HVAC Systems Market

HVAC Systems Market size reached USD 161.3 billion in 2021 and is estimated to reach USD 259.0 billion in 2029 and the market is estimated to grow at a CAGR 6.1%.

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Key Drivers

The global HVAC Systems market is becoming more mainstream thanks to the strong demand for energy-efficient solutions, the emerging trend of smart homes, followed by the expanding number of government incentives through tax credit programs around the world. With the unpredictable climatic conditions, the consumers are now looking for air cooling solutions to maintain a balance of the temperature in their houses. Additionally, the increasing adoption of modern lifestyle has pushed people towards more comfort level, which is impacting the HVAC systems market in a positive way.

The continuous technological advancement, such as the Internet of Things (IoT), automated control systems, and remote control access, is bringing numerous transformations in the HVAC equipment over the coming years. Various global giants are heavily investing in the R&D activities to develop new innovative products, including hybrid HVAC equipment which can be used for heating as well as for cooling applications. These factors are presenting innumerable growth opportunities in the market. Furthermore, the increasing emphasis on smart energy management, especially in urban areas, will directly accelerate the market’s growth over the next six years. The HVAC systems play a vital role in minimizing the carbon footprints while reducing pollution level and achieving sustainable targets. On the other edge of the spectrum, the emergence of the COVID-19 has adversely impacted the market due to the disrupted supply chain of components and raw materials and the temporary shutdown of the manufacturing plants in various parts of the world. In addition to this, the increasing COVID-19 impact has placed immense pressure on the market as a result of the growing competition among the leading players around the world. Moreover, the high installation and maintenance cost, along with the other operational challenges, are likely to restrain the growth of the global HDAC Systems market. However, the market is expected to bounce back in 2021 while growing at a significant rate from 2022 onwards.

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Heating Equipment – Segment Analysis

Based on the heating equipment, the market is segmented into heat pumps, furnaces, unitary heaters, and boilers. Among these, the heat pumps segment is projected to grow at a higher CAGR over the forecast period attributed to the growing government support to use heat pumps across the globe. Numerous government tax rebated and tax credits programs followed by the strong demand to bring down the energy consumption is further encouraging the consumers to opt for heat pumps.

Application – Segment Analysis

On the basis of the application, the market is segmented into commercial, residential, and industrial. The commercial segment is anticipated to dominate the market over the forecast period owing to the accelerated application of HVAC systems in various commercial buildings, especially in the corporate offices. The HVAC systems help in maintain an appropriate temperature and ventilation condition in an indoor area, thereby improving the overall productivity of the employees and working conditions.

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Regional – Segment Analysis     

Based on the region, Europe region is projected to grow at a higher CAGR over the forecast period. This is attributed to the continuous expansion in the real estate and tourism sector in this region. The increasing implementation of stringent government norms, along with the increasing construction activities, is further energizing the demand of the market in the European region. On the other hand, the Asia-Pacific region is anticipated to lead the market over the forecast period due to the drastic climatic changes, rapidly increasing population rate, and the easy availability of cost-effective systems. The rapid urbanization in the developing economies, such as India, China, and Japan is promoting the consumers towards a more comfortable lifestyle, thereby boosting the demand for HVAC systems in these countries. The increasing number of collaborations between regular bodies and industry experts to create awareness about the star-labeled HVAC unites and the various favorable initiatives and programs launched by the government to encourage the use of advanced energy-efficient units in new building structures, will directly surge the demand of the market.

Top Market Players

Various notable players operating in the market include Daikin, Ingersoll Rand, Johnson Controls, LG Electronics, AB Electrolux, Emerson Electric Co., Honeywell International Inc., Lennox International Inc., Mitsubishi Electric Corporation, Nortek, and Samsung HVAC, among others.

 Key Developments:

• • In 2020, Daikin announced to launch its new air-conditioning system known as “Mini VRV 5-s” in the Middle East and Africa region. This advanced system has best-in-class design versatility and is a perfect solution for smaller commercial applications and apartment buildings.
  • In 2020, LG Electronics launched its new Round Cassette air conditioner for business building structures. This product outclasses various competing products in terms of design and performance.
  • In 2019, Honeywell International Inc., entered into a partnership with the Midea Group, a leading Chinese home appliances marker, to replace R-410A with the Solstice N41 in HVAC applications.

Segments covered in the Report:

The global HVAC Systems market has been segmented on on the basis of Heating Equipment, Ventilation Equipment, Cooling Equipment, Implementation Type, Application and regions. Based on Heating Equipment, the market is segmented into Heat Pumps, Furnace, Unitary Heaters and Boilers. Based on Ventilation Equipment, the market is segmented into Air-handling Units, Air Filters, Dehumidifiers, Ventilation Fans, Humidifiers and Air Purifiers. Based on Cooling Equipment, the market is segmented into Unitary Air Conditioners, VRF Systems, Chillers, Room Air Conditioners, Coolers and Cooling Towers. Based on Implementation Type, the market is segmented into New Constructions and Retrofits. Based on Application, the market is segmented into residential, commercial and industrial.

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Key questions answered in this research report:

• • At what pace is global HVAC Systems market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in HVAC Systems market? What will be the impact of drivers and restraints in the future?
  • What are the regional revenues and forecast breakdowns? Which are the major regional revenue pockets for growth in the global HVAC Systems market?
  • Which Heating Equipment generated maximum revenues in 2021 and identify the most promising Heating Equipments during the forecast period?
  • What are the various application areas of global HVAC Systems market and how they are poised to grow?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?

Market Segmentation

Global Market by Heating Equipment

• • Heat Pumps
  • Furnace
  • Unitary Heaters
  • Boilers

Global Market by Ventilation Equipment

• • Air-handling Units
  • Air Filters
  • Dehumidifiers
  • Ventilation Fans
  • Humidifiers
  • Air Purifiers

Global Market by Cooling Equipment

• • Unitary Air Conditioners
  • VRF Systems
  • Chillers
  • Room Air Conditioners
  • Coolers
  • Cooling Towers

Global Market by Implementation Type

• • New Constructions
  • Retrofits

Global Market by Application

• • Residential
  • Commercial
  • Industrial

Global Market by Region

• • North America HVAC Systems Market (Option 1: As a part of the free 25% customization)
    • By Heating Equipment
    • By Ventilation Equipment
    • By Cooling Equipment
    • By Implementation Type
    • By Application
    • US Market All-Up
    • Canada Market All-Up
  • Europe HVAC Systems Market (Option 2: As a part of the free 25% customization)
    • By Heating Equipment
    • By Ventilation Equipment
    • By Cooling Equipment
    • By Implementation Type
    • By Application
    • UK Market All-Up
    • Germany Market All-Up
    • France Market All-Up
    • Spain Market All-Up
    • Rest of Europe Market All-Up
  • Asia-Pacific HVAC Systems Market (Option 3: As a part of the free 25% customization)
    • By Heating Equipment
    • By Ventilation Equipment
    • By Cooling Equipment
    • By Implementation Type
    • By Application
    • China Market All-Up
    • India Market All-Up
    • Japan Market All-Up
    • Rest of APAC Market All-Up
  • RoW HVAC Systems Market (Option 4: As a part of the free 25% customization)
    • By Heating Equipment
    • By Ventilation Equipment
    • By Cooling Equipment
    • By Implementation Type
    • By Application
    • Brazil Market All-Up
    • South Africa Market All-Up
    • Saudi Arabia Market All-Up
    • UAE Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Market All-Up

Major Players Operating the HVAC Systems (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • Daikin
  • Ingersoll Rand
  • Johnson Controls
  • LG Electronics
  • AB Electrolux
  • Emerson Electric Co.
  • Honeywell International Inc.
  • Lennox International Inc.
  • Mitsubishi Electric Corporation
  • Nortek
  • Samsung HVAC