HVAC Systems Market Size, Share & Trends Analysis Report By Product, By End Use, By Region And Segment Forecasts From 2022 To 2030

Report ID: MN17619918  |  Published: October 2022  |  No of Pages: 134
Format: Electronic (PDF)  |  Industry: HVAC (Heating, Ventilation, & Air Conditioning)

The global heating, ventilation, and air conditioning (HVAC) systems market is anticipated to be worth USD 234.9 billion by 2030 and grow at a CAGR of 6.3%. Key trends like changes in climatic conditions, need and desire for an ambient surrounding, and availability of innovative and energy-efficient features in HVAC systems are likely to gain more traction in the upcoming years. Additionally, fan settings, indoor air quality, unit age, size of the system, and preventive maintenance are the factors to boost the efficiency of HVACs, continue to encourage the industry growth for the foreseeable future.

The COVID-19 pandemic laid a negative impact on the market resulting in supply chain shortages. But later the market recovery was positive owing to the resumption of manufacturing activities post lockdown. Besides, the industry is expected to undergo several changes like focus on energy efficiency, adoption of green initiatives by various original equipment manufacturers (OEMs), implementation of eco-friendly HVAC units, and the use of renewable resources. These alterations have enabled costs reductions as well keeps the greenhouse emissions under permissible limits. Therefore, the post COVID-19 changes in market and growth in environmental awareness is expected to increase the demand for HVAC systems in the near future.

An increase in the use of heating equipment and geothermal cooling has been observed in past years which resulted in the reduction of fuel-based equipment. Besides, urban consumers are more inclined toward home comfort which is likely to contribute to the industry expansion during the forecast period. To meet the demand, OEMs are focused on the product developments that are not limited to being energy-efficient but also incorporated with innovative technologies for better connectivity. Additionally, the installation of smart meters, thermostats, and sensors in residential buildings that are centrally controlled using computers and smartphones through software-enabled HVAC systems. Thus, all these factors tend to favor the long-term growth of the industry during the forecast period.

In terms of segment, the cooling segment dominated the HVAC systems market due to the surge in the utilization of air conditioners especially, in tropical regions. For instance, according to the International Energy Agency (IEA) data, cooling usually accounts for 10% of electricity consumption globally. This statistical data implies a high demand for cooling systems like unitary air conditioners, which is likely to boost the industry’s growth. Besides, the heating segment upheld a 20% share in 2021 and has been experiencing growth over the past years. Due to the market transition from a fuel-based model to a low-carbon solution, the segment is expected to grow vertically.

In terms of region, Asia Pacific dominated the market on the account of increased urbanization, population expansion, and surging consumer disposable income. Additionally, the commercial sector in the U.S. is expected to create prospects for future growth. Hence, all these constitute as essential factors to drive the regional market growth during the forecast period. On the other hand, North America is also projected to expand in the forecast period owing to market maturity, and aging infrastructure that is intended to develop various revenue streams. A major growth objective is to scale-up the maintenance and service facility of HVAC units within the region.

Key players with the adoption of the go-to-market strategy are focused to create market expansion and maintain competition through mergers and acquisitions. For instance, Lennox International, Inc. inflated its ultra-low emission gas furnace line in December 2019 by inaugurating four furnaces that include SL280NV, SL297NV, EL180NE, and EL195LE. These were compiled with the latest San Joaquin Valley Air Pollution Control District Ultra Low NOx Rule 4905 and California South Coast Air Quality Management District’s Rule 1111. The purpose was to reduce nitrogen oxide emission, which is likely to increase the demand for HVAC systems.

HVAC Systems Market Report Key Takeaways

  • In 2021, the cooling segment accounted for a 54.7% revenue share and is anticipated to grow at a CAGR of 6% during the forecast period. An increase in population, and disposable income in tropical regions has resulted in high usage of air conditioners, thus driving the demand for cooling systems
  • In 2021, the residential segment dominated the HVAC systems market and accounted for the largest share of 40.1% with a valuation of USD 50 billion. Factors such as the rise in individual homeowners and multi-family, high demand for residential HVAC in new markets, and market maturity are driving the segment’s growth
  • The commercial segment also dominated the market with huge opportunities and is projected to grow at a CAGR of 6% during the forecast period. Trends such as the implementation of smart and green technology, and the shift from the remote work model to a hybrid model is likely to drive the segment’s growth
  • In 2021, Asia Pacific accounted for 40% of the revenue share and dominated the market. The increase in urbanization, expansion in population, and high consumer disposable income are essential factors that are expected to drive regional growth during the forecast period
  • North America is the second-largest nation to dominate the market and is expected to grow at a 5.5% CAGR in the forecast period. Factors like market maturity, and the presence of aging infrastructure are developing revenue streams, which are likely to boost the market


HVAC Systems Market Segments

  • HVAC Systems Product Outlook (Revenue, USD Billion, 2018 - 2030)
    • Heating
    • Ventilation
    • Cooling
  • HVAC Systems End-use Outlook (Revenue, USD Billion, 2018 - 2030)
    • Residential
    • Commercial
    • Industrial
  • HVAC Systems Regional Outlook (Revenue, USD Billion, 2018 - 2030)
    • North America
      • U.S.
      • Canada
      • Mexico
    • Europe
      • U.K.
      • Germany
      • France
      • Spain
      • Italy
      • Latvia
    • Asia Pacific
      • China
      • India
      • Japan
      • South Korea
      • Australia
    • South America
      • Brazil
      • Argentina
      • Chile
    • Middle East & Africa
  • List of Key Players in HVAC Systems Market
    • Carrier Corporation
    • Daikin Industries, Ltd.
    • Emerson Electric Co.
    • Hitachi Ltd.
    • Johnson Controls International plc
    • Lennox International, Inc.
    • Trane Technologies 
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