HVAC System Market Share, Trends & Growth Drivers 2028 | MarketsandMarkets

 

The global HVAC system market is expected to be valued at USD 206.3 billion in 2023 and is projected to reach USD 280.1 billion by 2028; it is expected to grow at a CAGR of 6.3% from 2023 to 2028.

The rising need for energy-efficient and sustainable buildings is expected to propel the growth of the HVAC system industry during the forecast period. Residential, commercial, and industrial buildings use heating, cooling, or climate control technologies to obtain thermal comfort and satisfactory indoor air quality. Variations in climatic changes have led to the growing demand for cooling and heating systems. Long-term climate change is the major reason for the increased energy consumption to meet the cooling demand from buildings, which increases the load on air conditioners. The energy consumed by this equipment varies according to the ambient temperature and humidity conditions.

Driver: Rising constructions activities in residential and industrial sectors

The construction sector is a major driving force behind the growth of the HVAC industry. The demand for HVAC systems has been increasing in both residential and industrial sectors, driven primarily by the surge in construction activities. The global construction industry has witnessed significant growth in recent years due to rapid urbanization, population growth, and industrialization.

In the residential sector, the increasing demand for housing units has led to the construction of new homes and apartments, thereby driving the demand for HVAC systems. As people spend most of their time indoors, it has become essential to maintain indoor air quality, which can be achieved by installing HVAC systems. HVAC systems also provide heating and cooling solutions that enhance the comfort levels of the occupants. Moreover, HVAC systems are designed to be energy efficient, which can help residents save money on their energy bills. Newer systems are often equipped with features like programmable thermostats and energy-efficient components that can help reduce energy consumption.

Restraint: High maintenance, repair, and installation costs for HVAC systems

According to consumer groups and HVAC industry consultants, 90% of air conditioners and furnaces are improperly sized and installed. The study also states that airflow is key in comfortable indoor environments. Very rarely does a builder put in enough return air vents to support the system they install, especially with new construction. The high cost of maintenance is also a major restraint for HVAC systems. Regular maintenance is essential to keep the system operating efficiently and prevent breakdowns, but this requires trained professionals and specialized equipment. Neglecting maintenance can lead to system failures, which can be costly to repair or replace. The cost of replacement parts also contributes to the high maintenance costs for HVAC systems. Replacement parts for HVAC systems can be expensive, making repairs costly. Furthermore, the availability of replacement parts can be an issue, particularly for the older HVAC system.

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Opportunity: Rapid transformation of IoT within HVAC industry

The Internet of Things (IoT) has been transforming various industries over the past few years, and the HVAC industry is no exception. In the HVAC industry, IoT technology has enabled the development of smart HVAC systems that can be remotely controlled, monitored, and managed through a centralized system. The rapid transformation of IoT within the HVAC industry presents several opportunities for growth and development. Firstly, IoT-enabled HVAC systems provide real-time data on energy consumption, temperature, humidity, and other environmental factors, enabling more accurate and efficient HVAC system control. This data can be used to optimize HVAC system performance and reduce energy consumption, leading to cost savings for building owners and operators.

Challenge: Lack of awareness about benefits of HVAC systems in developing countries

One of the main reasons for the lack of awareness is the limited availability of information and education about HVAC systems in many developing countries. This is due to governments and private organizations' inefficient investment in HVAC infrastructure and training programs. As a result, many people in these countries do not have access to the knowledge and resources needed to make informed decisions about HVAC systems. Another challenge is the affordability of HVAC systems in developing countries. Many people in these countries cannot afford the high initial cost of purchasing and installing HVAC systems, which can be a major barrier to adoption. In addition, the lack of government incentives or financing options for energy-efficient HVAC systems further exacerbates this challenge.

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HVAC System Market worth $280.1 billion by 2028

 The report "HVAC System Market by Cooling Equipment (Unitary Air Conditioners, VRF Systems), Heating Equipment (Heat Pumps, Furnaces), Ventilation Equipment (AHUs, Air Filters), Implementation Type, Application and Region - Global Forecast to 2028" The global HVAC system market is expected to be valued at USD 206.3 billion in 2023 and is projected to reach USD 280.1 billion by 2028; it is expected to grow at a CAGR of 6.3% from 2023 to 2028. The growth of the HVAC system market is propelled by government incentives through tax credit programs, increasing construction activities, and regulations and policies for energy saving. However, the high installation cost of energy-efficient HVAC systems and a shortage of skilled labor are restraining factors for the growth of this market.

Unitary air conditioners are expected to hold largest market share during the forecast period.

A unitary air conditioner is a small self-contained electrical unit placed on the roof or outside the buildings, enclosing a motor-driven refrigeration compressor, evaporative cooling coil, air-cooled condenser, filters, fans, and controls. They provide high performance and are energy efficient. Split air conditioners and packaged air conditioners are a few types of unitary air conditioners. The key manufacturers of unitary air conditioners are Daikin (Japan), Ingersoll Rand (Ireland), Johnson Controls (US), Nortek (US), and Lennox (US). The Air Conditioning, Heating, and Refrigeration Institute (AHRI) is the trade association representing HVAC manufacturers and providing standards related to HVAC systems.

Furnaces are expected to hold the highest CAGR for heating equipment segment during the forecast period.

Furnaces are one of the most popular home heating systems and for a good reason. They are efficient, reliable, and can keep the home warm and comfortable all winter. They are a cost-effective HVAC system for heating the home. Other heating systems, such as boilers or fireplaces, usually cost more with the price of natural gas rising. One of the most significant benefits of furnace installation is that it can improve the overall efficiency of the HVAC system. Older furnaces can have an AFUE rating as low as 56%, while newer, high-efficiency models can have ratings as high as 98.5%. With a particularly efficient furnace, homeowners can expect a significantly reduced heating bill, which will quickly offset the new unit’s cost.

Air-handling units to hold the highest market share during the forecast period.

An air-handling unit (AHU) is used to recondition and circulate air as a part of a heating, ventilating, and air conditioning system. The basic function of the AHU is to take in the external air, recondition it, and supply it as fresh air to a building. There are many companies that invest in air-handling units (AHUs) to improve their indoor air quality, reduce energy costs, and comply with building codes and regulations. For instance, Google has significantly invested in energy-efficient AHUs for its data centers. The company has developed its air handling system, “EcoFlair,” which uses a water-based cooling system and high-efficiency fans to reduce energy consumption.

HVAC system market for new construction type to hold the highest CAGR during the forecast period.

The implementation of HVAC systems in new buildings is increasing with rising urbanization. HVAC systems are expensive and need to follow HVAC standards and regulations. Moreover, government initiatives to promote the use of energy-saving devices and growing consumer awareness regarding energy-efficient devices have led to an increase in the implementation of advanced HVAC systems in buildings. The Air Conditioning Contractors of America Association (ACCA) develops industry standards for heating, ventilation, air conditioning, and building performance systems. Moreover, several companies are also investing in energy-efficient HVAC systems for new construction projects. For instance, Johnson Controls invested in creating smart, energy-efficient HVAC systems for new construction projects. It has developed products like YORK EcoAdvance and YORK SunPremier that use advanced technologies to reduce energy consumption and emissions.

Commercial application to hold highest market share during the forecast period.

HVAC systems are widely used in commercial buildings. In commercial buildings, HVAC loads normally represent the highest energy expense. Furthermore, due to the rise in global temperature and pollution from heavy construction activities, HVAC systems have become an integral part of commercial structures. Concerns over the environmental impact and rising energy prices have made using energy-efficient HVAC systems a necessity in commercial spaces. Moreover, the governments of various countries are supporting the adoption of energy-efficient HVAC systems in commercial spaces. The commercial application has been sub-segmented into healthcare, education, government, office, airport, and retail.

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HVAC system market in US for North America to hold the highest market share during the forecast period.

The US has the highest implementation of HVAC systems as the climate changes drastically throughout the year, from extreme heat waves in summer to cold temperatures in winter. Residential buildings are also significant consumers of HVAC systems. Commercial and residential buildings together account for more than 50% of the electricity consumption in the US. This has led the US government to take initiatives to save energy through various means. The ambition to reduce energy consumption includes incentivizing green buildings and retrofits. The US Green Building Council (USGBC) has developed Leadership in Energy and Environmental Design (LEED) certification for designing, constructing, and operating high-performance green buildings.

The HVAC system market includes major Tier I and II players like DAIKIN INDUSTRIES, Ltd. (Japan), Johnson Controls (US), Carrier (US), Trane Technologies plc (US), LG Electronics (South Korea), and others. These players have a strong market presence for HVAC system across various countries in North America, Europe, Asia Pacific, and RoW.

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MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem.Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research.The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

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5G Device Testing Market worth $1.7 billion by 2028

 The report "5G Device Testing Market by Equipment Type (Oscilloscope, Signal Generator, Spectrum Analyzers, Network Analyzers), End User (IDMs & ODMs, Telecom Equipment Manufacturers) and Region - Global Forecast 2028" The global 5G device testing market size is expected to grow from USD 1.2 billion in 2023 to USD 1.7 billion by 2028, at a CAGR of 7.0%. There are significant opportunities in IDMs and ODMs due to the increasing adoption of smart phones and mobile devices.

Signal Generators is estimated to have substantial market size in equipment type in the said market during the forecast period.

Signal generator allows to output signals with various frequencies, amplitudes, and time durations. Signal generators are used in testing applications across the industrial, mechanical, and telecommunication sectors. At present, the wireless telecom industry has a huge impact on the potential growth and expansion of the market for signal generators.

IDMs & ODMs end user is estimated to high-growing market during the forecast period.

Integrated device manufacturing (IDM) companies focus on semiconductor design, testing, and production and have the internal capability to perform both. IDMs handle every step of the testing process, from designing and testing to manufacturing, assembly, and sales of integrated products. Similarly, ODMs design, manufacture, and assemble final end products. Players include Apple, Dell, and HP, among others. Intel Corporation (US), Micron Technology (US), Toshiba (Japan), Samsung (South Korea), Infineon Technologies (Germany), and NXP Semiconductors (Netherlands) are among the key IDMs, with their assembly facilities worldwide that use front-end and back-end equipment for testing and inspection of devices.

North America is estimated to have largest market size during the forecast period.

North America is one of the leading markets for 5G deployment in terms of R&D on 5G technology, network design/deployment, and the presence of key market players. The presence of major players, such as Keysight Technologies (US), NATIONAL INSTRUMENTS CORP. (US), TEKTRONIX, INC. (US), Teradyne, Inc. (US)VIAVI Solutions, among others in the region, supports the demand for new technologies and helps increase awareness regarding them. In North America, the US is considered to have the most engaged mobile user base, and this is expected to grow with the addition of new subscribers. Full-fledged 5G implementation in North America is expected to boost on-demand video services; the market for such services is growing continuously in the current scenario.

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Major players in the 5G device testing market include Anritsu (Japan), Rohde & Schwarz (Germany), Keysight Technologies (US), NATIONAL INSTRUMENTS CORP. (US), TEKTRONIX, INC. (US), Teradyne, Inc. (US), VIAVI Solutions Inc. (US), Artiza Networks, Inc. (US), EMITE (Spain), and EXFO (Canada) among others.

About MarketsandMarkets™

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem.Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research.The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.

3D Printing Market worth $34.5 billion by 2028

 The report "3D Printing Market by Offering (Printer, Material, Software, Service), Process (Binder Jetting, Direct Energy Deposition, Material Extrusion, Material Jetting, Powder Bed Fusion), Application, Vertical, Technology and Region - Global Forecast to 2028" The 3D printing market is estimated to grow from USD 15.0 billion in 2023 to USD 34.5 billion by 2028, at a CAGR of 18.1%. Some key factors attributing to the growth of 3D printers involve ease in developing tailored products, decrease in manufacturing cost and process downtime, government investments in 3D printing projects, and advancements in industrial-grade 3D printing materials.

Services segment is expected to have second largest share of the 3D printing market in 2023.

The 3D printing services are broadly classified into two types: after-sales and custom design and manufacturing. After-sales services include a warranty, maintenance, software, and training. Custom design and manufacturing services include contract manufacturing (outsourcing of quick parts or end parts production); design services; online platform services including content creation tools, cloud or online printing services, licensing, and others for third parties. Protolabs (US), Shapeways (US), ARC Group (US), 3D Hubs (Netherlands), and Sculpteo (France) are some of the 3D printing service providers known to provide on-demand 3D printing services.

SLA technology is projected to have second largest share of 3D printing market in 2023.

SLA-based 3D printing is used to create anatomical models, lightweight concept models, architectural models, urethane casting patterns, and large investment cast patterns. 3D Systems (US), Form Labs (US), Autodesk (US), and 3D Ceram (France) are some of the major companies offering 3D printers based on the SLA technology and services related to them. SLA is ideal for concept models, form and fit studies, and investment casting patterns, as the technology provides a high-quality surface finish.

Healthcare vertical is projected to have second largest share of 3D printing market in 2023.

Several medical products, such as surgical equipment, prosthetics, implants, and tissue engineering, are manufactured through 3D printing technologies. Apart from these, 3D printing is also used in orthopedic, dental, and craniomaxillofacial medical applications. New and improved technologies, financial support from the governments, and rapid product development at low costs are the major drivers that affect the market. In September 2021, Nexa3D, a developer of ultrafast polymer 3D printers, partnered with Henkel, a provider of functional polymers, to manufacture a 3D-printed connected SKOP stethoscope for WeMed company.

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North America to hold the largest share of 3D printing market in 2023.

North America is projected to hold the largest share of the 3D printing market during the forecast period. North America is a highly attractive market for the 3D printing market for the education vertical. The industry is adopting 3D printing systems to bring awareness about this new manufacturing method among students worldwide. 3D printing involves selecting materials based on the application and technology used to produce a product. In 2022, MakerBot, a 3D printing provider company, donated the MakerBot SKETCH, MakerBot METHOD X, MakerBot Replicator 3D printers, and 3D printing materials to several educational organizations that support underserved and low-income communities across the US.

Major players operating in the 3D printing market are Stratasys (US), Materialise (Belgium), 3D Systems (US), EOS GmbH (Germany), GE (US), Voxeljet (Germany), HP (US), SLM Solutions (Germany), CleanGreen3D Limited (Ireland), Protolabs (US), Optomec (US), Groupe Gorgé (France), Ultimaker (The Netherlands), Renishaw (UK), Beijing Tiertime Technology (China), XYZprinting (Taiwan), Desktop Metal (US), TRUMPF (Germany), Nano Dimension (Israel), Formlabs (US), Markforged (US), and Carbon (US).

About MarketsandMarkets™

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem.Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research.The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.