Global Heating, Ventilation, And Air Conditioning (HVAC) Equipment Market to Reach $239.23 Billion by 2029, Growing at 7.5% CAGR

What market dynamics are playing a key role in accelerating the growth of the heating, ventilation, and air conditioning (hvac) equipment market?
The expansion of residential building construction is set to boost the heating, ventilation, and air conditioning (HVAC) equipment market. Residential buildings, such as single-family homes, apartment complexes, townhouses, and condominiums, are made for habitation. Due to fast-paced urbanization and lower interest rates that facilitate the financing of new homes, these buildings' construction is on the rise. HVAC equipment plays a crucial role in residential buildings by maintaining indoor comfort, improving air quality, promoting energy efficiency, and ensuring the structure's durability. For instance, the US Census Bureau, a government agency, reported that private housing completions in July rose to a seasonally adjusted annual rate of 1,529,000 in August 2024, a 13.8% increase from the previous year. Single-family housing completions also saw an increase of 0.5% to a rate of 1,054,000 from June. Consequently, the surge in residential building construction is propelling the heating, ventilation, and air conditioning (HVAC) equipment market.

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How will the growth rate of the heating, ventilation, and air conditioning (hvac) equipment market shape industry trends by 2034?
In recent times, there has been a significant growth in the size of the market for heating, ventilation, and air conditioning (HVAC) equipment. The market, worth $166.43 billion in 2024, is expected to surge to $179.25 billion in 2025, marking a Compound Annual Growth Rate (CAGR) of 7.7%. Factors such as infrastructure development, an augmented demand for cooling units, urban population growth, enhanced energy efficiency in HVAC systems, and the rise in construction of residential buildings have all contributed to the robust growth experienced in the historical period.

The market for equipment related to heating, ventilation, and air conditioning (commonly known as HVAC) is projected to experience robust growth in the upcoming years. The market value is forecasted to reach $239.23 billion by 2029, with a compound annual growth rate (CAGR) of 7.5%. The anticipated market expansion in the forecast period is due to several factors such as the intensifying issue of global warming, increasing disposable incomes, growing consciousness about environmental sustainability, and the rising demand for energy-efficient solutions. Notable trends for the forecast period encompass technological progression, the incorporation of smart technologies and Internet of Things (IoT), environmentally friendly HVAC solutions, the amalgamation of artificial intelligence (AI) and machine learning, along with incentives promoting the adoption of renewable energy.

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What trends are poised to drive the future success of the heating, ventilation, and air conditioning (hvac) equipment market?
Leading corporations in the HVAC (heating, ventilation, and air conditioning) equipment sector are focused on creating state-of-the-art HVAC products that are inclusive of solutions to augment energy efficiency, futuristic air purification, and user control. These innovative HVAC solutions carry systems equipped with smart technology, energy efficiency, and sustainability to deliver the finest comfort and performance in heating, ventilation, and air conditioning. A perfect example is the launch of new HVAC products by Voltas Limited, an Indian home appliance company, at ACREX India 2024 exhibition in April 2024. The new offering involves sophisticated room air conditioners with technologies that save energy, intelligent features, and variable refrigerant flow (VRF) systems suitable for more extensive commercial spaces, thereby offering improved flexibility in temperature regulation. Plus, they unveiled high-capacity chillers targeting industrial applications alongside light commercial air conditioners designed for more modest business settings. A notable product in the line-up is the Voltas SmartAir AC, a range of smart inverter air conditioners fitted with IoT fixtures, permitting user to remotely control and monitor their units, ensuring heightened convenience and energy management.

Which primary segments of the heating, ventilation, and air conditioning (hvac) equipment market are driving growth and industry transformations?
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 geographical regions are pioneering growth in 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.

Who are the influential players reshaping the heating, ventilation, and air conditioning (hvac) equipment market landscape?
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

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

•Market Size Forecast: Examine the heating, ventilation, and air conditioning (hvac) equipment market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the heating, ventilation, and air conditioning (hvac) equipment market for a structured understanding.
•Key Players Overview: Analyze major players in the heating, ventilation, and air conditioning (hvac) equipment market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the heating, ventilation, and air conditioning (hvac) equipment market.
•Segment Contributions: Evaluate how different segments drive overall growth in the heating, ventilation, and air conditioning (hvac) equipment market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the heating, ventilation, and air conditioning (hvac) equipment market.
•Industry Challenges: Identify potential risks and obstacles affecting the heating, ventilation, and air conditioning (hvac) equipment market.
•Competitive Landscape: Review strategic developments in the heating, ventilation, and air conditioning (hvac) equipment market, including expansions, agreements, and new product launches.

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