HVAC System Market is Anticipated to Grow $271.5 billion by 2026 Globally, at a CAGR of 6.6%

MarketsandMarkets Research Pvt. Ltd.

Chicago, Dec. 08, 2022 (GLOBE NEWSWIRE) — HVAC System Market by Cooling Equipment, Heating Equipment, Ventilation Equipment, Implementation Type, Application (Residential, Commercial, Industrial) and Region (North America, Europe, APAC, RoW) (2021-2026)”, Product launches, acquisitions, partnerships, collaborations, strategic alliances, and expansions are the major growth strategies adopted by the market players. These strategies have enabled them to efficiently fulfill the growing demand for HVAC systems from end-user industries and expand their global footprint by offering their products in all the major regions.

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HVAC Systems Market Report Scope

Report Metric

Details

Market Size Value in 2022

USD 210.0 billion

Market Size Value in 2026

USD 271.5 billion

Growth Rate

6.6%

Forecast Period

2022-2030

Forecast Units

Value (USD Million/Billion)

Segments Covered

By Cooling Equipment, Heating Equipment, Ventilation Equipment, Implementation Type, Application

Geographies Covered

North America, Europe, APAC, and RoW

Companies Covered

The major market players DAIKIN INDUSTRIES (Japan), Johnson Controls (US), Carrier (US), Trane Technologies plc, (US), LG Electronics (South Korea), Emerson Electric Co. (US), Honeywell International Inc. (US), Mitsubishi Electric Corporation (Japan), Nortek Air Management (US), and Samsung Electronics (South Korea. (US)(Total 25 players are profiled)

 Largest Growing Region

 APAC

 Highest CAGR Segment

 Furnaces

 Highest Market Share Units

 Air Handling Unit

 Highest Growing Application

 Commercial Application

“Browse in-depth TOC on ” HVAC Systems Industry

190 – Tables
58 – Figures
235 – Pages

Daikin was ranked first in the HVAC system market in 2020, with an approximate share of 10–11% in the market. Daikin It manufactures general air-conditioning equipment with in-house divisions covering both air conditioning and refrigerants. The company mainly operates through Air Conditioning, Chemicals, and Other business segments. The Air Conditioning segment offers HVAC products such as split/multi-split air conditioners, unitary air conditioners, air-to-water heat pumps, heating systems, air purifiers, medium/low-temperature refrigeration systems, ventilation products, control systems, chillers, filters, and marine HVAC.

The Chemicals segment offers fluorocarbon gas, fluororesin, and other chemical products such as semiconductor etching agents, water and oil repellent, surfactant, carbon fluoride, and fluorine oil. The Other segment covers oil machinery, special machinery, and electronic systems. Daikin has more than 100 production units across the world and conducts businesses in more than 150 countries. Furthermore, the company has acquired the ISO9001 certification for all production facilities and implements high-quality maintenance and management systems in its development, procurement, and production facilities.

Johnson Controls held the second position in the HVAC system market in 2020, with an approximate share of 7–8% in the market. The company conducts its business through four business segments: Building Solutions North America, Building Solutions EMEA/LA, Building Solutions Asia Pacific, and Global Products. The company provides HVAC equipment, energy management systems, security systems, fire detection systems, and fire suppression solutions. Moreover, it offers products related to HVAC equipment, which include heating, cooling, air handling, and controls solutions. The company also provides HVAC operations, maintenance (planned and preventive), and repair services; remote monitoring management services; predictive and diagnostic services; system integration services; part replacement and supplies services; and managed and training services.

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Recent Developments in HVAC System Market

  • In September 2021, Cosco Shipping Lines enhanced its refrigerated cargo fleet with next-generation EverFRESH active controlled-atmosphere (CA) systems from Carrier Transicold. The high-performing systems enable perishable shipments to travel farther while retaining commodity quality. Carrier Transicold is a part of Carrier Global Corporation.

  • In September 2021, Carrier Transicold launched two new products in the Citimax unit line. The new Citimax 1000 and Citimax 1100 units were developed to support heavy-duty refrigerated trucks with high-roof cabs.

  • In September 2021, Johnson Controls announced it would pair its industry-leading OpenBlue Healthy Buildings portfolio with the new collaboration between UL and SafeTraces. K-12 administrators can use science-based performance data backed by groundbreaking technology to verify schools meet indoor air quality standards; mitigate infection risks; and enable a safe environment for students, teachers, and staff.

  • In September 2021, Johnson Controls and Apollo Global Management, Inc.), a leading global alternative asset manager, announced a strategic partnership to offer sustainability and energy efficiency services to help their customers address decarbonization and operating cost goals for their buildings. The partnership provides a new strategic option for addressing the North American segment of the estimated USD 240 billion global markets for decarbonization retrofit and services over the next decade.

What are the major driving factors and opportunities in the HVAC system market?

Some of the major driving factors for the growth of this market include the surging demand for energy-efficient solutions, rising tax credit programs and incentives by governments worldwide to install high-efficiency HVAC systems, increasing regulatory policies and incentives to ensure energy saving and conservation of natural resources, and growing trend of smart homes and need for upgrading or refurbishing commercial buildings. Rapid transformation of IoT within the HVAC industry, high penetration of VRF systems in residential and commercial applications, and constant efforts to develop next-generation refrigerants for HVAC systems are the key growth opportunities for the players operating in the market.

HVAC system market in APAC to hold the highest market share from 2021 to 2026

The HVAC systems market in APAC is expected to hold the highest market share during the forecast period. China, Japan, and India are among a few major contributors to the market in APAC.

Growing construction activities and rising population are a few key factors boosting the growth of the market in the region. There is a considerable demand for smart homes in countries such as Japan, South Korea, and China. Rapid urbanization and industrialization are also increasing the demand for HVAC systems in the region.

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