Press release
HVAC Accessories Market Size Projected to Reach USD 41.39 Billion by 2034, Growing at a CAGR of 5.4%
HVAC Accessories Market
Market Explanation
An HVAC system is a complex web of varied components that work cohesively to control indoor temperatures, air quality, and humidity levels. The air conditioning unit is what removes warm air from the home and cools it off before disbursing that cool air back into the home. This assists in keeping the home agreeable in summer while sustaining the desired temperature.
A heat exchanger is an HVAC component that is a liquid-filled cell that assists in conveying heat from one place to another. This can be from the exterior of the home or vice versa, and it assists in keeping the home cosy during winter. HVAC is used in homes, apartment buildings, and senior living spaces. It is also used in hospitals, vehicles, ships and submarines.
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Key Players
The market has the presence of both established players and new entrants. Some of the companies which are currently dominating the market are:
• Aeroqual
• Carrier
• Condair Group
• DAIKIN INDUSTRIES, Ltd.
• Lennox International Inc.
• Munters
• Ocean Controls Limited
• SCOTTFRIO
• Thermorex
• Trane
HVAC Accessories Market Report Highlights
• In 2024, the thermostats segment dominated the HVAC accessories market driven by increasing consumer demand for energy efficiency and convenience.
• The online segment is expected to witness significant growth during the forecast period. E-commerce expansion has led more consumers to purchase HVAC accessories like thermostats, filters, and sensors online due to the convenience and variety of options available.
• In 2024, North America dominated the HVAC accessories market due to increasing demand for energy-efficient solutions and smart home technologies.
• Asia Pacific is expected to record a significant share during the forecast period driven by urbanization, industrialization, and a rising standard of living.
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Market Drivers
Growing Construction Projects Drive Market Demand
The number of modern construction and renovation projects is growing, especially in commercial, residential, and industrial buildings. As per the US Census Bureau, in January 2025, 1,659,000 modern construction projects were concluded in the US alone. These modern buildings are fitted with essential accessories for maximal performance while prevailing structures are modified to enhance conservation and ease, spiralling the HVAC accessories market growth.
Escalating Urbanization Propelling Market Forward
Growing urbanization worldwide is causing an escalation in the market in both residential and commercial establishments. For instance, as per the World Bank Group, in 2023, 57% of the aggregate population resides in urban regions, portraying the evolution in the urban population, which is creating a huge demand for heating and cooling accessories.
Segment Wise Insights
The HVAC accessories market is segmented on the basis of product, distribution channel, application, and region.
Based on distribution channel, the online segment is anticipated to witness significant growth during the forecast period. The surge in e-commerce has caused consumers to buy HVAC accessories such as sensors, filters, and thermostats online due to the ease and assortment of alternatives available.
Based on product, the thermostats segment dominated the market in 2024, due to growing consumer demand for energy efficiency and ease.
By Product (Revenue - USD Billion, 2020-2034)
• Thermostats
• Sensors
• Control Systems
• Vibration Isolators
• Others
By Distribution Channel (Revenue - USD Billion, 2020-2034)
• Online
• Offline
By Application (Revenue - USD Billion, 2020-2034)
• Residential
• Commercial
• Industrial
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Regional Outlook
North America (U.S., Canada)
Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
Asia Pacific (Japan, China, India, Malaysia, Indonesia. South Korea)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)
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