The global HVAC systems market size was USD 136.3 billion in 2021 which is expected to reveal a CAGR of 6.3% and reach USD 234.9 billion by 2030. Key trends driving the market growth include ambient environment, innovative features, and changes in climatic conditions. Besides, factors like indoor air quality, unit age, system size, preventive maintenance, and fan settings impact the HVAC efficiency, thus likely to boost the market growth during the forecast period.
Owing to the onset of the COVID-19 pandemic, the market experienced supply chain challenges but post lockdown market included the resumption of manufacturing activities that indicated toward market recovery. Additionally, the market underwent changes with a focus on energy efficiency and the adoption of smart strategies to develop eco-friendly HVAC units. Factors such as need to reduce greenhouse gas emissions and cut energy costs are projected to boost market growth in the forecast period.
The increased utilization of heating equipment and geothermal cooling resulted in the depletion of fuel-based equipment. Additionally, consumers’ need for comfort has made OEMs focus on the inauguration of HVAC systems that are both energy efficient as well integrated with innovative technologies for superior connectivity. Through software-enabled HVAC systems, the application of thermostats, sensors, and smart meters in buildings can be administered, which is expected to increase the demand during the forecast period.
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HVAC Systems Market Report Highlights
• Based on the product insights, the cooling segment dominated the market with a 54.7% revenue share in 2021 and is expected to reveal a CAGR of 6% owing to increased disposable income and population in tropical regions
• Based on end-use insights, the residential segment accounted for a 40.1% revenue share in 2021 with an estimation of USD 50 billion in 2021 due to high demand for residential HVAC by multi-family and individual homeowners
• The commercial segment upheld the market with growth opportunities and is projected to exhibit a CAGR of 6% owing to the adoption of smart technology, and the shift toward a hybrid model
• Based on regional insights, Asia Pacific dominated the market with a 40% revenue share in 2021 because there has been an increase in population, disposable incomes, and urbanization
• North America is anticipated to exhibit a CAGR of 5.5% due to market maturity, and the development of retrofit projects, all of which are constituted to dominate the market
HVAC Systems Market Report Segments
HVAC Systems Product Outlook (Revenue, USD Billion, 2018 - 2030)
HVAC Systems End-use Outlook (Revenue, USD Billion, 2018 - 2030)
HVAC Systems Regional Outlook (Revenue, USD Billion, 2018 - 2030)
• North America
• Asia Pacific
• South Korea
• South America
• Middle East & Africa
List of Key Players of HVAC Systems Market
• Carrier Corporation
• Daikin Industries, Ltd.
• Emerson Electric Co.
• Hitachi Ltd.
• Johnson Controls International plc
• Lennox International, Inc.
• Trane Technologies