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HVAC System Market Report 2024: Strategies And Recent Developments | Daikin Industries Ltd., Johnson Controls International, Carrier Global Corporation, Trane Technologies plc, LG Electronics, AAON Heating and Cooling Products, Addison HVAC, Allied Commer
HVAC System Market Trends
The Business Research Company offers in-depth market insights through HVAC System Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
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 in the historic period can be attributed to urbanization and construction boom, global temperature variations, energy efficiency concerns, government regulations and standards, indoor air quality awareness, health and comfort factors..
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 growth in the forecast period can be attributed to globalization of markets, focus on net-zero buildings, advancements in refrigerants, renewable energy integration, resilience to climate change, evolving building codes.. Major trends in the forecast period include rise of smart hvac systems, integration of artificial intelligence (ai), variable refrigerant flow (vrf) systems, hybrid and integrated hvac solutions, remote monitoring and control, electrification and heat pump adoption..
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Market Segmentation:
The hvac system market covered in this report is segmented -
1) By Product: Heating, Ventilation, Cooling
2) By Implmenetaion Type: New Construction, Retrofit
3) By Application: Commercial, Residential, Industrial
Major Driver - Construction Boom Driving Growth Of Hvac System Market
The surge in construction activities in the commercial and residential sectors is expected to propel the growth of the HVAC system market going forward. Residential and non-residential (including commercial, industrial, and other) infrastructure are part of the construction sector. 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.
Competitive Landscape:
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
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Top Trend - Green And Smart Technology Gain A Traction In The Hvac System Market
Green and smart technology is a key trend gaining popularity in the HVAC system market. 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. For instance, in July 2021, Haier Group Corporation, a China-based home appliances, and consumer electronics company, launched the industry's first IoT-enabled Smart Sharing AC in India to add more comfort and convenience to the evolving lifestyle of consumers. The service is an end-to-end digitally monitored cooling system. It allows users to operate and keep an eye on the AC from their smartphones and will be totally controlled using a smartphone application. The air conditioners are linked to a cloud server as part of the service, allowing users to control and manage them remotely using an application from any location.
The Table Of Content For The Market Report 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 Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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