Press release
HVAC System Market Expansion Continues, with Forecast Valuation of $254.07 Billion by 2029
HVAC System Market
HVAC System Market Size Valuation Forecast: What Will the Market Be Worth by 2025?
Over the past few years, the market size of the HVAC system has seen remarkable growth. The market, which is expected to increase from $182.15 billion in 2024 to $193.18 billion in 2025, will experience a compound annual growth rate (CAGR) of 6.1%. Factors such as urbanization, a boom in construction, fluctuations in world temperatures, energy efficiency issues, governmental regulations and standards, awareness about indoor air quality, and matters related to health and comfort have all contributed to this growth during the historic period.
HVAC System Market Size Forecast: What's the Projected Valuation by 2029?
The market size for HVAC systems is projected to experience robust growth in the impending years. By 2029, the value is forecasted to reach $254.07 billion, with a compound annual growth rate (CAGR) of 7.1%. The expected growth during this period can be credited to factors such as market globalization, emphasis on achieving net-zero buildings, innovatory strides in refrigerants, assimilation of renewable energy, adaptability to climate change, and transforming building regulations. Foreseeing future trends include the emergence of intelligent HVAC systems, incorporation of artificial intelligence (AI), adoption of variable refrigerant flow (VRF) systems, implementation of combined and comprehensive HVAC solutions, remote monitoring and regulation, and the adoption of electrification and heat pumps.
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What Are the Drivers Transforming the HVAC System Market?
The advancement of the HVAC system market can be attributed to the increasing construction activities in both commercial and residential sectors. The construction sector encompasses infrastructure from both residential and non-residential establishments, which includes industrial, commercial and other types of buildings. HVAC systems, standing for heating, ventilation, and air conditioning, are integral parts of building systems, ensuring thermal comfort and high-quality indoor air for occupants. These devices are has commonly found in several kinds of buildings, including commercial, industrial, residential, and institutional buildings. For example, in March 2024, Atradius, a trade credit insurance, surety and collections services provider based in the Netherlands, projected a 2.0% increase in global construction output in 2024, up from 3.7% in 2023. Advanced economies are predicted to grow by 1.8%, while emerging markets are set to see a 2.2% increase in construction activities. Forecasts suggest that non-residential output and civil engineering will expand by 2.8% and 4.4% respectively within this year. It is further predicted that the global construction sector will experience a growth rate of 1.8% in 2025. Expected to rebound by 2.4%, residential construction output will thrive due to improving economic conditions and the impact of relaxed monetary policies. Thus, this increase in construction activities across the commercial and residential sectors is fueling the growth of the HVAC system market.
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What Long-Term Trends Will Define the Future of the HVAC System Market?
The ascendency of green and smart technology is a significant trend in the HVAC system market. Enterprises within this market are exploring innovative solutions, leveraging the Internet of Things (IoT) and machine learning to secure a competitive edge. Green and smart technologies effectively enhance living conditions, proposing environmentally conscious methods for building, revamping, and managing homes and commercial places. For instance, in February 2024, Voltas Limited, a global Indian firm that sells air conditioners, air coolers, refrigerators, and washing machines, unveiled its novel commercial AC product line at ACREX India 2024 in Noida. This line features inverter scroll chillers with cooling capacities ranging from 12 to 72 TR. These units are eco-friendly, utilizing advanced refrigerants, IoT compatible, BMS interoperable, and operable through mobile applications, promising quiet and user-friendly operation. With this product line, the company intends to encourage energy-efficient strategies in commercial environments, reinforcing the company's dedication to integrating state-of-the-art technology into their operations.
Which Segments in the HVAC System Market Offer the Most Profit Potential?
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 Firms Dominate the HVAC System Market by Market Share and Revenue in 2025?
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.
Which Regions Offer the Highest Growth Potential in 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.
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