Heating-Ventilation-and-Cooling-HVAC-System-Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032
Growth Factors of Heating, Ventilation, and Cooling (HAVC) System Market
The heating, ventilation, and cooling (HAVC) system market size was valued at USD 150.04 billion in 2022, and the market is now projected to grow from USD 157.71 billion in 2023 to USD 228.74 billion by 2030, exhibiting a CAGR of 5.5% during the forecast period of 2023-2030.
During the early degrees of the COVID-19 pandemic, authorities-imposed hints notably disrupted the regular operations of automobile manufacture. Strict policies and deliver chain disruptions added approximately a semiconductor chip scarcity, threatening many marketplace players. In 2020, several economies inside the Asia-Pacific area noticed drastic GDP declines as monetary sports activities got here to a stunning halt.
The global creation industry is anticipated to develop gradually in the long time due to low-hobby rates and consistent economic boom in a few European nations. Increased production of accommodations, subject matter parks, non-public and authorities offices, sports activities centers, and conference facilities supports marketplace increase. The enterprise is based heavily on revenue from new installations in residential and commercial sectors. Additionally, building renovations serve as a major source of revenue for the construction industry.
The incorporation of Building Automation Systems (BAS) in creation projects is growing because of their capability to manipulate and reveal HVAC and different gadgets, enhancing energy efficiency. The increase in creation initiatives and improvements has led to a better number of incorporated BAS units. Advances in sensor technology, cheaper and quicker communiqué systems, and progressed user interfaces have similarly enhanced BAS generation, driving marketplace growth.
Comprehensive Analysis of Heating, Ventilation, and Cooling (HAVC) System Market
The heating, ventilation, and cooling (HAVC) system market growth is rising at an exponential rate due to its market segmentation. This market expansion effectively provides a detailed regional assessments considering the dominant supply and demand forces that impact the industry. These segmentations are methodically segregated by type analysis and by application analysis. By type analysis include single split, variable refrigerant flow (VRF) systems, chillers, and others. By application analysis include, residential, commercial, and industrial.
The Asia Pacific region lead the heating, ventilation, and cooling (HAVC) system share by benefitting a market size of USD 73.73 billion in 2023 due to the largest share of the global heating, ventilation, and cooling system market.
The top players in the market play a crucial role in the industry assuring market growth and setting market standards. These players include Johnson Controls (Ireland), DAIKIN INDUSTRIES, Ltd. (Japan), Lennox International Inc. (U.S.), Carrier (U.S.), Mitsubishi Electric Corporation (Japan), Nortek Global HVAC LLC (U.S.), LG Electronics (South Korea), Emerson Electric Co. (U.S.), Trane (Ireland), SAMSUNG (South Korea), these market players provide a level-playing competitive landscape.
In November 2022, Daikin introduced the Emura Indoor air conditioning system for air purification and room cooling and heating, featuring a slim and discreet shape suitable for various indoor spaces, including living rooms and offices, for efficient temperature control.
Segmentation Table
ATTRIBUTE DETAILS
Study Period 2019-2030
Base Year 2022
Estimated Year 2023
Forecast Period 2023-2030
Historical Period 2019-2021
Growth Rate CAGR of 5.5% from 2023 to 2030
Unit Value (Billion )
Segmentation By Type
Single Splits
Variable Refrigerant Flow (VRF) Systems
Chillers
Others (Multi-split systems, etc)
By Application
Commercial
Residential
Industrial
By Region
- North America (By Type, By Application, and By Country)
- U.S. (By Type)
- Canada (By Type)
- Europe (By Type, By Application, and By Country)
- U.K. (By Type)
- France (By Type)
- Germany (By Type)
- Italy (By Type)
- Spain (By Type)
- Rest of Europe
- Asia Pacific (By Type, By Application, and By Country)
- China (By Type)
- Japan (By Type)
- India (By Type)
- Southeast Asia (By Type)
- Rest of Asia Pacific
- Middle East & Africa (By Type, By Application, and By Country)
- GCC (By Type)
- South Africa (By Type)
- Rest of the Middle East & Africa
- Latin America (By Type, By Application, and By Country)
- Brazil (By Type)
- Mexico (By Type)
- Rest of Latin America
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- 1. Introduction
- 1.1. Definition, By Segment
- 1.2. Research Methodology/Approach
- 1.3. Data Sources
- 2. Executive Summary
- 3. Market Dynamics
- 3.1. Macro and Micro Economic Indicators
- 3.2. Drivers, Restraints, Opportunities and Trends
- 3.3. Impact of COVID-19
- 3.3.1. Short-term Impact
- 3.3.2. Long-term Impact
- 4. Competition Landscape
- 4.1. Business Strategies Adopted by Key Players
- 4.2. Consolidated SWOT Analysis of Key Players
- 4.3. Global Heating, Ventilation, and Cooling (HVAC) System Key Players Market Share Insights and Analysis, 2022
- 5. Global Heating, Ventilation, and Cooling (HVAC) System Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2019-2030
- 5.1.
- 5.1.1. Key Findings
- 5.1.2. By Type (USD Bn)
- 5.1.2.1. Single Splits
- 5.1.2.2. Variable Refrigerant Flow (VRF) Systems
- 5.1.2.3. Chillers
- 5.1.2.4. Others (Multi-split systems, etc.)
- 5.1.3. By Application (USD Bn)
- 5.1.3.1. Commercial
- 5.1.3.2. Residential
- 5.1.3.3. Industrial
- 5.1.4. By Region (USD Bn)
- 5.1.4.1. North America
- 5.1.4.2. Europe
- 5.1.4.3. Asia-Pacific
- 5.1.4.4. Middle East & Africa
- 5.1.4.5. Latin America
- 6. North America Heating, Ventilation, and Cooling (HVAC) System Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2019-2030
- 6.1.
- 6.1.1. Key Findings
- 6.1.2. By Type (USD Bn)
- 6.1.2.1. Single Splits
- 6.1.2.2. Variable Refrigerant Flow (VRF) Systems
- 6.1.2.3. Chillers
- 6.1.2.4. Others (Multi-split systems etc.)
- 6.1.3. By Application (USD Bn)
- 6.1.3.1. Commercial
- 6.1.3.2. Residential
- 6.1.3.3. Industrial
- 6.1.4. By Country (USD Bn)
- 6.1.4.1. U.S.
- 6.1.4.1.1. By Type
- 6.1.4.1.1.1. Single Splits
- 6.1.4.1.1.2. Variable Refrigerant Flow (VRF) Systems
- 6.1.4.1.1.3. Chillers
- 6.1.4.1.1.4. Others (Multi-split systems, etc.)
- 6.1.4.2. Canada
- 6.1.4.2.1. By Type
- 6.1.4.2.1.1. Single Splits
- 6.1.4.2.1.2. Variable Refrigerant Flow (VRF) Systems
- 6.1.4.2.1.3. Chillers
- 6.1.4.2.1.4. Others (Multi-split systems, etc.)
- 7. Europe Heating, Ventilation, and Cooling (HVAC) System Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2019-2030
- 7.1.
- 7.1.1. Key Findings
- 7.1.2. By Type (USD Bn)
- 7.1.2.1. Single Splits
- 7.1.2.2. Variable Refrigerant Flow (VRF) Systems
- 7.1.2.3. Chillers
- 7.1.2.4. Others (Multi-split systems, etc.)
- 7.1.3. By Application (USD Bn)
- 7.1.3.1. Commercial
- 7.1.3.2. Residential
- 7.1.3.3. Industrial
- 7.1.4. By Country (USD Bn)
- 7.1.4.1. U.K.
- 7.1.4.1.1. By Type
- 7.1.4.1.1.1. Single Splits
- 7.1.4.1.1.2. Variable Refrigerant Flow (VRF) Systems
- 7.1.4.1.1.3. Chillers
- 7.1.4.1.1.4. Others (Multi-split systems etc.)
- 7.1.4.2. France
- 7.1.4.2.1. By Type
- 7.1.4.2.1.1. Single Splits
- 7.1.4.2.1.2. Variable Refrigerant Flow (VRF) Systems
- 7.1.4.2.1.3. Chillers
- 7.1.4.2.1.4. Others (Multi-split systems etc.)
- 7.1.4.3. Germany
- 7.1.4.3.1. By Type
- 7.1.4.3.1.1. Single Splits
- 7.1.4.3.1.2. Variable Refrigerant Flow (VRF) Systems
- 7.1.4.3.1.3. Chillers
- 7.1.4.3.1.4. Others (Multi-split systems etc.)
- 7.1.4.4. Italy
- 7.1.4.4.1. By Type
- 7.1.4.4.1.1. Single Splits
- 7.1.4.4.1.2. Variable Refrigerant Flow (VRF) Systems
- 7.1.4.4.1.3. Chillers
- 7.1.4.4.1.4. Others (Multi-split systems etc.)
- 7.1.4.5. Spain
- 7.1.4.5.1. By Type
- 7.1.4.5.1.1. Single Splits
- 7.1.4.5.1.2. Variable Refrigerant Flow (VRF) Systems
- 7.1.4.5.1.3. Chillers
- 7.1.4.5.1.4. Others (Multi-split systems etc.)
- 7.1.4.6. Rest of Europe
- 8. Asia Pacific Heating, Ventilation, and Cooling (HVAC) System Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2019-2030
- 8.1.
- 8.1.1. Key Findings
- 8.1.2. By Type (USD Bn)
- 8.1.2.1. Single Splits
- 8.1.2.2. Variable Refrigerant Flow (VRF) Systems
- 8.1.2.3. Chillers
- 8.1.2.4. Others (Multi-split systems, etc.)
- 8.1.3. By Application (USD Bn)
- 8.1.3.1. Commercial
- 8.1.3.2. Residential
- 8.1.3.3. Industrial
- 8.1.4. By Country (USD Bn)
- 8.1.4.1. China
- 8.1.4.1.1. By Type
- 8.1.4.1.1.1. Single Splits
- 8.1.4.1.1.2. Variable Refrigerant Flow (VRF) Systems
- 8.1.4.1.1.3. Chillers
- 8.1.4.1.1.4. Others (Multi-split systems etc.)
- 8.1.4.2. Japan
- 8.1.4.2.1. By Type
- 8.1.4.2.1.1. Single Splits
- 8.1.4.2.1.2. Variable Refrigerant Flow (VRF) Systems
- 8.1.4.2.1.3. Chillers
- 8.1.4.2.1.4. Others (Multi-split systems etc.)
- 8.1.4.3. India
- 8.1.4.3.1. By Type
- 8.1.4.3.1.1. Single Splits
- 8.1.4.3.1.2. Variable Refrigerant Flow (VRF) Systems
- 8.1.4.3.1.3. Chillers
- 8.1.4.3.1.4. Others (Multi-split systems etc.)
- 8.1.4.4. Southeast Asia
- 8.1.4.4.1. By Type
- 8.1.4.4.1.1. Single Splits
- 8.1.4.4.1.2. Variable Refrigerant Flow (VRF) Systems
- 8.1.4.4.1.3. Chillers
- 8.1.4.4.1.4. Others (Multi-split systems etc.)
- 8.1.4.5. Rest of Asia Pacific
- 9. Middle East and Africa Heating, Ventilation, and Cooling (HVAC) System Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2019-2030
- 9.1.
- 9.1.1. Key Findings
- 9.1.2. By Type (USD Bn)
- 9.1.2.1. Single Splits
- 9.1.2.2. Variable Refrigerant Flow (VRF) Systems
- 9.1.2.3. Chillers
- 9.1.2.4. Others (Multi-split systems, etc.)
- 9.1.3. By Application (USD Bn)
- 9.1.3.1. Commercial
- 9.1.3.2. Residential
- 9.1.3.3. Industrial
- 9.1.4. By Country (USD Bn)
- 9.1.4.1. GCC
- 9.1.4.1.1. By Type
- 9.1.4.1.1.1. Single Splits
- 9.1.4.1.1.2. Variable Refrigerant Flow (VRF) Systems
- 9.1.4.1.1.3. Chillers
- 9.1.4.1.1.4. Others (Multi-split systems etc.)
- 9.1.4.2. South Africa
- 9.1.4.2.1. By Type
- 9.1.4.2.1.1. Single Splits
- 9.1.4.2.1.2. Variable Refrigerant Flow (VRF) Systems
- 9.1.4.2.1.3. Chillers
- 9.1.4.2.1.4. Others (Multi-split systems etc.)
- 9.1.4.3. Rest of Middle East and Africa
- 10. Latin America Heating, Ventilation, and Cooling (HVAC) System Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2019-2030
- 10.1.
- 10.1.1. Key Findings
- 10.1.2. By Type (USD Bn)
- 10.1.2.1. Single Splits
- 10.1.2.2. Variable Refrigerant Flow (VRF) Systems
- 10.1.2.3. Chillers
- 10.1.2.4. Others (Multi-split systems, etc.)
- 10.1.3. By Application (USD Bn)
- 10.1.3.1. Commercial
- 10.1.3.2. Residential
- 10.1.3.3. Industrial
- 10.1.4. By Country (USD Bn)
- 10.1.4.1. Brazil
- 10.1.4.1.1. By Type
- 10.1.4.1.1.1. Single Splits
- 10.1.4.1.1.2. Variable Refrigerant Flow (VRF) Systems
- 10.1.4.1.1.3. Chillers
- 10.1.4.1.1.4. Others (Multi-split systems etc.)
- 10.1.4.2. Mexico
- 10.1.4.2.1. By Type
- 10.1.4.2.1.1. Single Splits
- 10.1.4.2.1.2. Variable Refrigerant Flow (VRF) Systems
- 10.1.4.2.1.3. Chillers
- 10.1.4.2.1.4. Others (Multi-split systems etc.)
- 10.1.4.3. Rest of Latin America
- 11. Company Profiles for Top 10 Players (Based on data availability in public domain and/or on paid databases)
- 11.1. Johnson Controls
- 11.1.1. Overview
- 11.1.1.1. Key Management
- 11.1.1.2. Headquarters
- 11.1.1.3. Offerings/Business Segments
- 11.1.2. Key Details (Key details are consolidated data and not product/service specific)
- 11.1.2.1. Employee Size
- 11.1.2.2. Past and Current Revenue
- 11.1.2.3. Geographical Share
- 11.1.2.4. Business Segment Share
- 11.1.2.5. Recent Developments
- 11.2. DAIKIN INDUSTRIES, Ltd
- 11.2.1. Overview
- 11.2.1.1. Key Management
- 11.2.1.2. Headquarters
- 11.2.1.3. Offerings/Business Segments
- 11.2.2. Key Details (Key details are consolidated data and not product/service specific)
- 11.2.2.1. Employee Size
- 11.2.2.2. Past and Current Revenue
- 11.2.2.3. Geographical Share
- 11.2.2.4. Business Segment Share
- 11.2.2.5. Recent Developments
- 11.3. Lennox International Inc
- 11.3.1. Overview
- 11.3.1.1. Key Management
- 11.3.1.2. Headquarters
- 11.3.1.3. Offerings/Business Segments
- 11.3.2. Key Details (Key details are consolidated data and not product/service specific)
- 11.3.2.1. Employee Size
- 11.3.2.2. Past and Current Revenue
- 11.3.2.3. Geographical Share
- 11.3.2.4. Business Segment Share
- 11.3.2.5. Recent Developments
- 11.4. Carrier
- 11.4.1. Overview
- 11.4.1.1. Key Management
- 11.4.1.2. Headquarters
- 11.4.1.3. Offerings/Business Segments
- 11.4.2. Key Details (Key details are consolidated data and not product/service specific)
- 11.4.2.1. Employee Size
- 11.4.2.2. Past and Current Revenue
- 11.4.2.3. Geographical Share
- 11.4.2.4. Business Segment Share
- 11.4.2.5. Recent Developments
- 11.5. Mitsubishi Electric Corporation
- 11.5.1. Overview
- 11.5.1.1. Key Management
- 11.5.1.2. Headquarters
- 11.5.1.3. Offerings/Business Segments
- 11.5.2. Key Details (Key details are consolidated data and not product/service specific)
- 11.5.2.1. Employee Size
- 11.5.2.2. Past and Current Revenue
- 11.5.2.3. Geographical Share
- 11.5.2.4. Business Segment Share
- 11.5.2.5. Recent Developments
- 11.6. Nortek Global HVAC LLC
- 11.6.1. Overview
- 11.6.1.1. Key Management
- 11.6.1.2. Headquarters
- 11.6.1.3. Offerings/Business Segments
- 11.6.2. Key Details (Key details are consolidated data and not product/service specific)
- 11.6.2.1. Employee Size
- 11.6.2.2. Past and Current Revenue
- 11.6.2.3. Geographical Share
- 11.6.2.4. Business Segment Share
- 11.6.2.5. Recent Developments
- 11.7. LG Electronics
- 11.7.1. Overview
- 11.7.1.1. Key Management
- 11.7.1.2. Headquarters
- 11.7.1.3. Offerings/Business Segments
- 11.7.2. Key Details (Key details are consolidated data and not product/service specific)
- 11.7.2.1. Employee Size
- 11.7.2.2. Past and Current Revenue
- 11.7.2.3. Geographical Share
- 11.7.2.4. Business Segment Share
- 11.7.2.5. Recent Developments
- 11.8. Emerson Electric Co
- 11.8.1. Overview
- 11.8.1.1. Key Management
- 11.8.1.2. Headquarters
- 11.8.1.3. Offerings/Business Segments
- 11.8.2. Key Details (Key details are consolidated data and not product/service specific)
- 11.8.2.1. Employee Size
- 11.8.2.2. Past and Current Revenue
- 11.8.2.3. Geographical Share
- 11.8.2.4. Business Segment Share
- 11.8.2.5. Recent Developments
- 11.9. Trane
- 11.9.1. Overview
- 11.9.1.1. Key Management
- 11.9.1.2. Headquarters
- 11.9.1.3. Offerings/Business Segments
- 11.9.2. Key Details (Key details are consolidated data and not product/service specific)
- 11.9.2.1. Employee Size
- 11.9.2.2. Past and Current Revenue
- 11.9.2.3. Geographical Share
- 11.9.2.4. Business Segment Share
- 11.9.2.5. Recent Developments
- 11.10. SAMSUNG
- 11.10.1. Overview
- 11.10.1.1. Key Management
- 11.10.1.2. Headquarters
- 11.10.1.3. Offerings/Business Segments
- 11.10.2. Key Details (Key details are consolidated data and not product/service specific)
- 11.10.2.1. Employee Size
- 11.10.2.2. Past and Current Revenue
- 11.10.2.3. Geographical Share
- 11.10.2.4. Business Segment Share
- 11.10.2.5. Recent Developments
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