Global HVAC System Market Overview: 2024-2030
Base Year: 2023
Historical Years: 2019-22
Forecast Years: 2024-2030
The Global HVAC System Market size is valued at around USD 321 billion in 2024 and is projected to grow at a CAGR of around 6.5% during the forecast period, i.e., 2024-30.
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Global HVAC System Market Dynamics: 2024-2030
Global HVAC System Market Key Driver:
Additional Features & Technological Advancements with Supportive Government Policies – The product is integrated with added features such as green-labeled, environmentally friendly, solar energy run, efficiency, etc., driving the market. Besides, the additional features and benefits such as low maintenance, independent control, device monitoring, automatic adjustments according to the surrounding weather and temperature, improved life, and lessened costs add to the market value. Additionally, the government of numerous countries introducing regulatory policies to facilitate the adoption of heating, ventilation, and cooling systems by providing benefits to the vendors and encouraging the consumer to shift to HVAC is also adding to industrial expansion.
Global HVAC System Market (2024-30): Segmentation Outlook
The market report has segmented the market into the following categories:
By Type
-Single Split Systems- Market Size & Forecast 2019-2030, USD Million
-Variable Refrigerant Flow (VRF) Systems- Market Size & Forecast 2019-2030, USD Million
-Chillers- Market Size & Forecast 2019-2030, USD Million
-Others (Multi-split Systems, and others) – Market Size & Forecast 2019-2030, USD Million
By Application
-Commercial- Market Size & Forecast 2019-2030, USD Million
-Residential- Market Size & Forecast 2019-2030, USD Million
-Industrial- Market Size & Forecast 2019-2030, USD Million
Among the three, Commercial applications are projected to garner the most outstanding market share during the forthcoming years.
By Equipment Type
-Cooling Equipment – Market Size & Forecast 2019-2030, USD Million
-Unitary Air Conditioners- Market Size & Forecast 2019-2030, USD Million
-Vrf Systems- Market Size & Forecast 2019-2030, USD Million
-Chillers- Market Size & Forecast 2019-2030, USD Million
-Room Air Conditioners- Market Size & Forecast 2019-2030, USD Million
-Coolers- Market Size & Forecast 2019-2030, USD Million
-Cooling Towers- Market Size & Forecast 2019-2030, USD Million
-Heating Equipment- Market Size & Forecast 2019-2030, USD Million
-Heat Pumps- Market Size & Forecast 2019-2030, USD Million
-Furnaces- Market Size & Forecast 2019-2030, USD Million
-Unitary Heaters- Market Size & Forecast 2019-2030, USD Million
-Boilers- Market Size & Forecast 2019-2030, USD Million
-Ventilation Equipment- Market Size & Forecast 2019-2030, USD Million
-Air-Handling Units- Market Size & Forecast 2019-2030, USD Million
-Air Filters- Market Size & Forecast 2019-2030, USD Million
-Dehumidifiers- Market Size & Forecast 2019-2030, USD Million
-Ventilation Fans- Market Size & Forecast 2019-2030, USD Million
-Humidifiers- Market Size & Forecast 2019-2030, USD Million
-Air Purifiers- Market Size & Forecast 2019-2030, USD Million
By Implementation Type
-Construction- Market Size & Forecast 2019-2030, USD Million
-Retrofit- Market Size & Forecast 2019-2030, USD Million
By Company
-Revenue Shares
-Competition Characteristics
By Region
-North America
-South America
-Europe
-Middle East & Africa
-Asia-Pacific.
The Global HVAC System Market study of MarkNtel Advisors evaluates & highlights the major trends and influencing factors in each segment. It includes predictions for the period 2024–2030 at the global level. According to the analysis, the market has been further classified as:
Based on Cooling Equipment,
- Unitary Air Conditioners
- VRF Systems
- Chillers
- Room Air Conditioners
- Coolers
- Cooling Towers
Among all, Unitary Air Conditioners are expected to experience the largest market acceleration in the forecast period owing to the vast requirement of such air-conditioners in different occasions such as events, conferences, and exhibitions. In addition, a prerequisite of such systems in halls and large spaces to provide comfort to players and audiences in an increasing number of sports events & cultural programs is extending the industrial ascension. It is a small self-contained electrical unit enclosing a refrigerating compressor driven by a motor, evaporative cooling coil, and air-cooled condenser along with numerous controls, filters, and fans, majorly used for cooling by being placed on the roof or outside of buildings. Such equipment’s high performance and energy efficiency will likely push the industry forward.
Further, the need for such systems in commercial and public spaces such as hospitals, complexes, stations, manufacturing, and industrial units, along with the increasing number of economic, social, and cultural programs and business & international conferences, would generate more market revenue, thus positively affecting the HVAC System Market size.
Based on Application
- Commercial
- Residential
- Industrial
Among the three, Commercial applications are projected to garner the most outstanding market share during the forthcoming years. It is attributed to the increasing demand and adoption of HVAC systems for commercial purposes, including corporate buildings and other commercial settings. Moreover, the growing demand for energy-efficient devices and spreading awareness about the environmental friendliness of such systems are likely to carry the industrial acceleration positively. Additionally, with high adoption of the systems to compensate for the increased heating expenses of numerous buildings, according to the geographical location, is fueling the industrial extension.
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Top Companies Operating in the Global HVAC System Market:
-Daikin Industries, Ltd.
-Carrier Global Corporation
-LG Electronics Inc.
-Lennox International Inc.
-Mitsubishi Electric Corporation
-Johnson Controls International plc
-Samsung Electronics Co. Ltd.
-Rheem Manufacturing
-Trane
-Emerson Electric Co.
Industry Recent Developments
- In December 2022, Siemens collaborated with Qualcomm to work on 5G smart buildings to improve energy efficiency.
- In July 2022, Carrier completed the acquisition of Toshiba’s global residential and light commercial HVAC business.
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