Press release
Voltas Unveils New Inverter Scroll Chillers for Enhanced Energy Efficiency in Commercial ACs Trend: A Crucial Influence on the HVAC System Market's Transformation in 2025
HVAC System Market Size
The HVAC system market is projected to expand due to an increase in construction activities within the commercial and residential sectors. The construction realm includes both non-residential and residential infrastructure. A key component of any building, be it residential, commercial, industrial, or institutional, is the heating, ventilation, and air conditioning (HVAC) system, a mechanical entity that guarantees thermal comfort and superior indoor air quality for inhabitants. As per Atradius, a trade credit insurance, surety, and collection service provider based in the Netherlands, March 2024 will see a 2.0% rise in global construction output, a leap from the previous year's 3.7%. Advanced economies are set to experience a 1.8% growth, while building activity in emerging markets will increase by 2.2%. This year, non-residential output and civil engineering are predicted to grow by 2.8% and 4.4% respectively. By 2025, it is expected that global construction will experience a 1.8% growth. As a result of improved economic conditions and more lenient monetary policies, a 2.4% rebound is forecasted in residential construction output. Consequently, the HVAC system market growth can be attributed to the rise in construction activities within the residential and commercial sectors.
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What is the projected compound annual growth rate (CAGR) of the hvac system market from 2025 to 2034, and what factors influence it?
In recent years, the market size for HVAC systems has seen impressive growth. The market valuation is projected to increase from $182.15 billion in 2024 to $193.18 billion in 2025, equating to a compound annual growth rate (CAGR) of 6.1%. This growth trend in the past can be traced back to factors such as urbanization and a surge in construction, fluctuations in global temperatures, concerns regarding energy efficiency, regulations and standards set by the government, increased awareness about indoor air quality, as well as health and comfort aspects.
The market size for HVAC systems is poised to experience significant expansion in the coming years, with expectations to reach a worth of $254.07 billion in 2029, growing at a compound annual growth rate (CAGR) of 7.1%. The surge in growth over the forecasted period can be linked to the globalization of markets, increased emphasis on carbon-neutral buildings, advancements in refrigerant technology, merging with renewable energy sources, increased resilience towards climatic changes, and modernized building codes. The period is also projected to see some key trends including the rise of intelligent HVAC systems, incorporation of artificial intelligence, usage of Variable Refrigerant Flow (VRF) systems, the blending of hybrid and integrated HVAC solutions, remote monitoring and control technologies, as well as the increase in electrification alongside heat pump utilization.
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How are the latest trends influencing the growth of the hvac system market?
Adoption of green and intelligent technology is steadily rising in the HVAC system industry. Leading firms in this sector are focusing on crafting innovative solutions to secure their market standing via the use of Internet of Things (IoT) and machine learning. This approach aims to ameliorate living conditions and to promote eco-friendly construction, renovation, and operation of homes and buildings. For example, in February 2024, Voltas Limited, a large-scale home appliances company from India, unveiled its latest commercial air conditioning product line at the ACREX India 2024 event in Noida. This line includes inverter scroll chillers with cooling capacities ranging from 12 to 72 TR. These advanced units, which are both IoT-enabled and BMS compatible, use superior refrigerants, can be managed via a mobile app, and operate quietly and efficiently. The launch of this product line is in line with the company's move towards energy conservation in commercial settings and its dedication towards incorporating the latest technology into its operations.
What are the major segments of the hvac system market and their role in driving growth?
The HVAC system market covered in this report is segmented -
1) By Product: Heating, Ventilation, Cooling
2) By Implementation Type: New Construction, Retrofit
3) By Application: Commercial, Residential, Industrial
Subsegments:
1) By Heating: Furnaces, Heat Pumps, Boilers, Radiant Heating Systems, Electric Heaters
2) By Ventilation: Exhaust Fans, Air Handling Units (AHUs), Energy Recovery Ventilators (ERVs), Demand-Controlled Ventilation Systems, Ductless Ventilation Systems
3) By Cooling: Air Conditioners, Chillers, Cooling Towers, Evaporative Coolers, Portable Air Conditioners
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Which regions are key players in the growth of the hvac system market?
Asia-Pacific was the largest region in the HVAC system market in 2024. The regions covered in the HVAC system market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Who are the key firms paving the way for growth in the hvac system market?
Major companies operating in the HVAC system market are 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, 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.
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What Is Covered In The HVAC System Global Market Report?
• Market Size Forecast: Examine the hvac system market size across key regions, countries, product categories, and applications.
• Segmentation Insights: Identify and classify subsegments within the hvac system market for a structured understanding.
• Key Players Overview: Analyze major players in the hvac system market, including their market value, share, and competitive positioning.
• Growth Trends Exploration: Assess individual growth patterns and future opportunities in the hvac system market.
• Segment Contributions: Evaluate how different segments drive overall growth in the hvac system market.
• Growth Factors: Highlight key drivers and opportunities influencing the expansion of the hvac system market.
• Industry Challenges: Identify potential risks and obstacles affecting the hvac system market.
• Competitive Landscape: Review strategic developments in the hvac system market, including expansions, agreements, and new product launches.
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