Heating Ventilation And Air Conditioning Hvac Systems
Heating, Ventilation, and Air Conditioning (HVAC) Systems Market Forecasts to 2030 - Global Analysis By Product (Heating Systems, Ventilation Systems and Air Conditioning Systems), By Technology (Conventional HVAC Systems, Smart HVAC Systems and Other Technologies), End User and By Geography
According to Stratistics MRC, the Global Heating, Ventilation, and Air Conditioning (HVAC) Systems Market is accounted for $161.23 billion in 2023 and is expected to reach $267.59 billion by 2030 growing at a CAGR of 7.5% during the forecast period. Heating, Ventilation, and Air Conditioning (HVAC) systems are mechanical systems designed to control indoor temperature, humidity, and air quality. Heating systems provide warmth in cold weather, ventilation systems circulate and exchange indoor and outdoor air, and air conditioning systems cool and dehumidify indoor air. These systems are commonly used in residential, commercial, and industrial buildings to maintain comfortable and healthy indoor environments.
According to the European Commission, buildings in the European Union are responsible for around 40% of the energy consumption and 36% of greenhouse gas emissions, mainly from construction, usage, renovation, and demolition. HVAC systems account for a considerable share of energy usage in these buildings. According to JRAIA, the global demand for room air conditioners has increased to 95.16 million in recent years.
Market Dynamics:
Driver:
Rapid urbanization and ongoing construction activities
Rapid urbanization and ongoing construction activities are key drivers in the heating, ventilation, and air conditioning (HVAC) systems market due to the increased demand for residential, commercial, and industrial buildings. As urban populations grow, the need for HVAC systems rises to provide comfortable indoor environments. Additionally, construction projects often incorporate energy-efficient HVAC systems to comply with building codes and regulations, further boosting market growth.
Restraint:
Upfront cost of installing HVAC systems
The upfront cost of installing HVAC systems serves as a restraint in the heating, ventilation, and air conditioning (HVAC) systems Market. These systems often require significant initial investment, including equipment purchase, installation, and related infrastructure. This can deter potential buyers, especially in regions with budget constraints or economic uncertainties. Additionally, some consumers may opt for cheaper alternatives or delay HVAC system installations, impacting market growth.
Opportunity:
Integration of HVAC systems with renewable energy sources
The integration of HVAC systems with renewable energy sources places growing emphasis on sustainability and energy efficiency. By incorporating renewable energy sources such as solar, wind, or geothermal energy, HVAC systems can reduce reliance on traditional fossil fuels and lower operating costs over the long term. Additionally, integrating renewable energy enhances the market competitiveness of HVAC systems and aligns with government incentives and regulations promoting clean energy adoption.
Threat:
Competition from alternative technologies
Emerging technologies such as geothermal heating and cooling, solar-powered HVAC systems, and smart building automation solutions offer energy-efficient and eco-friendly alternatives to traditional HVAC systems. As environmental concerns grow and energy efficiency regulations tighten, consumers and businesses may increasingly turn to these alternatives, reducing demand for conventional HVAC systems.
Covid-19 Impact:
The COVID-19 pandemic had mixed effects on the HVAC systems market. While there was a short-term decline in demand due to halted construction projects and economic uncertainty, the need for improved indoor air quality in buildings became a priority. As a result, there was increased interest in HVAC systems with advanced filtration and ventilation capabilities to mitigate the spread of airborne viruses, driving market growth in the long term.
The ventilation systems segment is expected to be the largest during the forecast period
The ventilation systems segment is projected to be the largest during the forecast period in the HVAC systems market due to increasing awareness of indoor air quality and the importance of proper ventilation in mitigating the spread of airborne diseases, including COVID-19, which is driving demand. Additionally, stringent building codes and regulations mandating adequate ventilation in residential, commercial, and industrial buildings further contribute to the dominance of this segment in the market.
The industrial segment is expected to have the highest CAGR during the forecast period
The industrial segment is anticipated to experience the highest growth rate during the forecast period in the HVAC systems market. This growth can be attributed to the rising demand for HVAC systems in industrial facilities such as manufacturing plants, warehouses, and data centers. These environments require efficient temperature and humidity control to ensure optimal working conditions, equipment performance, and product quality. As industrial activities expand globally, the demand for HVAC systems in this segment is expected to rise significantly.
Region with largest share:
North America is poised to dominate the heating, ventilation, and air conditioning (HVAC) systems market due to high demand for HVAC systems in residential, commercial, and industrial sectors, driven by stringent energy efficiency regulations and a growing focus on indoor air quality. Additionally, technological advancements, a strong presence of key market players, and increasing construction activities in the region further contribute to North America's anticipated largest market share in the HVAC systems market.
Region with highest CAGR:
The Asia Pacific region is expected to experience rapid growth in the Heating, Ventilation, and Air Conditioning (HVAC) Systems market owing to booming construction activities, urbanization, and industrialization in countries like China, India, and Southeast Asian nations. Rising disposable incomes, increasing awareness of indoor air quality, and government initiatives promoting energy efficiency also contribute to the region's growth potential. Additionally, the adoption of smart and green building technologies further fuels demand for HVAC systems in the Asia Pacific region.
Key players in the market
Some of the key players in Heating, Ventilation, and Air Conditioning (HVAC) Systems Market include Bosch Thermotechnik GmbH, Carrier Global Corporation, Daikin Industries, Danfoss A/S, Emerson Electric Co., Fujitsu General Ltd., Gree Electric Appliances Inc., Haier Group Corporation, Hitachi Ltd., Honeywell International Inc., Johnson Controls International plc, Lennox International Inc., LG Electronics Inc., Mitsubishi Electric Corporation, Nortek Global HVAC LLC, Panasonic Corporation, Rheem Manufacturing Company, Samsung Electronics Co., Ltd., Siemens AG and Trane Technologies plc.
Key Developments:
In February 2023, Lennox International launched packaged rooftop units with the introduction of Xion and Enlight product lines. These new products reduce environmental impact by offering exceptional efficiency, sustainable design, and efficient service.
In January 2023, Trane launched the new AirfinityS rooftop air-to-air heat pump systems with variable speed compressors, adaptive frequency drive, and low GWP R-454B refrigerant.
Products Covered:
• Heating Systems
• Ventilation Systems
• Air Conditioning Systems
Technologies Covered:
• Conventional HVAC Systems
• Smart HVAC Systems
• Connected HVAC Systems
• Energy-Efficient HVAC Systems
End Users Covered:
• Residential
• Commercial
• Industrial
Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions
3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 Product Analysis
3.7 Technology Analysis
3.8 End User Analysis
3.9 Emerging Markets
3.10 Impact of Covid-19
4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry
5 Global Heating, Ventilation, and Air Conditioning (HVAC) Systems Market, By Product
5.1 Introduction
5.2 Heating Systems
5.2.1 Boilers
5.2.2 Furnaces
5.2.3 Heat Pumps
5.2.4 Radiant Heating Systems
5.2.5 Other Heating Systems
5.3 Ventilation Systems
5.3.1 Air Handling Units (AHUs)
5.3.2 Ducts and Grilles
5.3.3 Exhaust Systems
5.3.4 Fans and Blowers
5.3.5 Ventilation with Heat Recovery (VHR) Systems
5.3.6 Other Ventilation Systems
5.4 Air Conditioning Systems
5.4.1 Central Air Conditioners
5.4.2 Ductless Mini-Split Systems
5.4.3 Packaged Air Conditioners
5.4.4 Split Air Conditioners
5.4.5 Other Air Conditioning Systems
6 Global Heating, Ventilation, and Air Conditioning (HVAC) Systems Market, By Technology
6.1 Introduction
6.2 Conventional HVAC Systems
6.3 Smart HVAC Systems
6.4 Connected HVAC Systems
6.5 Energy-Efficient HVAC Systems
7 Global Heating, Ventilation, and Air Conditioning (HVAC) Systems Market, By End User
7.1 Introduction
7.2 Residential
7.3 Commercial
7.3.1 Data Centers
7.3.2 Educational Institutions
7.3.3 Hospitals
7.3.4 Hotels and Restaurants
7.3.5 Offices
7.3.6 Retail Stores
7.3.7 Other Commercial Segments
7.4 Industrial
7.4.1 Food Processing Plants
7.4.2 Manufacturing Facilities
7.4.3 Oil and Gas Refineries
7.4.4 Pharmaceutical Plants
7.4.5 Power Generation Plants
7.4.6 Other Industrial Segments
8 Global Heating, Ventilation, and Air Conditioning (HVAC) Systems Market, By Geography
8.1 Introduction
8.2 North America
8.2.1 US
8.2.2 Canada
8.2.3 Mexico
8.3 Europe
8.3.1 Germany
8.3.2 UK
8.3.3 Italy
8.3.4 France
8.3.5 Spain
8.3.6 Rest of Europe
8.4 Asia Pacific
8.4.1 Japan
8.4.2 China
8.4.3 India
8.4.4 Australia
8.4.5 New Zealand
8.4.6 South Korea
8.4.7 Rest of Asia Pacific
8.5 South America
8.5.1 Argentina
8.5.2 Brazil
8.5.3 Chile
8.5.4 Rest of South America
8.6 Middle East & Africa
8.6.1 Saudi Arabia
8.6.2 UAE
8.6.3 Qatar
8.6.4 South Africa
8.6.5 Rest of Middle East & Africa
9 Key Developments
9.1 Agreements, Partnerships, Collaborations and Joint Ventures
9.2 Acquisitions & Mergers
9.3 New Product Launch
9.4 Expansions
9.5 Other Key Strategies
10 Company Profiling
10.1 Bosch Thermotechnik GmbH
10.2 Carrier Global Corporation
10.3 Daikin Industries
10.4 Danfoss A/S
10.5 Emerson Electric Co.
10.6 Fujitsu General Ltd.
10.7 Gree Electric Appliances Inc.
10.8 Haier Group Corporation
10.9 Hitachi Ltd.
10.10 Honeywell International Inc.
10.11 Johnson Controls International plc
10.12 Lennox International Inc.
10.13 LG Electronics Inc.
10.14 Mitsubishi Electric Corporation
10.15 Nortek Global HVAC LLC
10.16 Panasonic Corporation
10.17 Rheem Manufacturing Company
10.18 Samsung Electronics Co., Ltd.
10.19 Siemens AG
10.20 Trane Technologies plc
List of Tables
1 Global Heating, Ventilation, and Air Conditioning (HVAC) Systems Market Outlook, By Region (2021-2030) ($MN)
2 Global Heating, Ventilation, and Air Conditioning (HVAC) Systems Market Outlook, By Product (2021-2030) ($MN)
3 Global Heating, Ventilation, and Air Conditioning (HVAC) Systems Market Outlook, By Heating Systems (2021-2030) ($MN)
4 Global Heating, Ventilation, and Air Conditioning (HVAC) Systems Market Outlook, By Boilers (2021-2030) ($MN)
5 Global Heating, Ventilation, and Air Conditioning (HVAC) Systems Market Outlook, By Furnaces (2021-2030) ($MN)
6 Global Heating, Ventilation, and Air Conditioning (HVAC) Systems Market Outlook, By Heat Pumps (2021-2030) ($MN)
7 Global Heating, Ventilation, and Air Conditioning (HVAC) Systems Market Outlook, By Radiant Heating Systems (2021-2030) ($MN)
8 Global Heating, Ventilation, and Air Conditioning (HVAC) Systems Market Outlook, By Other Heating Systems (2021-2030) ($MN)
9 Global Heating, Ventilation, and Air Conditioning (HVAC) Systems Market Outlook, By Ventilation Systems (2021-2030) ($MN)
10 Global Heating, Ventilation, and Air Conditioning (HVAC) Systems Market Outlook, By Air Handling Units (AHUs) (2021-2030) ($MN)
11 Global Heating, Ventilation, and Air Conditioning (HVAC) Systems Market Outlook, By Ducts and Grilles (2021-2030) ($MN)
12 Global Heating, Ventilation, and Air Conditioning (HVAC) Systems Market Outlook, By Exhaust Systems (2021-2030) ($MN)
13 Global Heating, Ventilation, and Air Conditioning (HVAC) Systems Market Outlook, By Fans and Blowers (2021-2030) ($MN)
14 Global Heating, Ventilation, and Air Conditioning (HVAC) Systems Market Outlook, By Ventilation with Heat Recovery (VHR) Systems (2021-2030) ($MN)
15 Global Heating, Ventilation, and Air Conditioning (HVAC) Systems Market Outlook, By Other Ventilation Systems (2021-2030) ($MN)
16 Global Heating, Ventilation, and Air Conditioning (HVAC) Systems Market Outlook, By Air Conditioning Systems (2021-2030) ($MN)
17 Global Heating, Ventilation, and Air Conditioning (HVAC) Systems Market Outlook, By Central Air Conditioners (2021-2030) ($MN)
18 Global Heating, Ventilation, and Air Conditioning (HVAC) Systems Market Outlook, By Ductless Mini-Split Systems (2021-2030) ($MN)
19 Global Heating, Ventilation, and Air Conditioning (HVAC) Systems Market Outlook, By Packaged Air Conditioners (2021-2030) ($MN)
20 Global Heating, Ventilation, and Air Conditioning (HVAC) Systems Market Outlook, By Split Air Conditioners (2021-2030) ($MN)
21 Global Heating, Ventilation, and Air Conditioning (HVAC) Systems Market Outlook, By Other Air Conditioning Systems (2021-2030) ($MN)
22 Global Heating, Ventilation, and Air Conditioning (HVAC) Systems Market Outlook, By Technology (2021-2030) ($MN)
23 Global Heating, Ventilation, and Air Conditioning (HVAC) Systems Market Outlook, By Conventional HVAC Systems (2021-2030) ($MN)
24 Global Heating, Ventilation, and Air Conditioning (HVAC) Systems Market Outlook, By Smart HVAC Systems (2021-2030) ($MN)
25 Global Heating, Ventilation, and Air Conditioning (HVAC) Systems Market Outlook, By Connected HVAC Systems (2021-2030) ($MN)
26 Global Heating, Ventilation, and Air Conditioning (HVAC) Systems Market Outlook, By Energy-Efficient HVAC Systems (2021-2030) ($MN)
27 Global Heating, Ventilation, and Air Conditioning (HVAC) Systems Market Outlook, By End User (2021-2030) ($MN)
28 Global Heating, Ventilation, and Air Conditioning (HVAC) Systems Market Outlook, By Residential (2021-2030) ($MN)
29 Global Heating, Ventilation, and Air Conditioning (HVAC) Systems Market Outlook, By Commercial (2021-2030) ($MN)
30 Global Heating, Ventilation, and Air Conditioning (HVAC) Systems Market Outlook, By Data Centers (2021-2030) ($MN)
31 Global Heating, Ventilation, and Air Conditioning (HVAC) Systems Market Outlook, By Educational Institutions (2021-2030) ($MN)
32 Global Heating, Ventilation, and Air Conditioning (HVAC) Systems Market Outlook, By Hospitals (2021-2030) ($MN)
33 Global Heating, Ventilation, and Air Conditioning (HVAC) Systems Market Outlook, By Hotels and Restaurants (2021-2030) ($MN)
34 Global Heating, Ventilation, and Air Conditioning (HVAC) Systems Market Outlook, By Offices (2021-2030) ($MN)
35 Global Heating, Ventilation, and Air Conditioning (HVAC) Systems Market Outlook, By Retail Stores (2021-2030) ($MN)
36 Global Heating, Ventilation, and Air Conditioning (HVAC) Systems Market Outlook, By Other Commercial Segments (2021-2030) ($MN)
37 Global Heating, Ventilation, and Air Conditioning (HVAC) Systems Market Outlook, By Industrial (2021-2030) ($MN)
38 Global Heating, Ventilation, and Air Conditioning (HVAC) Systems Market Outlook, By Food Processing Plants (2021-2030) ($MN)
39 Global Heating, Ventilation, and Air Conditioning (HVAC) Systems Market Outlook, By Manufacturing Facilities (2021-2030) ($MN)
40 Global Heating, Ventilation, and Air Conditioning (HVAC) Systems Market Outlook, By Oil and Gas Refineries (2021-2030) ($MN)
41 Global Heating, Ventilation, and Air Conditioning (HVAC) Systems Market Outlook, By Pharmaceutical Plants (2021-2030) ($MN)
42 Global Heating, Ventilation, and Air Conditioning (HVAC) Systems Market Outlook, By Power Generation Plants (2021-2030) ($MN)
43 Global Heating, Ventilation, and Air Conditioning (HVAC) Systems Market Outlook, By Other Industrial Segments (2021-2030) ($MN)
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.
List of Figures
RESEARCH METHODOLOGY
We at ‘Stratistics’ opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.
Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.
Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.
Data Mining
The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.
Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.
Data Analysis
From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:
- Product Lifecycle Analysis
- Competitor analysis
- Risk analysis
- Porters Analysis
- PESTEL Analysis
- SWOT Analysis
The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.
Data Validation
The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.
We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.
The data validation involves the primary research from the industry experts belonging to:
- Leading Companies
- Suppliers & Distributors
- Manufacturers
- Consumers
- Industry/Strategic Consultants
Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.
For more details about research methodology, kindly write to us at info@strategymrc.com
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