HVAC Market Size & Share Analysis - Trends, Drivers, Competitive Landscape, and Forecasts (2024-2030)

Description

Market Overview

The HVAC market size stood at USD 223.7 billion in 2023, and it is expected to grow at a CAGR of 5.4% during 2024-2030, to reach USD 319.8 billion by 2030.

A key reason why the market will consistently gain customers is fluctuation of world climatic conditions and maintaining a habitable indoor environment. The combination of the two will lead towards industry growth. Today, many customers are looking for smart functions and high power efficiency. As the trend is growing well this over the next few years it will likely to be more popular.

Room sales in jus in the European area estimated $6.87 billion by 2022, H1. Within the EEA, the U.K. became the most-active hotel investment market, reaching approximately $1.98 billion of transacted value (traded value became 40% higher than during the H1 2021). Investors seem not to care about the recent politically instable U.K., as a lot of portfolio deals (like Tristan's acquisition of a majority stake at Point a Hotels and KSL's investment in Pig Hotels U.K.) have successfully closed recently (which was brokered by Cushman & Wakefield).

In addition, in France, the extremely high appeal of the hotel market hotel commercial activity and the considerable number of resorts have cheerfully favored the profitable development of transaction level during H1 2022, with the value counted almost $921 million (+10%).

Key Insights

The services category is expected to grow at a CAGR of 5.9% from 2024 to 2030 and held a market share of 55.6% in 2023.

The fact that HVAC services have become a must-have partly explains the expansion, thus making sure that the HVAC system work with maximum efficiency and has minimum possibility of a breakdown.

Seemingly small issues such as improperly working HVAC systems caused by lack of maintenance lead to energy wastage and increased time consumption in comparison with optimally consumed energy by around 20% for systems properly maintained.

Not routine maintenance leads to diminished air filtration efficiency. This happens due to clogged filters and coils under high temperatures which may contain mold or bacteria and can therefore create health problems.

Correctly maintained HVAC units can serve up to 15-20 years of service life, but those without maintaining may fail at 15 years or even less.

Support services comprise visual HVAC technician inspections for locating system problems and fixes as well as system fixing recommendations.

The commercial category holds over 40% of the HVAC market share in 2023 due to the large size of commercial buildings like office complexes, hotels, malls, and educational institutions, requiring extensive HVAC systems for temperature and air quality control.

Sales revenue in APAC is expected to reach USD 170 billion by 2030, driven by factors like rising temperatures in countries such as India, China, Japan, South Korea, and Indonesia, which increases the demand for air conditioning equipment.

The construction sector's growth in APAC, particularly in India and China, is another significant factor propelling the HVAC market in the region.

The increasing population and rising disposable income in countries like China, India, and Indonesia contribute to the growth of the construction sector and subsequently the HVAC market.

The growing tourism industry in APAC, promoted by government bodies to attract foreign exchange and promote native cultures, boosts the demand for HVAC equipment and services.

Medical tourism in APAC, offering cost-effective healthcare services, further contributes to the demand for HVAC systems in medical facilities.

Major sports events in the region attract a large number of visitors, leading to the growth of hotels and commercial spaces, driving the commercial HVAC market.

Product Code: 10602

Chapter 1. Research Scope

1.1. Research Objectives
1.2. Market Definition
1.3. Analysis Period
1.4. Market Size Breakdown by Segments
- 1.4.1. Market size breakdown, by offering
- 1.4.2. Market size breakdown, by end user
- 1.4.3. Market size breakdown, by region
- 1.4.4. Market size breakdown, by country
1.5. Market Data Reporting Unit
- 1.5.1. Value
1.6. Key Stakeholders

Chapter 2. Research Methodology

2.1. Secondary Research
- 2.1.1. Paid
- 2.1.2. Unpaid
- 2.1.3. P&S Intelligence database
2.2. Primary Research
2.3. Market Size Estimation
2.4. Data Triangulation
2.5. Currency Conversion Rates
2.6. Assumptions for the Study
2.7. Notes and Caveats

Chapter 3. Executive Summary

Chapter 4. Market Indicators

Chapter 5. Industry Outlook

5.1. Market Dynamics
- 5.1.1. Trends
- 5.1.2. Drivers
- 5.1.3. Restraints/challenges
- 5.1.4. Impact analysis of drivers/restraints
5.2. Impact of COVID-19
5.3. Porter's Five Forces Analysis
- 5.3.1. Bargaining power of buyers
- 5.3.2. Bargaining power of suppliers
- 5.3.3. Threat of new entrants
- 5.3.4. Intensity of rivalry
- 5.3.5. Threat of substitutes

Chapter 6. Global Market

6.1. Overview
6.2. Market Revenue, by Offering (2017-2030)
6.3. Market Revenue, by End User (2017-2030)
6.4. Market Revenue, by Region (2017-2030)

Chapter 7. North America Market

7.1. Overview
7.2. Market Revenue, by Offering (2017-2030)
7.3. Market Revenue, by End User (2017-2030)
7.4. Market Revenue, by Country (2017-2030)

Chapter 8. Europe Market

8.1. Overview
8.2. Market Revenue, by Offering (2017-2030)
8.3. Market Revenue, by End User (2017-2030)
8.4. Market Revenue, by Country (2017-2030)

Chapter 9. APAC Market

9.1. Overview
9.2. Market Revenue, by Offering (2017-2030)
9.3. Market Revenue, by End User (2017-2030)
9.4. Market Revenue, by Country (2017-2030)

Chapter 10. LATAM Market

10.1. Overview
10.2. Market Revenue, by Offering (2017-2030)
10.3. Market Revenue, by End User (2017-2030)
10.4. Market Revenue, by Country (2017-2030)

Chapter 11. MEA Market

11.1. Overview
11.2. Market Revenue, by Offering (2017-2030)
11.3. Market Revenue, by End User (2017-2030)
11.4. Market Revenue, by Country (2017-2030)

Chapter 12. U.S. Market

12.1. Overview
12.2. Market Revenue, by Offering (2017-2030)
12.3. Market Revenue, by End User (2017-2030)

Chapter 13. Canada Market

13.1. Overview
13.2. Market Revenue, by Offering (2017-2030)
13.3. Market Revenue, by End User (2017-2030)

Chapter 14. Germany Market

14.1. Overview
14.2. Market Revenue, by Offering (2017-2030)
14.3. Market Revenue, by End User (2017-2030)

Chapter 15. France Market

15.1. Overview
15.2. Market Revenue, by Offering (2017-2030)
15.3. Market Revenue, by End User (2017-2030)

Chapter 16. U.K. Market

16.1. Overview
16.2. Market Revenue, by Offering (2017-2030)
16.3. Market Revenue, by End User (2017-2030)

Chapter 17. Italy Market

17.1. Overview
17.2. Market Revenue, by Offering (2017-2030)
17.3. Market Revenue, by End User (2017-2030)

Chapter 18. Spain Market

18.1. Overview
18.2. Market Revenue, by Offering (2017-2030)
18.3. Market Revenue, by End User (2017-2030)

Chapter 19. Japan Market

19.1. Overview
19.2. Market Revenue, by Offering (2017-2030)
19.3. Market Revenue, by End User (2017-2030)

Chapter 20. China Market

20.1. Overview
20.2. Market Revenue, by Offering (2017-2030)
20.3. Market Revenue, by End User (2017-2030)

Chapter 21. India Market

21.1. Overview
21.2. Market Revenue, by Offering (2017-2030)
21.3. Market Revenue, by End User (2017-2030)

Chapter 22. Australia Market

22.1. Overview
22.2. Market Revenue, by Offering (2017-2030)
22.3. Market Revenue, by End User (2017-2030)

Chapter 23. South Korea Market

23.1. Overview
23.2. Market Revenue, by Offering (2017-2030)
23.3. Market Revenue, by End User (2017-2030)

Chapter 24. Brazil Market

24.1. Overview
24.2. Market Revenue, by Offering (2017-2030)
24.3. Market Revenue, by End User (2017-2030)

Chapter 25. Mexico Market

25.1. Overview
25.2. Market Revenue, by Offering (2017-2030)
25.3. Market Revenue, by End User (2017-2030)

Chapter 26. Saudi Arabia Market

26.1. Overview
26.2. Market Revenue, by Offering (2017-2030)
26.3. Market Revenue, by End User (2017-2030)

Chapter 27. South Africa Market

27.1. Overview
27.2. Market Revenue, by Offering (2017-2030)
27.3. Market Revenue, by End User (2017-2030)

Chapter 28. U.A.E. Market

28.1. Overview
28.2. Market Revenue, by Offering (2017-2030)
28.3. Market Revenue, by End User (2017-2030)

Chapter 29. Competitive Landscape

29.1. List of Market Players and their Offerings
29.2. Competitive Benchmarking of Key Players
29.3. Product Benchmarking of Key Players
29.4. Recent Strategic Developments

Chapter 30. Company Profiles

30.1. Johnson Controls International plc
- 30.1.1. Business overview
- 30.1.2. Product and service offerings
- 30.1.3. Key financial summary
30.2. Trane Technologies plc
- 30.2.1. Business overview
- 30.2.2. Product and service offerings
- 30.2.3. Key financial summary
30.3. Carrier Global Corporation
- 30.3.1. Business overview
- 30.3.2. Product and service offerings
- 30.3.3. Key financial summary
30.4. Daikin Industries Ltd.
- 30.4.1. Business overview
- 30.4.2. Product and service offerings
- 30.4.3. Key financial summary
30.5. Samsung Electronics Co. Ltd.
- 30.5.1. Business overview
- 30.5.2. Product and service offerings
- 30.5.3. Key financial summary
30.6. LG Electronics Inc.
- 30.6.1. Business overview
- 30.6.2. Product and service offerings
- 30.6.3. Key financial summary
30.7. Midea Group Co. Ltd.
- 30.7.1. Business overview
- 30.7.2. Product and service offerings
- 30.7.3. Key financial summary
30.8. Danfoss A/S
- 30.8.1. Business overview
- 30.8.2. Product and service offerings
- 30.8.3. Key financial summary
30.9. Lennox International Inc.
- 30.9.1. Business overview
- 30.9.2. Product and service offerings
- 30.9.3. Key financial summary

Chapter 31. Appendix

31.1. Abbreviations
31.2. Sources and References
31.3. Related Reports