HVAC System Market 2022 - Market Size & Forecast, Industry Trends, Manufacturers Analysis, & Opportunities 2030

Introduction: -

HVAC (Heating, ventilation, and air conditioning) system refers to an indoor environment technology that offers comfort and appropriate indoor air quality. It forms an integral component in several residential, commercial, and industrial structures, including living facilities, hospitals, skyscrapers, office buildings, apartment buildings, hotels, vehicles, and marine environments. These systems ensure a safe, healthy, and energy-efficient environment along with controlled temperature and humidity, utilizing fresh air from outdoors. These systems are available in different varieties, having different functions for use in different sets of applications. The HVAC system market is predicted to grow at a compounded annual growth rate (CAGR) of 6.75% during the forecast period of 2022-2030.

 

Growth Drivers:

The number of residential complexes, manufacturing units, and factories has grown tremendously in the last few years due to massive urbanization and industrialization globally. Moreover, with the expansion of the corporate sector worldwide, the demand for office space is also surging at a rapid pace. All these factors are leading to the overall growth of the real estate industry, which is a prominent user of HVAC systems. This, in turn, is significantly boosting the growth of the global HVAC systems market and is expected to continue to do so during the forecast period of 2022-2030.

Additionally, the prevalence of diseases caused due to household pollutants is growing across major regions across the globe. HVAC systems assist in efficiently removing pollutants by pulling outdoor air into the households and purifying the indoor air. As a result, their adoption is expected to surge in the next few years, which is expected to propel the growth of the global HVAC system market during the forecast period heavily.

Moreover, governments of different regions are seen to be rolling out various regulatory policies and incentives focused on ensuring the conservation of natural resources and saving energy. They are introducing stringent regulatory policies for the market players to install and retrofit energy-efficient HVAC systems. Such regulations and policies are expected to create ample growth opportunities for the global HVAC system by increasing the replacement of old HVAC systems with advanced energy-efficient HVAC systems in the market.

Furthermore, the augmenting demand for energy-efficient solutions, the rising demand for HVAC units across various sectors, the burgeoning trend of smart homes, the rapidly expanding construction industry, the soaring pollution levels, the proliferating awareness regarding the health hazards caused by polluted air surroundings, the growing emphasis of market players on developing next-generation low global warming potential refrigerants for HVAC systems, and the increasing customer inclination toward comfort are among other primary factors driving the growth of the global HVAC system market.

However, factors such as the high installation and maintenance costs coupled with various operational difficulties associated with HVAC systems and the dearth of skilled labor are expected to hinder the growth of the global HVAC system market during the forecast period of 2022-2030.

HVAC System Market Segmentation:

By Cooling Equipment:

·         Unitary Air Conditioners

·         VRF Systems

·         Chillers

·         Room Air Conditioners

·         Coolers

·         Cooling Towers

 

By Heating Equipment:

·         Heat Pumps

·         Furnaces

·         Unitary Heaters

·         Boilers

 

By Ventilation Equipment:

·         Air Handling Units

·         Air Filters

·         Dehumidifiers

·         Ventilation Fans

·         Humidifiers

·         Air Purifiers

 

By Implementation Type:

·         New Construction

·         Retrofit

 

By Application:

·         Residential

·         Commercial

·         Industrial

 

By Region:

·         North America

·         Europe

·         Asia Pacific

·         Latin America

·         Middle East and Africa

 

HVAC System Market: Cooling Equipment Review:

Based on cooling equipment, the global HVAC system market is segmented into unitary air conditioners, VRF systems, chillers, room air conditioners, coolers, and cooling towers. The unitary air conditioners segment acquired the largest share of the global HVAC system market in 2021. The segment’s dominance is expected to continue over the forecast period of 2022-2030. The high adoption of unitary systems in retail stores, schools, offices, and buildings due to their high energy efficiency and cooling capacity is the primary factor attributed to the large share of this segment.

 

HVAC System Market: Heating Equipment Review:

Based on heating equipment, the market is segmented into heat pumps, furnaces, unitary heaters, and boilers. The furnaces segment is predicted to achieve the highest CAGR in the market during the forecast period of 2022-2030. The high demand for furnaces in residential applications due to their enhanced lifespan and low cost and the growing government grants & rebates on replacing old heating equipment with new furnaces are among the major factors expected to bolster the segment's growth during the forecast period.

 

HVAC System Market: Ventilation Equipment Review:

Based on ventilation equipment, the global HVAC system market is segmented into air handling units, air filters, dehumidifiers, ventilation fans, humidifiers, and air purifiers. The air handling units segment captured the highest percentage of market share in 2021. The trend is expected to continue over the forecast period of 2022-2030. The burgeoning usage of air-handling units in different applications in different structures due to their requirement of minimal space and advantages of portability predominantly contributes to the large share and high growth of this segment.

 

HVAC System Market: Implementation Type Review:

Based on implementation type, the global HVAC system market is segmented into new construction and retrofit. The new construction segment led the market in 2021. The segment is anticipated to further attain the highest growth in the market during the forecast period. Factors attributable to the growth of this segment include the growing number of construction activities across the globe and increasing investments by governments in the infrastructure development of their respective countries.

 

Regional Outlook:

The HVAC system research report offers detailed analysis and forecasts for five major regions: North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.

 

The Asia Pacific region commanded the largest share of the global HVAC system market in 2021, followed by North America. The region is expected to maintain its lead further In the market during the forecast period of 2022-2030. Factors such as: the high presence of companies offering low-cost equipment, the rising awareness regarding indoor pollution, the high number of construction activities, the fast-paced urbanization and industrialization, the increasing implementation and launch of regulatory programs and projects, and the proliferating concerns regarding the effect of environmental pollution in the region are major factors driving the market growth in the region. Moreover, the ever-increasing population base, the surging disposable incomes of people, and the growing demand for smart homes among people are also significantly contributing to the growth of the HVAC system market in the Asia Pacific region. India, China, Japan, South Korea, and Australia are among the major contributors to the market in the region.

 

The report also identifies the country market outlook for HVAC system, covering country-wise market size, growth rate, market share, segmentation, leading players, current trends, and opportunities.

 

Key Companies in HVAC System Market:

The research report offers a competitive analysis of prominent companies operating in the global HVAC system market. Some of the leading players profiled in the market research report include:

·         Honeywell International Inc.

·         Mitsubishi Electric Corporation

·         Nortek Air Management

·         Samsung Electronics

·         Carrier Corporation

·         Daikin Industries Ltd.

·         Johnson Controls

·         Trane Technologies plc

·         LG Electronics

·         Emerson Electric Co.

·         Hitachi Ltd.

·         Lennox International Inc.

·         Other Players