Pune, India, Aug. 25, 2023 (GLOBE NEWSWIRE) -- IoT sensors installed on HVAC equipment can increase energy efficiency by monitoring usage trends and even considering weather predictions as they provide access to real-time data. The end effect is improved interior climate management with little electricity use. HVAC systems can be a significant component of IoT-enabled smart grid connectivity. IoT technology makes remote system monitoring possible, allowing users to identify issues from a distance by consulting a smartphone app or online portal. For Instance, some sensors track vital information, such as pressure, vibration, flow, temperature, humidity, on-off cycles, and fault tolerance for providing leak detection information. The need for replacement of traditional HVAC systems with newer HVAC systems, and the growing adoption of low global warming potential refrigerants are some of the factors likely to provide new opportunities for market vendors during 2022-2030.
HVAC System Market in terms of revenue was estimated to be worth $246.10 billion in 2022 and is poised to reach $597.7 billion by 2030, growing at a CAGR of 11.3% from 2022 to 2030 according to a new report published by The Insight Partners.
The demand for heating or cooling that is implemented by the HVAC systems is driven by the increasing need in industrial, commercial building spaces, or residential areas. Growing demand from commercial establishments is expected to boost the market growth.
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Browse Comprehensive TOC on "HVAC System Market Forecast to 2030 - COVID-19 Impact and Global Analysis by Component (Thermostat, Air Handling Units, Central ACs, Furnace, Heat Pump, Compressor, and Others), Type (Split System, Ductless System, and Packaged System), Implementation (New Installation and Retrofit), and Application (Residential, Commercial, and Industrial)"
List of Tables - 110
List of Figures - 95
No. of Pages - 185
Global HVAC System Market Scope:
| Report Coverage | Details |
| Market Size Value in | $246.10 billion in 2022 |
| Market Size Value by | $597.7 billion by 2030 |
| Growth rate | CAGR of 11.3% from 2022 to 2030 |
| Forecast Period | 2022-2030 |
| Base Year | 2022 |
| Segments covered | Component, Type, Implementation, and Application |
| Regional scope | North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South & Central America. |
| Country scope | Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
The HVAC system market size is segmented into five major regions—North America, Europe, Asia Pacific (APAC), the Middle East and Africa (MEA), and South America (SAM). Being home to several industries focusing on decreasing energy consumption and lowering carbon footprint, Europe is pioneering advanced HVAC system adoption. Europe has been at the forefront in fighting global warming, and several regulations have been framed to tackle the same. Reducing energy consumption of residential and commercial buildings is also gaining importance in the region. Such factors collectively promote the HVAC system market growth.
North America accounted for the largest global HVAC system market share in 2023. It is the most technologically advanced region, with major economies such as the US, Canada, and Mexico. The growth in the construction industry in the US is positively impacting the HVAC system market growth in the region. The country has witnessed rising activity in the industrial sector, comprising manufacturing facilities, and other institutional and industrial facilities, which have been driving the market demand for HVAC systems. The federal government is progressively regulating hydrofluorocarbon consumption, and HVAC system market players in the US are continually responding to this. Up to 50% of the R410A refrigerant, which is known to be utilized in contemporary HVAC systems in the US, is made up of hydrofluorocarbons such as R-32. R-32 is the best choice as it offers energy efficiency, high thermal conductivity, and low toxicity. In December 2021, Daikin launched its first R-32 System in the US. R-32 is an optimal low global warming potential (GWP) substitute for R310A for many important residential, light commercial, and applied products in North America. Such advancements from major players in the market are driving the HVAC system market growth across North America.
HVAC System Market Analysis: Type Overview
Based on type, the HVAC system market is segmented into split system, ductless system, and packaged system. Ductless system can be used in a variety of residential settings. The most frequent usage is in multifamily buildings or as a retrofit addition to premises that already has non-ducted heating systems such as hydronic, radiant panels, and space heaters. Split HVAC system is divided into two independent components, one of which serves as a heating unit and the other as a cooling unit, as the name would imply. It is emphasized that these systems have distinguishable indoor and outdoor units. These HVAC items have an exterior cooling system with coils, compressors, and refrigerants to chill the air and a fan to exhaust hot air. These are essentially air conditioning units that are maintained outside of homes and used in the summer season. A furnace and an air conditioner are part of a typical HVAC setup, whereas a furnace and a heat pump are part of a hybrid split system. Due to its capacity to switch between oil and gas depending on price, a hybrid split system is energy efficient. In terms of HVAC system market share, split system dominates the HVAC industry.
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HVAC System Market: Competitive Landscape and Key Developments
Daikin Industries, Ltd.; Emerson Electric Co.; Rheem Manufacturing Company; Honeywell International Ltd.; Johnson Controls International plc; LG Electronics, Inc.; EVAPCO; Lennox International; Carrier AG and Trane Technologies, Inc. are among the key HVAC system market players profiled during this study. In addition, several other important HVAC system market players have been studied and analyzed during the study to get a holistic view of the HVAC system market and its ecosystem.
HVAC System Market - Key Industry Dynamics:
Drivers:
- Rise in Demand for Energy-efficient Solutions
- Growth in Government Regulatory Policies for Energy Saving and Conservation
- Development of Smart HVAC System Promoting Demand
Restraints:
- Lack of Skilled Technical Workforce
- Higher Upfront Cost of Installation, Repair, and Maintenance of HVAC System
Opportunities:
- Need for Replacement of Traditional HVAC Systems with Newer HVAC Systems
- Growing Adoption of Low Global Warming Potential Refrigerant
Future Trends:
- Integration of IoT into HVAC Systems
Recent Developments:
In 2022, DAIKIN announced the expansion of its new heat pump heating factory in Poland. The company announced an investment of around US$ 300 million toward the factory. The new production base will start operations in July 2024 to meet the rapidly increasing demand for heat pumps in Europe.
In 2022, Rheem Manufacturing company has announced the acquisition of DEJONG from Nordian Capital. The acquisition will accelerate growth and expansion for European manufacturers and expand product offerings for the Rheem manufacturing company.
In 2021, Johnson Controls announced a program in partnership with Fundient Capital LLC. The Ultimate Home Comfort is a 10-year residential HVAC program that provides homeowners with highly efficient heating and cooling options. The program is being offered through the YORK brand of Johnson Controls.
Report Spotlights:
- Progressive industry trends in the HVAC system market to help players develop effective long-term strategies
- Business growth strategies adopted by developed and developing markets
- Quantitative analysis of the HVAC system market from 2022 to 2030
- Estimation of global demand for HVAC system
- PEST analysis to illustrate the efficacy of buyers and suppliers operating in the industry
- Recent developments to understand the competitive market scenario
- Market trends and outlook as well as factors driving and restraining the growth of the HVAC system market
- Assistance in the decision-making process by highlighting market strategies that underpin commercial interest, leading to the market growth
- Size of the HVAC system market size at various nodes
- Detailed overview and segmentation of the market, as well as the HVAC system industry dynamics
- Size of the HVAC system market in various regions with promising growth opportunities
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