Top 10 HVAC System Market Companies Analysis to 2030

An HVAC system stands for Heating, Ventilation, and Air Conditioning system. It's a technology used to control the indoor climate of buildings - making sure they are warm in winter, cool in summer, and have clean, properly circulated air year-round.

The HVAC system market size is expected to grow from US$ 246.10 billion in 2022 to US$ 597.7 billion by 2030; it is estimated to record a CAGR of 11.3% from 2022 to 2030. The growing emphasis on smart and connected HVAC systems to enhance overall energy efficiency is likely to remain a key trend in the market.

HVAC System Market Analysis The surge in demand for eco-friendly HVAC systems and smart homes has encouraged participants to undertake innovative developments in HVAC technologies, focusing on enhancing energy efficiency. Significant corporations engage in partnerships, acquisitions, product innovation, and development strategies. Additionally, in 2023, the HVAC industry is shifting toward smart connected systems. With smart connected systems, homeowners and building managers can control their HVAC systems remotely using mobile devices and smartphones.

These systems feature precise temperature control and can adjust automatically to changing weather conditions to improve energy efficiency. Moreover, the rise of heat pumps is changing the HVAC system market outlook, as there is a need to phase down HFC refrigerants. Other agents of change include greater connectivity among systems.

Key segments that contributed to the derivation of the HVAC System market analysis are component, type, implementation, and application.

Based on components, the HVAC system market is segmented into thermostats, air handling units (AHU), central ACs, furnaces, pumps, compressors, and others. The central ACs segment held the largest share of the market in 2022.

Based on type, the market is segmented into split systems, ductless systems, and packaged systems. The split system segment held a significant market share in 2022.
Based on implementation, the market is categorized into new installation and retrofit. The new installation segment held the largest share of the market in 2022.

Based on application, the market is categorized into residential, commercial, and industrial. The commercial segment held the largest share of the market in 2022.

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Key Companies:
• Daikin Industries, Ltd.
• Emerson Electric Co.
• Honeywell International Inc.
• Johnson Controls Inc.
• LG Electronics
• Carrier Global Corporation
• Lennox International Inc.
• Trane
• EVAPCO, Inc.
• Rheem Manufacturing Company

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This release was published on openPR.