HVAC System Market Size [2023-2030] worth USD 228.74 Billion | Fortune Business Insights

According to Fortune Business Insights, the global HVAC system market size is projected to reach USD 228.74 billion by 2030 from its value USD 157.71 billion in 2023, at CAGR of 5.5% during forecast period.

Pune, India, July 12, 2023 (GLOBE NEWSWIRE) — The HVAC system market size to hit USD 228.74 billion by 2030, growing at CAGR of 5.5% during 2023 to 2030. The global market size was valued USD 150.04 billion in 2022. The rising integration of HVAC systems with IoT technologies is the growing trend for making products advanced and affordable. The high demand for automatic temperature control devices due to increasing construction activities is expected to increase the HVAC system Market share. Fortune Business Insights presents this information in their report titled “Global HVAC system Market, 2023–2030.”

Key Players Aim toward Developing Advanced Products to Function Efficiently

Businesses are focusing on creating solutions in collaboration with IoT. The companies aim to develop products where all components can be connected for smooth operations and management using intelligent control solutions.

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COVID-19 Impact:

Pandemic Restriction Halted Transportation resulting in a Shortage of Semiconductor Chips 

The COVID-19 pandemic restrictions hampered the routine operations of car manufacturing companies. The sudden halt declined the GDP of numerous economies in Asia Pacific, resulting in a shortage of semiconductor chips which created huge problems for significant companies in the HVAC market.

Segments:

Cost-Saving Features to Boost Variable Refrigerant Flow (VRF) System Sales

By type, the market is divided into variable refrigerant flow (VRF) systems, chillers, single split, and others. Variable Refrigerant Flow (VRF) systems are anticipated to grow during the forecast period due to the environmental and economic nature of VRF systems.

Growing Building Construction to Boost Commercial Segment

The market is divided into commercial, industrial, and residential. Due to smart and green technologies for automation systems, the commercial heating, ventilation, and cooling (HVAC) segment is expected to grow with a significant CAGR during the forecast period. Geographically, the market is studied across North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.

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Drivers & Restraints:

Rising Construction Activities to Escalate Market

Growing construction activities that include the construction of theme parks, sports, hotels, government and private offices, convention centers, and others assist the HVAC market. Renovation of buildings is another major source of revenue as newer installations of HVAC systems are likely to increase the HVAC market share.

However, low availability of skilled labor may restrain the HVAC system Market growth.

Regional Insights

Asia Pacific Dominates the Market Due to Growing Construction

Asia Pacific dominates the HVAC system Market and was valued at 73.73 billion in 2022. During the forecast period, China is expected to reach USD 21.81 billion. Countries such as China, India, and Japan are seeing a rise in construction activities and are likely to sustain growth in the future.

Europe is expected to witness substantial growth as Germany and France account for a major share of the market.

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Key Industry Development: 

May 2021 – Johnson Controls introduced “R-454B,” a low-GWP primary refrigerant, to the company’s commercial facilities and residential North American ducted products and air-cooled screw chillers. By doing so, the company is once again fighting against climate change for a sustainable planet.

List of Key Players Profiled in the Market Report:

• Johnson Controls (Ireland)
• DAIKIN INDUSTRIES, Ltd. (Japan)
• Lennox International Inc. (U.S.)
• Carrier (U.S.)
• Mitsubishi Electric Corporation (Japan)
• Nortek Global HVAC LLC (U.S.)
• LG Electronics (South Korea)
• Emerson Electric Co. (U.S.)
• Trane (Ireland)
• SAMSUNG (South Korea)

Table Of Content:

• Introduction
  • Definition, By Segment
  • Research Methodology/Approach
  • Data Sources
• Executive Summary
• Market Dynamics
  • Macro and Micro Economic Indicators
  • Drivers, Restraints, Opportunities and Trends
  • Impact of COVID-19
    • Short-term Impact
    • Long-term Impact
• Competition Landscape
  • Business Strategies Adopted by Key Players
  • Consolidated SWOT Analysis of Key Players
  • Global Heating, Ventilation, and Cooling (HVAC) System Key Players Market Share Insights and Analysis, 2022
• Global Heating, Ventilation, and Cooling (HVAC) System Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2019-2030
  • • Key Findings
    • By Type (USD Bn)
      • Single Splits
      • Variable Refrigerant Flow (VRF) Systems
      • Chillers
      • Others (Multi-split systems, etc.)
    • By Application (USD Bn)
      • Commercial
      • Residential
      • Industrial
    • By Region (USD Bn)
      • North America
      • Europe
      • Asia-Pacific
      • Middle East & Africa
      • Latin America
• North America Heating, Ventilation, and Cooling (HVAC) System Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2019-2030
  • • Key Findings
    • By Type (USD Bn)
      • Single Splits
      • Variable Refrigerant Flow (VRF) Systems
      • Chillers
      • Others (Multi-split systems etc.)
    • By Application (USD Bn)
      • Commercial
      • Residential
      • Industrial
    • By Country (USD Bn)
      • U.S.
        • By Type
          • Single Splits
          • Variable Refrigerant Flow (VRF) Systems
          • Chillers
          • Others (Multi-split systems, etc.)
      • Canada
        • By Type
          • Single Splits
          • Variable Refrigerant Flow (VRF) Systems
          • Chillers
          • Others (Multi-split systems, etc.)
• Europe Heating, Ventilation, and Cooling (HVAC) System Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2019-2030

Continued…

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