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

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.