CHICAGO, May 17, 2024
/PRNewswire/ -- The global HVAC system market is projected
to grow from USD 281.7 billion in
2024 to USD 389.9 billion by 2029; it
is expected to grow at a CAGR of 6.7% from 2024 to 2029 according
to a new report by MarketsandMarkets™. The market's growth
is propelled by a rising Urbanization, climate change, and
technological innovations. Factors like rising disposable incomes,
tougher regulations, air quality concerns, infrastructure projects,
and the growing need for data centers contribute significantly to
the overall expansion of HVAC system market.
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Browse in-depth TOC on "HVAC System
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130 – Tables
60 – Figures
288 – Pages
HVAC System Market Report Scope:
Report
Coverage
|
Details
|
Market Revenue in
2024
|
$ 281.7 billion
|
Estimated Value by
2029
|
$ 389.9 billion
|
Growth Rate
|
Poised to grow at a
CAGR of 6.7%
|
Market Size Available
for
|
2020–2029
|
Forecast
Period
|
2024–2029
|
Forecast
Units
|
Value (USD
Million/Billion)
|
Report
Coverage
|
Revenue Forecast,
Competitive Landscape, Growth Factors, and Trends
|
Segments
Covered
|
By Cooling, Heating,
Ventilation, Service Type, Implementation Type and
Region
|
Geographies
Covered
|
North America, Europe,
Asia Pacific, and Rest of World
|
Key Market
Challenge
|
Mounting environmental
concerns and aging infrastructure
|
Key Market
Opportunities
|
The rapid advancement
of IoT technology within the HVAC industry
|
Key Market
Drivers
|
Increased levels of
commercial activity are occurring in both residential and
commercial sectors
|
VRF Systems holds the largest market share, by cooling type during
the forecast period.
Variable refrigerant flow (VRF) systems adjust refrigerant flow
in indoor units based on specific heating or cooling needs,
offering both heat pump and heat recovery models. These systems can
connect multiple indoor fan coil units to a single outdoor unit,
where inverter-driven compressors can vary their speed by adjusting
the power supply frequency. VRF systems are commonly installed in
office buildings, hotels, schools, retail stores, and data
centers.
Commercial segment dominates the HVAC system market by
application type, holding the largest market share during the
forecast period.
Commercial buildings heavily rely on HVAC systems, with HVAC
loads often constituting the largest energy expense, especially in
regions with extreme climates where heating costs are high. These
systems can consume about 30% of the total energy in businesses,
indicating the need for energy-efficient solutions. As global
temperatures rise and environmental concerns grow, along with
support from governments, energy-efficient HVAC systems are
becoming critical in commercial applications such as healthcare,
education, government, office, airports, and retail.
Installation services dominates the HVAC system market by
service type, holding the largest market share during the forecast
period.
HVAC installation services encompass setting up heating,
ventilation, and air conditioning systems in various building
types, including residential, commercial, and industrial. These
services usually involve evaluating the building's needs, planning
the system layout, sourcing equipment, and installing components
like ductwork, vents, heaters, air conditioners, and thermostats.
Proper installation is crucial for maximizing HVAC system
performance and energy efficiency.
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Asia Pacific region for HVAC
systems industry is estimated to hold the highest CAGR during the
forecast period.
Rapid urbanization and industrialization are driving the demand
for HVAC systems in commercial and residential sectors. Increasing
awareness about energy efficiency and sustainability is prompting
the adoption of advanced HVAC technologies. Additionally,
government initiatives and regulations aimed at reducing carbon
emissions are incentivizing the installation of modern HVAC
systems. Rising disposable incomes are also fueling the
construction of new buildings, further boosting the demand for HVAC
solutions in the region.
Key Players
HVAC system companies includes significant Tier I and II
players like DAIKIN INDUSTRIES (Japan), Johnson Controls (Ireland), LG Electronics (South Korea), Midea
(China), Carrier (US), and others. These players have a
strong market presence for Electric heat tracings across various
North America, Europe, Asia
Pacific, and RoW countries.
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