HVAC Systems & Services will be $319.9 Billion Market by 2030, Says P&S Intelligence

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Nov 02, 2022, 10:15 ET

NEW YORK, Nov. 2, 2022 /PRNewswire/ -- According to the recent study published by P&S Intelligence, in 2021, the HVAC systems & services market was worth around $206.6 billion, which is predicted to touch $319.9 billion revenue by 2030, progressing at a compound annual growth rate of 5.0% from 2021 to 2030. The key factors that will have a positive influence on the market are the significant demand for an ambient atmosphere in a building and the diverse worldwide climatic conditions.

As per NASA's GISS, the global temperature has risen by 0.5 degrees Celsius annually since 1980, due to global warming.

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Important Findings in HVAC Systems & Services Market Report

Over the next few years, the sales of VRF systems are expected to increase at a CAGR of over 10%, due to the increasing need for energy-efficient temperature-control solutions.
The commercial sector is predicted to have the largest revenue share in 2030, of over 40%, due to the growing construction in this sector. For example, hotel transaction volume in Europe has already reached more than $6.87 billion in the first half of 2022.
The need for heating equipment has increased significantly owing to the cold weather in most of Europe, particularly in Eastern Europe, where the average wintertime temperature ranges between –6 and 3 degrees Celsius.
The German government is actively encouraging the adoption of effective heating and cooling systems powered by green energy sources. This has created a significant shift in the customer perception, which is driving the country's heating and cooling business.
Moreover, Germany is one of Europe's biggest investors in hotels, with around $730 million in transaction value in H1 2022. Moreover, the top five hospitality hubs (Spain, the U.K., France, Italy, and Germany) together accounted for nearly 81% of the transacted value, up from 68% in H1 2021.
IoT integration in HVAC systems is the most-significant opportunity for appliance makers. IoT aids in the management of control systems, collection and storage of data in the cloud, updation of temperature control procedures for greater efficiency, and execution of a predictive maintenance plan.

APAC Has Highest Sales of HVAC

By 2030, APAC's sales revenue is expected to hit $170 billion. This is due to the rising average temperature, particularly in China, India, South Korea, Japan, and Indonesia. Compared to North America and Europe, APAC has a hotter climate; thus, there is a higher requirement for air conditioning equipment.

Browse detailed report on HVAC Systems & Services Market Size, Share and Demand Analysis Report 2022-2030

Further, China had 1.45 billion people as of October 2022, followed by India, which had 1.38 billion people. The need for these appliances is, thus, being driven by the increase in the population, apart from the rise in the average temperature.

Global HVAC Systems & Services Market Report Coverage

HVAC Systems & Services Market by Offering

Equipment

By component

HVAC machine controllers
Energy meters
Drives
Contactors
HMIs/displays

By type

Heating

Furnaces
Heat pumps
Boilers
Unitary heaters

Ventilation

Humidifiers/dehumidifiers
Air cleaners
Ventilation fans
Air handling units and fan coil units

Air conditioning

Variable refrigerant flow
Ducted splits/packaged units
Split units
Chillers
Room ACs

Services

Installation
Upgradation/replacement
Maintenance and repair
Consulting

HVAC Systems & Services Market by End User

Commercial

Office buildings
Supermarkets/hypermarkets
Government
Healthcare
Hospitality
Transportation

Industrial

Oil and gas
Food and beverage
Automotive
Energy and utilities

Residential

Regional Outlook

North America

U.S.
Canada

Europe

Germany
U.K.
France
Italy
Spain
Russia

Asia-Pacific

China
India
Japan
South Korea
Indonesia
Malaysia
Thailand
Vietnam
Taiwan
Philippines

Latin America

Brazil
Mexico
Argentina

Middle East and Africa

Saudi Arabia
U.A.E.
Kuwait
Qatar
Nigeria
South Africa
Egypt
Oman
Bahrain
Israel
Turkey

Browse More Reports Published by P&S

Global Southeast Asia HVAC Market Size and Share Analysis Report, 2030

Global Saudi Arabia HVAC Market Size and Share Analysis Report, 2030

U.A.E. HVAC Market Size and Share Analysis Report, 2030

Asia-Pacific HVAC Market Size and Share Analysis Report

About P&S Intelligence

P&S Intelligence provides market research and consulting services to a vast array of industries across the world. As an enterprising research and consulting company, P&S believes in providing thorough insights on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness. P&S keeps the interest of its clients at heart, which is why the insights we provide are both honest and accurate. Our long list of satisfied clients includes entry-level firms as well as multi-million-dollar businesses and government agencies.

Contact:

Prajneesh Kumar
P&S Intelligence
Phone: +1-347-960-6455
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SOURCE P&S Intelligence