HVAC system market to grow by USD 48.34 billion from 2022 to 2027| APAC is estimated to contribute 54% to the global market growth - Technavio
NEW YORK, Nov. 16, 2023 /PRNewswire/ -- The global HVAC system market size is estimated to increase by USD 48.34 billion from 2022 to 2027. The market's growth momentum will progress at a CAGR of 6.22%. By geography, the global HVAC system market is segmented into APAC, Europe, North America, Middle East and Africa, and South America. The report provides actionable insights and estimates the contribution of all regions to the growth of the global HVAC system market. APAC is estimated to contribute 54% to the global market growth. The growth of the market in APAC can be attributed to factors such as the growing population, climatic conditions, increasing urbanization, and demographic changes in the region. Furthermore, regulations and efficiency norms in countries such as India and China will drive the HVAC system market in the region during the forecast period. Discover some insights on market size historic period (2017 to 2021) and Forecast (2023 to 2027) before buying the full report -Request a sample report
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- Global competitiveness and key competitor positions
- Market presence across multiple geographical footprints - Strong/Active/Niche/Trivial - Buy the report!
Company Analysis -
The global HVAC system market is fragmented, with the presence of several global as well as regional vendors. A few prominent vendors that offer HVAC system in the market are Carrier Corp., Daikin Industries Ltd., Danfoss AS, Emerson Electric Co., Furukawa Electric Co. Ltd., GREE Comfort, Haier Smart Home Co. Ltd., Hitachi Ltd., Honeywell International Inc., Ingersoll Rand Inc., Johnson Controls International Plc, Lennox International Inc., LG Corp., Midea Group Co. Ltd., Mitsubishi Electric Corp., Nortek, Panasonic Holdings Corp., Samsung Electronics Co. Ltd., Trane Technologies Plc, and Whirlpool Corp. and others.
- Carrier Global Corp. - The company offers HVAC systems such as Carrier Infinity.
- Daikin Industries Ltd. - The company offers HVAC systems such as Daikin VRV.
- Emerson Electric Co. - The company offers HVAC systems such as Emerson Sensi.
- For details on the vendor and their offerings – Request a sample report
HVAC system market - Segmentation Assessment
Segment Overview
This report extensively covers market segmentation by end-user (non-residential and residential), type (split system, ductless system, and packaged system), and geography (APAC, Europe, North America, Middle East and Africa, and South America).
- The market share growth by the non-residential segment will be significant during the forecast period. This segment includes both commercial and industrial HVAC systems and is a dominating segment in the market focus and is expected to witness steady growth during the forecast period. Furthermore, factors such as the growth of the construction sector, an increase in investment in infrastructure development, and the growing need for office space are major factors that have led to a rising global air conditioning systems market within the nonresidential segment. Hence, such factors boost the segment growth during the forecast period.
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HVAC system market – Market Dynamics
Leading Drivers -
The growing demand for inverter HVAC systems drives the HVAC system market. Factors such as increasing disposable income and improving consumer living standards contribute to the growing demand for inverter heating, ventilation, and air conditioning systems.
Furthermore, the residential segment witnesses higher adoption of split ACs compared to window ACs. Split ACs may be classified into two categories, namely fixed-speed split ACs and inverter split ACs, based on the type of compressors. Hence, such factors boost the growth of the HVAC system market during the forecast period.
Key Trends -
The increasing popularity of smart HVAC systems is an emerging HVAC system market trend. The growth in the global air conditioning and refrigeration equipment market is due to the increasing trend in the adoption of smart and interconnected HVAC systems.
IoT-enabled devices such as smart thermostats equipped with sensors and Wi-Fi capabilities aid to adjust the temperature in industrial premises remotely using smartphones or personal computers. Hence, such trends fuel the growth of the HVAC system market during the forecast period.
Major challenges -
The lack of skilled labor challenges the growth of the HVAC system market. While installing or handling any type of HVAC system, there is a requirement for technical skills and knowledge. Furthermore, the shortage of labor is going to have an impact on the profit margins of manufacturers, as replacement services will be affected.
But a massive shortage of skilled manpower has plagued contractors for several years and is expected to continue during the forecast period. Hence, such challenges impede the market growth of the HVAC systems during the forecast period.
What are the key data covered in this HVAC system market report?
- CAGR of the market during the forecast period
- Detailed information on factors that will drive the growth of the HVAC system market between 2023 and 2027
- Precise estimation of the size of the HVAC system market and its contribution to the market with a focus on the parent market
- Accurate predictions about upcoming trends and changes in consumer behavior
- Growth of the HVAC system market across APAC, Europe, North America, Middle East and Africa, and South America
- A thorough analysis of the market's competitive landscape and detailed information about vendors
- Comprehensive analysis of factors that will challenge the growth of HVAC system market vendors
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Table of Contents
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by End-User
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Company Landscape
12 Company Analysis
13 Appendix
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SOURCE Technavio
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