Redding, California - July 29, 2024
HVAC Market to be Worth $456.6 Billion by 2031
HVAC Market Size, Share, Forecast, & Trends Analysis by Offering, System, Distribution Mode, Type (Split System, Packaged System), Portability, Sales Channel, Application (Cooling, Heating, Filtering), End User (Industrial, Residential, Commercial), and Geography - Global Forecast to 2031
Meticulous Research®—a leading global market research company, published a research report titled, ‘HVAC Market by Offering, System, Distribution Mode, Type (Split System, Packaged System), Portability, Sales Channel, Application (Cooling, Heating, Filtering), End User (Industrial, Residential, Commercial), and Geography - Global Forecast to 2031.’
According to this latest publication from Meticulous Research®, the global HVAC market is expected to reach $456.6 billion by 2031, at a CAGR of 7.8% from 2024–2031.The HVAC market's growth is driven by increasing urbanization and indoor air pollution levels, consumers' growing inclination toward convenience and comfort, the rapid growth of the e-commerce industry, and increasing government initiatives to improve air quality. However, the high product and maintenance costs and consumer reluctance to adopt technology restrain the market's growth.
In addition, the technological advancements in HVAC systems and the rising adoption of air conditioners with inverter & air purification technologies are expected to generate growth opportunities for the stakeholders in this market. On the other hand, market penetration in developing countries is a major challenge impacting the growth of the HVAC market.
The global HVAC market is segmented by offering (component (air conditioners (split ACs, window ACs, centralized/ducted ACs, VRF (variable refrigerant flow) systems, portable ACs), heat pumps (single-stage systems, two-stage systems, variable-speed systems), furnaces (single-stage systems, two-stage systems, modulating systems), chillers (air cooled, water cooled), air distribution (air blowers, fans), cooling towers, condensers, compressors, air handlers, purifiers, air dryers, air filters & cleaners, ducts & pipes, humidifiers & dehumidifiers, ventilation systems, thermostats, evaporators, other components), services (installation services, maintenance & repair services, consulting services, upgradation services), system (primary HVAC systems, secondary HVAC systems), distribution mode (centralized systems, de-centralized systems), type (split systems, dual fuel heat pump systems, ductless mini-split systems, packaged systems, other types), portability (standalone/portable, in-duct/fixed), sales channel (online, offline), application (cooling, heating, ventilation, filtering, humidification & dehumidification, air purification), end user (residential, commercial (retail, healthcare facilities, office spaces, hospitality, school & educational institutes, research laboratories, public infrastructure, other commercial users), industrial (food & beverage, semiconductor & electronics, pharmaceutical, chemical & petrochemical, paints & coatings, textile, other industrial users), IT & telecommunication, data centers, agriculture). This study also evaluates industry competitors and analyzes the market at the regional and country levels.
Based on offering, the global HVAC market is segmented into components and services. In 2024, the components segment is expected to account for a larger share of over 84% of the global HVAC market. This segment's significant market share is attributable to the growing adoption of ventilation systems to improve indoor air quality, reduce humidity levels, and eliminate indoor odors; the growing use of heating pumps to provide comfortable temperatures during cold weather; and the growing adoption of HVAC systems to optimize airflow distribution to reduce energy consumption.
However, the services segment is anticipated to register the highest CAGR during the forecast period. This segment's growth is attributed to the increasing need for HVAC services to increase productivity, improve well-being, and enhance the quality of life for occupants and the rising need for HVAC services to ensure compliance with building codes and regulations related to indoor air quality and ventilation standards.
Based on system, the global HVAC market is segmented into primary and secondary HVAC systems. In 2024, the secondary HVAC systems segment is expected to account for a larger share of over 66% of the global HVAC market. This segment's large market share is due to the increasing use of air handling units to improve indoor air quality by effectively filtering dust, allergens, and pollutants from incoming air, in addition to the growing use of secondary HVAC systems to lower energy costs and improve ventilation effectiveness, indoor air quality, and employee comfort. Furthermore, this segment is expected to register the highest CAGR during the forecast period.
Based on distribution mode, the global HVAC market is segmented into centralized systems and decentralized systems. In 2024, the de-centralized systems segment is expected to account for a larger share of over 72% of the global HVAC market. This segment’s large market share is attributed to the increasing adoption of decentralized systems in smaller areas or zones to reduce energy consumption by providing heating, cooling, or ventilation and the growing adoption of decentralized systems due to their redundancy & reliability for maintenance and repair procedures. Moreover, this segment is also estimated to register the highest CAGR during the forecast period.
Based on type, the global HVAC market is segmented into split systems, dual fuel heat pump systems, ductless mini-split systems, packaged systems, and other types. In 2024, the split system segment is expected to account for the largest share of over 28% of the global HVAC market. This segment's large market share is due to the growing adoption of split systems to reduce energy consumption and lower utility bills in comparison to older HVAC systems; the rising use of split systems to support zoning and allow different areas or rooms within a building to be controlled independently; and the growing adoption of split systems in buildings with limited space.
However, the ductless mini-split system segment is expected to register the highest CAGR during the forecast period. This segment's growth is attributed to the rising demand for energy-efficient and sustainable ductless air conditioning systems in developing countries and the growing adoption of ductless systems due to faster and less installation and maintenance in comparison to traditional ducted HVAC systems.
Based on portability, the global HVAC market is segmented into standalone/portable and in-duct/fixed. In 2024, the in-duct/fixed segment is expected to account for the largest share of over 59% of the global HVAC market. This segment’s large market share is attributed to the technological advancements in in-duct/ fixed HVAC systems and increasing investments for in-duct/ fixed HVAC systems by commercial users in improving air quality in working spaces.
However, the standalone/portable segment is estimated to register the highest CAGR during the forecast period. This segment's growth is attributed to the increasing sales of portable HVAC units in the residential sector due to their versatility, ability for targeted air cleaning, and increasing disposable incomes, allowing consumers to invest in air purification products.
Based on sales channel, the global HVAC market is segmented into online and offline. In 2024, the offline segment is expected to account for a larger share of over 73% of the global HVAC market. This segment’s large market share is attributed to the availability of in-store guidance while buying HVAC systems, consumer preference for brand stores, and the advantage of immediate product takeaways offered by offline stores.
However, the online segment is anticipated to register the highest CAGR during the forecast period. This segment's growth is attributed to the rapid growth of the e-commerce industry, the 24/7 availability of online stores, and the advantages of online stores, such as a larger variety of products, easy comparison between features and prices, and customer reviews across different retailers.
Based on application, the global HVAC market is segmented into cooling, heating, ventilation, filtering, humidification & dehumidification, and air purification. In 2024, the cooling segment is expected to account for the largest share of over 32% of the global HVAC market. This segment’s large market share is attributed to the increasing adoption of centralized HVAC systems to provide uniform cooling throughout a building and office spaces, the rising adoption of air conditioners with inverter & air purification technologies and technological advancements in HVAC systems, and the increasing government initiatives to improve air quality. Moreover, this segment is also poised to register the highest CAGR during the forecast period.
Based on end user, the global HVAC market is segmented into IT & telecommunication, data centers, agriculture, residential, industrial, and commercial. In 2024, the residential segment is expected to account for the largest share of over 26% of the global HVAC market. This segment’s large market share is attributed to the rising disposable incomes and living standards, consumers’ increasing focus on ensuring a healthy home environment, and the increasing use of portable air purifiers in HVAC systems for the residential sector.
However, the commercial segment is anticipated to register the highest CAGR during the forecast period. This segment's growth is attributed to growing strategic developments from market players for HVAC systems, the implementation of increasingly stringent government regulations for indoor air quality in commercial buildings and rising public awareness of the health risks associated with poor air quality.
Based on geography, the HVAC market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2024, Asia-Pacific is expected to account for the largest share of over 45% of the global HVAC market. Asia-Pacific market growth is being driven by the presence of important market players in the region, along with the ease of availability of their upcoming goods, rapid industrialization and urbanization, increased expenditure on infrastructure and construction projects, and technological advancements in HVAC systems. Rising living standards, as well as increased awareness of the importance of indoor air quality, are also driving market expansion. Moreover, APAC is expected to register the highest CAGR of more than 9% during the forecast period.
Key Players
The key players operating in the global HVAC market are Daikin Industries, Ltd. (Japan), Atlas Copco AB (Sweden), Lennox International Inc. (U.S.), LG Electronics Inc. (South Korea), Johnson Controls Inc. (U.S.), ABB Ltd. (Switzerland), Trane Technologies Company, LLC (Ireland), Carrier Global Corporation (U.S.), Mitsubishi Electric Corporation (Japan), Samsung Electronics Co., Ltd. (South Korea), Siemens AG (Germany), Toshiba Corporation (Japan), Rheem Manufacturing Company (U.S.), Blue Star Limited (India), and Emerson Electric Co. (U.S.).
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Key Questions Answered in the Report:
- What are the high-growth market segments in terms of the offering, system, distribution mode, type, portability, sales channel, application, and end user?
- What is the historical market size for the global HVAC market?
- What are the market forecasts and estimates for 2024–2031?
- What are the major drivers, restraints, opportunities, challenges, and trends in the global HVAC market?
- Who are the major players in the global HVAC market, and what are their market shares?
- What is the competitive landscape like?
- What are the recent developments in the global HVAC market?
- What are the different strategies adopted by major market players?
- What are the trends and high-growth countries?
- Who are the local emerging players in the global HVAC market, and how do they compete with other players?
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