HVAC Systems Market Growth and Competitive Landscape Report to 2030

HVAC Systems Market Growth & Trends

The global HVAC systems market size is anticipated to reach USD 234.9 billion by 2030, according to a new study by Grand View Research Inc. The market is expected to expand at a CAGR of 6.3% from 2022 to 2030. The rising adoption of energy-efficient and renewable energy products is anticipated to be a significant driving factor for HVAC demand. Demand for eco-friendly systems, and advanced technology usage in products including software and automation, are a few key factors contributing to the industry’s success. The growing usage of ACs in homes, as well as offices, has favored the HVAC industry over the years. To further boost this demand, rising incomes and standard of living in several emerging economies have also driven business profitability in recent years.

Asia Pacific HVAC Systems Market size, by product, 2020 - 2030 (USD Billion)

HVAC Systems Market Segmentation

Grand View Research has segmented the global HVAC systems market based on product, end use, and region:

Based on the Product Insights, the market is segmented into Heating, Ventilation, Cooling.

  • The cooling segment dominated the market for HVAC systems and accounted for the largest revenue share of 54.7% in 2021. According to the data published by the International Energy Agency (IEA), cooling accounts for over 10% of the world’s electricity consumption. The statistics are huge and probably explain why the cooling segment has dominated the HVAC(Heating, ventilation, and air conditioning) equipment market over the years. Growing population and disposable incomes particularly in the hotter regions globally have instigated the usage of air conditioners, subsequently favoring the demand for cooling systems such as air conditioners (AC), unitary ACs, etc. The cooling segment from 2022 to 2030 is projected to grow at an approximate CAGR of 6%.
  • Apart from cooling, heating is also a major segment exhibiting gradual growth over the years. As of 2021, the segment captured over 20.0% share of the market. The segment over the long term is projected to gain traction as the market gradually transitions from a fuel-based working model to efficient low-carbon solutions. Further, the proliferation of solar-based heat pumps will also create avenues for segment growth over the forecast period.

Based on the End-use Insights, the market is segmented into Residential, Commercial, and Industrial.

  • The residential segment dominated the market for HVAC systems and accounted for the largest revenue share of 40.1% in 2021. An increase in multi-family and individual homeowners is creating avenues for the residential HVAC segment. As such in 2021 the segment was approximately valued at more than USD 50.0 billion. In developed parts of the world, the demand for residential HVAC(Heating, ventilation, and air conditioning) is expected to be more or less stagnant; however, the demand from newer markets particularly developing markets will be slightly on a higher end. This is primarily ascribed to the growing population in emerging markets and market maturity in developed markets.
  • Commercial HVAC space offers huge opportunities for growth. The segment is projected to witness a CAGR exceeding 6.0% in the market for HVAC systems from 2022 to 2030. Several trends including green and smart technology to automated systems are expected to play a pivotal role in shaping the future of the commercial HVAC market. As the COVID-19 pandemic becomes an endemic, and permanent WFH models slowly transition to a hybrid working model, the demand for HVAC in commercial settings is anticipated to witness an uptick.

HVAC Systems Regional Outlook

  • North America
  • Europe
  • Asia Pacific
  • South America
  • Middle East & Africa

Market Share Insights

  • December 2019: Lennox International, Inc. expanded its ultra-low emission gas furnace line by introducing four furnaces, namely SL297NV, SL280NV, EL195NE, and EL180NE.

Key Companies Profile & Market Share Insights

Inorganic growth strategies have been the go-to-market strategy for vendors in this space. The focus to increase market expanse and beat competition is achieved through partnerships and M&As.  

Some of the prominent players operating in the global HVAC systems market include,

  • Carrier Corporation
  • Daikin Industries, Ltd.
  • Emerson Electric Co.
  • Hitachi Ltd.
  • Johnson Controls International plc
  • Lennox International, Inc.
  • Trane Technologies

Order a free sample PDF of the HVAC Systems Market Intelligence Study, published by Grand View Research.

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