HVAC Systems Market Size, Share & Trends Analysis Report By Equipment (Heat Pump, Air Purifier), By End-use (Residential, Commercial, Industrial), By Region, And Segment Forecasts, 2024 - 2030

HVAC Systems Market Growth & Trends


The global HVAC systems market size is anticipated to reach USD 382.66 billion by 2030, according to a new study by Grand View Research Inc. The market is expected to expand at a CAGR of 7.4% from 2024 to 2030. The rising adoption of energy-efficient and renewable energy products is anticipated to be a significant driving factor for HVAC demand. Demand for eco-friendly systems, and advanced technology usage in products including software and automation, are a few key factors contributing to the industry’s success. The growing usage of ACs in homes, as well as offices, has favored the HVAC industry over the years. To further boost this demand, rising incomes and standard of living in several emerging economies have also driven business profitability in recent years.

The growing popularity of ductless HVAC(Heating, ventilation, and air conditioning) is also gaining traction and will create avenues for market growth over the mid-term. Installing ACs in buildings without ducts is an impossible task and this is where ductless systems come to save the day. These compact units can be installed almost anywhere devoid of ducts. Apart from new product development energy-efficient and tech-savvy products are also carving a niche for themselves in the market. For instance, products that work on geothermal technologies or renewable energy sources are helping consumers cut energy costs while benefitting OEMs meet sustainability targets.

Apart from efficiency, technology is also making this a lucrative market. Building automation systems are popular among contractors and architects. Therefore, the demand for Building Automation Systems (BAS) is gaining traction, as such creating avenues for the market. Further, ACs are no longer operated manually but can be controlled remotely with a smartphone, PC, or tablet. This functionality and smart feature is also emerging as a popular trend in the market creating revenue streams for manufacturers.

HVAC Systems Market Report Highlights
  • The heat pump equipment segment led the market and accounted for a share of 37.8% in 2023. The demand for heat pumps is experiencing a notable surge driven by a growing emphasis on energy efficiency, environmental sustainability, and a shift toward renewable heating solutions.
  • The demand for air purifiers is witnessing a robust increase as concerns about indoor air quality and respiratory health grow worldwide. Driven by factors, such as rising pollution levels, allergens, and awareness of airborne viruses, consumers and businesses are increasingly investing in air purification technologies.
  • Asia Pacific dominated the market and accounted for a revenue share of more than 46.5% in 2023. Rising temperatures and industrial growth in the region will favor demand over the forecast period
  • Since the outbreak of coronavirus, key players operating in the market are focused on introducing products that can improve the air quality. In February 2020, Havells India Ltd. launched Grande heavy Duty Air conditioner under its brand Llyod. The AC features Catechine coated dust filter and Green Bio air filter along with anti-bacterial Eva Coils, which enhances the room air quality
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Chapter 1. Methodology and Scope
1.1. Market Segmentation & Scope
1.2. Market Definition
1.3. Information Procurement
1.3.1. Purchased Database
1.3.2. GVR’s Internal Database
1.3.3. Secondary Sources & Third-Party Perspectives
1.3.4. Primary Research
1.4. Information Analysis
1.4.1. Data Analysis Models
1.5. Market Formulation & Data Visualization
1.6. Data Validation & Publishing
Chapter 2. Executive Summary
2.1. Market Snapshot
2.2. Segment Snapshot
2.3. Competitive Landscape Snapshot
Chapter 3. HVAC Systems Market Variables, Trends & Scope
3.1. Market Lineage Outlook
3.2. Concentration & Growth Prospect Mapping
3.3. Industry Value Chain Analysis
3.3.1. Raw Material Outlook
3.3.2. Manufacturing Outlook
3.3.3. Distribution Outlook
3.4. Regulatory Framework
3.5. Market Dynamics
3.5.1. Market Driver Analysis
3.5.2. Market Restraint Analysis
3.5.3. Market Challenge Analysis
3.5.4. Market Opportunity Analysis
3.6. Industry Analysis Tools
3.6.1. Porter’s Five Forces Analysis
3.6.2. Macro-environmental Analysis
3.7. Economic Mega Trend Analysis
3.7.1. COVID-19 Impact Analysis
3.7.2. Russia-Ukraine War
Chapter 4. HVAC Systems Market: Equipment Estimates & Trend Analysis
4.1. Equipment Movement Analysis & Market Share, 2023 & 2030
4.2. HVAC Systems Market Estimates & Forecast, By Equipment, 2018 to 2030 (USD Billion)
4.3. Heat Pump
4.3.1. Market estimates and forecasts, 2018 - 2030 (USD Billion)
4.4. Furnace
4.4.1. Market estimates and forecasts, 2018 - 2030 (USD Billion)
4.5. Unitary Heaters
4.5.1. Market estimates and forecasts, 2018 - 2030 (USD Billion)
4.6. Boilers
4.6.1. Market estimates and forecasts, 2018 - 2030 (USD Billion)
4.7. Air Purifier
4.7.1. Market estimates and forecasts, 2018 - 2030 (USD Billion)
4.8. Dehumidifier
4.8.1. Market estimates and forecasts, 2018 - 2030 (USD Billion)
4.9. Air Handling Units
4.9.1. Market estimates and forecasts, 2018 - 2030 (USD Billion)
4.10. Ventilation Fans
4.10.1. Market estimates and forecasts, 2018 - 2030 (USD Billion)
4.11. Air Conditioning
4.11.1. Market estimates and forecasts, 2018 - 2030 (USD Billion)
4.12. Chillers
4.12.1. Market estimates and forecasts, 2018 - 2030 (USD Billion)
4.13. Cooling Towers
4.13.1. Market estimates and forecasts, 2018 - 2030 (USD Billion)
4.14. Others
4.14.1. Market estimates and forecasts, 2018 - 2030 (USD Billion)
Chapter 5. HVAC Systems Market: End-use Estimates & Trend Analysis
5.1. End-use Movement Analysis & Market Share, 2023 & 2030
5.2. HVAC Systems Market Estimates & Forecast, By End-use, 2018 to 2030 (USD Billion)
5.3. Residential
5.3.1. Market estimates and forecasts, 2018 - 2030 (USD Billion)
5.4. Commercial
5.4.1. Market estimates and forecasts, 2018 - 2030 (USD Billion)
5.5. Industrial
5.5.1. Market estimates and forecasts, 2018 - 2030 (USD Billion)
Chapter 6. HVAC Systems Market: Regional Estimates & Trend Analysis
6.1. Regional Movement Analysis & Market Share, 2023 & 2030
6.2. North America
6.2.1. North America HVAC Systems Market Estimates & Forecast, 2018 - 2030 (USD Billion)
6.2.2. North America HVAC Systems Market Estimates & Forecast, By Equipment, 2018 - 2030 (USD Billion)
6.2.3. North America HVAC Systems Market Estimates & Forecast, By End-use, 2018 - 2030 (USD Billion)
6.2.4. U.S.
6.2.4.1. Key country dynamics
6.2.4.2. U.S. HVAC systems market estimates & forecast, 2018 - 2030 (USD Billion)
6.2.4.3. U.S. HVAC systems market estimates & forecast, By Equipment, 2018 - 2030 (USD Billion)
6.2.4.4. U.S. HVAC systems market estimates & forecast, By End-use, 2018 - 2030 (USD Billion)
6.2.5. Canada
6.2.5.1. Key country dynamics
6.2.5.2. Canada HVAC systems market estimates & forecast, 2018 - 2030 (USD Billion)
6.2.5.3. Canada HVAC systems market estimates & forecast, By Equipment, 2018 - 2030 (USD Billion)
6.2.5.4. Canada HVAC systems market estimates & forecast, By End-use, 2018 - 2030 (USD Billion)
6.2.6. Mexico
6.2.6.1. Key country dynamics
6.2.6.2. Mexico HVAC systems market estimates & forecast, 2018 - 2030 (USD Billion)
6.2.6.3. Mexico HVAC systems market estimates & forecast, By Equipment, 2018 - 2030 (USD Billion)
6.2.6.4. Mexico HVAC systems market estimates & forecast, By End-use, 2018 - 2030 (USD Billion)
6.3. Europe
6.3.1. Europe HVAC Systems Market Estimates & Forecast, 2018 - 2030 (USD Billion)
6.3.2. Europe HVAC Systems Market Estimates & Forecast, By Equipment, 2018 - 2030 (USD Billion)
6.3.3. Europe HVAC Systems Market Estimates & Forecast, By End-use, 2018 - 2030 (USD Billion)
6.3.4. UK
6.3.4.1. Key country dynamics
6.3.4.2. UK HVAC systems market estimates & forecast, 2018 - 2030 (USD Billion)
6.3.4.3. UK HVAC systems market estimates & forecast, By Equipment, 2018 - 2030 (USD Billion)
6.3.4.4. UK HVAC systems market estimates & forecast, By End-use, 2018 - 2030 (USD Billion)
6.3.5. Germany
6.3.5.1. Key country dynamics
6.3.5.2. Germany HVAC systems market estimates & forecast, 2018 - 2030 (USD Billion)
6.3.5.3. Germany HVAC systems market estimates & forecast, By Equipment, 2018 - 2030 (USD Billion)
6.3.5.4. Germany HVAC systems market estimates & forecast, By End-use, 2018 - 2030 (USD Billion)
6.3.6. France
6.3.6.1. Key country dynamics
6.3.6.2. France HVAC systems market estimates & forecast, 2018 - 2030 (USD Billion)
6.3.6.3. France HVAC systems market estimates & forecast, By Equipment, 2018 - 2030 (USD Billion)
6.3.6.4. France HVAC systems market estimates & forecast, By End-use, 2018 - 2030 (USD Billion)
6.3.7. Spain
6.3.7.1. Key country dynamics
6.3.7.2. Spain HVAC systems market estimates & forecast, 2018 - 2030 (USD Billion)
6.3.7.3. Spain HVAC systems market estimates & forecast, By Equipment, 2018 - 2030 (USD Billion)
6.3.7.4. Spain HVAC systems market estimates & forecast, By End-use, 2018 - 2030 (USD Billion)
6.3.8. Italy
6.3.8.1. Key country dynamics
6.3.8.2. Italy HVAC systems market estimates & forecast, 2018 - 2030 (USD Billion)
6.3.8.3. Italy HVAC systems market estimates & forecast, By Equipment, 2018 - 2030 (USD Billion)
6.3.8.4. Italy HVAC systems market estimates & forecast, By End-use, 2018 - 2030 (USD Billion)
6.3.9. Latvia
6.3.9.1. Key country dynamics
6.3.9.2. Latvia HVAC systems market estimates & forecast, 2018 - 2030 (USD Billion)
6.3.9.3. Latvia HVAC systems market estimates & forecast, By Equipment, 2018 - 2030 (USD Billion)
6.3.9.4. Latvia HVAC systems market estimates & forecast, By End-use, 2018 - 2030 (USD Billion)
6.3.9.5.
6.4. Asia Pacific
6.4.1. Asia Pacific HVAC Systems Market Estimates & Forecast, 2018 - 2030 (USD Billion)
6.4.2. Asia Pacific HVAC Systems Market Estimates & Forecast, By Equipment, 2018 - 2030 (USD Billion)
6.4.3. Asia Pacific HVAC Systems Market Estimates & Forecast, By End-use, 2018 - 2030 (USD Billion)
6.4.4. China
6.4.4.1. Key country dynamics
6.4.4.2. China HVAC systems market estimates & forecast, 2018 - 2030 (USD Billion)
6.4.4.3. China HVAC systems market estimates & forecast, By Equipment, 2018 - 2030 (USD Billion)
6.4.4.4. China HVAC systems market estimates & forecast, By End-use, 2018 - 2030 (USD Billion)
6.4.5. India
6.4.5.1. Key country dynamics
6.4.5.2. India HVAC systems market estimates & forecast, 2018 - 2030 (USD Billion)
6.4.5.3. India HVAC systems market estimates & forecast, By Equipment, 2018 - 2030 (USD Billion)
6.4.5.4. India HVAC systems market estimates & forecast, By End-use, 2018 - 2030 (USD Billion)
6.4.6. Japan
6.4.6.1. Key country dynamics
6.4.6.2. Japan HVAC systems market estimates & forecast, 2018 - 2030 (USD Billion)
6.4.6.3. Japan HVAC systems market estimates & forecast, By Equipment, 2018 - 2030 (USD Billion)
6.4.6.4. Japan HVAC systems market estimates & forecast, By End-use, 2018 - 2030 (USD Billion)
6.4.7. South Korea
6.4.7.1. Key country dynamics
6.4.7.2. South Korea HVAC systems market estimates & forecast, 2018 - 2030 (USD Billion)
6.4.7.3. South Korea HVAC systems market estimates & forecast, By Equipment, 2018 - 2030 (USD Billion)
6.4.7.4. South Korea HVAC systems market estimates & forecast, By End-use, 2018 - 2030 (USD Billion)
6.4.8. Australia
6.4.8.1. Key country dynamics
6.4.8.2. Australia HVAC systems market estimates & forecast, 2018 - 2030 (USD Billion)
6.4.8.3. Australia HVAC systems market estimates & forecast, By Equipment, 2018 - 2030 (USD Billion)
6.4.8.4. Australia HVAC systems market estimates & forecast, By End-use, 2018 - 2030 (USD Billion)
6.5. Central & South America
6.5.1. Central & South America HVAC Systems Market Estimates & Forecast, 2018 - 2030 (USD Billion)
6.5.2. Central & South America HVAC Systems Market Estimates & Forecast, By Equipment, 2018 - 2030 (USD Billion)
6.5.3. Central & South America HVAC Systems Market Estimates & Forecast, By End-use, 2018 - 2030 (USD Billion)
6.5.4. Brazil
6.5.4.1. Key country dynamics
6.5.4.2. Brazil HVAC systems market estimates & forecast, 2018 - 2030 (USD Billion)
6.5.4.3. Brazil HVAC systems market estimates & forecast, By Equipment, 2018 - 2030 (USD Billion)
6.5.4.4. Brazil HVAC systems market estimates & forecast, By End-use, 2018 - 2030 (USD Billion)
6.5.5. Argentina
6.5.5.1. Key country dynamics
6.5.5.2. Argentina HVAC systems market estimates & forecast, 2018 - 2030 (USD Billion)
6.5.5.3. Argentina HVAC systems market estimates & forecast, By Equipment, 2018 - 2030 (USD Billion)
6.5.5.4. Argentina HVAC systems market estimates & forecast, By End-use, 2018 - 2030 (USD Billion)
6.5.6. Chile
6.5.6.1. Key country dynamics
6.5.6.2. Chile HVAC systems market estimates & forecast, 2018 - 2030 (USD Billion)
6.5.6.3. Chile HVAC systems market estimates & forecast, By Equipment, 2018 - 2030 (USD Billion)
6.5.6.4. Chile HVAC systems market estimates & forecast, By End-use, 2018 - 2030 (USD Billion)
6.6. Middle East & Africa
6.6.1. Middle East & Africa HVAC Systems Market Estimates & Forecast, 2018 - 2030 (USD Billion)
6.6.2. Middle East & Africa HVAC Systems Market Estimates & Forecast, By Equipment, 2018 - 2030 (USD Billion)
6.6.3. Middle East & Africa HVAC Systems Market Estimates & Forecast, By End-use, 2018 - 2030 (USD Billion)
6.6.4. Saudi Arabia
6.6.4.1. Key country dynamics
6.6.4.2. Saudi Arabia HVAC systems market estimates & forecast, 2018 - 2030 (USD Billion)
6.6.4.3. Saudi Arabia HVAC systems market estimates & forecast, By Equipment, 2018 - 2030 (USD Billion)
6.6.4.4. Saudi Arabia HVAC systems market estimates & forecast, By End-use, 2018 - 2030 (USD Billion)
6.6.5. South Africa
6.6.5.1. Key country dynamics
6.6.5.2. South Africa HVAC systems market estimates & forecast, 2018 - 2030 (USD Billion)
6.6.5.3. South Africa HVAC systems market estimates & forecast, By Equipment, 2018 - 2030 (USD Billion)
6.6.5.4. South Africa HVAC systems market estimates & forecast, By End-use, 2018 - 2030 (USD Billion)
Chapter 7. HVAC Systems Market - Competitive Landscape
7.1. Recent Developments & Impact Analysis, By Key Market Participants
7.2. Company Categorization
7.3. Company Market Share Analysis, 2023
7.4. Company Market Positioning
7.5. Competitive Dashboard Analysis
7.6. Company Heat Map Analysis, 2023
7.7. Strategy Mapping
7.7.1. Expansion
7.7.2. Mergers & Acquisition
7.7.3. Partnerships & Collaborations
7.7.4. New Product Launches
7.7.5. Research And Development
7.8. Company Profiles
7.8.1. Carrier Corporation
7.8.1.1. Participant’s overview
7.8.1.2. Financial performance
7.8.1.3. Product benchmarking
7.8.1.4. Recent developments
7.8.2. Daikin Industries, Ltd.
7.8.2.1. Participant’s overview
7.8.2.2. Financial performance
7.8.2.3. Product benchmarking
7.8.2.4. Recent developments
7.8.3. Fujitsu
7.8.3.1. Participant’s overview
7.8.3.2. Financial performance
7.8.3.3. Product benchmarking
7.8.3.4. Recent developments
7.8.4. Haier Group
7.8.4.1. Participant’s overview
7.8.4.2. Financial performance
7.8.4.3. Product benchmarking
7.8.4.4. Recent developments
7.8.5. Havells India Ltd.
7.8.5.1. Participant’s overview
7.8.5.2. Financial performance
7.8.5.3. Product benchmarking
7.8.5.4. Recent developments
7.8.6. Hitachi Ltd.
7.8.6.1. Participant’s overview
7.8.6.2. Financial performance
7.8.6.3. Product benchmarking
7.8.6.4. Recent developments
7.8.7. Johnson Controls
7.8.7.1. Participant’s overview
7.8.7.2. Financial performance
7.8.7.3. Product benchmarking
7.8.7.4. Recent developments
7.8.8. LG Electronics
7.8.8.1. Participant’s overview
7.8.8.2. Financial performance
7.8.8.3. Product benchmarking
7.8.8.4. Recent developments
7.8.9. Lennox International Inc.
7.8.9.1. Participant’s overview
7.8.9.2. Financial performance
7.8.9.3. Product benchmarking
7.8.9.4. Recent developments
7.8.10. Mitsubishi Electric Corporation
7.8.10.1. Participant’s overview
7.8.10.2. Financial performance
7.8.10.3. Product benchmarking
7.8.10.4. Recent developments
7.8.11. Rheem Manufacturing Company
7.8.11.1. Participant’s overview
7.8.11.2. Financial performance
7.8.11.3. Product benchmarking
7.8.11.4. Recent developments
7.8.12. SAMSUNG
7.8.12.1. Participant’s overview
7.8.12.2. Financial performance
7.8.12.3. Product benchmarking
7.8.12.4. Recent developments
7.8.13. Trane
7.8.13.1. Participant’s overview
7.8.13.2. Financial performance
7.8.13.3. Product benchmarking
7.8.13.4. Recent developments
7.8.14. Emerson Electric Co.
7.8.14.1. Participant’s overview
7.8.14.2. Financial performance
7.8.14.3. Product benchmarking
7.8.14.4. Recent developments
7.8.15. Nortek Air Managment
7.8.15.1. Participant’s overview
7.8.15.2. Financial performance
7.8.15.3. Product benchmarking
7.8.15.4. Recent developments

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