The major factor fueling the growth for heating, ventilation, and air conditioning (HVAC) services is the booming construction sector worldwide, primarily due to the increasing population level and growing urbanization rate. As a result, the HVAC industry trends is predicted to see an increase in value from USD 198.45 billion in 2021 to USD 278.96 billion by 2027 and progress at a CAGR of 5.1% during the forecast period (2022–2027).
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The key highlights of the report include:
Market Overview (2012-2027): –
Historical Market Size (2021): USD 198.45 billion
Forecast CAGR (2022-2027): 5.1 %
| Report Attribute | Details |
| Historical Period | 2017-2021 |
| Forecast Period | 2022-2027 |
| Base Year | 2021 |
| Market Size in 2021 | 198.45 Billion |
| Revenue Forecast in 2027 | 278.96 Billion |
| Growth Rate CAGR | 5.1 % |
| Major Players | Lennox International, Inc., LG Electronics, Inc., Carrier Global Corporation, Samsung Electronics Co. Ltd., Haier Smart Home Co., Ltd., Daikin Industries, Ltd, Emerson Electric Co., Honeywell International Inc., Johnson Controls International plc and among Others. |
The biggest rage currently being observed in the HVAC market is the rising adoption of energy-efficient appliances, in order to reduce the pressure on power plants, which will, in turn, check the burning of fossil fuels. In order to achieve this, the governments of several countries are enacting stringent policies, such as energy conservation building code for residential buildings, called Eco Niwas Samhita, launched by Government of India in 2018, and the C40 China Building Program adopted by the Chinese government, in order to rapidly implement energy conservation schemes for buildings.
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The equipment segment can be further divided into types like:
- Air-to-air
- Air-to-water
- Water-to-water
- Oil
- Gas
- Electric
- Others
Ventilation
- Air-Handling Units
- Air Filters and Purifiers
- Ventilation Fans
- Axial Fans
- Centrifugal Fans
- Crossflow Fans
- Others
- Dehumidifiers and Humidifiers
- Others
Cooling
- Split
- Packaged
- VRF Systems
- Chillers
- Coolers
- Cooling Towers
- Evaporative
- Dry cooling
- Hybrid
Globally, the highest demand for HVAC equipment and services was witnessed in the Asia-Pacific (APAC) region during the historical period (2014–2019). This is primarily attributed to the surging economy and soaring urban population level of various countries in the region. According to the World Bank, the urban population of India increased from 27.8% in 2011 to 34.0% in 2018. The rise in the disposable income of the people of India and China has boosted the sales of refrigeration and air conditioning systems, thereby driving the demand for HVAC industry trends in the region.
Therefore, the demand for HVAC systems and services, on account of the rising global temperature and pollution levels, is expected to register a massive upswing in the coming years.
Key Market Players:
- Samsung Electronics Co. Ltd.
- Haier Smart Home Co., Ltd.
- Daikin Industries, Ltd
- Emerson Electric Co.
- Lennox International, Inc.
- LG Electronics, Inc.
- Carrier Global Corporation
- Honeywell International Inc.
- Johnson Controls International plc
- Others
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