New York, US, June 07, 2023 (GLOBE NEWSWIRE) -- According to a Comprehensive Report by MRFR/Market Research Future (MRFR), “Heating, Ventilation and Air Conditioning Market Research Report Information by Components, Region, Systems, and Revenue Source - Forecast Till 2032”, the global Heating, Ventilation and Air Conditioning market research predicts that the market is likely to bolster substantially during the review era from 2022 to 2030 at a substantial growth rate of around 6.05%. The reports further predict that the Heating, Ventilation, and Air Conditioning market size will be nearly USD 2,23,611.8 million by the end of 2030. The study reports that the market was worth nearly USD 1,39,768.5 million in 2022.
Heating, Ventilation, and Air Conditioning Market Overview:
The global Heating, Ventilation, and Air Conditioning industry has in recent years has displayed enormous advancement. The primary parameter causing a surge in the performance of the market is the Increasing Preference for VRF Technology across the globe. Furthermore, factors such as a move to decarbonization and cleaner air, integrating IoT in heating, decreasing reliance on fuel-based equipment, and the trend towards comfort are also projected to positively impact the market performance over the coming years.
Competitive Analysis
The listing of the prominent leaders across the global market for Heating, Ventilation, and Air Conditioning includes players such as:
- Zamil Air Conditioners
- Honeywell International
- Daikin
- Gree Electric Appliances Inc
- Lennox International
- Johnson Controls
- Ingersoll Rand
- Siemens Building Technologies
- Samsung Electronics
- Fujitsu General
- Among others.
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Heating, Ventilation, and Air Conditioning Market USP Covered
Market Drivers
The global Heating, Ventilation, and Air Conditioning industry has in recent years has displayed enormous advancement. The primary parameter causing a surge in the performance of the market is the Increasing Preference for VRF Technology across the globe. Furthermore, factors such as a move to decarbonization and cleaner air, integrating IoT in heating, decreasing reliance on fuel-based equipment, and the trend towards comfort are also projected to positively impact the market performance over the coming years.
Market Restraints
However, some aspects may limit the market's performance. The main aspect limiting the market's development is the high costs linked.
Heating, Ventilation, and Air Conditioning Market Report Scope:
| Report Metrics | Details |
| Market Size 2030 | 2030: USD 2,23,611.8 million |
| CAGR during 2022-2030 | 6.05% CAGR |
| Base Year | 2021 |
| Forecast | 2022-2030 |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Systems, Components, Revenue Source and Region |
| Key Market Opportunities | HVAC Demand Increases Due to Increasing Preference for VRF Technology |
| Key Market Dynamics | Customers are looking for products with smart features and energy efficiency Need to maintain an ambient environment in buildings despite varying climatic conditions |
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COVID-19 Impact
The global health hazard in the shape of COVID-19 has impacted the majority of the industry operations in the last few years. The health emergency not only had affected the industry operations but also has had tremendously impacted the public health in general in nearly 225 nations. The Heating, Ventilation, and Air Conditioning industry was no exception to this. The supply chain disruptions along with the partial or complete lockdowns around various regions worldwide led to having a several disruptions in the market operations. However, with rapid recovery of the global economy, the market is anticipated to showcase a substantial development over the review era.
Heating, Ventilation, and Air Conditioning Market Segment Analysis
Among all the system types, the humidity heating, ventilation, and air conditioning (HVAC) segment secured the top spot across the HVAC system market in 2021, with the largest contribution of nearly 54-57%. Cooling is projected to account for over 10% of the world's electricity consumption, as per the International Energy Agency (IEA). This massive statistic might explain why the cooling segment has ruled the HVAC market.
Among all the revenue sources, the HVAC controls segment secured the top spot across the HVAC system market in 2021. Smart homes are undergoing consolidation, and construction is growing rapidly. IoT-powered HVAC systems are emerging, and energy consumption in buildings is rising. All of these parameters catalyze the growth of the segment.
Heating, Ventilation, and Air Conditioning Market Regional Analysis
The research reports by MRFR suggest that the North American Region held the top position across the global Heating, Ventilation, and Air Conditioning industry in 2022, with the largest contribution of nearly USD 44,027.1 million. The Region has Canada and the U.S. as the leading growth contributors. The Growing demand from residential sectors causing several heating, ventilation, and air conditioning system manufacturers to develop smart heating, ventilation, and air conditioning systems compatible with smart devices, green technology, and higher energy efficiency is the main parameter supporting the regional market expansion.
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The European regional Heating, Ventilation, and Air Conditioning (HVAC) System Market is anticipated to ensure the second spot across the globe over the coming years, given mainly to the escalating demand for commercial heating, ventilation, and cooling systems across European nations. Further, the German HVAC System Market held the largest market share, and the U.K. was the fastest-growing market in the European Region.
The Asia-Pacific Heating, Ventilation, and Air Conditioning (HVAC) System Market will showcase maximum growth over the coming years. The main parameter supporting the regional market expansion is the development of products tailored to regional requirements in order to cater to customers' increasing spending power. Moreover, China's HVAC System Market held the largest market share, and the Indian HVAC System Market was the fastest-growing market in the Asia-Pacific region.
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Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis regarding diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
