Heating, Ventilation, And Air Conditioning (HVAC) Equipment Market Outlook 2025-2034: Key Trends, Growth Drivers, and Market Share

How Big Is the Heating, Ventilation, And Air Conditioning (HVAC) Equipment Market Expected to Be, and What Will Its Growth Rate Be?
The market size of heating, ventilation, and air conditioning (HVAC) equipment has shown robust growth recently. The market that stood at $166.43 billion in 2024 is expected to rise to $179.25 billion by 2025, growing at a compound annual growth rate (CAGR) of 7.7%. Growth factors from the historic period, such as the expansion of infrastructure, greater demand for cooling units, urbanization, improved energy efficiency of HVAC systems, and a surge in residential construction largely account for this positive trend.

In the upcoming years, the market for heating, ventilation, and air conditioning (HVAC) equipment is projected to witness robust expansion. The market size will escalate to $239.23 billion in 2029, with a compound annual growth rate (CAGR) of 7.5%. This predicted growth during the forecast period is due to factors such as escalating global warming, increasing disposable income, growing awareness about environmental sustainability, and the surging demand for energy-efficient solutions. The market trends predicted during this period encompass technological progress, adoption of smart technologies and the Internet of Things, eco-friendly HVAC options, the implementation of AI and machine learning, and incentives promoting the use of renewable energy sources.

What Are the Primary Growth Drivers for the Heating, Ventilation, And Air Conditioning (HVAC) Equipment Market?
The growth of the heating, ventilation, and air conditioning (HVAC) equipment market is projected to be buoyed by the burgeoning construction of residential buildings. These buildings, designed for habitation, encompass single-family homes, apartment complexes, townhouses, and condominiums. The surge in urbanization, with people relocating to cities for superior employment prospects coupled with low-interest rates facilitating easier financing of new dwellings, has fueled the boom in residential construction. The paramount role of HVAC equipment in these structures is undeniable - it not only ensures indoor comfort and betters air quality, but also enhances energy efficiency and preserves the building's structural soundness. To illustrate, the US Census Bureau, a US government organization, reported in August 2024 that in July, residential completions under private ownership had risen to a seasonally adjusted yearly rate of 1,529,000 - a 13.8% increment from the prior year. Meanwhile, single-family home completions noted a 0.5% increase, rising to 1,054,000 from June. Hence, the accelerating pace of residential building construction is responsible for driving the heating, ventilation, and air conditioning (HVAC) equipment market.

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Who Are the Dominant Companies Influencing Heating, Ventilation, And Air Conditioning (HVAC) Equipment Market Trends?
Major companies operating in the heating, ventilation, and air conditioning (HVAC) equipment market are 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

How Is the Heating, Ventilation, And Air Conditioning (HVAC) Equipment Market Evolving?
Key players in the heating, ventilation, and air conditioning (HVAC) equipment industry are zeroing in on the creation of sophisticated HVAC products, aiming for comprehensive solutions that enhance energy efficiency, superior air purifying abilities, and easy user control. Such full-featured new HVAC options include cutting-edge systems that fuse smart technology, energy saving, and sustainability characteristics that ensure prime comfort and HVAC performance. Case in point, Voltas Limited, an Indian domestic appliance firm, unveiled its fresh HVAC range at the ACREX India 2024 event in April 2024. The updated selection comprises of advanced room air conditioners with energy conservation technologies, smart capabilities, and variable refrigerant flow (VRF) systems specifically designed for bigger commercial areas, promising improved temperature control flexibility. Moreover, it showcased high-capacity chillers targeted at industrial usage and light commercial air conditioners fine-tuned for smaller commercial settings. The Voltas SmartAir AC, an array of smart inverter air conditioners with IoT capabilities, allows users to manage and supervise their units remotely, amplifying user convenience and energy governance.

What Are the Different Segmentations in the Heating, Ventilation, And Air Conditioning (HVAC) Equipment Market?
The heating, ventilation, and air conditioning (HVAC) equipment market covered in this report is segmented -

1) By Type: Heating, Air Conditioning, Ventilation, Other Types
2) Service Type: Installation Services, Maintenance And Repair Services, Upgradation Or Replacement Services, Consulting Services
3) By System Type: Central, Decentralized
4) By Business Type: New Construction, Retrofits
5) By End-User: Residential, Commercial, Industrial

Subsegments:
1) By Heating: Furnaces, Heat Pumps, Boilers, Radiant Heating Systems
2) By Air Conditioning: Central Air Conditioners, Ductless Mini-Split Systems, Portable Air Conditioners, Window Air Conditioners
3) By Ventilation: Exhaust Fans, Air Handling Units (AHUs), Ventilation Fans, Energy Recovery Ventilators (ERVs)
4) By Other Types: Thermostats and Controls, Air Quality Equipment, Humidifiers And Dehumidifiers, HVAC Accessories And Components

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Which Region Is at the Forefront of the Heating, Ventilation, And Air Conditioning (HVAC) Equipment Market?
Asia-Pacific was the largest region in the heating, ventilation, and air conditioning (HVAC) equipment market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the heating, ventilation, and air conditioning (HVAC) equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

What Is Covered In The Heating, Ventilation, And Air Conditioning (HVAC) Equipment Global Market Report?

- Market Size Analysis: Analyze the Heating, Ventilation, And Air Conditioning (HVAC) Equipment Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Heating, Ventilation, And Air Conditioning (HVAC) Equipment Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Heating, Ventilation, And Air Conditioning (HVAC) Equipment Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Heating, Ventilation, And Air Conditioning (HVAC) Equipment Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.

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