Overview and Scope
A heating, ventilation, and air conditioning (HVAC) system is a building mechanical system that provides thermal comfort for occupants along with indoor air quality.
Sizing and Forecast
The hvac system market size has grown strongly in recent years. It will grow from $172.62 billion in 2023 to $183.57 billion in 2024 at a compound annual growth rate (CAGR) of 6.3%. The growth in the historic period can be attributed to urbanization and construction boom, global temperature variations, energy efficiency concerns, government regulations and standards, indoor air quality awareness, health and comfort factors..
The hvac system market size is expected to see strong growth in the next few years. It will grow to $237.16 billion in 2028 at a compound annual growth rate (CAGR) of 6.6%. The growth in the forecast period can be attributed to globalization of markets, focus on net-zero buildings, advancements in refrigerants, renewable energy integration, resilience to climate change, evolving building codes.. Major trends in the forecast period include rise of smart hvac systems, integration of artificial intelligence (ai), variable refrigerant flow (vrf) systems, hybrid and integrated hvac solutions, remote monitoring and control, electrification and heat pump adoption..
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Segmentation & Regional Insights
The hvac system market covered in this report is segmented –
1) By Product: Heating, Ventilation, Cooling
2) By Implmenetaion Type: New Construction, Retrofit
3) By Application: Commercial, Residential, Industrial
Top Major Players:
Daikin Industries Ltd.
Johnson Controls International
Carrier Global Corporation
Trane Technologies PLC
LG Electronics
Asia-Pacific was the largest region in the HVAC system market in 2023.
Asia-Pacific was the largest region in the HVAC system market in 2023. The regions covered in the hvac system market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The surge in construction activities in the commercial and residential sectors is expected to propel the growth of the HVAC system market going forward. Residential and non-residential (including commercial, industrial, and other) infrastructure are part of the construction sector. A heating, ventilation, and air conditioning (HVAC) system is a building mechanical system that provides thermal comfort for occupants accompanied by indoor air quality and is more frequently used in diverse types of buildings, including industrial, commercial, residential, and institutional buildings. For instance, in October 2021, according to a forecast from Oxford Economics, a US-based advisory firm, the global construction output in 2020 was 10.7 trillion and was expected to grow by 42% in terms of volume to reach 15.2 trillion by 2030. Therefore, the surge in construction activities in the commercial and residential sectors is driving the growth of the HVAC system market.
Key Industry Players
Major companies operating in the hvac system market report are 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, Trane Inc., Goodman Manufacturing Company, Lennox International Inc., SPX Corporation, Standex International Corporation, CSW Industrials Inc., EMCOR Group Inc., Ingersoll-Rand plc (Ireland), Watts Water Technologies Inc., Ingersoll Rand
The hvac system market report table of contents includes:
1. Executive Summary
2. HVAC System Market Characteristics
3. HVAC System Market Trends And Strategies
4. HVAC System Market – Macro Economic Scenario
5. Global HVAC System Market Size and Growth
…
31. Global HVAC System Market Competitive Benchmarking
32. Global HVAC System Market Competitive Dashboard
33. Key Mergers And Acquisitions In The HVAC System Market
34.HVAC System Market Future Outlook and Potential Analysis
35. Appendix
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