NEW YORK, Feb. 9, 2024 /PRNewswire/ — The Residential Heating, Ventilation, and Air Conditioning (HVAC) Market is forecast to increase by USD 42.39 billion, at a CAGR of 8.56% between 2023 and 2028. The rise in demand for HVAC in the construction industry is a key factor driving market growth. The market is growing due to the construction industry’s demand for HVAC systems. Increasing construction of commercial and residential buildings drives the market. The global construction industry, particularly in APAC, contributes to growth, driven by infrastructure and real estate developments. The rise of green buildings increases environmental concerns and HVAC system demand. HVAC systems are vital in office and high-rise buildings. In APAC, ductless air conditioning is preferred for its economy and energy efficiency in the residential sector. Ductless systems provide zoned HVAC solutions for entire houses, new additions, individual rooms, or basements. Mini-split ACs are favored for their economy and flexibility, installable in ceilings, walls, or floors. View the new Free Sample Report within minutes!
The market is fragmented, and the degree of fragmentation will accelerate during the forecast period. Carrier Global Corp., Daikin Industries Ltd., Danfoss AS, Electrolux AB, Fujitsu Ltd., Gree Electric Appliances Inc. of Zhuhai, Haier Smart Home Co. Ltd., Honeywell International Inc., Johnson Controls International Plc, Lennox International Inc., LG Electronics Inc., MIDEA Group Co. Ltd., Paloma Co. Ltd., Panasonic Holdings Corp., Samsung Electronics Co. Ltd., Systemair AB, Toshiba Corp., Trane Technologies Plc, Whirlpool Corp., and National HVAC Service are some of the major participants. Although the Rise in demand for HVAC in construction industry will offer immense growth opportunities, Issues in equipment related to HVAC will challenge the growth of the market participants. To make the most of the opportunities, companies should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
- Daikin Industries Ltd. – The company offers products such as Daikin POLARA wall mount cooling single-zone air conditioners, 19 Series Wall Mount cooling only single-zone air conditioners, Daikin ATMOSPHERA wall mount heat pump, Daikin FDMQ heating and cooling multi-zone-systems, etc.
- Danfoss AS – The company offers products such as Danfoss LX heating mats, VLT Soft Starter MCD 500, VLT Refrigeration Drive FC 103, etc.
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Scope |
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Report Coverage |
Details |
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Historic period |
2017-2021 |
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Forecast period |
2023-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 8.56% |
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Growth 2023-2028 |
USD 42.39 Billion |
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Structure |
Fragmented |
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YoY growth 2022-2024 (%) |
8.42 |
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Regional analysis |
Europe, APAC, North America, Middle East and Africa, and South America |
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Performing contribution |
APAC at 49% |
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Key countries |
US, China, India, Germany, and UK |
Residential HVAC Market is segmented as below:
- Type
- HVAC Equipment
- HVAC Services
- Product
- Air Conditioning System
- Heating System
- Ventilating System
- Geography
- APAC
- Europe
- North America
- Middle East And Africa
- South America
The share growth by the HVAC equipment segment will be significant during the forecast period. HVAC equipment includes heating, ventilation, and air conditioning systems. Modern industrial builders prioritize sustainable practices, leading to energy-saving HVAC and renewable power adoption. US industrial users are adopting VRF technology. Advanced ventilation equipment to improve outdoor air quality and reduce energy costs is driving new manufacturing facilities in North America and APAC. To learn more about the global trends impacting the future of research, download a free sample Report
- Increasing the use of renewable energy sources for residential heating is a major trend.
- Lack of skilled labor in HVAC manufacturing companies are significant challenge restricting growth.
Residential Heating, Ventilation, and Air Conditioning (HVAC): Overview
Heating, Ventilation, and Air Conditioning (HVAC) systems play a crucial role in maintaining indoor comfort and air quality in residential, commercial, and industrial settings. These systems are designed to provide heating and cooling solutions, ensuring optimal temperature and humidity levels for occupants. HVAC systems contribute to energy-efficient home climate control by regulating indoor temperatures and reducing energy consumption. Smart thermostats enable precise temperature control and energy management, enhancing overall efficiency. Ductless heating and cooling systems offer flexible solutions for different spaces, providing localized comfort without the need for extensive ductwork. HVAC installation and maintenance services are essential for ensuring the proper functioning and longevity of these systems.
Key Highlights
- CAGR during the forecast period 2024-2028
- Detailed information on factors that will assist growth during the next five years
- Estimation of the size and its contribution to the parent market
- Predictions on upcoming trends and changes in consumer behavior
- Analysis of the competitive landscape and detailed information on companies
- Comprehensive details of factors that will challenge the growth of companies
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Related Reports
The HVAC Equipment Market size is estimated to grow by USD 48.34 billion at a CAGR of 6.22% between 2022 and 2027.
The HVAC System Market size is estimated to grow by USD 48.34 billion at a CAGR of 6.22% between 2022 and 2027.
ToC:
Executive Summary
Landscape
Sizing
Historic Sizes
Five Forces Analysis
Segmentation by Product
Segmentation by Type
Segmentation by Geography
Customer Landscape
Geographic Landscape
Drivers, Challenges, & Trends
Company Landscape
Company Analysis
Appendix
About US
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging trends and provide actionable insights to help businesses identify opportunities and develop effective strategies to optimize their positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable insights to identify opportunities in existing and potential areas and assess their competitive positions within changing scenarios.
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