SAN FRANCISCO, Sept. 21, 2022 /PRNewswire/ — global HVAC systems market size is anticipated to reach $234.9 billion by 2030, according to a new study by Grand View Research Inc. The market is expected to expand at a CAGR of 6.3% from 2022 to 2030. The rising adoption of energy-efficient and renewable energy products is anticipated to be a significant driving factor for HVAC demand. Demand for eco-friendly systems, and advanced technology usage in products including software and automation, are a few key factors contributing to the industry’s success. The growing usage of ACs in homes, as well as offices, has favored the HVAC industry over the years. To further boost this demand, rising incomes and standard of living in several emerging economies have also driven business profitability in recent years.
Key Industry Insights & Findings from the report:
- The ventilation systems segment captured more than 15.0% of the overall revenue share in 2021. The growing importance of maintaining optimum indoor air quality is expected to drive segment growth over the forecast period.
- The cooling systems segment emerged as the dominant segment in 2021 and accounted for more than 50.0% of the total revenue share in the same year. Urbanization of tropics and sub-tropic regions of the world will give rise to energy demand to meet thermal comforts. As such the cooling segment will witness a healthy demand over the forecast period.
- The booming real-estate sector will create opportunities for HVAC in both residential and commercial sectors; however, commercial demand instigated by increased spending on infrastructure will witness a CAGR of more than 5.0% from 2022 to 2030.
- Asian-Pacific dominated the market and accounted for a revenue share of more than 40% in 2021. Rising temperatures and industrial growth in the region will favor demand over the forecast period.
- Since the outbreak of coronavirus, key players operating in the market are focused on introducing products that can improve the air quality. In March 2020, Havells India Ltd. launched Grande heavy Duty Air conditioner under its brand Llyod. The AC features Catechine coated dust filter and Green Bio air filter along with anti-bacterial Eva Coils, which enhances the room air quality.
Read 134 page full market research report for more Insights, “HVAC Systems Market Size, Share & Trends Analysis Report By Product (Heating, Ventilation, Cooling), By End Use (Residential, Commercial, Industrial), By Region, And Segment Forecasts, 2022 – 2030“, published by Grand View Research.
HVAC Systems Market Growth & Trends
The growing popularity of ductless HVAC (Heating, ventilation, and air conditioning) is also gaining traction and will create avenues for market growth over the mid-term. Installing ACs in buildings without ducts is an impossible task and this is where ductless systems come to save the day. These compact units can be installed almost anywhere without ducts. Apart from new product development energy-efficient and tech-savvy products are also carving a niche for themselves in the market. For instance, products that work on geothermal technologies or renewable energy sources are helping consumers cut energy costs while benefitting OEMs meet sustainability targets.
Apart from efficiency, technology is also making this a lucrative market. Building automation systems are popular among contractors and architects. Therefore, the demand for Building Automation Systems (BAS) is gaining traction, as such creating avenues for the market. Further, ACs are no longer operated manually but can be controlled remotely with a smartphone, PC, or tablet. This functionality and smart feature is also emerging as a popular trend in the market creating revenue streams for manufacturers.
HVAC Systems Market Segmentation
Grand View Research has segmented the global HVAC systems market based on product, end use, and region:
HVAC Systems Market – Product Outlook (Revenue, USD Billion, 2018 – 2030)
HVAC Systems Market – End-use Outlook (Revenue, USD Billion, 2018 – 2030)
HVAC Systems Market – Regional Outlook (Revenue, USD Billion, 2018 – 2030)
- North America
- South Korea
- South America
- Middle East & Africa (MEA)
List of Key Players in HVAC Systems Market
- Carrier Corporation
- Daikin Industries, Ltd.
- Emerson Electric Co.
- Hitachi Ltd.
- Johnson Controls International plc
- Lennox International, Inc.
- Trane Technologies
Check out more related studies published by Grand View Research:
- Hospital HVAC Systems Market – The global hospital HVAC systems market size is expected to reach $11.34 billion by 2025, registering a CAGR of 7.2% over the forecast period, according to a study conducted by Grand View Research, Inc. Hospitals have specific requirements in terms of air quality and aseptic conditions owing to critical health condition of patients. The imminent need to ensure requisite temperature coupled with rising awareness regarding maintaining a clean and hygienic environment at healthcare facilities is anticipated to positively affect the growth.
- Plate & Frame Heat Exchanger Market – The global plate & frame heat exchanger market size is expected to reach $8.80 billion by 2030, according to a new report by Grand View Research, Inc., expanding at a CAGR of 5.4% over the forecast period. Rising demand in manufacturing facilities as an effective heating solution, minimal maintenance, durability, and life cycle cost is expected to drive the industry growth. The majority of processes in petrochemical plants operate at high temperatures and pressures, necessitating heat transfer process optimization and enhancing energy savings. The global industry is driven by added benefits, such as compact design and easier maintenance, coupled with growing demand in the chemical and petrochemical industries.
- Medium And High Power Motors Market – The global medium and high power motors market is expected to reach $88.93 billion by 2022, according to a new study by Grand View Research, Inc. Positive outcome of the manufacturing industries coupled with the implementation of stringent regulations pertaining to the electricity consumption is expected to escalate industry growth over the forecast period. Additionally, increasing replacement of aging electric motors may also elevate demand over the coming years.
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About Grand View Research
Grand View Research, a US-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1,200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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