The global HVAC Systems market was worth around USD 196.10 billion in 2021 and is estimated to grow to about USD 286.14 billion by 2028.
HVAC Systems Market
Heating, ventilation, and air conditioning (HVAC) systems provide heating and cooling services. These systems control the indoor air quality, humidity, and temperature of buildings and vehicles. HVAC systems are used in commercial, residential, and industrial buildings.
The HVAC systems market is driven by the rising demand for air conditioning systems. In 2017, the global demand for air condition systems was about 110.56 million units, a rise of about 8% from 2016. Major countries contributing to this growth were the U.S. and China. In 2016, the U.S and China contributed to almost 60% of the total global air conditioning systems stock. The annual AC sales in the U.S. were about 24 million units during the same year. Furthermore, in 2016, it was estimated that the residential air conditioning systems sales in China alone were about 40 million units. Thus, it is expected that the rising demand for air conditioning systems will fuel the HVAC systems market during the forecast period.
Rising investments made in commercial properties is anticipated to drive the HVAC systems market during the estimated timeframe. Global commercial real estate sector investment increased by 6% from 2016 to 2017. It is projected that the commercial construction expenses would increase by 4% in 2018. These investments are anticipated to increase during the forecast period. However, high investments for energy-efficient HVAC systems are expected to have an adverse effect on this market. Additionally, integration of IoT with HVAC systems will open new avenues for the HVAC systems market.
The HVAC systems market is fragmented into the heating product, air conditioning product, ventilation product, application area, and region. Based on air conditioning product, the global HVAC market is divided into the room/unitary air conditioners, chillers, VRF systems, coolers, and others. The room/unitary air conditioners segment is anticipated to hold a considerable share during the forecast period, owing to increasing investments made in the residential construction sector. Heat pumps, furnaces, space heaters, and boilers form the heating product segment of the HVAC systems market. The heat pumps segment is anticipated to grow at a substantial rate during the forecast period, due to their rising demand in the European region.
Asia Pacific is projected to hold a significant share in the global HVAC systems market during the forecast timeframe. This is due to the presence of major players in the region, such as LG Electronics Inc., Samsung Electronics Co. Ltd., Panasonic Corporation, etc. Technological developments and the rising investments made in the consumer electronics sector in the Asia Pacific region are further fueling the growth of the HVAC systems market. Thus, the Asia Pacific region is expected to have a considerable market share during the estimated period.
Top manufacturers in the HVAC system market include LG Electronics Inc., Daikin, Honeywell, Emerson, Electrolux, United Technologies, Johnson Controls, Ingersoll-Rand, Nortek, Lennox, Samsung Electronics, Hitachi, Mitsubishi Electric, Panasonic Corporation, and Whirlpool, among others.