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HVAC System Market 2024 - By End-User Analysis, Competitive Landscape And Industry Overview 2033
HVAC System Market
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According to The Business Research Company's, 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 Drivers and Trends:
The rising manufacturing industry is expected to propel the growth of the HVAC system market going forward. The manufacturing industry encompasses the production of physical goods through various processes, from raw materials to finished products. HVAC systems in the manufacturing industry ensure optimal indoor conditions, regulating temperature and air quality, thereby enhancing productivity and the overall efficiency of industrial processes. For instance, in July 2023, according to Eurostat, a UK-based government statistical agency, industrial output in the European area witnessed a 0.2% increase. Moreover, a 0.1% increase was reported in the European Union between May and April 2023. Therefore, the rising manufacturing industry is driving the growth of 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.
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Major Key Players of the Market:
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
HVAC System Market 2024 Key Insights:
• 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%.
• Construction Boom Driving Growth Of Hvac System Market
• Green And Smart Technology Gain A Traction In The Hvac System Market
• Asia-Pacific was the largest region in the HVAC system market in 2023
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