HVAC System Market by Type (Single Splits and Multi-split Systems), Implementation Type (New Construction and Retrofit), Heating Equipment, and Region - Global Industry Analysis, Opportunities and Forecast up to 2029

HVAC System Market Size

The global HVAC System market size was valued at $156.07 billion in 2023 and is projected to reach $234.22 billion by 2029, growing at a CAGR of 7.0% during the forecast period.

HVAC System Market Dynamics

• The growing use of natural refrigerants such as CO2, the advent of novel technologically advanced products, coupled with increasing efforts by various governments across the globe to promote energy-efficient products helps in driving the market for HVAC Systems towards growth trajectories.

• Additionally, growing customer inclination toward comfort and a standard shift towards the adoption of energy-efficient air conditioners that minimize costs and power wastage is expected to upkeep HVAC systems demand over the forecast period.

• However, the high energy consumption, operational difficulties, and high installation and maintenance costs are restraining the market growth.

HVAC System Market Overview

Heating, ventilation, and cooling systems are used to move air among indoor and open-air regions. They channel the indoor air to keep the climate solid and keep up with dampness at an ideal solace level. Expanding interest in a mixture of HVAC frameworks is an emerging pattern. The developing interest for programmed change of temperature is commending the development of cross-breed frameworks.

By Ventilation Equipment, the Air Handling Units Segment is Projected to Show a Strong Presence in the Global Market

The air handling units segment is projected to strong presence in the global market during the forecast period. The rising use of air-handling units in commercial buildings, hospitals, and universities is expected to fuel the growth of the market. The air handling units recondition and circulate the air as a part of a heating, ventilating, and air conditioning system. It is a simple and portable system that needs minimum space for regulating the air. Ventilation equipment is high in demand in educational, healthcare, and other commercial buildings to remove or dilute pollutants and control the thermal environment and humidity in buildings. The Asia Pacific region is expected to lead the HVAC system market for ventilation equipment during the forecast period.

By Region, Asia Pacific Dominates the Global Market Place

The HVAC systems market in Asia Pacific is expected to hold the highest market share during the forecast period. Increasing population and rising construction activities and are key factors boosting the growth of the HVAC system market in the region. There is a considerable demand for smart homes in countries such as South Korea, Japan, and China. Rapid urbanization and industrialization are also increasing the demand for HVAC systems in the region. The presence of companies offering low-cost equipment in China and neighboring countries is another factor contributing to the growth of the market in the Asia Pacific region.

Some of the Key Players Profiled in the Report Include:

• Carrier
• DAIKIN INDUSTRIES
• Emerson Electric Co
• Haier Inc
• Honeywell International Inc
• Johnson Controls
• Lennox International, Inc.
• LG Electronics
• Mitsubishi Electric Corporation
• Nortek Air Management
• Panasonic Corporation
• Samsung Electronics
• Schneider Electric
• Trane Technologies

What Can be Explored with this Research Report:

• Understand the key trends that will drive the market and the challenges it faces in the current market scenario.
• Identify growth opportunities.
• Porter’s five force analysis.
• In-depth analysis of market segments, and regions/countries predicted to observe promising growth.
• Historical and forecast size of the market in terms of revenue (USD Million).
• Company profiling with key products and solution offerings, key financial information, SWOT analysis, and business strategies adopted.

Market Segmentation:

The research report includes in-depth coverage of the industry analysis with size, share, and forecast for the below segments:

Market by, Type:
• Single Splits
• Multi-split Systems

Market by, Implementation Type:
• New Construction
• Retrofit

Market by, Heating Equipment:
• Heat Pumps
• Furnaces
• Unitary Heaters
• Boilers

Market by, Ventilation Equipment:
• Air Handling Units
• Air Filters
• Dehumidifiers
• Ventilation Fans
• Humidifiers
• Air Purifiers
• Draft Inducers

Market by, Cooling Equipment:
• Unitary Air Conditioners
• Variable Refrigerant Flow (VRF) Systems
• Chillers
• Room Air Conditioners
• Coolers
• Cooling Towers
• Chillers

Market by, Application:
• Residential
• Commercial
• Industrial

Market by, Geography:

The HVAC System Market report also analyzes the major geographic regions and countries for the market. The regions and countries covered in the study include:

• North America (The United States, Canada, Mexico), Market Estimates, Forecast & Opportunity Analysis
• Europe (Germany, France, UK, Italy, Spain, Rest of Europe), Market Estimates, Forecast & Opportunity Analysis
• Asia Pacific (China, Japan, India, South Korea, Australia, New Zealand, Rest of Asia Pacific), Market Estimates, Forecast & Opportunity Analysis
• South America (Brazil, Argentina, Chile, Rest of South America), Market Estimates, Forecast & Opportunity Analysis
• Middle East & Africa (UAE, Saudi Arabia, Qatar, Iran, South Africa, Rest of Middle East & Africa), Market Estimates, Forecast & Opportunity Analysis.

Table Of Content

1 Market Overview             
    1.1 Introduction         
    1.2 Research Objectives        
    1.3 Market Segmentation        
    1.4 Stakeholders         
    1.5 List of Acronyms         
               
2 Executive Summary             
               
3 Research Methodology            
    3.1 Identification of Data        
    3.2 Evaluation of Market Dynamics       
    3.3 Collaboration of Data        
    3.4 Verification and Analysis        
    3.5 Data Sources         
    3.6 Assumptions         
               
4 Market Dynamics              
    4.1 Market Drivers         
           4.1.1 Rising Trend of Smart Homes 
           4.1.2 Rising Tax Credit Programs by Governments Worldwide
           4.1.3 Escalating Need to Upgrade or Refurbish Commercial Buildings
    4.2 Market Restraints         
           4.2.1 Huge Installation Cost of Energy-efficient HVAC Systems
    4.3 Market Opportunities        
           4.3.1 Growing Preference for Hybrid HVAC Systems
           4.3.2 Rising Technological Advancements
    4.4 Market Challenges         
           4.4.1 Lack of Awareness of HVAC Systems in Emerging Countries
    4.5 Impact of COVID-19 on HVAC System Market      
               
5 Porter's Five Force Analysis            
    5.1 Bargaining Power of Suppliers        
    5.2 Bargaining Power of Buyers        
    5.3 Threat of New Entrants        
    5.4 Threat of Substitutes        
    5.5 Competitive Rivalry in the Market       
               
6 Global HVAC System Market by, Type           
    6.1 Overview          
    6.2 Single Splits         
    6.3 Multi-split Systems         
               
7 Global HVAC System Market by, Implementaion Type         
    7.1 Overview         
    7.2 New Construction         
    7.3 Retrofit          
                
8 Global HVAC System Market by, Heating Equipment         
    8.1 Overview         
    8.2 Heat Pumps         
    8.3 Furnaces          
    8.4 Unitary Heaters         
    8.5 Boilers          
               
9 Global HVAC System Market by, Ventilation Equipment         
    9.1 Overview         
    9.2 Air Handling Units         
    9.3 Air Filters         
    9.4 Dehumidifiers         
    9.5 Ventilation Fans         
    9.6 Humidifiers         
    9.7 Air Purifiers          
    9.8 Draft Inducers         
               
10 Global HVAC System Market by, Cooling Equipment         
    10.1 Overview         
    10.2 Unitary Air Conditioners        
    10.3 Variable Refrigerant Flow (VRF) Systems       
    10.4 Chillers          
    10.5 Room Air Conditioners        
    10.6 Coolers          
    10.7 Cooling Towers         
    10.8 Chillers          
               
11 Global HVAC System Market by, Application          
    11.1 Overview         
    11.2 Residential         
    11.3 Commercial         
    11.4 Industrial          
               
12 Global HVAC System Market by, Geography          
    12.1 Overview         
    12.2 North America         
             12.2.1 US 
             12.2.2 Canada 
             12.2.3 Mexico 
    12.3 Europe          
             12.3.1 Germany 
             12.3.2 France 
             12.3.3 UK 
             12.3.4 Italy 
             12.3.5 Spain 
             12.3.6 Rest of Europe
    12.4 Asia Pacific         
             12.4.1 China 
             12.4.2 Japan 
             12.4.3 India 
             12.4.4 South Korea
             12.4.5 Australia 
             12.4.6 New Zealand
             12.4.7 Rest of Asia Pacific
    12.5 South America         
             12.5.1 Brazil 
             12.5.2 Argentina
             12.5.3 Chile 
             12.5.4 Rest of South America
    12.6 Middle East & Africa        
             12.6.1 UAE 
             12.6.2 Saudi Arabia
             12.6.3 Qatar 
             12.6.4 Iran 
             12.6.5 South Africa
             12.6.6 Rest of Middle East & Africa
               
13 Key Developments             
               
14 Company Profiling             
    14.1 Carrier           
             14.1.1 Business Overview
             14.1.2 Product/Service Offering
             14.1.3 Financial Overview
             14.1.4 SWOT Analysis
             14.1.5 Key Activities
    14.2 DAIKIN INDUSTRIES         
    14.3 Emerson Electric Co         
    14.4 Haier Inc          
    14.5 Honeywell International Inc        
    14.6 Johnson Controls         
    14.7 Lennox International, Inc.        
    14.8 LG Electronics         
    14.9 Mitsubishi Electric Corporation        
    14.10 Nortek Air Management        
    14.11 Panasonic Corporation        
    14.12 Samsung Electronics        
    14.13 Schneider Electric         
    14.14 Trane Technologies