Press release
Emerging Growth Patterns Driving Expansion in the HVAC System Market
HVAC System Market
Projected Growth and Size of the HVAC System Market by 2030
The HVAC system market is anticipated to grow steadily, reaching a valuation of $260.58 billion by 2030. This growth corresponds to a compound annual growth rate (CAGR) of 6.6% over the forecast period. Several factors are driving this expansion, such as initiatives promoting smart cities, ambitious net zero building targets, stricter energy efficiency standards, the increasing prevalence of green buildings, and the rise of digital building management systems. Important trends expected to influence the market include wider adoption of smart HVAC technologies, a surge in retrofit and replacement projects, heightened emphasis on improving indoor air quality, incorporation of energy recovery systems, and demand for buildings that adapt to varying climate conditions.
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Key Players Leading the HVAC System Market
The HVAC system market features a variety of prominent companies known for their innovative products and extensive market reach. Leading players include 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), and Watts Water Technologies Inc.
Significant Acquisition Enhancing Market Presence
In May 2023, Daikin Applied, a US-based HVAC solutions provider, strengthened its market position by acquiring Carroll Air Systems in an undisclosed deal. Carroll Air Systems specializes in supplying heating, ventilation, and air-conditioning systems and services to commercial, industrial, and institutional clients. This acquisition is expected to broaden Daikin Applied's product portfolio and bolster its service capabilities within the HVAC sector.
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Advancements and Opportunities Emerging in the HVAC System Market
Industry leaders are focusing on innovative heating and cooling solutions to maintain a competitive advantage. A notable example is the increasing adoption of dual fuel systems that combine multiple fuel sources to optimize energy efficiency and enhance heating performance. Dual fuel HVAC systems typically switch automatically between natural gas and electricity depending on factors like outdoor temperature and operational cost. For example, in September 2023, Johnson Controls-Hitachi Air Conditioning, based in Hong Kong, introduced the Hitachi Air365 Hybrid dual fuel system. This advanced system integrates an electric Hitachi Mini VRF heat pump with a dual-fuel module that can be paired with new or existing gas furnaces, offering efficient and flexible climate control for both residential and commercial applications.
Dominant Segments Within the HVAC System Market
The HVAC system market is categorized into several key segments to provide a clear understanding of its structure:
1) By Product Type: Heating, Ventilation, and Cooling
2) By Implementation Type: New Construction and Retrofit
3) By Application Area: Commercial, Residential, and Industrial
Further breakdown within these segments includes:
- Heating: Furnaces, Heat Pumps, Boilers, Radiant Heating Systems, Electric Heaters
- Ventilation: Exhaust Fans, Air Handling Units (AHUs), Energy Recovery Ventilators (ERVs), Demand-Controlled Ventilation Systems, Ductless Ventilation Systems
- Cooling: Air Conditioners, Chillers, Cooling Towers, Evaporative Coolers
Each of these categories plays a crucial role in defining the overall market dynamics and catering to the diverse needs of various end-user sectors.
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