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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