HVAC Systems Market size to reach by USD 235 billion from 2023 to 2030; Massive demand for energy conservation to boost the global market trends - Facts & Factor

NEW YORK, June 9, 2023 /PRNewswire/ -- As per Facts and Factors study, the global HVAC systems market size was nearly $137 billion in 2022 and is anticipated to surge to approximately $235 billion by 2030 along with recording the highest growth rate of nearly 6.4% from 2023 to 2030.

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HVAC Systems Market: Overview

HVAC systems are referred to as heating, ventilation, and air conditioning tools that make use of a slew of technologies for regulating humidity, temperature, and purity of air in a closed space. These systems are the pivotal components of residential structures including hotels, single family households, apartments, and senior living units. Furthermore, the design of the HVAC system is based on thermodynamics principles, heat transfer principles, and principles of fluid mechanics.

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Key Insights:

• As per the analysis shared by our research analyst, the global HVAC systems market is projected to expand annually at the annual growth rate of around 6.4% over the forecast timespan (2023-2030)
• In terms of revenue, the global HVAC systems market was evaluated at nearly $137 billion in 2022 and is expected to reach $235 billion by 2030.
• The global HVAC systems market is anticipated to record massive growth over the forecast period owing to changing climatic conditions and the necessity of maintaining ambient environments in various buildings.
• Based on the product, the cooling segment is predicted to contribute majorly towards the global market share over the forecast timeline.
• In terms of end-use, the residential segment is projected to account for a major share of the global market in 2023-2030.
• Region-wise, the North American HVAC Systems market is projected to register the highest CAGR during the assessment period.

Facts and Factors published the latest report titled "HVAC Systems Market Size, Share, Growth Analysis Report By Product (Heating, Ventilation, and Cooling), By End-Use (Residential, Industrial, and Commercial), and By Region - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2023 – 2030" into their research database.

Industry Dynamics:

Global HVAC Systems Market: Growth Drivers

• Massive demand for energy conservation to boost the global market trends.

Changing climatic conditions and the necessity of maintaining ambient environments in various buildings will steer the global HVAC systems market demand. Furthermore, the growing demand for power conservation will boost global market trends. In addition to this, escalating demand for sustainable constructions will impel the expansion of the market across the globe. Large-scale preference for smart households and the popularity of eco-friendly HVAC systems for reducing GHG emissions will proliferate the growth of the global market. Furthermore, the massive penetration of smart HVAC systems in building automation will embellish the scope of growth for the global market.

In addition to this, a surge in the construction activities in the industrial as well as residential sectors will protrude the growth of the global HVAC systems market in the upcoming years. Swift urbanization and industrialization will contribute majorly towards the market proceeds in the years ahead. Surge in demand for ventilation, hybrid heating, and cooling systems will spur the growth of the market across the globe.

Global HVAC Systems Market: Restraints

• Huge maintenance charges can decimate the global industry trends over 2023-2030.

Huge maintenance and deployment costs as well as a rise in the repairing charges can put brakes on the expansion of the global HVAC systems industry. Less availability of skilled personnel can further impede global industry growth.

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HVAC Systems Market: Opportunities

• Surging inclination towards use of software-based HVAC systems to generate new horizons of growth for the global market.

Growing preference for software-driven HVAC systems will open new opportunities for growth for the global HVAC systems market. Massive demand for commercial HVAC will generate new facades of growth for the global market.

HVAC Systems Market: Challenges

• Less know-how about advantages derived through use of HVAC systems can be a challenge to the industry growth globally.

Low awareness about benefits accrued due to HVAC system installation in emerging economies can be a big challenge for the global HVAC systems industry expansion. Less allocation of funds to HVAC infrastructure & training programs can be a challenging task for the global industry.

Global HVAC Systems Market: Segmentation

• The global HVAC systems market is sectored into product, end-use, and region.         

In terms of product, the global HVAC systems market is sectored into heating, ventilation, and cooling segments. Furthermore, the cooling segment, which accounted for more than 55% of the global market share in 2022, is set to retain its segmental domination in the anticipated timeline. The segmental surge in the coming eight years can be a result of a rise in population & disposable income leading to the purchase of air-conditioners. As per IEA, cooling contributes to nearly 11% of the global power consumption leading to huge demand for HVAC systems in the cooling segment.

Based on the end-use, the HVAC systems industry across the globe is divided into residential, industrial, and commercial segments. Moreover, the residential segment, which accumulated nearly 40% of the global industry share in 2022, is slated to dominate the global industry surge even in the forecasting years. The growth of the segment in the coming years can be due to the humungous demand for HVAC systems in the residential segment. Surging population in developing countries will further accentuate the demand for HVAC systems in the residential segment.

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List of Key Players in HVAC Systems Market:

• Hitachi Ltd.
• Carrier Corporation
• Lennox International Inc.
• Emerson Electric Co.
• Daikin Industries Ltd.
• Johnson Controls International plc
• Trane Technologies
• Others

Key questions answered in this report:

• What are the growth rate forecast and market size for HVAC Systems Market?
• What are the key driving factors propelling the HVAC Systems Market forward?
• What are the most important companies in the HVAC Systems Market Industry?
• What segments does the HVAC Systems Market cover?
• How can I receive a free copy of the HVAC Systems Market sample report and company profiles?

Report Scope:

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Regional Dominance:

• Asia-Pacific to contribute majorly towards the global HVAC systems market share over the forecast timeline.

Asia-Pacific, which accounted for more than 42% of the global HVAC systems market revenue in 2022, is anticipated to dominate the global market proceeds even during the assessment timeline. The regional market expansion over 2023-2030 can be due to surging population, rise in per capita spending capacity of consumers, and urbanization. Apart from this, the rise in the use of HVAC systems in the commercial sector of the region will steer the regional market trends.

Furthermore, the North American HVAC systems industry is set to record the fastest CAGR in the forecasting timeframe. The factors that are likely to determine the growth of the regional market include new revenue streams created by OEMs in the region and the presence of giant players in the countries such as the U.S. Apart from this, renovation of old infrastructure in countries such as Canada and the U.S. will contribute notably towards the regional industry revenue share in the coming years.

Global HVAC Systems Market is segmented as follows:

HVAC Systems Market: By Product Outlook (2023-2030)

• Heating
• Ventilation
• Cooling           

HVAC Systems Market: By End-User Outlook (2023-2030)

• Residential
• Industrial
• Commercial   

HVAC Systems Market: By Region Outlook (2023-2030)

North America

• The U.S.
• Canada

Europe

• France
• The UK
• Spain
• Germany
• Italy
• Rest of Europe

Asia Pacific

• China
• Japan
• India
• South Korea
• Southeast Asia
• Rest of Asia Pacific

Latin America

• Brazil
• Mexico
• Rest of Latin America

Middle East & Africa

• GCC
• South Africa
• Rest of Middle East & Africa

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