USD 233.33 billion
Heating Ventilation and Cooling (HVAC) System Market Size, Share, Growth Analysis, By Type(Single split, variable refrigerant flow (VRF) systems, and others), By Application(Residential, commercial, and industrial), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG20C2026 |
Region:
Global |
Published Date: April, 2024
Pages:
202
|Tables:
63
|Figures:
75
Heating Ventilation and Cooling (HVAC) System Market Insights
Global Heating Ventilation and Cooling (HVAC) System Market size was valued at USD 233.33 billion in 2022 and is poised to grow from USD 238.07 billion in 2023 to USD 396.07 billion by 2031, growing at a CAGR of 6.60% during the forecast period (2024-2031).
Heating, ventilation, and cooling systems help in maintaining good indoor air quality via adequate ventilation with filtration and provide thermal comfort. HVAC systems are among the largest energy consumers in schools.
The selection of equipment for heating, cooling and ventilating the school building is a complex design decision that must balance many factors like heating, and cooling needs; energy efficiency; humidity control; indoor air quality; outdoor air quantity and quality; potential for natural ventilation; and others
The hybrid heating systems are finding growth in it due to the rising demand for automatic adjustment of temperature. Moreover, the increased construction activities in commercial and residential sectors coupled with the growing demand from food & beverage, and telecom industries are driving the market growth. Whereas, one thing that will impact the market growth negatively is the limited actual skilled person.
US Heating Ventilation and Cooling HVAC System Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Single split system
Fastest Growth
Variable refrigerant flow (VRF) system
Growth Rate
6.60% CAGR
Global Heating, Ventilation and Cooling HVAC System Market, 2021-2030 ($ Bn)
Country Share for Asia Pacific Region- 2021 (%)
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Heating Ventilation and Cooling (HVAC) System Market Segmental Analysis
Global heating ventilation and cooling system market is segmented based on the type, application, and region. Based on type, the global heating ventilation and cooling system market is segmented into single split, variable refrigerant flow (VRF) systems, and others. Based on application, the Heating Ventilation and Cooling HVAC System Market is segmented into residential, commercial, and industrial. Based on region, Heating Ventilation and Cooling HVAC System Market is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.
Heating Ventilation and Cooling HVAC System Market Analysis by Type
Based on type, the market is segmented into single split, variable refrigerant flow (VRF) systems, and others. Single-split system is mainly used because of many factors such as quick and silent operation, easy installation, easy maintenance, and others.
Heating Ventilation and Cooling HVAC System Market Analysis by Application
Based on application, the market is segmented into residential, commercial, and industrial. Increasing demand from hospitals, laboratories, institutional buildings, restaurants, and others in developing countries are driving the growth of the commercial segment. Construction activities uplifted the growth of both residential, and commercial sectors.
Global Heating, Ventilation and Cooling HVAC System Market By Type, 2021 (%)
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Heating Ventilation and Cooling (HVAC) System Market Regional Insights
Asia Pacific is predicted to be the dominant region in the global heating, ventilation, and cooling system market due to the capabilities of consumers in spending for the proper technology that can satisfy them. As a result, manufacturers are developing HVAC systems to meet the regional needs. India is a fast-growing country in the region because of meeting the expectations on improved facilities in the system. The governmental bodies are supporting the manufacturers with the introduction of foreign direct investment schemes.
Europe is also expected to have significant growth over the forecast period (2022 - 2028) owing to the increased demand for commercial heating, ventilation, and cooling systems. The governmental norms for stabilizing economical units are also attributing to the market growth.
North America will also register significant growth over the forecasting year due to the increased demand from the residential sector. Manufacturers introducing the IoT integration, smart HVAC system with green technology, and others. All of these are driving the product demand in the region.
Global Heating, Ventilation and Cooling HVAC System Market By Geography, 2022-2030
- Largest
- Fastest
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Heating Ventilation and Cooling (HVAC) System Market Dynamics
Heating Ventilation and Cooling HVAC System Market Drivers
Technological Advancement to Bolster Demand for HVAC System
- Awareness of the advantages of HAVC systems such as good indoor air quality, increased comfort, and lower energy bills is spreading among the consumers, all thanks to the increasing demand for the system.
- Technological advancement in HVAC systems makes it more efficient and affordable as the technologically driven air conditioners can utilize both natural gas, and solar energy, which is driving the market growth.
Heating Ventilation and Cooling HVAC System Market Restraints
Lack of Skilled Workers to Hinder Market Growth
- Skilled professionals in the field of heating, ventilation, and cooling systems are lacking, as a result, it may affect the market growth negatively. Companies are planning to launch nearly 1 lakh new HVAC systems in the next few years; but if it doesn’t meet the minimum needs in terms of technicians, the market growth will surely decline.
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Heating Ventilation and Cooling (HVAC) System Market Competitive Landscape
Global heating ventilation and cooling system market is highly competitive and somewhat fragmented. To maintain a competitive edge, the major industry participants are continually implementing various growth strategies. Innovations, mergers, and acquisitions, collaborations and partnerships are adopted by these players to thrive in the competitive market. In order to provide industries with the most effective and economical solutions, the major market players are also continually concentrating on R&D.
Heating Ventilation and Cooling HVAC System Market Top Player's Company Profiles
- Carrier Corporation
- Daikin Industries, Ltd.
- Johnson Controls International plc
- LG Electronics Inc.
- Mitsubishi Electric Corporation
- Fujitsu Limited
- Trane Technologies plc
- Gree Electric Appliances Inc.
- Panasonic Corporation
- Honeywell International Inc.
- Siemens AG
- Rheem Manufacturing Company
- Lennox International Inc.
- Ingersoll Rand Inc.
- Samsung Electronics Co., Ltd.
- Danfoss A/S
- Emerson Electric Co.
- Nortek Global HVAC, LLC
- Haier Group Corporation
- Toshiba Corporation
Heating Ventilation and Cooling HVAC System Market Recent Developments
- In May 2021, the launch of a primary low GWP refrigerant ‘R-454B’ was announced by Johnson Controls in the company's commercial unitary and ducted home products and air-cooled screw chillers across North America. The company is also again addressing climate change for a sustainable planet.
- In January 2021, Trane revealed its holistic approach called ‘Wellsphere’ for cultivating healthy indoor places by improving air quality, acoustics, and lighting.
Heating Ventilation and Cooling (HVAC) System Key Market Trends
- Advances in technologies are increasing the trend of smarter systems that means HVAC systems are controlled by smartphones, and computers by allowing residentials to remotely control their heating and cooling with the facility to receive alerts whenever any issue arises with the system.
- Another key trend is that preferences increased towards more customized systems, keeping in mind that different people have different needs. With respect to this increasing trend, manufacturers are bringing out more systems according to consumer psychology.
Heating Ventilation and Cooling (HVAC) System Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our global heating ventilation and cooling system market analysis, Asia is a fast-developing region in HVAC systems and the government is also backing up to develop the product further in energy efficiency. The investments in improving the systems for businesses and homeowners are driving the market growth over the forecast period. Due to the outbreak of the pandemic, it affected the market growth negatively because of lockdowns throughout the world. This has reduced the consumer demand for the product.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 233.33 billion |
| Market size value in 2031 | USD 396.07 billion |
| Growth Rate | 6.60% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Heating Ventilation and Cooling (HVAC) System Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Heating Ventilation and Cooling (HVAC) System Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Heating Ventilation and Cooling (HVAC) System Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Heating Ventilation and Cooling (HVAC) System Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Heating Ventilation and Cooling (HVAC) System Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Heating Ventilation and Cooling (HVAC) System Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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