BCC Research Study Indicates Steady Growth in the Heating,
Ventilation, and Air Conditioning Industry, with Market Value
Rising from $263.6 Billion in 2023 to
$346.7 Billion by 2028
BOSTON, June 20,
2024 /PRNewswire/ -- HVAC stands for Heating,
Ventilation, and Air Conditioning. Here's a breakdown of what each
part means:
Heating: This refers to systems and equipment used to
generate warmth inside buildings. Common heating systems include
furnaces, boilers, and heat pumps. They help maintain a comfortable
temperature during cold weather.
Ventilation: Ventilation is about ensuring the flow of
fresh air into indoor spaces and removing stale air. This is
crucial for maintaining indoor air quality, controlling humidity,
and preventing the buildup of pollutants. It can be achieved
naturally through windows and vents or mechanically using fans and
ventilation systems.
Air Conditioning: This component involves cooling and
dehumidifying the air to make indoor environments comfortable
during hot weather. Air conditioners and heat pumps are common
devices used for this purpose. They work by removing heat from the
indoor air and releasing it outside.
Together, HVAC systems are designed to create and maintain a
comfortable and healthy indoor environment, no matter the weather
outside. They play a crucial role in residential homes, commercial
buildings, and industrial facilities by regulating temperature,
ensuring adequate ventilation, and improving air quality.
Market Expansion and Revenue Surge
"According to the latest BCC research study, the demand for
Heating, Ventilation and Air Conditioning: Global Markets
expected to grow from $263.6 billion
in 2023 and will reach $346.7 billion
by the end of 2028 at a compound annual growth rate (CAGR) of 5.6%
from 2023 through 2028."
This report examines the HVAC market by product type (heating,
ventilation, and cooling equipment), installation type,
application, and region (North
America, Europe,
Asia-Pacific, and Rest of the
World). It reviews leading companies, their products, and revenue,
along with a patent analysis. The study also covers ESG factors,
emerging technologies, and the competitive landscape, including the
impact of the Russia-Ukraine war. Using 2022 as the base year, the
report provides estimated market values for 2023 and forecasts from
2023 to 2028, with growth rates in millions of dollars.
Some Interesting Facts about Heating, Ventilation and Air
Conditioning: Global Markets
- U.S. consumers spend over $10
billion a year on HVAC repairs and maintenance, and this
demand is expected to grow by 1.5 times by 2028.
- In the EU, heat pump sales are projected to more than double,
from 3 million units in 2022 to 7 million units by 2030.
- Upgrading to advanced HVAC systems can cut energy use by 50%,
and integrating AI and IoT can save an additional 20-25% on
electricity.
Factors contributing to this growth include:
- Expansion of industrialization.: The expansion of
industrialization means more factories and advanced technology for
making goods. This leads to more jobs and better infrastructure
like roads and power supplies. People move to cities for work,
boosting economic growth and improving living standards. However,
it also causes environmental challenges like pollution, which
require careful management. Overall, it's about growing industries
and economies, changing how people live and work.
- Construction boom.: A construction boom is a period when
a lot of new buildings and infrastructure projects are being built.
This includes homes, offices, roads, and bridges. It's usually
driven by economic growth, increased investment, and rising demand
for housing and commercial spaces. During a construction boom,
there are more jobs, more development, and often a noticeable
change in the landscape of cities and towns.
- Technological developments in HVAC
systems.: Technological developments in HVAC systems have
made them more efficient, smarter, and better for the environment.
New systems use less energy, saving money and reducing emissions.
Smart controls allow users to adjust settings remotely with
smartphones, while AI and IoT integration helps systems learn
preferences, predict maintenance needs, and optimize performance.
Improved filters and ventilation also enhance indoor air quality,
making spaces healthier and more comfortable.
Request a Sample Copy of the Heating,
Ventilation and Air Conditioning: Global Markets
Report
Synopsis
Report
Metrics
|
Details
|
Base year
considered
|
2022
|
Forecast Period
considered
|
2023-2028
|
Base year market
size
|
$251.1
billion
|
Market Size
Forecast
|
$346.7
billion
|
Growth Rate
|
CAGR of 5.6% for the
forecast period of 2023-2028
|
Segment
Covered
|
Product Type,
Installation Type, Application, and Region
|
Regions
covered
|
North America, Europe,
Asia-Pacific, and Rest of the World (RoW)
|
Countries
covered
|
China, India, Japan,
U.S., Canada, Mexico, Germany, U.K., France, Italy, Spain, South
America, and Africa
|
Key Market
Drivers
|
- Expansion of
industrialization.
- Construction
boom.
- Technological
developments in HVAC systems.
|
Market Segmentation
Heating, Ventilation and Air Conditioning: Global Markets Can Be
Categorized into Various Segments:
- Market Segments by Product Type
The HVAC market is categorized by product type, including
heating equipment like boilers, furnaces, heat pumps, space
heaters, and others. Ventilation equipment consists of air filters,
air handling units (AHUs), air purifiers, humidifiers, ventilation
fans, and others. Cooling equipment includes chillers, air
conditioners, water cooling towers, and other cooling devices.
These categories help organize the various components and systems
that make up the HVAC industry, making it easier to understand and
analyze.
- Market Segments by Installation Type
HVAC systems are installed in two main ways: new construction and
retrofitting or replacement. New construction refers to installing
HVAC systems in newly built structures, such as homes, offices, or
commercial buildings. Retrofitting and replacement involve
upgrading or replacing existing HVAC systems in older buildings to
improve efficiency, performance, or to meet updated regulations or
standards. This distinction helps understand how HVAC systems are
integrated into different types of buildings and projects.
- Market Segments by Application
HVAC systems are used in various settings, categorized by their
application: residential, industrial, and commercial. Residential
applications involve heating, cooling, and ventilating homes and
apartments. Industrial applications refer to HVAC systems used in
factories, warehouses, and other industrial facilities to regulate
temperature and air quality for manufacturing processes. Commercial
applications include HVAC systems in offices, retail stores,
restaurants, and other commercial buildings to create comfortable
and healthy indoor environments for employees and customers. These
categories help understand where and how HVAC systems are used
across different types of spaces.
this report on heating, ventilation and air conditioning:
global markets provide comprehensive insights and analysis,
addressing the following key questions:
- What is the projected market size and growth rate of the
market?
The projected market size in 2028 is $346.7
billion, and the market's CAGR is 5.6% during the forecast
period.
- What are the key factors driving the growth of the market?
Growing Construction Activities
Increasing Expansion of Industrialization
Favorable Government Policies
- What segments are covered in the market?
By Product Type
By Installation Type
By Application
- By cooling equipment, which segment will dominate the market by
the end of 2028?
The air conditioners segment will dominate the market by 2028.
- Which region has the highest market share in the market?
The Asia-Pacific region holds the
largest share of the global market.
Some of the Key Market Players Are:
- CARRIER
- DAIKIN INDUSTRIES LTD.
- EMERSON ELECTRIC CO.
- GREE ELECTRIC APPLIANCES INC. OF ZHUHAI
- HITACHI LTD.
- JOHNSON CONTROLS
- LENNOX INTERNATIONAL INC.
- MITSUBISHI ELECTRIC CORP.
- NORTEK GLOBAL HVAC
- RHEEM MANUFACTURING CO.
- SAMSUNG HVAC LLC.
- TRANE TECHNOLOGIES PLC
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Research.
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touch with info@bccresearch.com.
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