Global HVAC Market Report and Forecast 2022-2027

Global HVAC Market Report and Forecast 2022-2027

Market Outlook

According to Expert Market Research’s latest report, ‘Global HVAC Market Report and Forecast 2022-2027’, the global HVAC market attained a value of USD nearly 198.45 billion in 2021. Aided by the development of energy-efficient HVAC system, the market is projected to further grow at a CAGR of 5.1% between 2022 and 2027 to reach a value of around USD 278.96 billion by 2027.

Heating, Ventilation, and Air Conditioning (HVAC) refers to various technologies that control the temperature, humidity, and purity of the air in an enclosed space by replacing or exchanging the air between indoor and outdoor spaces. These systems offer thermal comfort in various end uses, including residences, offices, halls, and transport systems by maintaining an optimum temperature. The heating system absorbs the heat from outside and pulls it inside while the cooling system acts in reverse. The ventilation system provides oxygen replenishment and removes moisture, smoke, heat, dust, and carbon dioxide, among others. A smart HVAC system also offers remote access, energy efficiency, lower electricity bills, and better temperature variability. The various equipment in HVAC are heat pumps, boilers, furnaces, ventilation fans, air filters, cooling towers, air conditioners, and VRF systems, among others.

The growing population, improved living standards, and rapid urbanisation are leading to the increasing installation of HVAC systems, thereby contributing to the market growth. The rising construction activities and the development of energy-efficient buildings are resulting in the market expansion of HVAC. The prevalence of extreme weather conditions due to global warming is leading to the wide adoption of heaters and air conditioners for thermal comfort. Additionally, the increasing use of HVAC filters by health-conscious customers to filter pollutants or contaminants out of the air and reduce the spread of airborne diseases are likely to favour the market development. The development of smart HVAC systems with advanced technology such as Bluetooth, voice-activated control, and Wi-Fi is leading to the increased adoption of these systems across various end use sectors. The government regulations for proper ventilation to control moisture and reduce the chances of mould growth and structural damage are playing a critical role in the market expansion. For instance, in 2019, the American Society of Heating, Refrigerating and Air-Conditioning Engineers (ASHRAE) revised the ventilation standards for a home's living area in ASHRAE Standard 62.2 for the acceptable indoor air quality and ventilation. Over the forecast period, the rising awareness about the importance of environmental sustainability and the efforts taken by the market players to develop energy-efficient HVAC systems that meet high-quality standards are expected to further augment the market growth.

Market Segmentation

The market report by Expert Market Research analyses the market based on segmentations such as equipment, implementation type, end use, and major region.

Market Breakup by Equipment

• Heating
• Heat Pumps

Air-to-air

Air-to-water

Water-to-water

• Furnaces

Oil

Gas

Electric

Others

• Boilers
• Others
• Ventilation
• Air-Handling Units
• Air Filters and Purifiers
• Ventilation Fans

Axial Fans

Centrifugal Fans

Crossflow Fans

Others

• Dehumidifiers and Humidifiers
• Others
• Cooling
• Unitary Air Conditioners

Split

Packaged

• VRF Systems
• Chillers
• Coolers
• Cooling Towers

Evaporative

Dry cooling

Hybrid

• Others

Market Segmentation by Implementation Type

• New Constructions
• Retrofits

Market Breakup by End Use

• Residential
• Commercial
• Industrial

Market Breakup by Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Competitive Landscape

The report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the key players in the industry. Some of the major players in the market explored in the Expert Market Research report are:

• Lennox International, Inc.
• LG Electronics, Inc.
• Carrier Global Corporation
• Samsung Electronics Co. Ltd.
• Haier Smart Home Co., Ltd.
• Daikin Industries, Ltd
• Emerson Electric Co.
• Honeywell International Inc.
• Johnson Controls International plc
• Others

*We, at Expert Market Research, always strive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.