HVAC System Industry worth USD 389.9 billion by 2029

 

The report "HVAC System Market by Cooling (Unitary Air Conditioner, VRF), Heating (Heat Pump, Furnace), Ventilation (AHU, Air Filter), Service Type (Installation, Maintenance & Repair), Implementation Type (New Construction, Retrofit) - Global Forecast to 2029" HVAC system market is projected to grow from USD 281.7 billion in 2024 to USD 389.9 billion by 2029; it is expected to grow at a CAGR of 6.7% from 2024 to 2029.The market's growth is propelled by a rising Urbanization, climate change, and technological innovations. Factors like rising disposable incomes, tougher regulations, air quality concerns, infrastructure projects, and the growing need for data centers contribute significantly to the overall expansion of HVAC system market.

VRF Systems holds the largest market share, by cooling type during the forecast period.

Variable refrigerant flow (VRF) systems adjust refrigerant flow in indoor units based on specific heating or cooling needs, offering both heat pump and heat recovery models. These systems can connect multiple indoor fan coil units to a single outdoor unit, where inverter-driven compressors can vary their speed by adjusting the power supply frequency. VRF systems are commonly installed in office buildings, hotels, schools, retail stores, and data centers.

Commercial segment dominates the HVAC system market by application type, holding the largest market share during the forecast period.

Commercial buildings heavily rely on HVAC systems, with HVAC loads often constituting the largest energy expense, especially in regions with extreme climates where heating costs are high. These systems can consume about 30% of the total energy in businesses, indicating the need for energy-efficient solutions. As global temperatures rise and environmental concerns grow, along with support from governments, energy-efficient HVAC systems are becoming critical in commercial applications such as healthcare, education, government, office, airports, and retail.

Installation services dominates the HVAC system market by service type, holding the largest market share during the forecast period.

HVAC installation services encompass setting up heating, ventilation, and air conditioning systems in various building types, including residential, commercial, and industrial. These services usually involve evaluating the building's needs, planning the system layout, sourcing equipment, and installing components like ductwork, vents, heaters, air conditioners, and thermostats. Proper installation is crucial for maximizing HVAC system performance and energy efficiency.

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Asia Pacific region for HVAC systems market is estimated to hold the highest CAGR during the forecast period.

Rapid urbanization and industrialization are driving the demand for HVAC systems in commercial and residential sectors. Increasing awareness about energy efficiency and sustainability is prompting the adoption of advanced HVAC technologies. Additionally, government initiatives and regulations aimed at reducing carbon emissions are incentivizing the installation of modern HVAC systems. Rising disposable incomes are also fueling the construction of new buildings, further boosting the demand for HVAC solutions in the region.

Key Players

HVAC system market includes significant Tier I and II players like DAIKIN INDUSTRIES (Japan), Johnson Controls (Ireland), LG Electronics (South Korea), Midea (China), Carrier (US), and others. These players have a strong market presence for Electric heat tracings across various North America, Europe, Asia Pacific, and RoW countries.

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