CHICAGO, May 17, 2024 /PRNewswire/ -- The global 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 according to a new report by MarketsandMarkets. 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.
Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=202111288
Browse in-depth TOC on "HVAC System Market"
130 - Tables
60 - Figures
288 - Pages
HVAC System Market Report Scope:
Report Coverage | Details |
Market Revenue in 2024 | $ 281.7 billion |
Estimated Value by 2029 | $ 389.9 billion |
Growth Rate | Poised to grow at a CAGR of 6.7% |
Market Size Available for | 2020-2029 |
Forecast Period | 2024-2029 |
Forecast Units | Value (USD Million/Billion) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | By Cooling, Heating, Ventilation, Service Type, Implementation Type and Region |
Geographies Covered | North America, Europe, Asia Pacific, and Rest of World |
Key Market Challenge | Mounting environmental concerns and aging infrastructure |
Key Market Opportunities | The rapid advancement of IoT technology within the HVAC industry |
Key Market Drivers | Increased levels of commercial activity are occurring in both residential and commercial sectors |
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.
Inquiry Before Buying: https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=202111288
Asia Pacific region for HVAC systems industry 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 companies 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.
Get 10% Free Customization on this Report: https://www.marketsandmarkets.com/requestCustomizationNew.asp?id=202111288
Browse Adjacent Market: Semiconductor and Electronics Market Research Reports &Consulting
Related Reports:
Underfloor Heating Market by Hydronic (Pipes, Thermostats, Thermal Actuators, Zone Valves), Electric (Cables & Mats), Subsystem (Heating & Control System), Offering (Hardware, Service), Installation (New & Retrofit), Application - Global Forecast to 2028
HVAC Controls Market by Component (Sensors, Controllers, and Controlled Equipment), System, Implementation Type (New Construction, Retrofit), Application (Residential, Commercial, Industrial) and Region - Global Forecast to 2027
Electric Heat Tracing Market by Type (Self-regulating, Constant Wattage, Mineral-insulated), Component (Heat Tracing Cables, Control & Monitoring Systems, Thermal Insulation Materials, Power Connection Kits), Vertical - Global Forecast to 2029
Smart Sensors Market by Type (Temperature & Humidity Sensor, Pressure Sensor, Motion & Occupancy Sensor), Technology (CMOS, MEMS), Component (Microcontrollers, Amplifiers, Transceivers), End-User Industry and Region - Global Forecast to 2029
VRF System Market by Component (Outdoor Units, Indoor Units, and Control Systems and Accessories), System Type (Heat Pump, Heat Recovery), Capacity, Application (Commercial, Residential, and Others), and Geography - Global Forecast to 2025
About MarketsandMarkets
MarketsandMarkets has been recognized as one of America's best management consulting firms by Forbes, as per their recent report.
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.
Earlier this year, we made a formal transformation into one of America's best management consulting firms as per a survey conducted by Forbes.
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.
Contact:
Mr. Aashish Mehra
MarketsandMarkets INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Email: sales@marketsandmarkets.com
Visit Our Web Site: https://www.marketsandmarkets.com/
Research Insight: https://www.marketsandmarkets.com/ResearchInsight/hvac-system-market.asp
Content Source: https://www.marketsandmarkets.com/PressReleases/hvac-system.asp
Logo: https://mma.prnewswire.com/media/1951202/4609423/MarketsandMarkets.jpg
View original content:https://www.prnewswire.co.uk/news-releases/hvac-system-market-worth-389-9-billion-by-2029---exclusive-report-by-marketsandmarkets-302148756.html
