NEW YORK, Nov. 2, 2022 /PRNewswire/ — According to the recent study published by P&S Intelligence, in 2021, the HVAC systems & services market was worth around $206.6 billion, which is predicted to touch $319.9 billion revenue by 2030, progressing at a compound annual growth rate of 5.0% from 2021 to 2030. The key factors that will have a positive influence on the market are the significant demand for an ambient atmosphere in a building and the diverse worldwide climatic conditions.
As per NASA’s GISS, the global temperature has risen by 0.5 degrees Celsius annually since 1980, due to global warming.
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Important Findings in HVAC Systems & Services Market Report
- Over the next few years, the sales of VRF systems are expected to increase at a CAGR of over 10%, due to the increasing need for energy-efficient temperature-control solutions.
- The commercial sector is predicted to have the largest revenue share in 2030, of over 40%, due to the growing construction in this sector. For example, hotel transaction volume in Europe has already reached more than $6.87 billion in the first half of 2022.
- The need for heating equipment has increased significantly owing to the cold weather in most of Europe, particularly in Eastern Europe, where the average wintertime temperature ranges between –6 and 3 degrees Celsius.
- The German government is actively encouraging the adoption of effective heating and cooling systems powered by green energy sources. This has created a significant shift in the customer perception, which is driving the country’s heating and cooling business.
- Moreover, Germany is one of Europe’s biggest investors in hotels, with around $730 million in transaction value in H1 2022. Moreover, the top five hospitality hubs (Spain, the U.K., France, Italy, and Germany) together accounted for nearly 81% of the transacted value, up from 68% in H1 2021.
- IoT integration in HVAC systems is the most-significant opportunity for appliance makers. IoT aids in the management of control systems, collection and storage of data in the cloud, updation of temperature control procedures for greater efficiency, and execution of a predictive maintenance plan.
APAC Has Highest Sales of HVAC
By 2030, APAC’s sales revenue is expected to hit $170 billion. This is due to the rising average temperature, particularly in China, India, South Korea, Japan, and Indonesia. Compared to North America and Europe, APAC has a hotter climate; thus, there is a higher requirement for air conditioning equipment.
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Further, China had 1.45 billion people as of October 2022, followed by India, which had 1.38 billion people. The need for these appliances is, thus, being driven by the increase in the population, apart from the rise in the average temperature.
Global HVAC Systems & Services Market Report Coverage
HVAC Systems & Services Market by Offering
- Equipment
- By component
- HVAC machine controllers
- Energy meters
- Drives
- Contactors
- HMIs/displays
- By type
- Heating
- Furnaces
- Heat pumps
- Boilers
- Unitary heaters
- Ventilation
- Humidifiers/dehumidifiers
- Air cleaners
- Ventilation fans
- Air handling units and fan coil units
- Air conditioning
- Variable refrigerant flow
- Ducted splits/packaged units
- Split units
- Chillers
- Room ACs
- Services
- Installation
- Upgradation/replacement
- Maintenance and repair
- Consulting
HVAC Systems & Services Market by End User
- Commercial
- Office buildings
- Supermarkets/hypermarkets
- Government
- Healthcare
- Hospitality
- Transportation
- Industrial
- Oil and gas
- Food and beverage
- Automotive
- Energy and utilities
- Residential
Regional Outlook
- North America
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Russia
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Indonesia
- Malaysia
- Thailand
- Vietnam
- Taiwan
- Philippines
- Latin America
- Middle East and Africa
- Saudi Arabia
- U.A.E.
- Kuwait
- Qatar
- Nigeria
- South Africa
- Egypt
- Oman
- Bahrain
- Israel
- Turkey
Browse More Reports Published by P&S
Global Southeast Asia HVAC Market Size and Share Analysis Report, 2030
Global Saudi Arabia HVAC Market Size and Share Analysis Report, 2030
U.A.E. HVAC Market Size and Share Analysis Report, 2030
Asia-Pacific HVAC Market Size and Share Analysis Report
About P&S Intelligence
P&S Intelligence provides market research and consulting services to a vast array of industries across the world. As an enterprising research and consulting company, P&S believes in providing thorough insights on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness. P&S keeps the interest of its clients at heart, which is why the insights we provide are both honest and accurate. Our long list of satisfied clients includes entry-level firms as well as multi-million-dollar businesses and government agencies.
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SOURCE P&S Intelligence
