Global HVAC Market Report and Forecast 2023-2028

Global HVAC Market Report and Forecast 2023-2028

Market Outlook

According to the report by Expert Market Research (EMR), the global HVAC market attained a value of USD 217.64 billion in 2022. Aided by the increasing demand for energy-efficient systems and the rising construction activities worldwide, the market is projected to further grow at a CAGR of 5.0% between 2023 and 2028 to reach a value of USD 293.16 billion by 2028.

HVAC systems refer to the technology used for indoor and vehicular environmental comfort, ensuring optimal temperature, humidity, and air quality. These systems play a crucial role in residential, commercial, and industrial settings, providing thermal comfort and maintaining acceptable indoor air quality. HVAC systems consist of various components, including furnaces, heat pumps, air conditioners, and ventilation systems, among others. The key factor propelling the growth of the HVAC market is the rising construction activities worldwide. The rapid urbanisation and the growing demand for residential and commercial spaces have led to an increase in construction projects, resulting in higher demand for HVAC systems. Additionally, the refurbishment of aging infrastructure and the replacement of obsolete HVAC systems with more energy-efficient ones further boost the HVAC market growth.

The growing awareness of indoor air quality and its impact on human health is also driving the growth of the HVAC market. With the increasing prevalence of respiratory diseases and allergies, there is a rising focus on maintaining good indoor air quality in residential and commercial spaces. This has led to the adoption of advanced air purification and ventilation technologies, such as air filtration systems and energy recovery ventilators, which help improve indoor air quality while maintaining energy efficiency.

Furthermore, the growing importance of green buildings and the implementation of stringent energy efficiency regulations have positively impacted the growth of the HVAC market. Green building certifications, such as LEED and BREEAM, encourage the use of energy-efficient HVAC systems and environmentally friendly practices in the construction industry. These certifications and regulations have led to the increased adoption of advanced HVAC technologies in new constructions and retrofit projects. The development of innovative HVAC technologies, such as solar-assisted heating and cooling systems and geothermal heat pumps, also presents growth opportunities for the HVAC market. These technologies utilise renewable energy sources and offer significant energy savings, contributing to the global efforts towards sustainable development and climate change mitigation.

Market Segmentation

The market can be divided on the basis of equipment, implementation type, end use, and region.

Market Breakup by Equipment:

• Heating
• Breakup by Type

Heat Pumps

Breakup by Product

Air-to-air

Air-to-water

Water-to-water

Furnaces

Breakup by Product

Oil

Gas

Electric

Others

Boilers

• Ventilation
• Breakup by Type

Air-Handling Units

Air Filters and Purifiers

Ventilation Fans

Breakup by Product

Axial Fans

Centrifugal Fans

Crossflow Fans

Others

Dehumidifiers and Humidifiers

Others

• Cooling
• Breakup by Type

Unitary Air Conditioners

Breakup by Type

Split

Packaged

VRF Systems

Chillers

Coolers

Cooling Towers

Breakup by Type

Evaporative

Dry cooling

Hybrid

Others

Market Bifurcation by Implementation Type:

• New Constructions
• Retrofits

Market Division by End Use:

• Residential
• Commercial
• Industrial

Market Segregation by Region:

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

Competitive Landscape

The EMR report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the global HVAC companies. Some of the major key players explored in the report by Expert Market Research are as follows:

• LG Electronics, Inc.
• Lennox International, 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

About Us

Acquire unparalleled access to critical industry insights with our comprehensive market research reports, meticulously prepared by a team of seasoned experts. These reports are designed to equip decision-makers with an in-depth understanding of prevailing market trends, competitive landscapes, and growth opportunities.

Our high-quality, data-driven analyses provide the essential framework for organisations seeking to make informed and strategic decisions in an increasingly complex and rapidly evolving business environment. By investing in our market research reports, you can ensure your organisation remains agile, proactive, and poised for success in today's competitive market.

Don't miss the opportunity to elevate your business intelligence and fortify your strategic planning. Secure your organization's future success by acquiring one of our Expert Market Research reports today.

*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.