Key Market Dynamics
The growing construction sector is notably driving the heating ventilation and air conditioning market growth. The construction sector plays a major role in driving the demand for HVAC systems. With the increase in construction of commercial and residential buildings, the demand for HVAC equipment and services has been increasing, thereby driving the growth of the global Heating Ventilation and Air Conditioning (HVAC) market. The construction industry is expanding significantly across the globe. There are a lot of factors leading to the expansion of the construction industry. APAC is the major market for construction and is expected to grow at the highest rate during the forecast period. The primary reason for the growth is the ongoing developments in the infrastructure and real estate sectors in the region. The commercial building sector has seen an upswing in office construction activities, particularly for the technology and finance firms. This is due to an increase in private investments. Similarly, hotel and hospital construction activities will propel the demand for HVAC systems.
The major challenge impeding the heating ventilation and air conditioning market growth is the high market competition. The presence of many regional and international players has increased market competitiveness. Many international players are unable to retain their foothold in the market owing to low-cost offerings of HVAC components and parts by regional vendors. Some HVAC vendors in APAC sell components and parts at subsidized rates, reducing sales of high-quality premium products provided by international players. This affects the pricing strategy, R&D investments, and brand image of established international players. The competition in the market has increased due to joint ventures and strategic alliances to enhance energy management and automation. For instance, in June 2017, Midea Group announced its plans to set up a manufacturing facility near Pune, India. As air conditioning systems are key components of building solutions, this partnership helped both companies innovate and deliver high-quality HVAC solutions to their consumers.
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Segmentation Analysis & Forecasts
The HVAC market is segmented by End-user (non-residential and residential) and Type (HVAC equipment and HVAC services). The heating ventilation and air conditioning market share growth by the non-residential segment will be significant during the forecast period. An increase in the construction of these end-users will drive the growth of the global heating ventilation and air conditioning (HVAC) market. Owing to the adoption of green technology, the demand for HVAC units has increased simultaneously as they help in energy savings. The rise in the number of net-zero buildings is the major trend in the construction business.
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Some of the Major Companies Mentioned
- Carrier Global Corp.
- Daikin Industries Ltd.
- Danfoss AS
- Haier Smart Home Co. Ltd.
- Johnson Controls International Plc
- Lennox International Inc.
- LG Electronics Inc.
- Midea Group Co. Ltd.
- Samsung Electronics Co. Ltd.
- Trane Technologies Plc
The HVAC market is fragmented, and the vendors are deploying organic and inorganic growth strategies to compete in the market.
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Similar Reports on HVAC Market
HVAC Control Systems Market by Product, End-user, and Geography – Forecast and Analysis 2021-2025: The HVAC control systems market size is expected to reach a value of USD 6.53 billion, at a CAGR of 6.09%, during 2021-2025. According to our comprehensive survey, factors such as rising demand for efficient and fail-proof HVAC controls are projected to significantly support market growth during the forecast period. Find More Research Insights Here
Commercial HVAC Market by Application and Geography – Forecast and Analysis 2022-2026: The commercial HVAC market share is estimated to surge by USD 22.09 billion from 2021 to 2026 at an accelerating CAGR of 4.2%. 42% of the market’s growth will originate from APAC during the forecast period. China, Japan, and India are the key markets for the commercial HVAC market in APAC. Market growth in this region will be faster than the growth of the market in other regions. Find More Research Insights Here
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HVAC Market Scope |
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Report Coverage |
Details |
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Page number |
120 |
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Base year |
2020 |
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Forecast period |
2021-2025 |
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Growth momentum & CAGR |
Accelerate at a CAGR of almost 6.57% |
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Market growth 2021-2025 |
$ 68.8 billion |
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Market structure |
Fragmented |
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YoY growth (%) |
3.12 |
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Regional analysis |
APAC, North America, Europe, MEA, South America, APAC, North America, Europe, MEA, and South America |
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Performing market contribution |
APAC at 58% |
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Key consumer countries |
China, US, Japan, Germany, and UK |
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Competitive landscape |
Leading companies, competitive strategies, consumer engagement scope |
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Companies profiled |
Carrier Global Corp., Daikin Industries Ltd., Danfoss AS, Haier Smart Home Co. Ltd., Johnson Controls International Plc, Lennox International Inc., LG Electronics Inc., Midea Group Co. Ltd., Samsung Electronics Co. Ltd., and Trane Technologies Plc |
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Market Dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and future consumer dynamics, market condition analysis for forecast period. |
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Customization preview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
Key Topics Covered
1 Executive Summary
2 Market Landscape
- 2.1 Market ecosystem
- Exhibit 01: Parent market
- 2.2 Market characteristics
- Exhibit 02: Market characteristics
- 2.3 Value chain analysis
- Exhibit 03: Value chain analysis: Electrical Components and Equipment Market
3 Market Sizing
- 3.1 Market definition
- Exhibit 04: Offerings of vendors included in the market definition
- 3.2 Market segment analysis
- Exhibit 05: Market segments
- 3.4 Market outlook: Forecast for 2020 – 2025
- Exhibit 06: Global – Market size and forecast 2020 – 2025 ($ billion)
- Exhibit 07: Global market: Year-over-year growth 2020 – 2025 (%)
4 Five Forces Analysis
- 4.1 Five forces summary
- Exhibit 08: Five forces analysis 2020 & 2025
- 4.2 Bargaining power of buyers
- Exhibit 09: Bargaining power of buyers
- 4.3 Bargaining power of suppliers
- Exhibit 10: Bargaining power of suppliers
- 4.4 Threat of new entrants
- Exhibit 11: Threat of new entrants
- 4.5 Threat of substitutes
- Exhibit 12: Threat of substitutes
- 4.6 Threat of rivalry
- Exhibit 13: Threat of rivalry
- 4.7 Market condition
- Exhibit 14: Market condition – Five forces 2020
5 Market Segmentation by End-user
- 5.1 Market segments
- Exhibit 15: End-user – Market share 2020-2025 (%)
- 5.2 Comparison by End-user
- Exhibit 16: Comparison by End-user
- 5.3 Non-residential – Market size and forecast 2020-2025
- Exhibit 17: Non-residential – Market size and forecast 2020-2025 ($ billion)
- Exhibit 18: Non-residential – Year-over-year growth 2020-2025 (%)
- 5.4 Residential – Market size and forecast 2020-2025
- Exhibit 19: Residential – Market size and forecast 2020-2025 ($ billion)
- Exhibit 20: Residential – Year-over-year growth 2020-2025 (%)
- 5.5 Market opportunity by End-user
- Exhibit 21: Market opportunity by End-user
6 Market Segmentation by Type
- 6.1 Market segments
- Exhibit 22: Type – Market share 2020-2025 (%)
- 6.2 Comparison by Type
- Exhibit 23: Comparison by Type
- 6.3 HVAC equipment – Market size and forecast 2020-2025
- Exhibit 24: HVAC equipment – Market size and forecast 2020-2025 ($ billion)
- Exhibit 25: HVAC equipment – Year-over-year growth 2020-2025 (%)
- 6.4 HVAC services – Market size and forecast 2020-2025
- Exhibit 26: HVAC services – Market size and forecast 2020-2025 ($ billion)
- Exhibit 27: HVAC services – Year-over-year growth 2020-2025 (%)
- 6.5 Market opportunity by Type
- Exhibit 28: Market opportunity by Type
7 Customer landscape
8 Geographic Landscape
- 8.1 Geographic segmentation
- Exhibit 30: Market share by geography 2020-2025 (%)
- 8.2 Geographic comparison
- Exhibit 31: Geographic comparison
- 8.3 APAC – Market size and forecast 2020-2025
- Exhibit 32: APAC – Market size and forecast 2020-2025 ($ billion)
- Exhibit 33: APAC – Year-over-year growth 2020-2025 (%)
- 8.4 North America – Market size and forecast 2020-2025
- Exhibit 34: North America – Market size and forecast 2020-2025 ($ billion)
- Exhibit 35: North America – Year-over-year growth 2020-2025 (%)
- 8.5 Europe – Market size and forecast 2020-2025
- Exhibit 36: Europe – Market size and forecast 2020-2025 ($ billion)
- Exhibit 37: Europe – Year-over-year growth 2020-2025 (%)
- 8.6 MEA – Market size and forecast 2020-2025
- Exhibit 38: MEA – Market size and forecast 2020-2025 ($ billion)
- Exhibit 39: MEA – Year-over-year growth 2020-2025 (%)
- 8.7 South America – Market size and forecast 2020-2025
- Exhibit 40: South America – Market size and forecast 2020-2025 ($ billion)
- Exhibit 41: South America – Year-over-year growth 2020-2025 (%)
- 8.8 Key leading countries
- Exhibit 42: Key leading countries
- 8.9 Market opportunity by geography
9 Drivers, Challenges, and Trends
- 9.1 Market drivers – Demand led growth
- 9.2 Market challenges
- Exhibit 44: Impact of drivers and challenges
10 Vendor Landscape
- 10.1 Competitive scenario
- 10.2 Vendor landscape
- Exhibit 45: Vendor landscape
- 10.3 Landscape disruption
- Exhibit 46: Landscape disruption
- 10.4 Industry risks
- Exhibit 47: Industry risks
11 Vendor Analysis
- 11.1 Vendors covered
- Exhibit 48: Vendors covered
- 11.2 Market positioning of vendors
- Exhibit 49: Market positioning of vendors
- 11.3 Carrier Global Corp.
- Exhibit 50: Carrier Global Corp. – Overview
- Exhibit 51: Carrier Global Corp. – Business segments
- Exhibit 52: Carrier Global Corp.- Key news
- Exhibit 53: Carrier Global Corp. – Key offerings
- Exhibit 54: Carrier Global Corp. – Segment focus
- 11.4 Daikin Industries Ltd.
- Exhibit 55: Daikin Industries Ltd. – Overview
- Exhibit 56: Daikin Industries Ltd. – Business segments
- Exhibit 57: Daikin Industries Ltd. Key news
- Exhibit 58: Daikin Industries Ltd. – Key offerings
- Exhibit 59: Daikin Industries Ltd. – Segment focus
- 11.5 Danfoss AS
- Exhibit 60: Danfoss AS – Overview
- Exhibit 61: Danfoss AS – Business segments
- Exhibit 62: Danfoss AS- Key news
- Exhibit 63: Danfoss AS – Key offerings
- Exhibit 64: Danfoss AS – Segment focus
- 11.6 Haier Smart Home Co. Ltd.
- Exhibit 65: Haier Smart Home Co. Ltd. – Overview
- Exhibit 66: Haier Smart Home Co. Ltd. – Business segments
- Exhibit 67: Haier Smart Home Co. Ltd.- Key news
- Exhibit 68: Haier Smart Home Co. Ltd. – Key offerings
- Exhibit 69: Haier Smart Home Co. Ltd. – Segment focus
- 11.7 Johnson Controls International Plc
- Exhibit 70: Johnson Controls International Plc – Overview
- Exhibit 71: Johnson Controls International Plc – Business segments
- Exhibit 72: Johnson Controls International Plc – Key news
- Exhibit 73: Johnson Controls International Plc – Key offerings
- Exhibit 74: Johnson Controls International Plc – Segment focus
- 11.8 Lennox International Inc.
- Exhibit 75: Lennox International Inc. – Overview
- Exhibit 76: Lennox International Inc. – Business segments
- Exhibit 77: Lennox International Inc – Key news
- Exhibit 78: Lennox International Inc. – Key offerings
- Exhibit 79: Lennox International Inc. – Segment focus
- 11.9 LG Electronics Inc.
- Exhibit 80: LG Electronics Inc. – Overview
- Exhibit 81: LG Electronics Inc. – Business segments
- Exhibit 82: LG Electronics Inc. – Key news
- Exhibit 83: LG Electronics Inc. – Key offerings
- Exhibit 84: LG Electronics Inc. – Segment focus
- 11.10 Midea Group Co. Ltd.
- Exhibit 85: Midea Group Co. Ltd. – Overview
- Exhibit 86: Midea Group Co. Ltd. – Business segments
- Exhibit 87: Midea Group Co. Ltd. – Key news
- Exhibit 88: Midea Group Co. Ltd. – Key offerings
- 11.11 Samsung Electronics Co. Ltd.
- Exhibit 89: Samsung Electronics Co. Ltd. – Overview
- Exhibit 90: Samsung Electronics Co. Ltd. – Business segments
- Exhibit 91: Samsung Electronics Co. Ltd. – Key news
- Exhibit 92: Samsung Electronics Co. Ltd. – Key offerings
- Exhibit 93: Samsung Electronics Co. Ltd. – Segment focus
- 11.12 Trane Technologies Plc
- Exhibit 94: Trane Technologies Plc – Overview
- Exhibit 95: Trane Technologies Plc – Business segments
- Exhibit 96: Trane Technologies Plc – Key offerings
- Exhibit 97: Trane Technologies Plc – Key news
- Exhibit 98: Trane Technologies Plc – Segment focus
12 Appendix
- 12.2 Currency conversion rates for US$
- Exhibit 99: Currency conversion rates for US$
- 12.3 Research methodology
- Exhibit 100: Research Methodology
- Exhibit 101: Validation techniques employed for market sizing
- Exhibit 102: Information sources
- 12.4 List of abbreviations
- Exhibit 103: List of abbreviations
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