Press release
Market Insights: HVAC Size, Share, Forecast, and Trends Analysis
Meticulous Research®, a leading global market research firm, has announced the release of its latest report titled, "HVAC Market by Offering, System, Distribution Mode, Type (Split System, Packaged System), Portability, Sales Channel, Application (Cooling, Heating, Filtering), End User (Industrial, Residential, Commercial), and Geography - Global Forecast to 2031."Download Sample Report Here @ https://www.meticulousresearch.com/download-sample-report/cp_id=5968
According to this in-depth analysis, the global HVAC market is projected to achieve a remarkable $456.6 billion by 2031, expanding at a robust compound annual growth rate (CAGR) of 7.8% from 2024 to 2031. This anticipated growth is underpinned by accelerating urbanization, escalating levels of indoor air pollution, a rising consumer preference for enhanced comfort, the burgeoning e-commerce sector, and an increase in government-led initiatives aimed at improving air quality. Despite these positive drivers, challenges such as high product and maintenance costs and consumer hesitation toward adopting advanced technologies are likely to temper market growth.
Key Market Drivers and Challenges
The report identifies several factors poised to drive the HVAC market forward, including technological advancements in HVAC systems and the growing adoption of energy-efficient air conditioners with inverter and air purification technologies. However, market penetration in developing regions presents a significant challenge that stakeholders must navigate.
Market Segmentation and Insights
The report segments the global HVAC market based on various criteria, providing a detailed overview of current trends and future projections:
• Offering: The market is divided into components and services. In 2024, components are expected to dominate, holding over 84% of the market share. This dominance is driven by increased adoption of ventilation systems, heat pumps, and energy-efficient HVAC solutions. Conversely, the services segment is anticipated to experience the highest CAGR due to rising demand for maintenance, repair, and compliance with indoor air quality regulations.
• System: The HVAC market is segmented into primary and secondary systems. Secondary HVAC systems are projected to capture over 66% of the market share in 2024, attributed to their role in enhancing indoor air quality and reducing energy costs. This segment is also expected to exhibit the highest CAGR during the forecast period.
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• Distribution Mode: Centralized and decentralized systems are the two key categories. Decentralized systems are predicted to hold over 72% of the market share in 2024, driven by their efficiency in smaller areas and redundancy benefits. This segment is set to register the highest CAGR over the forecast period.
• Type: The market is categorized into split systems, dual fuel heat pump systems, ductless mini-split systems, packaged systems, and other types. Split systems are expected to lead with over 28% market share in 2024 due to their energy-saving benefits. However, ductless mini-split systems are forecasted to grow at the highest CAGR, driven by demand for energy efficiency and ease of installation.
• Portability: HVAC systems are segmented into standalone/portable and in-duct/fixed types. The in-duct/fixed segment is anticipated to dominate with over 59% of the market share in 2024, thanks to technological advancements and investments by commercial users. Meanwhile, standalone/portable systems are expected to grow at the highest CAGR due to their versatility and increasing residential demand.
• Sales Channel: The market is divided into online and offline channels. Offline sales are expected to command over 73% of the market share in 2024, favored for in-store guidance and immediate product access. However, the online channel is projected to grow at the highest CAGR, bolstered by the e-commerce boom and the benefits of 24/7 availability and comprehensive product comparisons.
• Application: The HVAC market covers cooling, heating, ventilation, filtering, humidification & dehumidification, and air purification. Cooling is forecasted to hold the largest share with over 32% in 2024, driven by the demand for uniform cooling and technological innovations in air conditioning. This segment is also expected to grow at the highest CAGR.
• End User: The market segments include IT & telecommunication, data centers, agriculture, residential, industrial, and commercial sectors. The residential segment is projected to hold over 26% of the market share in 2024, attributed to rising living standards and health-conscious consumers. The commercial sector is anticipated to grow at the highest CAGR, driven by strategic developments and stricter regulations.
• Geography: The HVAC market is geographically segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. Asia-Pacific is set to dominate with over 45% of the global market share in 2024, driven by rapid industrialization, urbanization, and rising awareness of indoor air quality. This region is also expected to record the highest CAGR of more than 9% during the forecast period.
Key Players
The key players operating in the global HVAC market are Daikin Industries, Ltd. (Japan), Atlas Copco AB (Sweden), Lennox International Inc. (U.S.), LG Electronics Inc. (South Korea), Johnson Controls Inc. (U.S.), ABB Ltd. (Switzerland), Trane Technologies Company, LLC (Ireland), Carrier Global Corporation (U.S.), Mitsubishi Electric Corporation (Japan), Samsung Electronics Co., Ltd. (South Korea), Siemens AG (Germany), Toshiba Corporation (Japan), Rheem Manufacturing Company (U.S.), Blue Star Limited (India), and Emerson Electric Co. (U.S.).
To gain more insights into the market with a detailed table of content and figures, click here: https://www.meticulousresearch.com/product/hvac-market-5968
Key Questions Answered in the Report:
• What are the high-growth market segments in terms of the offering, system, distribution mode, type, portability, sales channel, application, and end user?
• What is the historical market size for the global HVAC market?
• What are the market forecasts and estimates for 2024-2031?
• What are the major drivers, restraints, opportunities, challenges, and trends in the global HVAC market?
• Who are the major players in the global HVAC market, and what are their market shares?
• What is the competitive landscape like?
• What are the recent developments in the global HVAC market?
• What are the different strategies adopted by major market players?
• What are the trends and high-growth countries?
• Who are the local emerging players in the global HVAC market, and how do they compete with other players?
Related Reports:
Solid-state Battery Market: https://www.meticulousresearch.com/product/solid-state-battery-market-5246
Micro-Electro-Mechanical System (MEMS) Market: https://www.meticulousresearch.com/product/Micro-Electro-Mechanical-System-(MEMS)-Market-5980
Packaging Machinery Market: https://www.meticulousresearch.com/product/packaging-machinery-market-5492
Article Link:
Packaging Machinery Market: https://www.linkedin.com/pulse/packaging-machinery-market-expected-reach-6243-billion-2030-1vksc/
Contact:
Mr. Khushal Bombe
Meticulous Market Research Inc.
1267 Willis St, Ste 200 Redding,
California, 96001, U.S.
USA: +1-646-781-8004
Europe : +44-203-868-8738
APAC: +91 744-7780008
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About the company:
We are the trusted research partners for leading businesses around the world, providing market intelligence focused towards building revenue transformation strategies. Our research is used by Fortune 500 organizations to attain success by scouting next generation revenue opportunities well ahead of their competition.
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