Press release
Unraveling the Complexities of the Global HVAC Market: Size, Share, Trends, Opportunities, and Insights
Global HVAC market
According to a new report by Expert Market Research titled "Global HVAC Market Size, Share, Analysis, Report, Demand, Forecast 2024-2032", In the grand scheme of things, the global HVAC market experienced a noteworthy expansion, hitting an impressive figure of approximately USD 168.65 billion in the year 2023. Looking ahead, analysts project a sustained growth trajectory, with a Compound Annual Growth Rate (CAGR) of 6.2% anticipated between the years 2024 and 2032. By the time we reach 2032, the market is envisioned to soar to a valuation of around USD 289.79 billion, marking a substantial leap.
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Notable Insights:
Emergence of AI-based smart voice-controlled HVAC systems is poised to usher in a wave of innovation within the market.
In the realm of real estate, smart building solutions are increasingly viewed as indispensable factors influencing purchase or rental decisions.
The Asia Pacific region boasts the largest slice of the market pie, owing to a surge in air conditioning usage across the region.
Venturing deeper into the intricacies of Heating, Ventilation, and Air Conditioning (HVAC) systems, these encompass a myriad of structures, equipment, and technological marvels aimed at optimizing indoor comfort levels across various domains, be it residential abodes, corporate spaces, public venues, or transportation networks. The proper installation and upkeep of HVAC systems play pivotal roles in ensuring their longevity and optimal functionality.
Read Full Report with Table of Contents - https://www.expertmarketresearch.com/reports/hvac-market
A confluence of factors propels the growth engine of the HVAC market. A notable surge in construction activities across residential, commercial, and industrial domains, coupled with a pressing need to curtail energy consumption, stands out as major catalysts fueling this growth trajectory. Additionally, the advent of net-zero buildings, which strive to minimize energy consumption and ecological footprints, promises to shape the market landscape positively. Furthermore, the ever-growing global population, rapid urbanization trends, and escalating disposable incomes collectively contribute to the escalating demand for HVAC solutions.
Key Trends and Recent Developments:
Increasing preference for condensing boilers.
Surge in popularity of ductless HVAC systems.
Growing demand for sustainable HVAC solutions.
Ascendancy of smart HVAC technologies.
Notable Milestones:
July 31st, 2022: Carrier Global Corporation consolidates its position in the market through the acquisition of residential and light commercial HVAC ventures from Toshiba Carrier Corporation.
October 23rd, 2023: Mitsubishi Electric Corp. unveils an innovative aluminum vertical tube design, enhancing heat exchange capabilities of heat pump ACs by approximately 40%.
January 22nd, 2024: Sensibo, a climate tech IoT firm, introduces an AI-driven smart heating and cooling solution, leveraging the capabilities of ChatGPT.
January 23rd, 2024: LG Electronics showcases its latest HVAC innovations at Expo 2024, including the R32 air-to-water heat pump and multi-position air handler heat pump.
Delving into Market Segmentation:
The HVAC Market Report and Forecast 2024-2032 delineates the market into various segments, encompassing equipment, implementation types, end-use sectors, and regional breakdowns.
Equipment Segmentation:
Heating
Ventilation
Cooling
Implementation Type:
New Constructions
Retrofits
End Use:
Residential
Commercial
Industrial
Regional Breakdown:
North America
Europe
Asia Pacific
Latin America
Middle East and Africa
Noteworthy Market Dynamics:
Cooling segment retains dominance, fueled by escalating demand for AC units, particularly in warmer climates.
New construction segment witnesses robust growth, propelled by increased integration of HVAC systems in modern architectural endeavors.
Residential sector maintains steady growth momentum, buoyed by a burgeoning preference for eco-efficient HVAC solutions.
Competitive Landscape:
Market players are relentless in their pursuit of innovation and energy efficiency, with collaborative efforts aimed at navigating the evolving regulatory landscape. Notable contenders include Lennox International, Inc., LG Electronics, Inc., Carrier Global Corporation, Daikin Europe NV, among others.
Exploring Regional Dynamics:
Asia Pacific emerges as a powerhouse in the global HVAC arena, driven by urbanization, population growth, and economic development.
North America shows promise, fueled by a surge in retrofit projects, augmenting HVAC installations and market revenue.
Frequently Posed Queries:
Global HVAC market value in 2023 stood at approximately USD 168.65 billion.
Anticipated growth rate for the global HVAC market between 2024 and 2032 is pegged at 6.2%.
The global HVAC market is forecasted to witness robust growth during 2024-2032, reaching around USD 289.79 billion by 2032.
Key trends shaping the market include a growing preference for condensing boilers, popularity of ductless HVAC systems, increasing demand for sustainable HVAC solutions, and the rise of smart HVAC technologies.
Major market players include Lennox International, Inc., LG Electronics, Inc., Carrier Global Corporation, and others.
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