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Heating, Ventilation, And Air Conditioning (HVAC ) Equipment Market Size, Share, Latest Trends, Key Players And Forecast To 2033
Heating, Ventilation, And Air Conditioning (HVAC ) Equipment Market
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According to The Business Research Company's, The heating, ventilation, and air conditioning (HVAC) equipment market size has grown strongly in recent years. It will grow from $154.95 billion in 2023 to $166.43 billion in 2024 at a compound annual growth rate (CAGR) of 7.4%. The growth in the historic period can be attributed to an increase in infrastructure development, increased cooling unit demand, an increase in urban population, increased energy efficiency in HVAC systems, and increased construction of residential buildings.
The heating, ventilation, and air conditioning (HVAC) equipment market size is expected to see strong growth in the next few years. It will grow to $222.8 billion in 2028 at a compound annual growth rate (CAGR) of 7.6%. The growth in the forecast period can be attributed to increasing global warming, rising disposable income, rising awareness of environmental sustainability, and the growing need for energy-efficient solutions. Major trends in the forecast period include technological advancements, the integration of smart technologies and IoT, green HVAC solutions, the integration of AI and machine learning, and incentives for renewable energy adoption.
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Market Drivers and Trends:
The increased construction of residential buildings is expected to propel the growth of the heating, ventilation, and air conditioning (HVAC) equipment market going forward. Residential buildings refer to structures designed for people to live in, including single-family homes, apartment complexes, townhouses, and condominiums. The construction of residential buildings is increasing due to rapid urbanization, as more people move to cities for better job opportunities and low interest rates, which make it easier for individuals to finance new homes. HVAC equipment is crucial for residential buildings as it ensures indoor comfort, improves air quality, enhances energy efficiency, and helps preserve the building's structural integrity. For instance, in August 2024, according to the US Census Bureau, a US-based government agency, in July, privately-owned housing completions rose to a seasonally adjusted annual rate of 1,529,000, up 13.8% from the previous year, while single-family housing completions increased by 0.5% to a rate of 1,054,000 from June. Therefore, increased construction of residential buildings drives the heating, ventilation, and air conditioning (HVAC) equipment market.
Major companies operating in the heating, ventilation, and air conditioning (HVAC) equipment market focus on developing advanced HVAC products with comprehensive solutions to enhance energy efficiency, advanced air purification, and user control. Comprehensive new HVAC solutions include advanced systems integrating smart technology, energy efficiency, and sustainability features to provide optimal comfort and performance in heating, ventilation, and air conditioning. For instance, in April 2024, Voltas Limited, an India-based home appliance company, launched its new HVAC line-up at the ACREX India 2024 exhibition. The new line-up includes advanced room air conditioners featuring energy-saving technologies, smart functionalities, and variable refrigerant flow (VRF) systems designed for larger commercial spaces, offering enhanced flexibility in temperature control. Additionally, it introduced high-capacity chillers aimed at industrial applications and light commercial air conditioners tailored for smaller business environments. A standout product is the Voltas SmartAir AC, a series of smart inverter air conditioners equipped with IoT capabilities that enable users to monitor and control their units remotely for improved convenience and energy management.
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Major Key Players of the Market:
Samsung Electronics Co. Ltd., Robert Bosch GmbH, Hitachi Ltd., LG Electronics Inc., Panasonic Corporation, Mitsubishi Electric Corporation, Honeywell International Inc., Fujitsu Limited, Daikin Industries Ltd., Toshiba Corporation, Johnson Controls International plc, Eaton Corporation plc, Carrier Global Corporation, Trane Technologies plc, Lennox International Inc., Grundfos Holding A/S, Goodman Manufacturing Company L.P., AS America Inc., Rinnai Corporation, Modine Manufacturing Company, Rheem Manufacturing Company, Eureka Forbes Limited, Baltimore Aircoil Company Inc., ClimateMaster Inc., York International Corporation, GREE Electric Appliances Inc., Dimplex North America Limited, Navien Inc., Soler & Palau Ventilation Group S.A
Heating, Ventilation, And Air Conditioning (HVAC ) Equipment Market 2024 Key Insights:
• The heating, ventilation, and air conditioning (HVAC) equipment market size is expected to see strong growth in the next few years. It will grow to $222.8 billion in 2028 at a compound annual growth rate (CAGR) of 7.6%.
• Increased Residential Construction Boosts HVAC Equipment Market
• Advanced HVAC Solutions With Smart Technology And Energy Efficiency
• Asia-Pacific was the largest region in the heating, ventilation, and air conditioning (HVAC) equipment market in 2023
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