Press release
2025-2034 HVAC System Market Evolution: Disruptions, Innovations, and Untapped Opportunities
HVAC System Market
What Is the Expected CAGR for the HVAC System Market Through 2025?
The market size of the hvac system has been incrementally increasing over the past few years. It is predicted to expand from a market worth $182.15 billion in 2024 to $189.81 billion in 2025, exhibiting a compound annual growth rate (CAGR) of 4.2%. The expansion during this period can be linked to factors such as the surge in urbanization and construction activities, shifting global temperatures, focus on energy conservation, strict government rules and standards, increased awareness around indoor air quality, and considerations related to health and comfort.
What's the Projected Size of the Global HVAC System Market by 2029?
The market for HVAC systems is anticipated to witness significant expansion in the coming years, with a projection to escalate to $244.28 billion by 2029, at a compound annual growth rate (CAGR) of 6.5%. This expected growth across the forecast period can be linked to factors such as market globalization, a greater emphasis on net-zero buildings, improvements in refrigerants, the incorporation of renewable energy, climate change resilience, and shifting building codes. The upcoming period is expected to see major trends such as the emergence of intelligent HVAC systems, the adoption of artificial intelligence (AI), the use of variable refrigerant flow (VRF) systems, the development of hybrid and comprehensive HVAC solutions, remote surveillance and regulation, along with the adoption of electrification and heat pumps.
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Top Growth Drivers in the HVAC System Industry: What's Accelerating the Market?
The increase in construction activities, both in commercial and residential contexts, is considered a primary force driving the HVAC system market's positive trajectory. Both residential and non-residential constructions, which include commercial, industrial, and other kinds, implicitly promote the usage of heating, ventilation, and air conditioning (HVAC) systems. These mechanisms ensure thermally comfortable environments and proper indoor air quality and find application in various types of buildings, from commercial and industrial to residential and institutional ones. Atradius, an insurance company based in Netherlands offering trade credit insurance, surety, and collections services, released projections in March 2024 that the global construction output will escalate by 2.0% in the same year, a rise from the previous 3.7% in 2023. Growth figures are slated as 1.8% for advanced economies, while emerging markets will likely witness a 2.2% hike in construction endeavors. For the current year, non-residential output and civil engineering sectors anticipate growth of 2.8% and 4.4%, respectively. Projections for 2025 suggest a 1.8% growth in global construction, with a 2.4% rebound in residential construction output attributed to better economic conditions and lenient monetary policies. Hence, the boom in commercial and residential construction activities augments the advancement of the HVAC system market.
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What Are the Key Trends Driving HVAC System Market Growth?
One of the primary trends gaining traction in the HVAC system sector is green and smart technology. Many significant companies in the market are utilizing the Internet of Things (IoT) and machine learning to bolster their standing. These green and smart technologies enhance living standards and provide environmentally friendly ways for building, refurbishing, and managing homes and structures. For example, in February 2024, Voltas Limited, a multinational home appliances firm from India that provides air conditioners, air coolers, fridges, and washing machines, introduced its new commercial AC range at ACREX India 2024 in Noida. The range includes inverter scroll chillers with cooling capacities ranging from 12 to 72 TR. These advanced, environmentally friendly units utilise advanced refrigerants, are IoT-enabled, BMS compatible, and can be operated via mobile app, ensuring a quiet and convenient operation. This product line aims to endorse energy-efficient solutions in commercial areas, reaffirming the company's dedication to incorporating cutting-edge technology into its business operations.
What Are the Main Segments in the HVAC System Market?
The hvac systemmarket 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 Top Companies are Driving Growth in the HVAC System Market?
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 Will Dominate the HVAC System Market Through 2029?
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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