HVAC System Global Market Report 2024

Description

HVAC System Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.

This report focuses on hvac system market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.

Reasons to Purchase

Gain a truly global perspective with the most comprehensive report available on this market covering 50+ geographies.
Understand how the market has been affected by the coronavirus and how it is responding as the impact of the virus abates.
Assess the Russia - Ukraine war's impact on agriculture, energy and mineral commodity supply and its direct and indirect impact on the market.
Measure the impact of high global inflation on market growth.
Create regional and country strategies on the basis of local data and analysis.
Identify growth segments for investment.
Outperform competitors using forecast data and the drivers and trends shaping the market.
Understand customers based on the latest market shares.
Benchmark performance against key competitors.
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Report will be updated with the latest data and delivered to you within 3-5 working days of order along with an Excel data sheet for easy data extraction and analysis.
All data from the report will also be delivered in an excel dashboard format.

Where is the largest and fastest growing market for hvac system? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The hvac system market global report from the Business Research Company answers all these questions and many more.

The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.

Scope

Markets Covered:

1) By Product: Heating; Ventilation; Cooling
2) By Implementation Type: New Construction; Retrofit
3) By Application: Commercial; Residential; Industrial
Companies Mentioned: Daikin Industries Ltd.; Johnson Controls International; Carrier Global Corporation; Trane Technologies PLC; LG Electronics
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time series: Five years historic and ten years forecast.
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
Delivery format: PDF, Word and Excel Data Dashboard.

Executive Summary

A Heating, Ventilation, and Air Conditioning (HVAC) system is a mechanical system within a building designed to provide thermal comfort for occupants while ensuring indoor air quality.

The primary components of HVAC systems are heating, ventilation, and cooling. Heating utilizes various technologies to regulate air temperature, humidity, and purity within the HVAC system. These systems can be implemented in different contexts, including new construction and retrofit projects, and are applicable in commercial, residential, and industrial settings.

The HVAC system market research report is one of a series of new reports from The Business Research Company that provides HVAC system market statistics, including HVAC system industry global market size, regional shares, competitors with an HVAC system market share, detailed HVAC system market segments, market trends and opportunities, and any further data you may need to thrive in the HVAC system industry. This HVAC system market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The hvac system market size has grown strongly in recent years. It will grow from $172.62 billion in 2023 to $183.57 billion in 2024 at a compound annual growth rate (CAGR) of 6.3%. The growth observed in the historical period can be attributed to urbanization and a construction boom, global temperature variations, concerns about energy efficiency, government regulations and standards, awareness of indoor air quality, and considerations related to health and comfort factors in the building and construction industry.

The hvac system market size is expected to see strong growth in the next few years. It will grow to $237.16 billion in 2028 at a compound annual growth rate (CAGR) of 6.6%. The projected growth in the forecast period can be attributed to the globalization of markets, a heightened focus on achieving net-zero buildings, advancements in refrigerants, the integration of renewable energy, increased resilience to climate change, and the evolution of building codes. Noteworthy trends expected in this period include the rise of smart HVAC systems, the integration of artificial intelligence (AI) in HVAC technologies, the adoption of variable refrigerant flow (VRF) systems, the development of hybrid and integrated HVAC solutions, the implementation of remote monitoring and control systems, and a growing emphasis on electrification and the adoption of heat pumps.

The HVAC system market is poised for significant growth, driven by a surge in construction activities in both commercial and residential sectors. The construction sector, comprising residential and non-residential infrastructure, plays a pivotal role in the adoption of heating, ventilation, and air conditioning (HVAC) systems. These systems ensure thermal comfort and indoor air quality in diverse building types. According to a forecast from Oxford Economics in October 2021, global construction output was expected to grow by 42% in volume, reaching 15.2 trillion by 2030 from 10.7 trillion in 2020. This robust growth in construction activities is a key driver propelling the HVAC system market.

The HVAC system market is experiencing growth attributed to the rising manufacturing industry. HVAC systems are crucial in maintaining optimal indoor conditions, including temperature and air quality, in manufacturing facilities. This regulation enhances productivity and overall efficiency in industrial processes. Eurostat reported a 0.2% increase in industrial output in the European area in July 2023, signaling the importance of HVAC systems in supporting manufacturing growth. As the manufacturing industry continues to expand, the demand for HVAC systems is expected to rise, contributing to the market's overall growth.

Green and smart technology is a prevailing trend in the HVAC system market, with major companies leveraging innovations such as the Internet of Things (IoT) and machine learning. These technologies enhance living conditions and promote eco-friendly practices in construction and operation. Haier Group Corporation, a China-based home appliances and consumer electronics company, introduced the industry's first IoT-enabled Smart Sharing AC in India in July 2021. This system allows users to control and monitor the AC remotely via a smartphone application, showcasing the integration of smart technology in HVAC solutions. As the demand for energy-efficient and smart HVAC systems grows, companies embracing these trends are likely to gain a competitive advantage.

Major companies in the HVAC system market are intensifying their focus on advanced heating and cooling solutions to stay competitive. The introduction of the dual fuel system is one such innovation that optimizes energy use by utilizing two different fuel sources, such as natural gas and electricity. Johnson Controls-Hitachi Air Conditioning launched the Hitachi Air365 Hybrid dual fuel system in September 2023. This system integrates electric and gas technologies for efficient climate control in residential and commercial settings. The emphasis on advanced solutions demonstrates the commitment of HVAC industry leaders to meet evolving market demands and enhance overall system performance.

In May 2023, Daikin Applied, a prominent US-based HVAC solutions company, successfully acquired Carroll Air Systems for an undisclosed sum. This strategic acquisition is anticipated to facilitate the expansion of Daikin Applied's HVAC product offerings. Aldridge Carroll Air Systems, the acquired company, is based in the US and specializes in providing heating, ventilation, and air-conditioning (HVAC) systems and services tailored for commercial, industrial, and institutional facilities.

Major companies operating in the hvac system market report are Daikin Industries Ltd., Johnson Controls International, Carrier Global Corporation, Trane Technologies PLC, LG Electronics, AAON Heating and Cooling Products, Addison HVAC, Allied Commercial, Danfoss AS, Emerson Electric Co., Honeywell International Inc., Mitsubishi Electric Corporation, Nortek Air Management, Samsung Group, Midea Group, Electrolux AB, Toshiba Corporation, York International Corporation, Nortek Global HVAC, Rheem Manufacturing Company, Trane Inc., Goodman Manufacturing Company, Lennox International Inc., SPX Corporation, Standex International Corporation, CSW Industrials Inc., EMCOR Group Inc., Ingersoll-Rand plc (Ireland), Watts Water Technologies Inc., Ingersoll Rand

Asia-Pacific was the largest region in the HVAC system market in 2023. The regions covered in the hvac system market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the hvac system market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The HVAC system market consists of sales of heat pumps, furnaces, unitary heaters, boilers, single splits, variable refrigerant flow (VRF) systems, chillers, room air conditioners, and other types. Values in this market are 'factory gate' values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

Product Code: r12781

1. Executive Summary

2. HVAC System Market Characteristics

3. HVAC System Market Trends And Strategies

4. HVAC System Market - Macro Economic Scenario

4.1. Impact Of High Inflation On The Market
4.2. Ukraine-Russia War Impact On The Market
4.3. COVID-19 Impact On The Market

5. Global HVAC System Market Size and Growth

5.1. Global HVAC System Market Drivers and Restraints
- 5.1.1. Drivers Of The Market
- 5.1.2. Restraints Of The Market
5.2. Global HVAC System Historic Market Size and Growth, 2018 - 2023, Value ($ Billion)
5.3. Global HVAC System Forecast Market Size and Growth, 2023 - 2028, 2033F, Value ($ Billion)

6. HVAC System Market Segmentation

6.1. Global HVAC System Market, Segmentation By Product, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Heating
Ventilation
6.2. Global HVAC System Market, Segmentation By Implementation Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
New Construction
Retrofit
6.3. Global HVAC System Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Commercial
Residential
Industrial

7. HVAC System Market Regional And Country Analysis

7.1. Global HVAC System Market, Split By Region, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
7.2. Global HVAC System Market, Split By Country, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

8. Asia-Pacific HVAC System Market

8.1. Asia-Pacific HVAC System Market Overview
Region Information, Impact Of COVID-19, Market Information, Background Information, Government Initiatives, Regulations, Regulatory Bodies, Major Associations, Taxes Levied, Corporate Tax Structure, Investments, Major Companies
8.2. Asia-Pacific HVAC System Market, Segmentation By Product, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
8.3. Asia-Pacific HVAC System Market, Segmentation By Implementation Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
8.4. Asia-Pacific HVAC System Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

9. China HVAC System Market

9.1. China HVAC System Market Overview
9.2. China HVAC System Market, Segmentation By Product, Historic and Forecast, 2018-2023, 2023-2028F, 2033F,$ Billion
9.3. China HVAC System Market, Segmentation By Implementation Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F,$ Billion
9.4. China HVAC System Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F,$ Billion

10. India HVAC System Market

10.1. India HVAC System Market, Segmentation By Product, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
10.2. India HVAC System Market, Segmentation By Implementation Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
10.3. India HVAC System Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

11. Japan HVAC System Market

11.1. Japan HVAC System Market Overview
11.2. Japan HVAC System Market, Segmentation By Product, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
11.3. Japan HVAC System Market, Segmentation By Implementation Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
11.4. Japan HVAC System Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

12. Australia HVAC System Market

12.1. Australia HVAC System Market, Segmentation By Product, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
12.2. Australia HVAC System Market, Segmentation By Implementation Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
12.3. Australia HVAC System Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

13. Indonesia HVAC System Market

13.1. Indonesia HVAC System Market, Segmentation By Product, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
13.2. Indonesia HVAC System Market, Segmentation By Implementation Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
13.3. Indonesia HVAC System Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

14. South Korea HVAC System Market

14.1. South Korea HVAC System Market Overview
14.2. South Korea HVAC System Market, Segmentation By Product, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
14.3. South Korea HVAC System Market, Segmentation By Implementation Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
14.4. South Korea HVAC System Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

15. Western Europe HVAC System Market

15.1. Western Europe HVAC System Market Overview
15.2. Western Europe HVAC System Market, Segmentation By Product, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
15.3. Western Europe HVAC System Market, Segmentation By Implementation Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
15.4. Western Europe HVAC System Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

16. UK HVAC System Market

16.1. UK HVAC System Market, Segmentation By Product, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
16.2. UK HVAC System Market, Segmentation By Implementation Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
16.3. UK HVAC System Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

17. Germany HVAC System Market

17.1. Germany HVAC System Market, Segmentation By Product, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
17.2. Germany HVAC System Market, Segmentation By Implementation Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
17.3. Germany HVAC System Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

18. France HVAC System Market

18.1. France HVAC System Market, Segmentation By Product, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
18.2. France HVAC System Market, Segmentation By Implementation Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
18.3. France HVAC System Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

19. Italy HVAC System Market

19.1. Italy HVAC System Market, Segmentation By Product, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
19.2. Italy HVAC System Market, Segmentation By Implementation Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
19.3. Italy HVAC System Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

20. Spain HVAC System Market

20.1. Spain HVAC System Market, Segmentation By Product, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
20.2. Spain HVAC System Market, Segmentation By Implementation Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
20.3. Spain HVAC System Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

21. Eastern Europe HVAC System Market

21.1. Eastern Europe HVAC System Market Overview
21.2. Eastern Europe HVAC System Market, Segmentation By Product, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
21.3. Eastern Europe HVAC System Market, Segmentation By Implementation Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
21.4. Eastern Europe HVAC System Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

22. Russia HVAC System Market

22.1. Russia HVAC System Market, Segmentation By Product, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
22.2. Russia HVAC System Market, Segmentation By Implementation Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
22.3. Russia HVAC System Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

23. North America HVAC System Market

23.1. North America HVAC System Market Overview
23.2. North America HVAC System Market, Segmentation By Product, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
23.3. North America HVAC System Market, Segmentation By Implementation Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
23.4. North America HVAC System Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

24. USA HVAC System Market

24.1. USA HVAC System Market Overview
24.2. USA HVAC System Market, Segmentation By Product, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
24.3. USA HVAC System Market, Segmentation By Implementation Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
24.4. USA HVAC System Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

25. Canada HVAC System Market

25.1. Canada HVAC System Market Overview
25.2. Canada HVAC System Market, Segmentation By Product, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
25.3. Canada HVAC System Market, Segmentation By Implementation Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
25.4. Canada HVAC System Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

26. South America HVAC System Market

26.1. South America HVAC System Market Overview
26.2. South America HVAC System Market, Segmentation By Product, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
26.3. South America HVAC System Market, Segmentation By Implementation Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
26.4. South America HVAC System Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

27. Brazil HVAC System Market

27.1. Brazil HVAC System Market, Segmentation By Product, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
27.2. Brazil HVAC System Market, Segmentation By Implementation Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
27.3. Brazil HVAC System Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

28. Middle East HVAC System Market

28.1. Middle East HVAC System Market Overview
28.2. Middle East HVAC System Market, Segmentation By Product, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
28.3. Middle East HVAC System Market, Segmentation By Implementation Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
28.4. Middle East HVAC System Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

29. Africa HVAC System Market

29.1. Africa HVAC System Market Overview
29.2. Africa HVAC System Market, Segmentation By Product, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
29.3. Africa HVAC System Market, Segmentation By Implementation Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
29.4. Africa HVAC System Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

30. HVAC System Market Competitive Landscape And Company Profiles

30.1. HVAC System Market Competitive Landscape
30.2. HVAC System Market Company Profiles
- 30.2.1. Daikin Industries Ltd.
  - 30.2.1.1. Overview
  - 30.2.1.2. Products and Services
  - 30.2.1.3. Strategy
  - 30.2.1.4. Financial Performance
- 30.2.2. Johnson Controls International
  - 30.2.2.1. Overview
  - 30.2.2.2. Products and Services
  - 30.2.2.3. Strategy
  - 30.2.2.4. Financial Performance
- 30.2.3. Carrier Global Corporation
  - 30.2.3.1. Overview
  - 30.2.3.2. Products and Services
  - 30.2.3.3. Strategy
  - 30.2.3.4. Financial Performance
- 30.2.4. Trane Technologies plc
  - 30.2.4.1. Overview
  - 30.2.4.2. Products and Services
  - 30.2.4.3. Strategy
  - 30.2.4.4. Financial Performance
- 30.2.5. LG Electronics
  - 30.2.5.1. Overview
  - 30.2.5.2. Products and Services
  - 30.2.5.3. Strategy
  - 30.2.5.4. Financial Performance

31. Global HVAC System Market Competitive Benchmarking

32. Global HVAC System Market Competitive Dashboard

33. Key Mergers And Acquisitions In The HVAC System Market

34. HVAC System Market Future Outlook and Potential Analysis

34.1 HVAC System Market In 2028 - Countries Offering Most New Opportunities
34.2 HVAC System Market In 2028 - Segments Offering Most New Opportunities
34.3 HVAC System Market In 2028 - Growth Strategies
- 34.3.1 Market Trend Based Strategies
- 34.3.2 Competitor Strategies

35. Appendix

35.1. Abbreviations
35.2. Currencies
35.3. Historic And Forecast Inflation Rates
35.4. Research Inquiries
35.5. The Business Research Company
35.6. Copyright And Disclaimer