Dublin, May 29, 2024 (GLOBE NEWSWIRE) -- The "Global HVAC System Market Outlook, 2029" report has been added to ResearchAndMarkets.com's offering.
According to the report, the market is anticipated to cross USD 315 billion by 2029, increasing from USD 246.35 billion in 2023. The market is expected to grow with 4.47% CAGR by 2024-29.
Rapid urbanization around the world is leading to the construction of new residential, commercial, and industrial buildings. All of these structures require HVAC systems to provide climate control and maintain indoor air quality. Innovations in HVAC technology, such as smart thermostats, zoning systems, and variable-speed motors, are making HVAC systems more efficient, convenient, and appealing to consumers.
Market Drivers
- Energy Efficiency and Sustainability: The drive for energy-efficient and sustainable HVAC systems is increasing due to rising energy costs, environmental concerns, and government regulations. Manufacturers are focusing on developing systems that offer higher efficiency, lower emissions, and the use of renewable energy sources such as solar power or geothermal energy.
- Technological Advancements: Advances in HVAC technology, including smart thermostats, IoT integration, and data analytics, have revolutionized the industry. These innovations offer improved control, monitoring, and optimization of HVAC systems, making them more efficient, user-friendly, and responsive to individual preferences.
Market Challenges
- Skilled Labor Shortage: The HVAC industry is facing a shortage of skilled workers, particularly as the existing workforce ages and younger generations show less interest in entering the field. This shortage affects system design, installation, and maintenance, potentially impacting overall industry growth and performance.
- Supply Chain Disruptions: The global HVAC industry relies on complex supply chains for components and materials. Disruptions caused by trade disputes, natural disasters, or global health crises can lead to delays and increased costs, affecting production schedules and the availability of HVAC systems.
Market Trends
- Decarbonization and Electrification: HVAC systems are increasingly moving towards decarbonization and electrification to reduce carbon emissions and reliance on fossil fuels. Heat pumps and other electric-based systems are becoming popular alternatives to traditional heating and cooling methods, promoting sustainability.
- Focus on Indoor Air Quality (IAQ): The importance of indoor air quality has become more prominent due to health concerns, particularly highlighted during the COVID-19 pandemic. HVAC systems are incorporating advanced filtration, air purification, and ventilation technologies to improve IAQ and provide healthier indoor environments for occupants.
Recent Developments
- In April 2023, Johnson Controls announced an investment in a partnership with the International WELL Building Institute i.e., IWBI, to support its vow to healthy building solutions for employees and customers.
- In January 2023, Lennox Industries introduced the new Lennox S40 Smart Thermostat and accessories, comprising the Lennox Smart Room Sensor & Lennox Smart Air Quality Monitor.
- 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 Airfinity S rooftop air-to-air heat pump systems with variable speed compressors, adaptive frequency drive, and low GWP R-454B refrigerant.
- SAMSUNG announced a new range of WindFree AC. It involves AI technology that auto-cools the surroundings by reducing energy consumption by 77%. Furthermore, it has a motion detector sensor, voice control, and welcome cooling. Some of the models of this AC have an in-built air purifier that filters PM2.5 particles.
Considered in this report:
- Historic year: 2018
- Base year: 2023
- Estimated year: 2024
- Forecast year: 2029
Key Attributes
| Report Attribute | Details |
| No. of Pages | 199 |
| Forecast Period | 2023-2029 |
| Estimated Market Value (USD) in 2023 | $246.35 Billion |
| Forecasted Market Value (USD) by 2029 | $315 Billion |
| Compound Annual Growth Rate | 4.4% |
| Regions Covered | Global |
Key Topics Covered
1 Executive Summary
2 Market Dynamics
2.1 Market Drivers & Opportunities
2.2 Market Restraints & Challenges
2.3 Market Trends
2.4 COVID-19 Effect
2.5 Supply chain Analysis
2.6 Policy & Regulatory Framework
2.7 Industry Experts Views
3 Research Methodology
3.1 Secondary Research
3.2 Primary Data Collection
3.3 Market Formation & Validation
3.4 Report Writing, Quality Check & Delivery
4 Market Structure
4.1 Market Considerate
4.2 Assumptions
4.3 Limitations
4.4 Abbreviations
4.5 Sources
4.6 Definitions
5 Economic/Demographic Snapshot
6 Global HVAC System Market Outlook
6.1 Market Size By Value
6.2 Market Share By Region
6.3 Market Size and Forecast, By Geography
6.4 Market Size and Forecast, By Equipment Type
6.5 Market Size and Forecast, By End User
7 North America HVAC System Market Outlook
8 Europe HVAC System Market Outlook
9 Asia-Pacific HVAC System Market Outlook
10 South America HVAC System Market Outlook
11 Middle East & Africa HVAC System Market Outlook
12 Competitive Landscape
12.1 Competitive Dashboard
12.2 Business Strategies Adopted by Key Players
12.3 Key Players Market Share Insights and Analysis, 2022
12.4 Key Players Market Positioning Matrix
12.5 Porter's Five Forces
12.6 Company Profiles
13 Strategic Recommendations
14 Annexure
A selection of companies mentioned in this report includes, but is not limited to:
- Daikin Industries, Ltd.
- Johnson Controls International plc
- Carrier Global Corporation
- Samsung Electronics Co. Ltd.
- Trane Technologies plc
- LG Corporation
- Emerson Electric Co.
- Honeywell International Inc
- Mitsubishi Electric Corporation
- Panasonic Holdings Corporation
- Rheem Manufacturing Company
- Midea Group
- Danfoss A/S
- Lennox International Inc.
- Blue Star Ltd.
- Haier Group Corporation
- Fujitsu Limited
- ABM Industries Inc.
- Whirlpool Corporation
- Voltas Limited
For more information about this report visit https://www.researchandmarkets.com/r/ot19l2
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