Press release
HVAC System Market Annual Sales, Size, Major Strategies, Key Companies, Revenue Share Analysis, 2023 - 2032
HVAC System Global Market
The Business Research Company's HVAC System Global Market Report 2023 identifies rise in surge in construction activities in the commercial and residential sectors as the major driver for the HVAC System market's growth in the forecast period. The growing need for green energy and noise-free aircraft is propelling the growth of the HVAC System market. A heating, ventilation, and air conditioning (HVAC) system is a building mechanical system that provides thermal comfort for occupants accompanied by indoor air quality and is more frequently used in diverse types of buildings, including industrial, commercial, residential, and institutional buildings. For instance, in October 2021, according to a forecast from Oxford Economics, a US-based advisory firm, the global construction output in 2020 was 10.7 trillion and was expected to grow by 42% in terms of volume to reach 15.2 trillion by 2030. Therefore, the surge in construction activities in the commercial and residential sectors is driving the growth of the HVAC system market.
The global HVAC system market size is expected to grow from $162.01 billion in 2022 to $172.13 billion in 2023 at a compound annual growth rate (CAGR) of 6.2%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The HVAC system market size is expected to grow to $220.15 billion in 2027 at a CAGR of 6.3%.
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Major competitors in the HVAC System market are Daikin Industries Ltd., Johnson Controls International, Carrier Global Corporation, Trane Technologies PLC, LG Electronics, Emerson Electric Co., Samsung Electronics, Lennox International Inc., Nortek Air Management.
A key trend in the HVAC System market includes Green and smart technology. Major companies operating in the HVAC system market are focused on providing innovative solutions by using the Internet of Things (IoT) and machine learning to strengthen their position in the market. Green and smart technologies improve living conditions and eco-friendly methods for constructing, renovating, and operating homes and buildings.
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The HVAC System market is segmented -
1) By Product: Heating, Ventilation, Cooling
2) By Implementation Type: New Construction, Retrofit
3) By Application: Commercial, Residential, Industrial
• By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. Asia-Pacific was the largest region in the HVAC System market.
The Business Research Company's "Global HVAC System Market Report 2023" provides a thorough understanding of the market across 60 geographies. The report covers market size, growth rate, segments, drivers and trends in every region and country. In addition, the report offers insights on historical and forecast growth, helping players analyze and strategize better.
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The Table Of Content For The HVAC System Market Include:
1. Executive Summary
2. HVAC System Market Characteristics
3. HVAC System Market Trends And Strategies
4. HVAC System Market - Macro Economic Scenario
5. HVAC System Market Size And Growth
…
27. HVAC System Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The HVAC System Market
29. HVAC System Market Future Outlook and Potential Analysis
30. Appendix
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