HVAC System Market Value to Reach USD 280.1 billion by 2028

The global HVAC system market is expected to be valued at USD 206.3 billion in 2023 and is projected to reach USD 280.1billion by 2028; it is expected to grow at a CAGR of 6.3% from 2023 to 2028.HVAC systems use refrigerants such as hydrofluorocarbons (HCFs) and hydrochlorofluorocarbons (HCFCs), which emit greenhouse gases (GHGs). Further, several HVAC equipment emit significant amounts of CO2 as they account for ~40% of the total energy consumption in a building. However, in recent years, there have been several advancements in HVAC technology that can help reduce carbon emissions. Moreover, Freon 22, also known as HCFC-22 and R-22, is used as the primary refrigerant chemical in residential air-conditioning units and heat pumps. The United States Environmental Protection Agency (EPA) banned the production of Freon 22 in January 2020.

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The key players operating in the HVAC system market are DAIKIN INDUSTRIES, Ltd. (Japan), Johnson Controls (US), Carrier (US), Trane Technologies plc (US), and LG Electronics (South Korea).

This research report categorizes the HVAC system market by cooling equipment (Unitary Air Conditioners, Variable Refrigerant Flow Systems (VRF), Chillers, Room Air Conditioners, Coolers, and Cooling Towers), by heating equipment (Heat Pumps, Furnaces, Unitary Heaters, and Boilers), by ventilation equipment (Air-handling Units (AHUs), Air Filters, Dehumidifiers, Ventilation Fans, Humidifiers, and Air Purifiers), by implementation type (New Constructions and Retrofits), by application (Residential, Commercial, and Industrial) and region (North America, Europe, Asia Pacific, the Middle East& Africa, and Latin America). The scope of the report covers detailed information regarding the major factors, such as drivers, restraints, challenges, and opportunities, influencing the growth of the HVAC system market. A detailed analysis of the key industry players has been done to provide insights into their business overview, solutions, and services; key strategies; Contracts, partnerships, agreements. new product & service launches, mergers and acquisitions, and recent developments associated with the HVAC system market. Competitive analysis of upcoming startups in the HVAC system market ecosystem is covered in this report.

The HVAC (Heating, Ventilation, and Air Conditioning) system market is expected to witness significant growth in the coming years due to the increasing demand for energy-efficient HVAC systems, rising construction activities, and the growing trend of smart homes and buildings. HVAC systems are used in residential, commercial, and industrial buildings to maintain a comfortable indoor environment by regulating temperature, humidity, and air quality.

The HVAC system market can be segmented based on equipment type, end-use application, and geography. Based on equipment type, the market can be segmented into heating, ventilation, air conditioning, and others. The air conditioning segment is expected to hold the largest market share due to the increasing demand for air conditioning systems in residential and commercial buildings.

Based on end-use application, the market can be segmented into residential, commercial, and industrial. The commercial segment is expected to hold the largest market share due to the increasing demand for energy-efficient HVAC systems in commercial buildings such as offices, hospitals, and shopping malls.

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Geographically, Asia-Pacific is expected to hold the largest market share due to the increasing construction activities in the region, the growing demand for energy-efficient HVAC systems, and the rising trend of smart homes and buildings. China and India are expected to be the largest consumers of HVAC systems in the region.

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