The HVAC system market size is expected to grow from US$ 246.10 billion in 2022 to US$ 597.7 billion by 2030; it is estimated to record a CAGR of 11.3% from 2022 to 2030. The growing emphasis on smart and connected HVAC systems to enhance overall energy efficiency is likely to remain a key trend in the market.
The surge in demand for eco-friendly HVAC systems and smart homes has encouraged participants to undertake innovative developments in HVAC technologies, focusing on enhancing energy efficiency. Significant corporations engage in partnerships, acquisitions, product innovation, and development strategies. Additionally, in 2023, the HVAC industry is shifting toward smart connected systems. With smart connected systems, homeowners and building managers can control their HVAC systems remotely using mobile devices and smartphones. These systems feature precise temperature control and can adjust automatically to changing weather conditions to improve energy efficiency. Moreover, the rise of heat pumps is changing the HVAC system market outlook, as there is a need to phase down HFC refrigerants. Other agents of change include greater connectivity among systems.
HVAC is an abbreviation for Heating, Ventilation, and Air Conditioning. The word HVAC refers to a full home comfort system that can heat and cool your house while also improving indoor air quality. HVAC is sometimes mistaken with the term AC, however, AC only refers to air conditioning on its own, whereas HVAC refers to the entire system, which may or may not include an air conditioning unit. The purpose of an HVAC system is to provide optimal home comfort conditions. To do this, a full system must be assembled from an air conditioner, furnace, air handler, ducting, thermostat, and maybe extra equipment such as a humidifier or air purifier.
There is a growing penetration of IoT-enabled devices across residential, commercial, and industrial sectors. HVAC manufacturers are manufacturing smart HVAC systems utilizing wireless technology to communicate with nearby smart devices and adjust the indoor environment automatically. A smart HVAC system can understand the temperature or humidity of different rooms and adjust the climate accordingly. It can also customize the climate based on individual members’ preferences present on the floor. Additionally, these systems can save energy in commercial settings while providing a quieter environment. Such systems can be improvised for predictive maintenance by harnessing the power of artificial intelligence (AI) and machine learning (ML), thus offering better cost savings and longer operational life. The adoption of smart HVAC systems has been rising across residential, commercial, and industrial sectors due to the integration of such advanced technologies.
HVAC manufacturers have been collaborating with different ecosystem companies to improve their product offerings. In June 2020, Schneider Electric SE, Somfy Group, and Danfoss A/S partnered with Assa Abloy AB to develop and deploy seamless smart solutions for commercial and residential applications. Danfoss A/S is one of the largest manufacturers of HVAC systems in Europe, and the company’s participation in such collaboration can strongly aid in HVAC product development. Thus, collaborations can offer customers cutting-edge connected solutions such as smart HVAC systems, which, in turn, are expected to positively impact the growth of the HVAC system market.
Key segments that contributed to the derivation of the HVAC System market analysis are component, type, implementation, and application.
The geographic scope of the HVAC System market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.
North America dominated the market in 2023. The North American HVAC System market is segmented into the US, Canada, and Mexico. North America is recording a growing demand for energy-efficient HVAC systems. Consumers are getting sensitive to their energy consumption and are more questing for technologies that will help reduce costs and environmental impact. This demand also aligns with regulatory objectives and sustainability practices, providing more impetus to the market for high-efficiency HVAC equipment.
The regional trends and factors influencing the HVAC System Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses HVAC System Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2022 | US$ 246.1 Billion |
| Market Size by 2030 | US$ 597.7 Billion |
| Global CAGR (2022 - 2030) | 11.3% |
| Historical Data | 2020-2021 |
| Forecast period | 2023-2030 |
| Segments Covered |
By Component
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The HVAC System Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the HVAC System Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The HVAC System market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the HVAC System market are listed below:
The “HVAC System Market Size and Forecast (2020–2030)” report provides a detailed analysis of the market covering below areas:
The List of Companies - HVAC System Market
The estimated value of the HVAC System market is expected to reach US$ 597.7 billion by 2030.
The market is expected to grow at a CAGR of 11.3% over the forecast period.
The growing emphasis on smart and connected HVAC systems to enhance overall energy efficiency is likely to remain a key trend in the market.
Daikin Industries, Ltd.; Emerson Electric Co.; Honeywell International Inc.; Johnson Controls Inc.; and LG Electronics; are among the leading players in the HVAC System market.
North America dominated the HVAC System market in 2022.
The surge in demand for eco-friendly HVAC systems and smart homes has encouraged participants to undertake innovative developments in HVAC technologies, focusing on enhancing energy efficiency which is boosting the market growth.