HVAC system market to grow by USD 48.34 billion from 2022 to 2027|The growing demand for inverter HVAC systems drives growth - Technavio

NEW YORK, Aug. 3, 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%. 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

HVAC system market – Company Analysis
Company Landscape - 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 Global 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.

What's New? -

• Special coverage on the Russia-Ukraine war; global inflation; recovery analysis from COVID-19; supply chain disruptions, global trade tensions; and risk of recession
• Global competitiveness and key competitor positions
• Market presence across multiple geographical footprints - Strong/Active/Niche/Trivial - Buy the report!

Company Offerings -

• 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.

Geography Overview
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.

For insights on global, regional, and country-level parameters with growth opportunities from 2017 to 2027 - Download a Sample Report

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.

Drivers, Trends, and Challenges have an impact on market dynamics, which can impact businesses. Find more insights in a sample report!

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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Related Reports:

The energy-efficient HVAC systems market size is expected to increase by USD 24.37 billion from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 11.02%. Furthermore, this report extensively covers energy-efficient HVAC systems market segmentations by product (air Conditioning, heating, and ventilation) and geography (APAC, North America, Europe, South America, and Middle East and Africa). The demand for reducing energy consumption and operating costs is notably driving the energy-efficient HVAC systems market growth.

The HVAC Control Systems Market size is estimated to grow at a CAGR of 7.7% between 2022 and 2027 and the size of the market is forecast to increase by USD 9335.64 million. This report extensively covers market segmentation by product (sensors, controlled devices, and controllers), end-user (automotive, residential, commercial, and industrial), and geography (APAC, North America, Europe, Middle East and Africa, and South America). The advent of smart HVAC systems is a major driving factor for the growth of the HVAC control systems market during the forecast period. 

Table of Contents

1 Executive Summary

• 1.1 Market overview
• Exhibit 01: Executive Summary – Chart on Market Overview
• Exhibit 02: Executive Summary – Data Table on Market Overview
• Exhibit 03: Executive Summary – Chart on Global Market Characteristics
• Exhibit 04: Executive Summary – Chart on Market by Geography
• Exhibit 05: Executive Summary – Chart on Market Segmentation by End-user
• Exhibit 06: Executive Summary – Chart on Market Segmentation by Type
• Exhibit 07: Executive Summary – Chart on Incremental Growth
• Exhibit 08: Executive Summary – Data Table on Incremental Growth
• Exhibit 09: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

• 2.1 Market ecosystem
• Exhibit 10: Parent market
• Exhibit 11: Market Characteristics

3 Market Sizing

• 3.1 Market definition
• Exhibit 12: Offerings of vendors included in the market definition

• 3.2 Market segment analysis 
• Exhibit 13: Market segments

• 3.3 Market size 2022

• 3.4 Market outlook: Forecast for 2022-2027 
• Exhibit 14: Chart on Global - Market size and forecast 2022-2027 ($ billion)
• Exhibit 15: Data Table on Global - Market size and forecast 2022-2027 ($ billion)
• Exhibit 16: Chart on Global Market: Year-over-year growth 2022-2027 (%)
• Exhibit 17: Data Table on Global Market: Year-over-year growth 2022-2027 (%)

4 Historic Market Size

• 4.1 Global HVAC system market 2017 - 2021 
• Exhibit 18: Historic Market Size – Data Table on global hvac system market 2017 - 2021 ($ billion)

• 4.2 End-user Segment Analysis 2017 - 2021 
• Exhibit 19: Historic Market Size – End-user Segment 2017 - 2021 ($ billion)

• 4.3 Type Segment Analysis 2017 - 2021 
• Exhibit 20: Historic Market Size – Type Segment 2017 - 2021 ($ billion)

• 4.4 Geography Segment Analysis 2017 - 2021 
• Exhibit 21: Historic Market Size – Geography Segment 2017 - 2021 ($ billion)

• 4.5 Country Segment Analysis 2017 - 2021 
• Exhibit 22: Historic Market Size – Country Segment 2017 - 2021 ($ billion)

5 Five Forces Analysis

• 5.1 Five forces summary
• Exhibit 23: Five forces analysis - Comparison between 2022 and 2027

• 5.2 Bargaining power of buyers 
• Exhibit 24: Chart on Bargaining power of buyers – Impact of key factors 2022 and 2027

• 5.3 Bargaining power of suppliers 
• Exhibit 25: Bargaining power of suppliers – Impact of key factors in 2022 and 2027

• 5.4 Threat of new entrants 
• Exhibit 26: Threat of new entrants – Impact of key factors in 2022 and 2027

• 5.5 Threat of substitutes 
• Exhibit 27: Threat of substitutes – Impact of key factors in 2022 and 2027

• 5.6 Threat of rivalry
• Exhibit 28: Threat of rivalry – Impact of key factors in 2022 and 2027

• 5.7 Market condition
• Exhibit 29: Chart on Market condition - Five forces 2022 and 2027

6 Market Segmentation by End-user

• 6.1 Market segments
• Exhibit 30: Chart on End-user - Market share 2022-2027 (%)
• Exhibit 31: Data Table on End-user - Market share 2022-2027 (%)

• 6.2 Comparison by End-user 
• Exhibit 32: Chart on Comparison by End-user
• Exhibit 33: Data Table on Comparison by End-user

• 6.3 Non-residential - Market size and forecast 2022-2027 
• Exhibit 34: Chart on Non-residential - Market size and forecast 2022-2027 ($ billion)
• Exhibit 35: Data Table on Non-residential - Market size and forecast 2022-2027 ($ billion)
• Exhibit 36: Chart on Non-residential - Year-over-year growth 2022-2027 (%)
• Exhibit 37: Data Table on Non-residential - Year-over-year growth 2022-2027 (%)

• 6.4 Residential - Market size and forecast 2022-2027 
• Exhibit 38: Chart on Residential - Market size and forecast 2022-2027 ($ billion)
• Exhibit 39: Data Table on Residential - Market size and forecast 2022-2027 ($ billion)
• Exhibit 40: Chart on Residential - Year-over-year growth 2022-2027 (%)
• Exhibit 41: Data Table on Residential - Year-over-year growth 2022-2027 (%)

• 6.5 Market opportunity by End-user 
• Exhibit 42: Market opportunity by End-user ($ billion)
• Exhibit 43: Data Table on Market opportunity by End-user ($ billion)

7 Market Segmentation by Type

• 7.1 Market segments
• Exhibit 44: Chart on Type - Market share 2022-2027 (%)
• Exhibit 45: Data Table on Type - Market share 2022-2027 (%)

• 7.2 Comparison by Type
• Exhibit 46: Chart on Comparison by Type
• Exhibit 47: Data Table on Comparison by Type

• 7.3 Split system - Market size and forecast 2022-2027 
• Exhibit 48: Chart on Split system - Market size and forecast 2022-2027 ($ billion)
• Exhibit 49: Data Table on Split system - Market size and forecast 2022-2027 ($ billion)
• Exhibit 50: Chart on Split system - Year-over-year growth 2022-2027 (%)
• Exhibit 51: Data Table on Split system - Year-over-year growth 2022-2027 (%)

• 7.4 Ductless system - Market size and forecast 2022-2027 
• Exhibit 52: Chart on Ductless system - Market size and forecast 2022-2027 ($ billion)
• Exhibit 53: Data Table on Ductless system - Market size and forecast 2022-2027 ($ billion)
• Exhibit 54: Chart on Ductless system - Year-over-year growth 2022-2027 (%)
• Exhibit 55: Data Table on Ductless system - Year-over-year growth 2022-2027 (%)

• 7.5 Packaged system - Market size and forecast 2022-2027 
• Exhibit 56: Chart on Packaged system - Market size and forecast 2022-2027 ($ billion)
• Exhibit 57: Data Table on Packaged system - Market size and forecast 2022-2027 ($ billion)
• Exhibit 58: Chart on Packaged system - Year-over-year growth 2022-2027 (%)
• Exhibit 59: Data Table on Packaged system - Year-over-year growth 2022-2027 (%)

• 7.6 Market opportunity by Type 
• Exhibit 60: Market opportunity by Type ($ billion)
• Exhibit 61: Data Table on Market opportunity by Type ($ billion)

8 Customer Landscape

• 8.1 Customer landscape overview 
• Exhibit 62: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

9 Geographic Landscape

• 9.1 Geographic segmentation 
• Exhibit 63: Chart on Market share by geography 2022-2027 (%)
• Exhibit 64: Data Table on Market share by geography 2022-2027 (%)

• 9.2 Geographic comparison 
• Exhibit 65: Chart on Geographic comparison
• Exhibit 66: Data Table on Geographic comparison

• 9.3 APAC - Market size and forecast 2022-2027 
• Exhibit 67: Chart on APAC - Market size and forecast 2022-2027 ($ billion)
• Exhibit 68: Data Table on APAC - Market size and forecast 2022-2027 ($ billion)
• Exhibit 69: Chart on APAC - Year-over-year growth 2022-2027 (%)
• Exhibit 70: Data Table on APAC - Year-over-year growth 2022-2027 (%)

• 9.4 Europe - Market size and forecast 2022-2027 
• Exhibit 71: Chart on Europe - Market size and forecast 2022-2027 ($ billion)
• Exhibit 72: Data Table on Europe - Market size and forecast 2022-2027 ($ billion)
• Exhibit 73: Chart on Europe - Year-over-year growth 2022-2027 (%)
• Exhibit 74: Data Table on Europe - Year-over-year growth 2022-2027 (%)

• 9.5 North America - Market size and forecast 2022-2027 
• Exhibit 75: Chart on North America - Market size and forecast 2022-2027 ($ billion)
• Exhibit 76: Data Table on North America - Market size and forecast 2022-2027 ($ billion)
• Exhibit 77: Chart on North America - Year-over-year growth 2022-2027 (%)
• Exhibit 78: Data Table on North America - Year-over-year growth 2022-2027 (%)

• 9.6 Middle East and Africa - Market size and forecast 2022-2027 
• Exhibit 79: Chart on Middle East and Africa - Market size and forecast 2022-2027 ($ billion)
• Exhibit 80: Data Table on Middle East and Africa - Market size and forecast 2022-2027 ($ billion)
• Exhibit 81: Chart on Middle East and Africa - Year-over-year growth 2022-2027 (%)
• Exhibit 82: Data Table on Middle East and Africa - Year-over-year growth 2022-2027 (%)

• 9.7 South America - Market size and forecast 2022-2027 
• Exhibit 83: Chart on South America - Market size and forecast 2022-2027 ($ billion)
• Exhibit 84: Data Table on South America - Market size and forecast 2022-2027 ($ billion)
• Exhibit 85: Chart on South America - Year-over-year growth 2022-2027 (%)
• Exhibit 86: Data Table on South America - Year-over-year growth 2022-2027 (%)

• 9.8 China - Market size and forecast 2022-2027 
• Exhibit 87: Chart on China - Market size and forecast 2022-2027 ($ billion)
• Exhibit 88: Data Table on China - Market size and forecast 2022-2027 ($ billion)
• Exhibit 89: Chart on China - Year-over-year growth 2022-2027 (%)
• Exhibit 90: Data Table on China - Year-over-year growth 2022-2027 (%)

• 9.9 US - Market size and forecast 2022-2027 
• Exhibit 91: Chart on US - Market size and forecast 2022-2027 ($ billion)
• Exhibit 92: Data Table on US - Market size and forecast 2022-2027 ($ billion)
• Exhibit 93: Chart on US - Year-over-year growth 2022-2027 (%)
• Exhibit 94: Data Table on US - Year-over-year growth 2022-2027 (%)

• 9.10 Japan - Market size and forecast 2022-2027 
• Exhibit 95: Chart on Japan - Market size and forecast 2022-2027 ($ billion)
• Exhibit 96: Data Table on Japan - Market size and forecast 2022-2027 ($ billion)
• Exhibit 97: Chart on Japan - Year-over-year growth 2022-2027 (%)
• Exhibit 98: Data Table on Japan - Year-over-year growth 2022-2027 (%)

• 9.11 Germany - Market size and forecast 2022-2027 
• Exhibit 99: Chart on Germany - Market size and forecast 2022-2027 ($ billion)
• Exhibit 100: Data Table on Germany - Market size and forecast 2022-2027 ($ billion)
• Exhibit 101: Chart on Germany - Year-over-year growth 2022-2027 (%)
• Exhibit 102: Data Table on Germany - Year-over-year growth 2022-2027 (%)

• 9.12 UK - Market size and forecast 2022-2027 
• Exhibit 103: Chart on UK - Market size and forecast 2022-2027 ($ billion)
• Exhibit 104: Data Table on UK - Market size and forecast 2022-2027 ($ billion)
• Exhibit 105: Chart on UK - Year-over-year growth 2022-2027 (%)
• Exhibit 106: Data Table on UK - Year-over-year growth 2022-2027 (%)

• 9.13 Market opportunity by geography 
• Exhibit 107: Market opportunity by geography ($ billion)
• Exhibit 108: Data Tables on Market opportunity by geography ($ billion)

10 Drivers, Challenges, and Trends

• 10.1 Market drivers

• 10.2 Market challenges

• 10.3 Impact of drivers and challenges 
• Exhibit 109: Impact of drivers and challenges in 2022 and 2027

• 10.4 Market trends

11 Vendor Landscape

• 11.1 Overview

• 11.2 Vendor landscape
• Exhibit 110: Overview on Criticality of inputs and Factors of differentiation

• 11.3 Landscape disruption
• Exhibit 111: Overview on factors of disruption

• 11.4 Industry risks
• Exhibit 112: Impact of key risks on business

12 Vendor Analysis

• 12.1 Vendors covered
• Exhibit 113: Vendors covered

• 12.2 Market positioning of vendors 
• Exhibit 114: Matrix on vendor position and classification

• 12.3 Carrier Global Corp.
• Exhibit 115: Carrier Global Corp. - Overview
• Exhibit 116: Carrier Global Corp. - Business segments
• Exhibit 117: Carrier Global Corp. - Key news
• Exhibit 118: Carrier Global Corp. - Key offerings
• Exhibit 119: Carrier Global Corp. - Segment focus

• 12.4 Daikin Industries Ltd. 
• Exhibit 120: Daikin Industries Ltd. - Overview
• Exhibit 121: Daikin Industries Ltd. - Business segments
• Exhibit 122: Daikin Industries Ltd. - Key news
• Exhibit 123: Daikin Industries Ltd. - Key offerings
• Exhibit 124: Daikin Industries Ltd. - Segment focus

• 12.5 Emerson Electric Co.
• Exhibit 125: Emerson Electric Co. - Overview
• Exhibit 126: Emerson Electric Co. - Business segments
• Exhibit 127: Emerson Electric Co. - Key news
• Exhibit 128: Emerson Electric Co. - Key offerings
• Exhibit 129: Emerson Electric Co. - Segment focus

• 12.6 GREE Comfort
• Exhibit 130: GREE Comfort - Overview
• Exhibit 131: GREE Comfort - Product / Service
• Exhibit 132: GREE Comfort - Key offerings

• 12.7 Hitachi Ltd.
• Exhibit 133: Hitachi Ltd. - Overview
• Exhibit 134: Hitachi Ltd. - Business segments
• Exhibit 135: Hitachi Ltd. - Key news
• Exhibit 136: Hitachi Ltd. - Key offerings
• Exhibit 137: Hitachi Ltd. - Segment focus

• 12.8 Honeywell International Inc. 
• Exhibit 138: Honeywell International Inc. - Overview
• Exhibit 139: Honeywell International Inc. - Business segments
• Exhibit 140: Honeywell International Inc. - Key news
• Exhibit 141: Honeywell International Inc. - Key offerings
• Exhibit 142: Honeywell International Inc. - Segment focus

• 12.9 Johnson Controls International Plc 
• Exhibit 143: Johnson Controls International Plc - Overview
• Exhibit 144: Johnson Controls International Plc - Business segments
• Exhibit 145: Johnson Controls International Plc - Key news
• Exhibit 146: Johnson Controls International Plc - Key offerings
• Exhibit 147: Johnson Controls International Plc - Segment focus

• 12.10 Lennox International Inc. 
• Exhibit 148: Lennox International Inc. - Overview
• Exhibit 149: Lennox International Inc. - Business segments
• Exhibit 150: Lennox International Inc. - Key offerings
• Exhibit 151: Lennox International Inc. - Segment focus

• 12.11 LG Corp.
• Exhibit 152: LG Corp. - Overview
• Exhibit 153: LG Corp. - Business segments
• Exhibit 154: LG Corp. - Key offerings
• Exhibit 155: LG Corp. - Segment focus

• 12.12 Mitsubishi Electric Corp. 
• Exhibit 156: Mitsubishi Electric Corp. - Overview
• Exhibit 157: Mitsubishi Electric Corp. - Business segments
• Exhibit 158: Mitsubishi Electric Corp. - Key news
• Exhibit 159: Mitsubishi Electric Corp. - Key offerings
• Exhibit 160: Mitsubishi Electric Corp. - Segment focus

• 12.13 Nortek
• Exhibit 161: Nortek - Overview
• Exhibit 162: Nortek - Product / Service
• Exhibit 163: Nortek - Key offerings

• 12.14 Panasonic Holdings Corp. 
• Exhibit 164: Panasonic Holdings Corp. - Overview
• Exhibit 165: Panasonic Holdings Corp. - Product / Service
• Exhibit 166: Panasonic Holdings Corp. - Key news
• Exhibit 167: Panasonic Holdings Corp. - Key offerings

• 12.15 Samsung Electronics Co. Ltd. 
• Exhibit 168: Samsung Electronics Co. Ltd. - Overview
• Exhibit 169: Samsung Electronics Co. Ltd. - Business segments
• Exhibit 170: Samsung Electronics Co. Ltd. - Key news
• Exhibit 171: Samsung Electronics Co. Ltd. - Key offerings
• Exhibit 172: Samsung Electronics Co. Ltd. - Segment focus

• 12.16 Trane Technologies Plc 
• Exhibit 173: Trane Technologies Plc - Overview
• Exhibit 174: Trane Technologies Plc - Business segments
• Exhibit 175: Trane Technologies Plc - Key news
• Exhibit 176: Trane Technologies Plc - Key offerings
• Exhibit 177: Trane Technologies Plc - Segment focus

• 12.17 Whirlpool Corp.
• Exhibit 178: Whirlpool Corp. - Overview
• Exhibit 179: Whirlpool Corp. - Business segments
• Exhibit 180: Whirlpool Corp. - Key offerings
• Exhibit 181: Whirlpool Corp. - Segment focus

13 Appendix

• 13.1 Scope of the report

• 13.2 Inclusions and exclusions checklist 
• Exhibit 182: Inclusions checklist
• Exhibit 183: Exclusions checklist

• 13.3 Currency conversion rates for US$ 
• Exhibit 184: Currency conversion rates for US$

• 13.4 Research methodology
• Exhibit 185: Research methodology
• Exhibit 186: Validation techniques employed for market sizing
• Exhibit 187: Information sources

• 13.5 List of abbreviations 
• Exhibit 188: List of abbreviations

About Us
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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