NEW YORK, Nov. 15, 2024 /PRNewswire/ — Report with the AI impact on market trends – The global hvac system market size is estimated to grow by USD 56.3 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 6.78% during the forecast period. Growing demand for inverter hvac systems is driving market growth, with a trend towards increasing popularity of smart hvac systems. However, lack of skilled labor poses a challenge.Key market players include Carrier Global Corp., Daikin Industries Ltd., Danfoss AS, Emerson Electric Co., Furukawa Electric Co. Ltd., GREE Comfort, Haier Smart Home Co. Ltd., Hitachi Ltd., Honeywell International Inc., Ingersoll Rand Inc., Johnson Controls International Plc., Lennox International Inc., LG Corp., Midea Group Co. Ltd., Mitsubishi Electric Corp., Nortek, Panasonic Holdings Corp., Samsung Electronics Co. Ltd., Trane Technologies Plc, and Whirlpool Corp..
Technavio has announced its latest market research report titled Global HVAC system market 2024-2028
Key insights into market evolution with AI-powered analysis. Explore trends, segmentation, and growth drivers- View Free Sample PDF
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Hvac System Market Scope |
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Report Coverage |
Details |
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Base year |
2023 |
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Historic period |
2018 – 2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 6.78% |
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Market growth 2024-2028 |
USD 56.3 billion |
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Market structure |
Fragmented |
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YoY growth 2022-2023 (%) |
6.2 |
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Regional analysis |
APAC, Europe, North America, Middle East and Africa, and South America |
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Performing market contribution |
APAC at 57% |
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Key countries |
China, US, Japan, Germany, and UK |
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Key companies profiled |
Carrier Global Corp., Daikin Industries Ltd., Danfoss AS, Emerson Electric Co., Furukawa Electric Co. Ltd., GREE Comfort, Haier Smart Home Co. Ltd., Hitachi Ltd., Honeywell International Inc., Ingersoll Rand Inc., Johnson Controls International Plc., Lennox International Inc., LG Corp., Midea Group Co. Ltd., Mitsubishi Electric Corp., Nortek, Panasonic Holdings Corp., Samsung Electronics Co. Ltd., Trane Technologies Plc, and Whirlpool Corp. |
Market Driver
The HVAC system market is experiencing significant growth due to increasing climatic changes and the need for energy-efficient solutions. Air conditioners, smart HVAC systems, and energy consumption data are at the forefront of this trend. Indoor air quality is a major concern, leading to the demand for air filters, UV C sterilization, and ventilation solutions. Energy efficiency and sustainability are key drivers, with affordable housing units, commercial infrastructure, medical technologies, and housing projects all adopting green building strategies. Environmental regulations and concerns over hydrofluoroolefins (HFOs) are pushing the market towards more eco-friendly alternatives. Heating, Ventilation, and Air Conditioning (HVAC) systems are essential for managing temperature, moisture, smoke, heat, dust, bacteria, carbon dioxide, and other pollutants in residential, commercial, and industrial buildings. Hybrid heating, heat pump equipment, and air purifiers are also gaining popularity. Urbanization, industrialization, migration, and climate change are driving the need for advanced HVAC systems to maintain a standard of living and meet the demands of various industries. Electrical cooling systems, natural gas, heating oil, wood, and electrical heating systems are being replaced by energy-efficient alternatives to reduce energy expenditures and carbon emissions. Green technologies, smart devices, machine learning systems, and building sustainability solutions are shaping the future of the HVAC market.
The global HVAC system market is experiencing growth due to the increasing adoption of smart and connected HVAC systems. Advanced portable devices and monitoring systems enable end-users to manage their HVAC systems more conveniently and efficiently. The demand for IoT-enabled devices, such as wireless acoustic transmitters and steam trap monitors, due to their ability to collect and analyze data for complex HVAC maintenance tasks. Predictive maintenance is a focus area for end-users, as it reduces downtime and enhances operational efficiency.
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Market Challenges
• The HVAC system market is facing several challenges due to climatic changes, energy consumption being a major concern. Air conditioners, a significant part of HVAC systems, are in high demand due to urbanization and industrialization, leading to increased energy expenditures and carbon emissions. Smart HVAC systems, including energy consumption data analysis and air filtration, offer solutions to improve energy efficiency and indoor air quality. Housing projects and commercial infrastructure must comply with environmental regulations and sustainability concerns, leading to the adoption of green building strategies. HVAC systems must address challenges like moisture, smoke, heat, dust, bacteria, and carbon dioxide. Hydrofluoroolefins (HFOs) and UV C sterilization are being used in ventilation solutions and heat pump equipment to enhance air purification. Hybrid heating, green technologies, and machine learning systems are also gaining popularity in both residential and commercial buildings. Heating, Ventilation, and Air conditioning (HVAC) systems play a crucial role in maintaining a comfortable standard of living while addressing the challenges of temperature, oxygen, and urbanization.
• HVAC system manufacturing involves creating advanced, modern systems and providing aftermarket services. Technical expertise is essential for installation and maintenance. Currently, HVAC contractors face significant challenges due to a severe labor shortage. This issue may negatively impact manufacturers’ profit margins, as aftermarket services are impacted. For years, the industry has grappled with this issue, with the primary cause being the preference of fresh graduates for careers in fields like computer programming, application design, and investment banking, rather than HVAC. The labor shortage is expected to persist throughout the forecast period.
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Segment Overview
This hvac system market report extensively covers market segmentation by
End-user
1.1 Non-residential
1.2 Residential
Type
2.1 Split system
2.2 Ductless system
2.3 Packaged system
Geography
3.1 APAC
3.2 Europe
3.3 North America
3.4 Middle East and Africa
3.5 South America
1.1 Non-residential- The non-residential segment of the global HVAC system market is the largest and is expected to continue its dominance during the forecast period. This segment encompasses commercial and industrial HVAC systems. The construction sector’s growth, increasing infrastructural investments, and rising demand for office spaces are key drivers for the market’s expansion in this segment. Urbanization and favorable commercial real estate policies are also significant factors fueling the demand for office spaces, leading to increased requirements for HVAC systems. Furthermore, the emergence of start-ups and the availability of co-working spaces are additional growth factors. Notably, the Indian government’s plan to construct 220 new airports by 2025 is expected to boost the demand for centralized split air conditioners, contributing to the market’s growth in the non-residential segment.
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Research Analysis
The HVAC system market is witnessing significant growth due to the increasing demand for climate control solutions in both residential and commercial sectors. With climatic changes becoming more prevalent, the need for efficient HVAC systems to maintain indoor comfort and ensure energy savings is on the rise. Air conditioners, a key component of HVAC systems, are becoming increasingly energy-efficient, with smart HVAC systems offering advanced energy consumption data and indoor air quality monitoring. Air filters play a crucial role in maintaining indoor air quality by removing moisture, smoke, heat, dust, bacteria, and other pollutants. Energy efficiency is a major focus in the HVAC industry, with hybrid heating systems and green building strategies gaining popularity. HVAC systems are essential for affordable housing units, commercial infrastructure, and industrial buildings, contributing significantly to the standard of living and productivity.
Market Research Overview
The HVAC system market is experiencing significant growth due to the increasing demand for climate control solutions in both residential and commercial sectors. With climatic changes becoming more prevalent, the need for energy-efficient HVAC systems is on the rise. Air conditioners, a major component of HVAC systems, are becoming increasingly popular in various sectors, including affordable housing units, commercial infrastructure, and medical technologies. Smart HVAC systems are gaining traction due to their energy consumption data analysis capabilities, enabling users to optimize energy usage and reduce costs. Indoor air quality is another crucial factor driving the market, with air filters, UV C sterilization, and ventilation solutions gaining popularity. HVAC systems play a vital role in maintaining the standard of living by providing comfortable temperatures and ensuring adequate oxygen levels. Environmental regulations and sustainability concerns are also influencing the market, with the adoption of hydrofluoroolefins (HFOs) and green building strategies. Heating, ventilation, and air conditioning systems are essential for maintaining comfortable temperatures and indoor air quality in various types of buildings, including residential, commercial, and industrial. Moisture, smoke, heat, dust, bacteria, carbon dioxide, and pollutants are common challenges that HVAC systems address. The market is witnessing innovation in the form of hybrid heating systems, heat pump equipment, and air purifiers. Urbanization, industrialization, migration, and climate change are driving the demand for HVAC systems. Electrical cooling systems, natural gas, heating oil, and wood are common energy sources for HVAC systems, but energy expenditures and carbon emissions are becoming significant concerns. Green technologies, smart devices, machine learning systems, and building sustainability solutions are the future of the HVAC market.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
End-user
Non-residential
Residential
Type
Split System
Ductless System
Packaged System
Geography
APAC
Europe
North America
Middle East And Africa
South America
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market 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 market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com/
SOURCE Technavio
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