Increased Residential Construction Boosts HVAC Equipment Market: Strengthening the Growth Trajectory of the Heating, Ventilation, And Air Conditioning (HVAC) Equipment Market

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What Is the Expected CAGR for the Heating, Ventilation, And Air Conditioning (HVAC) Equipment Market Through 2025?_x000D_
The size of the heating, ventilation, and air conditioning (HVAC) equipment market has seen considerable growth recently. It's forecasted to expand from $166.43 billion in 2024 to $179.25 billion in 2025 with a compound annual growth rate (CAGR) of 7.7%. Factors contributing to growth in the historic period include a surge in infrastructure development, a rise in cooling unit demand, a growing urban population, improved energy efficiency in HVAC systems, and a rise in the construction of residential buildings._x000D_
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What's the Projected Size of the Global Heating, Ventilation, And Air Conditioning (HVAC) Equipment Market by 2029?_x000D_
In the coming years, the market for heating, ventilation, and air conditioning (HVAC) equipment is anticipated to experience substantial growth, reaching $239.23 billion by 2029 with an annual growth rate of 7.5%. This growth during the forecast period can be ascribed to factors such as escalating global warming, increased disposable income, heightened awareness regarding environmental sustainability and the escalating demand for energy-efficient solutions. For the predicted period, key trends encompass technological advancement, incorporation of smart technologies and IoT, implementation of eco-friendly HVAC solutions, utilization of AI and machine learning and incentives towards the adoption of renewable energy._x000D_
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Top Growth Drivers in the Heating, Ventilation, And Air Conditioning (HVAC) Equipment Industry: What's Accelerating the Market? _x000D_
The acceleration of residential building construction is predicted to fuel the surge of the heating, ventilation, and air conditioning (HVAC) equipment market in the future. Structures intended for individuals to take up residence such as standalone homes, apartment blocks, townhouses, and condominiums are what make up residential buildings. The rise in the construction of such structures can be attributed to fast-paced urbanization, with more people migrating towards cities for improved job prospects, coupled with low interest rates that simplify the financial aspect of acquiring a new home. The significance of HVAC equipment within a residential structure is pronounced given its role in maintaining indoor comfort, enhancing energy efficiency, improving air quality, and aiding in the upkeep of the building's overall structural stability. To cite an example, in August 2024, the US Census Bureau - a government agency based in the US - reported that private housing completions in July had escalated to an adjusted annual rate of 1,529,000, marking a 13.8% annual increase. There was also noted a 0.5% increase from June in single-family housing completions, which tallied up to a rate of 1,054,000. Consequently, the escalating construction of residential structures is propelling the growth of the heating, ventilation, and air conditioning (HVAC) equipment market._x000D_
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What Trends Will Shape the Heating, Ventilation, And Air Conditioning (HVAC) Equipment Market Through 2029 and Beyond?_x000D_
Key players in the HVAC (heating, ventilation, and air conditioning) equipment market are concentrating on the innovation of HVAC products that offer complete solutions. They aim to boost energy efficiency, superior air purification, and increased user control. The latest HVAC solutions incorporate smart technology, energy efficiency, and sustainability to provide superior comfort and performance. For example, in April 2024, the Indian home appliance company, Voltas Limited, introduced its innovative HVAC collection during the ACREX India 2024 exhibition. The lineup demonstrated room air conditioners with energy-conserving innovations, smart capabilities, and variable refrigerant flow (VRF) systems suitable for broader commercial spaces with adjustable temperature control. In addition to this, it launched high-capacity chillers for industrial usage and light commercial air conditioners designed for smaller workspaces. The Voltas SmartAir AC stood out, being a range of smart inverter air conditioners with IoT capabilities for remote monitoring and control, enhancing convenience and energy management._x000D_
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What Are the Main Segments in the Heating, Ventilation, And Air Conditioning (HVAC) Equipment Market?_x000D_
The heating, ventilation, and air conditioning (HVAC) equipment market covered in this report is segmented - _x000D_
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1) By Type: Heating, Air Conditioning, Ventilation, Other Types_x000D_
2) Service Type: Installation Services, Maintenance And Repair Services, Upgradation Or Replacement Services, Consulting Services_x000D_
3) By System Type: Central, Decentralized_x000D_
4) By Business Type: New Construction, Retrofits_x000D_
5) By End-User: Residential, Commercial, Industrial_x000D_
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Subsegments:_x000D_
1) By Heating: Furnaces, Heat Pumps, Boilers, Radiant Heating Systems _x000D_
2) By Air Conditioning: Central Air Conditioners, Ductless Mini-Split Systems, Portable Air Conditioners, Window Air Conditioners _x000D_
3) By Ventilation: Exhaust Fans, Air Handling Units (AHUs), Ventilation Fans, Energy Recovery Ventilators (ERVs) _x000D_
4) By Other Types: Thermostats and Controls, Air Quality Equipment, Humidifiers And Dehumidifiers, HVAC Accessories And Components _x000D_
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Which Top Companies are Driving Growth in the Heating, Ventilation, And Air Conditioning (HVAC) Equipment Market?_x000D_
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 _x000D_
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Which Regions Will Dominate the Heating, Ventilation, And Air Conditioning (HVAC) Equipment Market Through 2029?_x000D_
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._x000D_
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