Press release
Segmentation, Major Trends, and Competitive Analysis of the HVAC System Market
HVAC System
Projected Growth and Market Size of the HVAC System Market by 2029
The HVAC system market is anticipated to grow robustly, reaching a valuation of $244.28 billion by 2029, with a compound annual growth rate (CAGR) of 6.5%. This expansion is supported by factors such as the globalization of markets, increasing emphasis on net-zero buildings, progress in refrigerant technologies, and the integration of renewable energy sources. Additionally, building codes are evolving to address climate resilience, further propelling market demand. Key trends influencing this growth include the rise of smart HVAC technologies, incorporation of artificial intelligence (AI), adoption of variable refrigerant flow (VRF) systems, hybrid and integrated HVAC solutions, remote monitoring capabilities, and a growing shift towards electrification and heat pump usage.
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Leading Companies Driving the HVAC System Industry Forward
Several prominent organizations dominate the HVAC system landscape, including Daikin Industries Ltd., Johnson Controls International, Carrier Global Corporation, Trane Technologies PLC, LG Electronics, and AAON Heating and Cooling Products. Other influential players include 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), and Watts Water Technologies Inc.
Strategic Moves Expanding Market Reach
In May 2023, Daikin Applied, a US-based HVAC solutions provider, acquired Carroll Air Systems in an undisclosed deal. This acquisition is expected to broaden Daikin Applied's product portfolio and enhance its position in the HVAC market. Carroll Air Systems specializes in delivering heating, ventilation, and air conditioning services primarily for commercial, industrial, and institutional clients across the United States.
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Green Technologies and Smart HVAC Innovations Shaping the Market
Sustainable and intelligent technologies are becoming increasingly important in the HVAC system market. Leading companies are focusing heavily on incorporating Internet of Things (IoT) capabilities and machine learning to develop innovative HVAC solutions. These advancements promote healthier living environments while supporting eco-friendly construction, renovation, and operation of buildings.
For example, in February 2024, India-based multinational Voltas Limited introduced a new line of commercial air conditioning products at ACREX India 2024. Featuring inverter scroll chillers with cooling capacities ranging from 12 to 72 TR, these units are built with advanced refrigerants, IoT connectivity, building management system (BMS) compatibility, and mobile app control. Designed for silent operation and energy efficiency, this product suite emphasizes the company's dedication to blending cutting-edge technology with sustainable solutions in commercial HVAC applications.
Key Segments Covered in the HVAC System Market Report
This report provides detailed segmentation of the electric vehicle charger market, which ties into the HVAC industry's broader focus on electrification and smart infrastructure. The segments include:
1) Vehicle Type-Battery Electric Vehicle (BEV), Plug-in Hybrid Electric Vehicle (PHEV), Hybrid Electric Vehicle (HEV).
2) Charging Type-On-Board Chargers and Off-Board Chargers.
3) End-User-Residential and Commercial applications.
Further subcategories break down as follows:
- For Battery Electric Vehicles (BEV): Residential Charging Stations, Public Fast Charging Stations, and Ultra-Fast Charging Stations.
- For Plug-in Hybrid Electric Vehicles (PHEV): Level 1 Chargers, Level 2 Chargers, and Fast Chargers.
- For Hybrid Electric Vehicles (HEV): Level 1 Chargers and Specialized Charging Stations designed specifically for HEVs.
This segmentation highlights the diverse and evolving landscape of charging infrastructure, which is closely linked to the HVAC market's ongoing transformation toward smarter, cleaner technologies.
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