2025 Heating, Ventilation, And Air Conditioning (HVAC) Market Outlook: Key Indicators Shaping Growth Through 2034

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What Will the Heating, Ventilation, And Air Conditioning (HVAC) Industry Market Size Be by 2025?
The market size of the heating, ventilation, and air conditioning (HVAC) industry has seen considerable growth lately. It is forecasted to expand from a valuation of $288.73 billion in 2024 to $310.58 billion in 2025, demonstrating a compound annual growth rate (CAGR) of 7.6%. Factors contributing to the past growth include rising disposable incomes, improved living standards, increased awareness about the quality of indoor air, regulations set by the government to promote energy efficiency, growth in the hospitality industry, and the expansion of healthcare infrastructure necessitating HVAC.

What's the Long-Term Growth Forecast for the Heating, Ventilation, And Air Conditioning (HVAC) Market Size Through 2029?
In the coming years, the HVAC (Heating, Ventilation, and Air Conditioning) market size is projected to witness a robust growth, reaching $410.13 billion by 2029 with a Compound Annual Growth Rate (CAGR) of 7.2%. The growth expected within this forecast period is due to factors such as the rising global temperatures and climate changes, an increasing demand for energy-efficient HVAC systems, swift urbanization and infrastructural development, an increase in residential construction, and the expansion of commercial and industrial spaces. Big trends to watch for within this period include advancements in HVAC equipment technology, the utilization of smart HVAC systems integrated with IoT, growing use of AI-enabled HVAC solutions, demand for quieter HVAC technologies, and the development of energy and heat recovery ventilators.

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What Are the Key Growth Drivers Fueling the Heating, Ventilation, And Air Conditioning (HVAC) Market Expansion?
The escalation in worldwide temperatures is expected to drive the expansion of the HVAC market in future years. Temperature, an indicator of the heat or cold state of a substance, is on the rise due to the growing levels of greenhouse gases in the atmosphere. These gases trap the sun's heat and prevent it from dissipating into space, leading to gradual warming of the Earth's surface. As temperatures rise, the demand for HVAC systems increases, a higher demand for efficient cooling solutions is required to ensure indoor comfort and safety, especially during extended periods of severe weather. For instance, in a report released by NOAA, the National Oceanic and Atmospheric Administration, a U.S. government agency, in January 2024, it was shown that global temperatures in July, August, and September 2023 were more than 1.0°C (1.8°F) over the long-term average - this marked the first time any month in NOAA's records exceeded this level. Hence, these escalating global temperatures are set to stimulate the growth of the HVAC market.

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What Are the Key Trends Driving Heating, Ventilation, And Air Conditioning (HVAC) Market Growth?
Leading firms in the HVAC market are concentrating their efforts on creating innovative solutions, such as HVAC systems powered by artificial intelligence, to facilitate predictive maintenance and lessen downtime. These AI-integrated HVAC systems apply artificial intelligence to heighten the efficiency of heating, ventilation, and air conditioning procedures, delivering better energy conservation, increased comfort, and foreseeing maintenance. Take, for example, the KOVA Comfort Intelligent HVAC, which was introduced in September 2023 by US-based HVAC systems manufacturer, KOVA. This system harnesses data relating to behaviour, environment and occupancy specifics to learn and personalize comfort and energy usage in inhabited spaces. Its compact and stylish design makes it perfectly suitable for use in multifamily dwellings, student accommodation, hospitality venues, and residential properties. The system utilizes top-tier machine learning combined with an AI-driven processor to continually enhance performance and energy efficiency. KOVA Comfort, unlike typical HVAC systems, decreases downtime and energy wastage by merging AI technology with a variable-speed compressor and fan, thus boosting productivity.

How Is the Heating, Ventilation, And Air Conditioning (HVAC) Market Segmented?
The heating, ventilation, and air conditioning (HVAC) market covered in this report is segmented -

1) By Offering: Equipment, Services
2) By Distribution Mode: Centralized Systems, De-Centralized Systems
3) By Application: Cooling, Heating, Ventilation, Filtering, Humidification And Dehumidification, Air Purification
4) By End Use: Residential, Commercial, Industrials

Subsegments:
1) By Equipment: Heating Equipment, Ventilation Equipment, Air Conditioning Equipment, Heat Pumps, Thermostats And Controls
2) By Services: Maintenance And Repair Services, Consulting And Design Services, System Upgradation Services, Energy Auditing Services

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Which Companies Are Leading the Charge in Heating, Ventilation, And Air Conditioning (HVAC) Market Innovation?
Major companies operating in the heating, ventilation, and air conditioning (HVAC) market are Samsung Electronics Co. Ltd., LG Electronics Inc., Panasonic Holdings Corporation, Midea Group Co. Ltd., Mitsubishi Electric Corporation, Honeywell International Inc., Haier Group Corporation, Daikin Industries Ltd., Gree Electric Appliances Inc., Fujitsu General Limited, Johnson Controls International Plc, Whirlpool Corporation, Carrier Global Corporation, Trane Technologies Plc, Emerson Electric Co., Danfoss AS, Lennox International Inc., Chigo Air Conditioning Corporation, Hisense Company Ltd., Vaillant Group, LAARS Heating Systems Co., Viessmann Group, Bosch Thermotechnik GmbH, Air Innovations Inc., AUX Group

Which Regions Are Leading the Global Heating, Ventilation, And Air Conditioning (HVAC) Market in Revenue?
Asia-Pacific was the largest region in the HVAC 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) market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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