030
  • TABLE 25: World Heating, Ventilation and Air Conditioning (HVAC) Systems Market Analysis of Annual Sales in US$ Million for Years 2014 through 2030
  • TABLE 26: World Recent Past, Current & Future Analysis for Heating, Ventilation and Air Conditioning (HVAC) Systems by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Million for Years 2022 through 2030 and % CAGR
  • TABLE 27: World Historic Review for Heating, Ventilation and Air Conditioning (HVAC) Systems by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Million for Years 2014 through 2021 and % CAGR
  • TABLE 28: World 16-Year Perspective for Heating, Ventilation and Air Conditioning (HVAC) Systems by Geographic Region - Percentage Breakdown of Value Sales for USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets for Years 2014, 2023 & 2030
III. MARKET ANALYSIS
  • UNITED STATES
  • Heating, Ventilation and Air Conditioning (HVAC) Systems Market Presence - Strong/Active/Niche/Trivial - Key Competitors in the United States for 2023 (E)
  • Government Initiatives Prop Up Demand for Energy Efficient Models
  • Positive Signs of Revival in Construction Market Augurs Well for HVAC Systems
  • After Facing a Severe Blow, Recovery in Construction Sector to Spur Growth
  • US Monthly Construction Spending in US$ Billion: Dec 2020-July 2021
  • US Commercial Construction Rebounds with Anticipated Spending on Infrastructure Projects
  • Total Construction Starts % Change in the US (Jan-July): 2019 Vs 2020
  • US Non-Residential Spending Trends (% YoY) Growth by Sector: 2021 and 2022
  • US New Construction Starts in US$ Billion by Sector: 2020
  • Rise in Home Buying Activity Benefits Demand
  • Housing Starts in US in Thousands: 2015-2020
  • Number of Housing Starts in Thousand Units by Type for Single-Family Units and Multi-Family Units (Jan 2021-Aug 2021)
  • Market Analytics
  • CANADA
  • JAPAN
  • Heating, Ventilation and Air Conditioning (HVAC) Systems Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Japan for 2023 (E)
  • Market Overview
  • Efforts toward Energy Conservation Impact Japanese HVAC Industry
  • Competitive Scenario
  • Market Analytics
  • CHINA
  • Heating, Ventilation and Air Conditioning (HVAC) Systems Market Presence - Strong/Active/Niche/Trivial - Key Competitors in China for 2023 (E)
  • China Evolves into Core Market for HVAC Systems
  • China to Remain a Dominant Market for HVAC Systems in the Long Term
  • China’s Current Dominant Hold on Global Manufacturing Output & Its Central Role in World Trade Makes the Country a Major Market for HVAC Systems in Asia: Percentage Breakdown of Global Manufacturing Output by Region for the Years 1990, 2013, 2017 & 2025
  • Market Analytics
  • EUROPE
  • Heating, Ventilation and Air Conditioning (HVAC) Systems Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Europe for 2023 (E)
  • FRANCE
  • Heating, Ventilation and Air Conditioning (HVAC) Systems Market Presence - Strong/Active/Niche/Trivial - Key Competitors in France for 2023 (E)
  • GERMANY
  • Heating, Ventilation and Air Conditioning (HVAC) Systems Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Germany for 2023 (E)
  • ITALY
  • UNITED KINGDOM
  • Heating, Ventilation and Air Conditioning (HVAC) Systems Market Presence - Strong/Active/Niche/Trivial - Key Competitors in the United Kingdom for 2023 (E)
  • SPAIN
  • RUSSIA
  • REST OF EUROPE
  • ASIA-PACIFIC
  • Heating, Ventilation and Air Conditioning (HVAC) Systems Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Asia-Pacific for 2023 (E)
  • Market Overview
  • Rising Standards of Living Fuel Market Expansion
  • AUSTRALIA
  • Heating, Ventilation and Air Conditioning (HVAC) Systems Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Australia for 2023 (E)
  • INDIA
  • Heating, Ventilation and Air Conditioning (HVAC) Systems Market Presence - Strong/Active/Niche/Trivial - Key Competitors in India for 2023 (E)
  • High Growth Opportunities Identified in India
  • Healthy Demand for Air Conditioner Systems
  • Regional Demand Patterns
  • Energy-Efficient Products Foray into the Market
  • Adoption of Natural Refrigerants
  • SOUTH KOREA
  • REST OF ASIA-PACIFIC
  • LATIN AMERICA
  • Heating, Ventilation and Air Conditioning (HVAC) Systems Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Latin America for 2023 (E)
  • ARGENTINA
  • BRAZIL
  • MEXICO
  • REST OF LATIN AMERICA
  • MIDDLE EAST
  • Heating, Ventilation and Air Conditioning (HVAC) Systems Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Middle East for 2023 (E)
  • IRAN
  • ISRAEL
  • SAUDI ARABIA
  • UNITED ARAB EMIRATES
  • Eco-Friendly Air Conditioning Systems Gain Traction
  • REST OF MIDDLE EAST
  • AFRICA
  • Heating, Ventilation and Air Conditioning (HVAC) Systems Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Africa for 2023 (E)
IV. COMPETITION

Companies Mentioned

A selection of companies mentioned in this report includes:

  • Blue Star Ltd.
  • Baltimore Aircoil Company
  • Bryant Heating & Cooling System
  • Aprilaire
  • BDR Thermea Group BV
  • Brentwood Industries, Inc.
  • AAON, Inc.
  • Af Gruppen Asa
  • Air International Thermal Systems
  • Airedale International Air Conditioning Ltd.
  • Bell Cooling Towers
  • Baltec IES Pty., Ltd.
  • CaptiveAire Systems
  • Burnham Holdings, Inc.
  • Bard Manufacturing Company