Global HVAC System Market by Cooling (Unitary Air Conditioner, VRF), Heating (Heat Pump, Furnace), Ventilation (AHU, Air Filter), Service Type (Installation, Maintenance & Repair), Implementation Type (New Construction, Retrofit)

The HVAC system market is projected to grow from USD 281.7 billion in 2024 to USD 389.9 billion in 2029; it is expected to grow at a CAGR of 6.7% during the forecasted period The HVAC system market is growing worldwide due to factors like rapid urbanization, climate shifts, and technological innovations. The increase in disposable income, tighter energy regulations, and heightened awareness of air quality are also boosting demand. Furthermore, ongoing infrastructure projects and the rise of data centers play significant roles in this market expansion.

New Construction buildings segment holds the largest market share by implementation type during the forecasted period.

Government involvement is crucial in the HVAC market as it drives the adoption of HVAC systems due to urbanization and enforces compliance with regulations. The push for energy efficiency and eco-friendly buildings has led to stricter standards, such as ASHRAE Standard 90.1, which sets energy efficiency guidelines for US buildings. The Air Conditioning Contractors of America (ACCA) also plays a role in setting industry standards. Companies like Johnson Controls are investing in smart HVAC solutions, like the YORK Eco Advance and YORK Sun Premier, which reduce energy use and emissions in new construction projects.

Air Filters holds the largest market share by Ventilation type during the forecasted period.

Air filters are designed to improve air quality by capturing solid particulates and molecular contaminants, using materials like fiberglass or pleated paper enclosed in a cardboard frame. They help keep HVAC systems clean and efficient by trapping dirt, dust, pollen, mold, bacteria, and other microorganisms. Air filters are rated with the minimum efficiency reporting value (MERV) system, which ranges from 1 to 20, indicating how effectively the filter captures small particles. Higher MERV ratings offer better filtration but can also reduce airflow, potentially impacting HVAC system performance.

Aisa Pacific to offer significant growth opportunities for HVAC system market between 2024 and 2029.

China, Japan, and India are major contributors to the HVAC system market in the Asia Pacific region. This market growth is propelled by expanding construction projects and a rising population. The demand for smart homes is increasing in countries like Japan, South Korea, and China. Additionally, rapid urbanization and industrialization are driving the need for more HVAC systems. Regulatory efforts like Australia's Commercial Building Disclosure (CBD) Program, India's Energy Conservation Building Codes, and LEED-India, along with the Indian Society of Heating, Refrigerating, and Air-Conditioning Engineers (ISHRAE), are encouraging the adoption of HVAC systems throughout the region.

The study contains insights from various industry experts, ranging from component suppliers to Tier 1 companies and OEMs. The break-up of the primaries is as follows:

By Company Type: Tier 1 - 38%, Tier 2 - 28%, and Tier 3 - 34%
By Designation: C-level Executives - 40%, D-Level Executives - 30%, and Others - 30%
By Region: North America - 35%, Europe - 35%, Asia Pacific - 20%, ROW - 10%

The key players operating in the HVAC system market are DAIKIN INDUSTRIES (Japan), Johnson Controls (Ireland), LG Electronics (South Korea), Midea (China), Carrier (US).

Research Coverage:

This market research report delivers a thorough analysis of the HVAC system market, categorized by heating equipment, ventilation equipment, cooling equipment, application, implementation type, service type, and region. Key insights encompass identifying primary drivers and challenges influencing market growth, providing a reliable market forecast until 2029, and presenting a detailed competitive landscape analysis with key players strategically positioned in the HVAC system market ecosystem.

The research typically covers a range of topics, including market size, growth trends, and industry forecasts. It delves into technology advancements, regulatory frameworks, and emerging market segments. The research often includes competitive analysis, identifying key players and their market share, and explores factors driving or restraining market growth. This meticulous examination aims to furnish valuable insights for stakeholders to leverage opportunities and navigate potential challenges in the HVAC system market.

Key Benefits of Buying the Report

Analysis of key drivers (Growing need for energy-saving HVAC system, Advancement in HVAC system, Increased construction activities in residential and industrial sectors), restraints (Elevated expenses associated with maintaining, repairing, and installing HVAC system), opportunities (Swift evolution of IoT within HVAC industry, Significant traction of VRF system in commercial and residential building), and challenges (Increase in Environmental concerns and aging infrastructure.
Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product launches in the HVAC system market
Market Development: Comprehensive information about lucrative markets - the report analyses the HVAC system market across varied regions.
Market Diversification: Exhaustive information about new services, untapped geographies, recent developments, and investments in the HVAC system market
Competitive Assessment: In-depth assessment of market shares, growth strategies and product offerings of leading players like DAIKIN INDUSTRIES (Japan), Johnson Controls (Ireland), LG Electronics (South Korea), Midea (China), Carrier (US) among others in the HVAC system market.

1 Introduction

1.1 Study Objectives
1.2 Market Definition and Scope
1.2.1 Inclusions and Exclusions
1.3 Study Scope
1.3.1 Markets Covered
1.3.2 Regional Scope
1.3.3 Years Considered
1.4 Currency
1.5 Units Considered
1.6 Limitations
1.7 Market Stakeholders
1.8 Summary of Changes
1.8.1 Recession Impact on HVAC System Market

2 Research Methodology

2.1 Research Data
2.1.1 Secondary Data
2.1.1.1 List of Major Secondary Sources
2.1.1.2 Key Data from Secondary Sources
2.1.2 Primary Data
2.1.2.1 Intended Participants and Key Opinion Leaders in Primary Interviews
2.1.2.2 List of Major Participants in Primary Interviews
2.1.2.3 Key Data from Primary Sources
2.1.2.4 Breakdown of Primaries
2.1.3 Secondary and Primary Research
2.1.3.1 Key Industry Insights
2.2 Market Size Estimation
2.2.1 Bottom-Up Approach
2.2.1.1 Approach for Arriving at Market Size Using Bottom-Up Analysis
2.2.2 Top-Down Approach
2.2.2.1 Approach for Arriving at Market Size Using Top-Down Analysis
2.3 Market Breakdown and Data Triangulation
2.4 Research Assumptions
2.5 Risk Assessment
Table 1 Limitations and Associated Risks
2.6 Impact of Recession
Table 2 Parameters Considered to Analyze Impact of Recession on HVAC System Market
2.7 Limitations of Research

3 Executive Summary

4 Premium Insights

4.1 Attractive Opportunities for Players in HVAC System Market
4.2 North America: HVAC System Market, by Country and Equipment Type
4.3 HVAC System Market for Commercial Applications, by Type
4.4 HVAC System Market, by Country

5 Market Overview

5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Growing Need for Energy-Saving HVAC Systems
5.2.1.2 Increased Construction Activities in Residential and Industrial Sectors
5.2.1.3 Government Regulatory Policies and Incentives to Ensure Energy Saving and Conservation of Natural Resources
5.2.1.4 Growing Demand for Indoor and Outdoor Air Quality
5.2.1.5 Advancements in HVAC Systems
5.2.2 Restraints
5.2.2.1 Elevated Expenses Associated with Maintaining, Repairing, and Installing HVAC Systems
5.2.2.2 Restricted Space for Large HVAC Systems in Commercial and Residential Buildings
5.2.2.3 Insufficient Technical Expertise and Shortage of Skilled Labor
5.2.3 Opportunities
5.2.3.1 Swift Evolution of IoT Within HVAC Industry
5.2.3.2 Significant Traction of Vrf Systems in Residential and Commercial Applications
5.2.3.3 Increased Focus on Next-Generation Low Global Warming Potential Refrigerants for HVAC Systems
5.2.4 Challenges
5.2.4.1 Lack of Awareness About Benefits of HVAC Systems in Developing Countries
5.2.4.2 Increase in Environmental Concerns and Aging Infrastructure
5.3 Value Chain Analysis
5.4 Ecosystem Analysis
Table 3 Role of Players in HVAC Ecosystem
5.5 Trends/Disruptions Impacting Customers’ Businesses
5.6 Pricing Analysis
5.6.1 Average Selling Price Trend of HVAC System Equipment, by Key Application
Table 4 Average Selling Prices of HVAC System Equipment, by Application (USD)
5.6.2 Average Selling Price Trend of HVAC System Equipment, by Region
5.7 Technology Analysis
5.7.1 Key Technologies
5.7.1.1 Air Conditioning Units
5.7.1.2 Heating Units
5.7.1.3 Ventilation Systems
5.7.2 Complementary Technologies
5.7.2.1 Sensors
5.7.2.2 Building Automation Systems
5.7.3 Adjacent Technologies
5.7.3.1 Software Technologies
5.7.3.2 HVAC Systems Running on Renewable Energy
5.8 Porter's Five Forces Analysis
Table 5 HVAC System Market: Porter's Five Forces Analysis
5.8.1 Intensity of Competitive Rivalry
5.8.2 Bargaining Power of Suppliers
5.8.3 Bargaining Power of Buyers
5.8.4 Threat of Substitutes
5.8.5 Threat of New Entrants
5.9 Key Stakeholders and Buying Criteria
5.9.1 Key Stakeholders in Buying Process
Table 6 Influence of Stakeholders on Buying Process for Key Applications
5.9.2 Buying Criteria
Table 7 Key Buying Criteria for Top Three Applications
5.10 Case Study Analysis
5.10.1 City Multi Vrf Zoning Systems, Heat2O Heat Pump Water Heater Systems, and Integrated Controls from Mitsubishi Electric
5.10.2 AC Condenser Replacement by Townsend Energy
5.10.3 Condo Rentals Needed Supplemental Heating and Cooling
5.10.4 Temperature Control Solution for Railway Control System by Daikin
5.10.5 Multiple Lg High Static Ducted Single-Zone Units Provide Even Temperature Year-Round in Large Open Warehouse in South Georgia
5.11 Investment and Funding Scenario
5.12 Trade Analysis
Table 8 Import Data for HS Code 8415-Compliant Products for Top 10 Countries, 2019-2023 (USD Thousand)
Table 9 Export Data for HS Code 8415-Compliant Products for Top 10 Countries, 2019-2023 (USD Thousand)
5.13 Patent Analysis
Table 10 HVAC System Market: List of Patents, 2024
Table 11 Number of Patents Registered in Last 10 Years
5.14 Key Conferences and Events
Table 12 HVAC System Market: List of Conferences and Events, 2024-2025
5.15 Regulatory Landscape
5.15.1 Regulatory Bodies, Government Agencies, and Other Organizations
Table 13 North America: List of Regulatory Bodies, Government Agencies, and Other Organizations
Table 14 Europe: List of Regulatory Bodies, Government Agencies, and Other Organizations
Table 15 Asia-Pacific: List of Regulatory Bodies, Government Agencies, and Other Organizations
Table 16 Rest of the World: List of Regulatory Bodies, Government Agencies, and Other Organizations
5.15.2 Standards and Regulations
5.15.2.1 Standards
5.15.2.2 Regulations

6 HVAC System Market, by Cooling Equipment

6.1 Introduction
Table 17 HVAC System Market, by Cooling Equipment, 2020-2023 (USD Billion)
Table 18 HVAC System Market, by Cooling Equipment, 2024-2029 (USD Billion)
Table 19 HVAC System Market, by Cooling Equipment, 2020-2023 (Million Units)
Table 20 HVAC System Market, by Cooling Equipment, 2024-2029 (Million Units)
6.2 Unitary Air Conditioners
6.2.1 Low Costs and Simple Installation to Drive Market
6.2.1.1 Split Air Conditioners
6.2.1.2 Packaged Air Conditioners
Table 21 Unitary Air Conditioners: HVAC System Market, by Application, 2020-2023 (USD Million)
Table 22 Unitary Air Conditioners: HVAC System Market, by Application, 2024-2029 (USD Million)
Table 23 Unitary Air Conditioners: HVAC System Market, by Region, 2020-2023 (USD Billion)
Table 24 Unitary Air Conditioners: HVAC System Market, by Region, 2024-2029 (USD Billion)
6.3 Vrf Systems
6.3.1 Growing Popularity due to Energy Efficiency, Flexibility, and Zoning Capabilities
Table 25 Vrf Systems: HVAC System Market, by Application, 2020-2023 (USD Million)
Table 26 Vrf Systems: HVAC System Market, by Application, 2024-2029 (USD Million)
Table 27 Vrf Systems: HVAC System Market, by Region, 2020-2023(USD Billion)
Table 28 Vrf Systems: HVAC System Market, by Region, 2024-2029 (USD Billion)
6.4 Chillers
6.4.1 Rise in Infrastructure Projects to Drive Demand for Chillers
6.4.1.1 Scroll Chillers
6.4.1.2 Screw Chillers
6.4.1.3 Centrifugal Chillers
6.4.1.4 Reciprocating Chillers
6.4.1.5 Absorption Chillers
Table 29 Chillers: HVAC System Market, by Application, 2020-2023 (USD Billion)
Table 30 Chillers: HVAC System Market, by Application, 2024-2029 (USD Billion)
Table 31 Chillers: HVAC System Market, by Region, 2020-2023 (USD Billion)
Table 32 Chillers: HVAC System Market, by Region, 2024-2029(USD Billion)
6.5 Room Air Conditioners
6.5.1 Surge in Demand for Room Air Conditioners due to Rapid Urbanization
Table 33 Room Air Conditioners: HVAC System Market, by Application, 2020-2023 (USD Billion)
Table 34 Room Air Conditioners: HVAC System Market, by Application, 2024-2029 (USD Billion)
Table 35 Room Air Conditioners: HVAC System Market, by Region, 2020-2023(USD Million)
Table 36 Room Air Conditioners: HVAC System Market, by Region, 2024-2029(USD Million)
6.6 Coolers
6.6.1 Reduced Electricity Consumption and Low Costs to Fuel Market Growth
6.6.1.1 Ducted Coolers
6.6.1.2 Window Coolers
Table 37 Coolers: HVAC System Market, by Application, 2020-2023 (USD Million)
Table 38 Coolers: HVAC System Market, by Application, 2024-2029 (USD Million)
Table 39 Coolers: HVAC System Market, by Region, 2020-2023 (USD Million)
Table 40 Coolers: HVAC System Market, by Region, 2024-2029 (USD Million)
6.7 Cooling Towers
6.7.1 Surging Demand for Cooling Towers in Industrial Processes and Power Generation Plants to Drive Market
6.7.1.1 Evaporative Cooling Towers
6.7.1.2 Dry Cooling Towers
6.7.1.3 Hybrid Cooling Towers
Table 41 Cooling Towers: HVAC System Market, by Application, 2020-2023 (USD Million)
Table 42 Cooling Towers: HVAC System Market, by Application, 2024-2029 (USD Million)
Table 43 Cooling Towers: HVAC System Market, by Region, 2020-2023 (USD Million)
Table 44 Cooling Towers: HVAC System Market, by Region, 2024-2029 (USD Million)

7 HVAC System Market, by Heating Equipment

7.1 Introduction
Table 45 HVAC System Market, by Heating Equipment, 2020-2023 (USD Billion)
Table 46 HVAC System Market, by Heating Equipment, 2024-2029 (USD Billion)
Table 47 HVAC System Market, by Heating Equipment, 2020-2023 (Million Units)
Table 48 HVAC System Market, by Heating Equipment, 2024-2029 (Million Units)
7.2 Heat Pumps
7.2.1 Significant Reduction of Greenhouse Gas Emissions to Propel Market Growth
7.2.1.1 Air-To-Air Heat Pumps
7.2.1.2 Air-To-Water Heat Pumps
7.2.1.3 Water-To-Water Heat Pumps
Table 49 Heat Pumps: HVAC System Market, by Application, 2020-2023 (USD Billion)
Table 50 Heat Pumps: HVAC System Market, by Application, 2024-2029 (USD Billion)
Table 51 Heat Pumps: HVAC System Market, by Region, 2020-2023 (USD Billion)
Table 52 Heat Pumps: HVAC System Market, by Region, 2024-2029 (USD Billion)
7.3 Furnaces
7.3.1 Low Cost and High Efficiency to Fuel Demand for Furnaces
7.3.1.1 Oil Furnaces
7.3.1.2 Gas Furnaces
7.3.1.3 Electric Furnaces
Table 53 Furnaces: HVAC System Market, by Application, 2020-2023 (USD Billion)
Table 54 Furnaces: HVAC System Market, by Application, 2024-2029 (USD Billion)
Table 55 Furnaces: HVAC System Market, by Region, 2020-2023 (USD Billion)
Table 56 Furnaces: HVAC System Market, by Region, 2024-2029 (USD Billion)
7.4 Unitary Heaters
7.4.1 Energy Efficiency and Cost-Effectiveness to Boost Demand for Unitary Heaters
7.4.1.1 Gas Unit Heaters
7.4.1.2 Oil-Fired Unit Heaters
7.4.1.3 Electric Unit Heaters
Table 57 Unitary Heaters: HVAC System Market, by Application, 2020-2023 (USD Billion)
Table 58 Unitary Heaters: HVAC System Market, by Application, 2024-2029 (USD Billion)
Table 59 Unitary Heaters: HVAC System Market, by Region, 2020-2023 (USD Million)
Table 60 Unitary Heaters: HVAC System Market, by Region, 2024-2029 (USD Million)
7.5 Boilers
7.5.1 Growing Focus on Sustainability to Boost Market
7.5.1.1 Steam Boilers
7.5.1.2 Hot Water Boilers
Table 61 Boilers: HVAC System Market, by Application, 2020-2023 (USD Billion)
Table 62 Boilers: HVAC System Market, by Application, 2024-2029 (USD Billion)
Table 63 Boilers: HVAC System Market, by Region, 2020-2023 (USD Million)
Table 64 Boilers: HVAC System Market, by Region, 2024-2029 (USD Million)

8 HVAC System Market, by Ventilation Equipment

8.1 Introduction
Table 65 HVAC System Market, by Ventilation Equipment, 2020-2023 (USD Billion)
Table 66 HVAC System Market, by Ventilation Equipment, 2024-2029 (USD Billion)
Table 67 HVAC System Market, by Ventilation Equipment, 2020-2023 (Million Units)
Table 68 HVAC System Market, by Ventilation Equipment, 2024-2029(Million Units)
8.2 Air-Handling Units
8.2.1 Variable Frequency Drives Used in Air-Handling Units to Control Motor Speed
Table 69 Air-Handling Units: HVAC System Market, by Application, 2020-2023 (USD Billion)
Table 70 Air-Handling Units: HVAC System Market, by Application, 2024-2029 (USD Billion)
Table 71 Air-Handling Units: HVAC System Market, by Region, 2020-2023 (USD Billion)
Table 72 Air-Handling Units: HVAC System Market, by Region, 2024-2029 (USD Billion)
8.3 Air Filters
8.3.1 Growing Emphasis on Improving Hotel Guest Experience to Boost Market
Table 73 Air Filters: HVAC System Market, by Application, 2020-2023 (USD Billion)
Table 74 Air Filters: HVAC System Market, by Application, 2024-2029 (USD Billion)
Table 75 Air Filters: HVAC System Market, by Region, 2020-2023 (USD Billion)
Table 76 Air Filters: HVAC System Market, by Region, 2024-2029 (USD Billion)
8.4 Dehumidifiers
8.4.1 Government Regulations and Promotion of Energy-Efficient Products to Propel Market Growth
8.4.1.1 Refrigeration Dehumidifiers
8.4.1.2 Absorption Dehumidifiers
Table 77 Dehumidifiers: HVAC System Market, by Application, 2020-2023 (USD Billion)
Table 78 Dehumidifiers: HVAC System Market, by Application, 2024-2029(USD Billion)
Table 79 Dehumidifiers: HVAC System Market, by Region, 2020-2023 (USD Million)
Table 80 Dehumidifiers: HVAC System Market, by Region, 2024-2029 (USD Million)
8.5 Ventilation Fans
8.5.1 Rising Hot and Humid Conditions to Boost Demand for Ventilation Fans
8.5.1.1 Crossflow Fans
8.5.1.2 Axial Fans
8.5.1.3 Centrifugal Fans
8.5.1.4 Domestic Fans
8.5.1.5 Range Hood Fans
8.5.1.6 Power Roof Fans
Table 81 Ventilation Fans: HVAC System Market, by Application, 2020-2023 (USD Billion)
Table 82 Ventilation Fans: HVAC System Market, by Application, 2024-2029 (USD Billion)
Table 83 Ventilation Fans: HVAC System Market, by Region, 2020-2023(USD Million)
Table 84 Ventilation Fans: HVAC System Market, by Region, 2024-2029 (USD Million)
8.6 Humidifiers
8.6.1 Changing Weather Patterns and Increasing Indoor Air Pollution to Accelerate Market Growth
8.6.1.1 Warm-Mist Humidifiers
8.6.1.2 Ultrasonic Humidifiers
8.6.1.3 Cool-Mist Humidifiers
Table 85 Humidifiers: HVAC System Market, by Application, 2020-2023 (USD Million)
Table 86 Humidifiers: HVAC System Market, by Application, 2024-2029 (USD Million)
Table 87 Humidifiers: HVAC System Market, by Region, 2020-2023 (USD Million)
Table 88 Humidifiers: HVAC System Market, by Region, 2024-2029 (USD Million)
8.7 Air Purifiers
8.7.1 Rising Concerns About Air Pollution and Indoor Air Quality to Drive Market
8.7.1.1 Hepa Air Purifiers
8.7.1.2 Activated Carbon Air Purifiers
8.7.1.3 Electrostatic Air Purifiers
8.7.1.4 Ionic Air Purifiers
Table 89 Air Purifiers: HVAC System Market, by Application, 2020-2023 (USD Million)
Table 90 Air Purifiers: HVAC System Market, by Application, 2024-2029 (USD Million)
Table 91 Air Purifiers: HVAC System Market, by Region, 2020-2023(USD Million)
Table 92 Air Purifiers: HVAC System Market, by Region, 2024-2029 (USD Million)

9 HVAC System Market, by Implementation Type

9.1 Introduction
Table 93 HVAC System Market, by Implementation Type, 2020-2023 (USD Billion)
Table 94 HVAC System Market, by Implementation Type, 2024-2029 (USD Billion)
9.2 New Construction Buildings
9.2.1 Government Initiatives Toward Eco-Friendly Buildings to Boost Market
9.3 Retrofit Buildings
9.3.1 Green Building Initiative to Bolster Market

10 HVAC System Market, by Service Type

10.1 Introduction
Table 95 HVAC System Market, by Service Type, 2020-2023 (USD Billion)
Table 96 HVAC System Market, by Service Type, 2024-2029 (USD Billion)
10.2 Installation Services
10.2.1 Professional Installation Services to Ensure Optimal Performance and Energy Efficiency of HVAC Systems
10.3 Maintenance & Repair Services
10.3.1 Prompt Maintenance and Repair to Ensure Consistent Comfort and Performance
10.4 Upgradation/Replacement Services
10.4.1 Upgradation and Replacement Services to Help Clients Optimize Energy Usage
10.5 Consulting Services
10.5.1 Feasibility Studies, Cost-Benefit Analysis, and Project Management Support for HVAC Installations to Fuel Growth

11 HVAC System Market, by Application

11.1 Introduction
Table 97 HVAC System Market, by Application, 2020-2023 (USD Billion)
Table 98 HVAC System Market, by Application, 2024-2029 (USD Billion)
11.2 Commercial
11.2.1 Growing Adoption of Energy-Efficient Equipment to Boost Market
Table 99 Commercial: HVAC System Market, by Type, 2020-2023 (USD Billion)
Table 100 Commercial: HVAC System Market, by Type, 2024-2029 (USD Billion)
Table 101 Commercial: HVAC System Market, by Cooling Equipment, 2020-2023 (USD Billion)
Table 102 Commercial: HVAC System Market, by Cooling Equipment, 2024-2029 (USD Billion)
Table 103 Commercial: HVAC System Market, by Heating Equipment, 2020-2023 (USD Billion)
Table 104 Commercial: HVAC System Market, by Heating Equipment, 2024-2029 (USD Billion)
Table 105 Commercial: HVAC System Market, by Ventilation Equipment, 2020-2023 (USD Million)
Table 106 Commercial: HVAC System Market, by Ventilation Equipment, 2024-2029 (USD Million)
11.2.1.1 Offices
11.2.1.2 Governments
11.2.1.3 Healthcare
11.2.1.4 Education
11.2.1.5 Retail
11.2.1.6 Airports
11.3 Residential
11.3.1 Government Regulations and Tax Credit Programs to Promote Use of HVAC Systems in Residential Applications
Table 107 Residential: HVAC System Market, by Cooling Equipment, 2020-2023 (USD Billion)
Table 108 Residential: HVAC System Market, by Cooling Equipment, 2024-2029 (USD Billion)
Table 109 Residential: HVAC System Market, by Heating Equipment, 2020-2023 (USD Billion)
Table 110 Residential: HVAC System Market, by Heating Equipment, 2024-2029 (USD Billion)
Table 111 Residential: HVAC System Market, by Ventilation Equipment, 2020-2023 (USD Million)
Table 112 Residential: HVAC System Market, by Ventilation Equipment, 2024-2029 (USD Million)
11.4 Industrial
11.4.1 Growing Use of Energy-Efficient HVAC Systems in Industrial Spaces to Reduce Operational Costs and Save Energy
Table 113 Industrial: HVAC System Market, by Cooling Equipment, 2020-2023 (USD Million)
Table 114 Industrial: HVAC System Market, by Cooling Equipment, 2024-2029 (USD Million)
Table 115 Industrial: HVAC System Market, by Heating Equipment, 2020-2023 (USD Billion)
Table 116 Industrial: HVAC System Market, by Heating Equipment, 2024-2029 (USD Billion)
Table 117 Industrial: HVAC System Market, by Ventilation Equipment, 2020-2023 (USD Million)
Table 118 Industrial: HVAC System Market, by Ventilation Equipment, 2024-2029 (USD Million)

12 HVAC System Market, by Region

12.1 Introduction
Table 119 HVAC System Market, by Region, 2020-2023 (USD Billion)
Table 120 HVAC System Market, by Region, 2024-2029 (USD Billion)
Table 121 Cooling Equipment: HVAC System Market, by Region, 2020-2023 (Million Units)
Table 122 Cooling Equipment: HVAC System Market, by Region, 2024-2029 (Million Units)
Table 123 Heating Equipment: HVAC System Market, by Region, 2020-2023 (Million Units)
Table 124 Heating Equipment: HVAC System Market, by Region, 2024-2029 (Million Units)
Table 125 Ventilation Equipment: HVAC System Market, by Region, 2020-2023 (Million Units)
Table 126 Ventilation Equipment: HVAC System Market, by Region, 2024-2029 (Million Units)
12.2 North America
12.2.1 North America: Impact of Recession
Table 127 North America: HVAC System Market, by Equipment Type, 2020-2023 (USD Billion)
Table 128 North America: HVAC System Market, by Equipment Type, 2024-2029 (USD Billion)
Table 129 North America: HVAC System Market, by Country, 2020-2023 (USD Billion)
Table 130 North America: HVAC System Market, by Country, 2024-2029 (USD Billion)
12.2.2 US
12.2.2.1 Government Initiatives and Aim to Reduce Energy Consumption to Drive Market
12.2.3 Canada
12.2.3.1 Financial Incentives for Renewable Heating and Cooling to Boost Market
12.2.4 Mexico
12.2.4.1 Increasing Focus on Promoting Use of Energy-Efficient HVAC Systems to Propel Market Growth
12.3 Europe
12.3.1 Europe: Impact of Recession
Table 131 Europe: HVAC System Market, by Equipment Type, 2020-2023 (USD Billion)
Table 132 Europe: HVAC System Market, by Equipment Type, 2024-2029 (USD Billion)
Table 133 Europe: HVAC System Market, by Country, 2020-2023 (USD Billion)
Table 134 Europe: HVAC System Market, by Country, 2024-2029 (USD Billion)
12.3.2 UK
12.3.2.1 Surging Demand for Houses and Government Initiatives to Accelerate Market Growth
12.3.3 Germany
12.3.3.1 Increasing Investments in Real Estate and Infrastructure Development to Bolster Market Growth
12.3.4 France
12.3.4.1 Rising Focus on Reducing Greenhouse Gases to Drive Market
12.3.5 Rest of Europe
12.4 Asia-Pacific
12.4.1 Asia-Pacific: Impact of Recession
Table 135 Asia-Pacific: HVAC System Market, by Equipment Type, 2020-2023 (USD Billion)
Table 136 Asia-Pacific: HVAC System Market, by Equipment Type, 2024-2029 (USD Billion)
Table 137 Asia-Pacific: HVAC System Market, by Country, 2020-2023 (USD Billion)
Table 138 Asia-Pacific: HVAC System Market, by Country, 2024-2029 (USD Billion)
12.4.2 China
12.4.2.1 Growing Industrialization and Urbanization to Boost Market Growth
12.4.3 Japan
12.4.3.1 Strict Regulations for Energy Conservation to Foster Market Growth
12.4.4 India
12.4.4.1 Increasing Awareness About Energy Preservation to Bolster Market Growth
12.4.5 Rest of Asia-Pacific
12.5 Rest of the World (RoW)
12.5.1 Rest of the World: Impact of Recession
Table 139 RoW: HVAC System Market, by Equipment Type, 2020-2023 (USD Billion)
Table 140 RoW: HVAC System Market, by Equipment Type, 2024-2029 (USD Billion)
Table 141 RoW: HVAC System Market, by Country, 2020-2023 (USD Billion)
Table 142 RoW: HVAC System Market, by Country, 2024-2029 (USD Billion)
12.5.2 South America
12.5.2.1 Rising Focus on Infrastructure Development to Propel Market Growth
12.5.3 Middle East & Africa
12.5.3.1 Stringent Regulations for Enhancing Energy Performance of Buildings to Drive Market

13 Competitive Landscape

13.1 Overview
13.2 Key Player Strategies/Right to Win, 2021-2023
Table 143 Overview of Strategies Adopted by Key Companies, 2021-2023
13.3 Revenue Analysis, 2019-2023
13.4 Market Share Analysis, 2023
Table 144 HVAC System Market: Degree of Competition, 2023
13.5 Company Valuation and Financial Metrics
13.6 Brand/Product Comparison
13.7 Company Evaluation Matrix: Key Players, 2023
13.7.1 Stars
13.7.2 Emerging Leaders
13.7.3 Pervasive Players
13.7.4 Participants
13.7.5 Company Footprint: Key Players, 2023
13.7.5.1 Company Footprint
13.7.5.2 Region Footprint
Table 145 HVAC System Market: Region Footprint
13.7.5.3 Implementation Type Footprint
Table 146 HVAC System Market: Implementation Type Footprint
13.7.5.4 Service Type Footprint
Table 147 HVAC System Market: Service Type Footprint
13.7.5.5 Application Footprint
Table 148 HVAC System Market: Application Footprint
13.7.5.6 Equipment Footprint
Table 149 HVAC System Market: Equipment Footprint
13.8 Company Evaluation Matrix: Startups/SMEs, 2023
13.8.1 Progressive Companies
13.8.2 Responsive Companies
13.8.3 Dynamic Companies
13.8.4 Starting Blocks
13.8.5 Competitive Benchmarking: Key Startups/SMEs, 2023
13.8.5.1 Detailed List of Startups/SMEs
Table 150 HVAC System Market: List of Key Startups/SMEs
13.8.5.2 Competitive Benchmarking of Key Startups/SMEs
Table 151 HVAC System Market: Competitive Benchmarking of Key Startups/SMEs
13.9 Competitive Scenario and Trends
13.9.1 Product Launches
Table 152 HVAC System Market: Product Launches, June 2022-March 2024
13.9.2 Deals
Table 153 HVAC System Market: Deals, December 2022-April 2024

14 Company Profiles

14.1 Key Players
14.1.1 Daikin Industries
Table 154 Daikin Industries: Company Overview
Table 155 Daikin Industries: Products/Solutions/Services Offered
Table 156 Daikin Industries: Product Launches
Table 157 Daikin Industries: Deals
14.1.2 Johnson Controls
Table 158 Johnson Controls: Company Overview
Table 159 Johnson Controls: Products/Solutions/Services Offered
Table 160 Johnson Controls: Product Launches
Table 161 Johnson Controls: Deals
14.1.3 Lg Electronics
Table 162 Lg Electronics: Company Overview
Table 163 Lg Electronics: Products/Solutions/Services Offered
Table 164 Lg Electronics: Product Launches
14.1.4 Midea
Table 165 Midea: Company Overview
Table 166 Midea: Products/Solutions/Services Offered
Table 167 Midea: Product Launches
Table 168 Midea: Deals
14.1.5 Carrier
Table 169 Carrier: Company Overview
Table 170 Carrier: Products/Solutions/Services Offered
Table 171 Carrier: Product Launches
Table 172 Carrier: Deals
14.1.6 Trane Technologies PLC
Table 173 Trane Technologies PLC: Company Overview
Table 174 Trane Technologies PLC: Products/Solutions/Services Offered
Table 175 Trane Technologies PLC: Product Launches
Table 176 Trane Technologies PLC: Deals
14.1.7 Honeywell International Inc
Table 177 Honeywell International Inc.: Company Overview
Table 178 Honeywell International Inc.: Products/Solutions/Services Offered
Table 179 Honeywell International Inc.: Product Launches, November 2020 - December 2021
Table 180 Honeywell International Inc.: Deals, December 2023 - February 2024
14.1.8 Mitsubishi Electric Corporation
Table 181 Mitsubishi Electric Corporation: Company Overview
Table 182 Mitsubishi Electric Corporation: Products/Solutions/Services Offered
Table 183 Mitsubishi Electric Corporation: Product Launches
Table 184 Mitsubishi Electric Corporation: Deals
14.1.9 Samsung Electronics Co. Ltd.
Table 185 Samsung Electronics Co. Ltd.: Company Overview
Table 186 Samsung Electronics Co. Ltd.: Products/Solutions/Services Offered
Table 187 Samsung Electronics Co. Ltd.: Product Launches
14.1.10 Madison Air
Table 188 Madison Air: Company Overview
Table 189 Madison Air: Products/Solutions/Services Offered
Table 190 Madison Air: Product Launches
Table 191 Madison Air: Deals
14.2 Other Players
14.2.1 Danfoss
14.2.2 Fujitsu General Group
14.2.3 Gree Electric Appliances, Inc. of Zhuhai
14.2.4 Johnson Controls - Hitachi Air Conditioning Company
14.2.5 Modine Manufacturing Company
14.2.6 Panasonic Corporation
14.2.7 Haier Group
14.2.8 Whirlpool Corporation
14.2.9 Electrolux
14.2.10 Lennox International, Inc.
14.2.11 Ferroli
14.2.12 Bosch
14.2.13 Rheem Manufacturing Company
14.2.14 American Standard Heating and Air Conditioning
14.2.15 Wm Technologies LLC

15 Appendix

15.1 Discussion Guide
15.2 Knowledgestore: The Subscription Portal
15.3 Customization Options

Companies Mentioned

Daikin Industries
Johnson Controls
LG Electronics
Midea
Carrier
Trane Technologies PLC
Honeywell International Inc.
Mitsubishi Electric Corporation
Samsung Electronics Co. Ltd.
Madison Air
Danfoss
Fujitsu General Group
Gree Electric Appliances, Inc. of Zhuhai
Johnson Controls - Hitachi Air Conditioning Company
Modine Manufacturing Company
Panasonic Corporation
Haier Group
Whirlpool Corporation
Electrolux
Lennox International, Inc.
Ferroli
Bosch
Rheem Manufacturing Company
American Standard Heating and Air Conditioning
WM Technologies LLC

Methodology

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Table Information

Report Attribute	Details
No. of Pages	292
Published	May 2024
Forecast Period	2024 - 2029
Estimated Market Value ( USD ) in 2024	$ 281.7 Billion
Forecasted Market Value ( USD ) by 2029	$ 389.9 Billion
Compound Annual Growth Rate	6.7%
Regions Covered	Global
No. of Companies Mentioned	25

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Global HVAC System Market by Cooling (Unitary Air Conditioner, VRF), Heating (Heat Pump, Furnace), Ventilation (AHU, Air Filter), Service Type (Installation, Maintenance & Repair), Implementation Type (New Construction, Retrofit) - Forecast to 2029

New Construction buildings segment holds the largest market share by implementation type during the forecasted period.

Air Filters holds the largest market share by Ventilation type during the forecasted period.

Aisa Pacific to offer significant growth opportunities for HVAC system market between 2024 and 2029.

The study contains insights from various industry experts, ranging from component suppliers to Tier 1 companies and OEMs. The break-up of the primaries is as follows:

Research Coverage:

Key Benefits of Buying the Report

Table of Contents

Companies Mentioned

Methodology

Table Information

New Construction buildings segment holds the largest market share by implementation type during the forecasted period.

Air Filters holds the largest market share by Ventilation type during the forecasted period.

Aisa Pacific to offer significant growth opportunities for HVAC system market between 2024 and 2029.

The study contains insights from various industry experts, ranging from component suppliers to Tier 1 companies and OEMs. The break-up of the primaries is as follows:

Research Coverage:

Key Benefits of Buying the Report

Table of Contents

Companies Mentioned

Methodology

Table Information

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