Pune, India, Oct. 30, 2023 (GLOBE NEWSWIRE) -- According to Fortune Business Insights, the global HVAC System Market size was valued at USD 150.04 billion in 2022. The market is market is anticipated to grow from USD 157.71 billion in 2023 to USD 228.74 billion by 2030, exhibiting a CAGR of 5.5% over the estimated period. The HVAC (Heating, Ventilation, and Cooling) System market is experiencing a period of significant and sustained growth. This growth can be attributed to a combination of factors that reflect the evolving demands of modern society. With increasing urbanization, the need for efficient climate control systems in both residential and commercial settings has never been greater “Heating, Ventilation, and Cooling (HVAC) System Market Size, Share & Industry Analysis, By Machine Type, By End User and Regional Forecast, 2023-2030.”
HVAC System Industry Development:
May 2021 – Johnson Controls introduced "R-454B," a low-GWP primary refrigerant, to the company's commercial facilities and residential North American ducted products and air-cooled screw chillers. By doing so, the company is once again fighting against climate change for a sustainable planet.
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Report Scope & Segmentation:
| Report Coverage | Details |
| Forecast Period | 2023 to 2030 |
| Forecast Period 2023 to 2030 CAGR | 5.5% |
| 2030 Value Projection | 228.74 billion |
| Base Year | 2022 |
| Heating, Ventilation, and Cooling (HVAC) System Market Size in 2022 | 150.04 billion |
| Historical Data for | 2019-2021 |
| No. of Pages | 120 |
| Segments covered | By Type, By Application, By Region |
HVAC System Market Drivers and Restraints:
Rising Construction Activities to Escalate Market
Growing construction activities that include the construction of theme parks, sports, hotels, government and private offices, convention centers, and others assist the HVAC market. Renovation of buildings is another major source of revenue as newer installations of HVAC systems are likely to increase the HVAC market share.
However, low availability of skilled labor may restrain the Heating, Ventilation, and Cooling (HVAC) System Market growth.
To get to know more about the short-term and long-term impact of COVID-19 on this market, please visit: https://www.fortunebusinessinsights.com/heating-ventilation-and-cooling-hvac-system-market-102664
Report Coverage:
- It assimilates key market drivers and restraints.
- It profiles the rankings of key market players accordingly.
- It includes key market developments and information on different market segments.
- It provides a comprehensive market assessment.
- It assesses the COVID-19 pandemic’s impact on the market.
HVAC System Market Segmentation Analysis:
Cost-Saving Features to Boost Variable Refrigerant Flow (VRF) System Sales
By type, the market is divided into variable refrigerant flow (VRF) systems, chillers, single split, and others. Variable Refrigerant Flow (VRF) systems are anticipated to grow during the forecast period due to the environmental and economic nature of VRF systems.
Growing Building Construction to Boost Commercial Segment
The market is divided into commercial, industrial, and residential. Due to smart and green technologies for automation systems, the commercial heating, ventilation, and cooling (HVAC) segment is expected to grow with a significant CAGR during the forecast period.
Geographically, the market is studied across North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
COVID-19 Impact:
Pandemic Restriction Halted Transportation resulting in a Shortage of Semiconductor Chips
The COVID-19 pandemic restrictions hampered the routine operations of car manufacturing companies. The sudden halt declined the GDP of numerous economies in Asia Pacific, resulting in a shortage of semiconductor chips which created huge problems for significant companies in the HVAC market.
HVAC System Market Competitive Landscape:
Key Players Aim Toward Developing Advanced Products to Function Efficiently
Businesses are focusing on creating solutions in collaboration with IoT. The companies aim to develop products where all components can be connected for smooth operations and management using intelligent control solutions.
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HVAC System Market Regional Insights:
Asia Pacific Dominates the Market Due to Growing Construction
Asia Pacific dominates the Heating, Ventilation, and Cooling (HVAC) System Market and was valued at 73.73 billion in 2022. During the forecast period, China is expected to reach USD 21.81 billion. Countries such as China, India, and Japan are seeing a rise in construction activities and are likely to sustain growth in the future.
Europe is expected to witness substantial growth as Germany and France account for a major share of the market.
List of HVAC System Key Manufacturers:
- Johnson Controls (Ireland)
- DAIKIN INDUSTRIES, Ltd. (Japan)
- Lennox International Inc. (U.S.)
- Carrier (U.S.)
- Mitsubishi Electric Corporation (Japan)
- Nortek Global HVAC LLC (U.S.)
- LG Electronics (South Korea)
- Emerson Electric Co. (U.S.)
- Trane (Ireland)
- SAMSUNG (South Korea)
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Table of Content:
- Introduction
- Definition, By Segment
- Research Methodology/Approach
- Data Sources
- Executive Summary
- Market Dynamics
- Macro and Micro Economic Indicators
- Drivers, Restraints, Opportunities and Trends
- Impact of COVID-19
- Short-term Impact
- Long-term Impact
- Competition Landscape
- Business Strategies Adopted by Key Players
- Consolidated SWOT Analysis of Key Players
- Global Heating, Ventilation, and Cooling (HVAC) System Key Players Market Share Insights and Analysis, 2022
- Global Heating, Ventilation, and Cooling (HVAC) System Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2019-2030
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- Key Findings
- By Type (USD Bn)
- Single Splits
- Variable Refrigerant Flow (VRF) Systems
- Chillers
- Others (Multi-split systems, etc.)
- By Application (USD Bn)
- Commercial
- Residential
- Industrial
- By Region (USD Bn)
- North America
- Europe
- Asia-Pacific
- Middle East & Africa
- Latin America
-
Continued…
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