New York, US, Feb. 22, 2023 (GLOBE NEWSWIRE) -- According to a Comprehensive Research Report by Market Research Future (MRFR),”Heating, Ventilation and Air Conditioning Market/HVAC System Market Research Report Information by Systems, By Components, By Revenue Source, And by Region – Market Forecast Till 2030”, expects the market valuation to escalate from USD 1,48,224.5 MN in 2022 to USD 2,23,611.8 MN by 2030, growing at 6.05% CAGR during the assessment period (2022 - 2030).
Heating, Ventilation, and Air Conditioning System (HVAC) Market Overview
The global heating, ventilation, and air conditioning system (HVAC) market demonstrates tremendous future opportunities. The advantages of heating, ventilation, and air conditioning systems largely drive the market. Heating, Ventilation, and Air-Conditioning (HVAC) systems offer adequate ventilation with filtration and thermal comfort. These systems are used to maintain good indoor air quality. With growing technological advances, HVAC systems are evolving to offer cost-competitive solutions for providing an appropriate quantity and quality indoor air, enabling lower energy costs and easier maintenance.
Governments have realized that the most pressing crises of any city are interconnected. Also, prioritizing investments in green projects and public housing pays off well by benefiting to government's climate agenda. Advanced heating and cooling solutions can reduce greenhouse gas emissions while improving resident comfort.
Players leading the heating, ventilation, and air conditioning system (HVAC) market includes,
- Daikin
- Zamil Air Conditioners
- Lennox International
- Samsung Electronics
- Ingersoll Rand
- Siemens Building Technologies
- Gree Electric Appliances Inc.
- Johnson Controls
- Fujitsu General
- Honeywell International
- Among others.
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Therefore, governments support R&D activities to develop and advance heating and cooling technology. Everybody deserves high-quality homes, and governments take aggressive measures to help residents to have safe, quality, liveable, and affordable housing.
HVAC system manufacturers develop top-of-the-line technology that can help reduce carbon footprint and allow users to heat and cool their homes/homes/ building structures while protecting them from health issues like asthma. They invest substantially in developing and producing heating, ventilation, and air conditioning systems.
Heating, Ventilation, and Air Conditioning System (HVAC) Market Report Scope:
| Report Metrics | Details |
| Market Size 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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Industry Trends
The rising demand for sustainable indoor air quality solutions and global demand for highly efficient commercial HVACs drive market growth. Moreover, the growing government focus on building resilience from polluted outside air and action to support sustainable cooling and decarbonization substantiates market size. Advances in ventilation technology have been aiding in improving humidity control and indoor air quality.
The demand for ventilation technology is growing in commercial setups to safely clean indoor air in buildings and reduce cooling loads associated with conditioning large volumes of outside air. Increasing government support and incentive policies for the development & deployment of HVACs in commercial spaces escalate the market value.
Besides, the rapid uptake of heating, ventilation, and air conditioning systems in large & small offices, hospitals, shopping malls, and restaurants boosts the market size. Conversely, high costs associated with HVAC deployment are major factors projected to hamper the market growth. The upfront mechanical costs of these systems are higher.
However, considering the low maintenance cost and energy savings offered by HVACs, they are a practical solution for a quick return on investments. The right HVAC solutions have low impacts from an aesthetic, maintenance, and operational sound standpoint. The indoor comfort levels also translate to outdoor amenities and generate low energy bills.
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Heating, Ventilation, and Air Conditioning System (HVAC) Market Segments
The heating, ventilation, and air conditioning system (HVAC) market report is segmented into system types, components, revenue sources, and regions. The system type segment is sub-segmented into heating, ventilation, humidity, and integrated controls. The component segment is sub-segmented into sensors, controls, and control devices. The revenue source segment is sub-segmented into HVAC controls and building energy management systems (BEMS). The region segment comprises the Americas, Asia-Pacific, Middle East & Africa, Europe, and the rest of the world.
Heating, Ventilation, and Air Conditioning System (HVAC) Market Geographical Analysis
North America dominates the global heating, ventilation, and air conditioning system (HVAC) market. Growing demands for heating solutions from residential sectors and large technological advances in HVAC systems drive market growth. HVAC manufacturers in North America are increasingly focusing on developing smart HVAC systems with green technology compatible with smart devices. Rising deployments of energy-efficient HVAC systems in various offices and commercial spaces boost the market size.
APAC is emerging as a promising heating, ventilation, and air conditioning market. The increase in urbanization and government initiatives to ensure the utilization of energy-efficient HVAC systems in newly constructed office buildings substantiate the market growth.
India, Australia, and Indonesia are the largest markets for HVAC due to the growing industrialization and rising spending on energy-efficient cooling systems in commercial constructions. India represents a compelling market for HVAC products with its robust commercial construction growth. International players are increasingly expanding their footprints into the Indian market, forming exclusive reseller agreements with local players.
Heating, Ventilation, and Air Conditioning System (HVAC) Market Competitive Analysis
The HVAC market appears highly competitive, with the presence of prominent companies having an international and regional presence. These companies aggressively target increased participation through collaborations to expand their operations and offerings to target potential clientele.
Industry players strive to develop new HVAC solutions that can offer an energy-efficient and cost-effective solution for smaller spaces such as shops, restaurants, etc. while offering ease of installation to contractors & technicians. The market would witness intensified competition with innovations, increased R&D investments, and M&A.
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For instance, on Feb.07, 2023, LG Electronics showcased its latest HVAC (heating, ventilation, and air conditioning) solutions at AHR Expo 2023. AHR Expo is the largest heating, ventilation, and air conditioning event in the US.
LG's higher efficiency, customized solutions for commercial and residential applications include Variable Refrigerant Flow (VRF) systems, higher energy-efficient heat pumps, indoor air quality solutions, and flexible building automation and connectivity products. The company plans to continue introducing advanced HVAC solutions to maximize customer value and expand its presence in the global air conditioning market.
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