HVAC System Market

7500+ companies worldwide approach us every year for their revenue growth initiatives

Global top 2000 strategist rely on us for their growth strategies.

80% of fortune 2000 companies rely on our research to identify new revenue sources.

30000 High Growth Opportunities

95% renewal rate

KNOW MORE

HVAC System Market by Cooling Equipment (Unitary Air Conditioners, VRF Systems), Heating Equipment (Heat Pumps, Furnaces), Ventilation Equipment (AHUs, Air Filters), Implementation Type, Application and Region - Global Forecast to 2028

FREE BROCHURE FREE SAMPLE REPORT

Report Code: SE 4420 Apr, 2023, by marketsandmarkets.com

[297 Pages Report] The global HVAC system market in terms of revenue was estimated to be worth USD 206.3 billion in 2023 and is poised to reach USD 280.1 billion by 2028, growing at a CAGR of 6.3% from 2023 to 2028. The new research study consists of an industry trend analysis of the market.

The rising need for energy-efficient and sustainable buildings is expected to propel the growth of the HVAC system industry during the forecast period. Residential, commercial, and industrial buildings use heating, cooling, or climate control technologies to obtain thermal comfort and satisfactory indoor air quality. Variations in climatic changes have led to the growing demand for cooling and heating systems. Long-term climate change is the major reason for the increased energy consumption to meet the cooling demand from buildings, which increases the load on air conditioners. The energy consumed by this equipment varies according to the ambient temperature and humidity conditions.

HVAC System Market

HVAC System Market Forecast to 2028

To know about the assumptions considered for the study, Request for Free Sample Report

HVAC System Market Dynamics

Driver: Rising constructions activities in residential and industrial sectors

The construction sector is a major driving force behind the growth of the HVAC industry. The demand for HVAC systems has been increasing in both residential and industrial sectors, driven primarily by the surge in construction activities. The global construction industry has witnessed significant growth in recent years due to rapid urbanization, population growth, and industrialization.

In the residential sector, the increasing demand for housing units has led to the construction of new homes and apartments, thereby driving the demand for HVAC systems. As people spend most of their time indoors, it has become essential to maintain indoor air quality, which can be achieved by installing HVAC systems. HVAC systems also provide heating and cooling solutions that enhance the comfort levels of the occupants. Moreover, HVAC systems are designed to be energy efficient, which can help residents save money on their energy bills. Newer systems are often equipped with features like programmable thermostats and energy-efficient components that can help reduce energy consumption.

Restraint: High maintenance, repair, and installation costs for HVAC systems

According to consumer groups and HVAC industry consultants, 90% of air conditioners and furnaces are improperly sized and installed. The study also states that airflow is key in comfortable indoor environments. Very rarely does a builder put in enough return air vents to support the system they install, especially with new construction. The high cost of maintenance is also a major restraint for HVAC systems. Regular maintenance is essential to keep the system operating efficiently and prevent breakdowns, but this requires trained professionals and specialized equipment. Neglecting maintenance can lead to system failures, which can be costly to repair or replace. The cost of replacement parts also contributes to the high maintenance costs for HVAC systems. Replacement parts for HVAC systems can be expensive, making repairs costly. Furthermore, the availability of replacement parts can be an issue, particularly for the older HVAC system.

Opportunity: Rapid transformation of IoT within HVAC industry

The Internet of Things (IoT) has been transforming various industries over the past few years, and the HVAC industry is no exception. In the HVAC industry, IoT technology has enabled the development of smart HVAC systems that can be remotely controlled, monitored, and managed through a centralized system. The rapid transformation of IoT within the HVAC industry presents several opportunities for growth and development. Firstly, IoT-enabled HVAC systems provide real-time data on energy consumption, temperature, humidity, and other environmental factors, enabling more accurate and efficient HVAC system control. This data can be used to optimize HVAC system performance and reduce energy consumption, leading to cost savings for building owners and operators.

Challenge: Lack of awareness about benefits of HVAC systems in developing countries

One of the main reasons for the lack of awareness is the limited availability of information and education about HVAC systems in many developing countries. This is due to governments and private organizations' inefficient investment in HVAC infrastructure and training programs. As a result, many people in these countries do not have access to the knowledge and resources needed to make informed decisions about HVAC systems. Another challenge is the affordability of HVAC systems in developing countries. Many people in these countries cannot afford the high initial cost of purchasing and installing HVAC systems, which can be a major barrier to adoption. In addition, the lack of government incentives or financing options for energy-efficient HVAC systems further exacerbates this challenge.

HVAC System Market Ecosystem

The HVAC (heating, ventilation, and air conditioning) system market is dominated by established and financially sound manufacturers with extensive experience in the industry. These companies have diversified product portfolios, cutting-edge technologies, and strong global sales and marketing networks. Leading players in the market include DAIKIN INDUSTRIES, Ltd. from Japan, Johnson Controls from the US, Carrier from the US, Trane Technologies plc from the US, and LG Electronics from South Korea.

HVAC System Market by Ecosystem

HVAC System Market Segment Overview

Based on cooling equipment, the HVAC system market for VRF system to hold highest CAGR during the forecast period

VRF systems can be integrated with smart building technologies for greater control and efficiency. Companies are investing in VRF systems to take advantage of these technologies and improve the overall performance of their buildings.

For instance, in April 2022, ABB (Switzerland) and Samsung Electronics (South Korea) joined hands to drive holistic smart building technology, thus providing jointly developed technologies for energy savings and management for residential and commercial buildings. Smart homes leverage a centralized system that integrates various devices and appliances to increase efficiency, save time, money, and energy. For instance, the Samsung SmartThings application and ABB home automation solutions can be interconnected, enabling homeowners to oversee a comprehensive range of systems, such as white goods, gas and smoke sensors, security, energy, and comfort systems, all from one platform. This allows residents to control and monitor their home using their personal devices.

Based on heating equipment, heat pump market to hold the highest market share from 2023 to 2028

A heat pump is a cost-effective solution with a limited budget for homes and government institutions like schools, colleges, and offices; unlike the traditional method of directly generating heat like a furnace or electric boilers, heat pumps transfer heat between outside and indoors. The system does not require any fossil fuels to burn at all. It can provide heating or cooling by using just electricity. As a result, heat pumps require much less electricity than electric boilers and can often achieve a 300–400% efficiency rate. Heat pumps can also work in reverse to extract heat from inside a building and transfer it outside, providing cooling during the warmer months. This is a more energy-efficient cooling method compared to traditional air conditioning systems.

Air filters of ventilation HVAC system to hold the second largest market share from 2023 to 2028

Air filters are devices designed to remove solid particulates and molecular contaminants to improve air quality. They are usually made of a rolled fiberglass material or from pleated paper or cloth enclosed in a cardboard frame. The basic function of an air filter is to clean the air circulated through the heating and cooling system. One example of a company investing in air filters is Google. In 2021, Google announced it had installed air purification systems with HEPA filters in all its offices and data centers worldwide. The company stated that the air filters could remove up to 99.97% of fine particles, including those that can carry viruses and bacteria. This move was part of Google's efforts to create a healthier work environment for its employees and reduce the spread of COVID-19. Other companies such as Microsoft, Amazon, and Apple have also invested in air filtration systems to improve indoor air quality and protect health of employees.

New construction implementation type to grow at the highest CAGR during the forecast period.

Along with the need for infrastructural development, governments worldwide have also realized the need to curb the adverse effects of construction activities on the environment. Regulatory bodies of various governments have adopted the implementation of green buildings intending to reduce carbon emissions. One of the most widely used industry standards is the American Society of Heating, Refrigerating, and Air-Conditioning Engineers (ASHRAE) Standard 90.1, which outlines the minimum energy efficiency requirements for commercial buildings in the US. It covers HVAC systems, lighting, building envelope, and other energy usage aspects. These factors influence the adoption of HVAC controls as these ensure energy efficiency and develop a smarter and healthier environment.

Residential application to hold second highest market share in 2023.

HVAC systems provide thermal comfort to occupants of a building or room accompanied by indoor air quality. HVAC systems for residential purposes maintain a consistent temperature, offer varying humidity levels, and improve air quality. These systems can be classified into local or central systems according to zones, locations, and air distribution. Moreover, growing urbanization has resulted in an increase in the adoption of HVAC systems for residential purposes. A US Department of Energy study found that homeowners who installed energy-efficient heating and cooling systems could save up to 30% on their energy bills. For instance, the ENERGY STAR program is a joint program of the US Environmental Protection Agency (EPA) and the US Department of Energy (DOE) that sets energy efficiency guidelines and standards for HVAC products. HVAC products that meet these guidelines and standards are certified as ENERGY STAR compliant.

HVAC system market in Asia Pacific to hold the highest CAGR during the forecast period

China, India, and Japan are among the primary contributors to the HVAC (heating, ventilation, and air conditioning) system market in the Asia Pacific region. The market is experiencing substantial growth, primarily due to increasing construction activities and a rising population. The demand for smart homes is significantly high in countries like China, South Korea, and Japan. Urbanization and industrialization are driving the demand for HVAC systems in the region. Additionally, regulatory programs like the Commercial Building Disclosure (CBD) Program in Australia, Energy Conservation Building Codes in India, the LEED-India project, and the Indian Society of Heating, Refrigerating, and Air-Conditioning Engineers (ISHRAE) are promoting the adoption of HVAC systems in the region.

HVAC System Market by Region

HVAC System Market by Region

To know about the assumptions considered for the study, download the pdf brochure

Top HVAC System Companies - Key Market Players

The dominating HVAC system companies are DAIKIN INDUSTRIES, Ltd. (Japan), Johnson Controls (US), Carrier (US), Trane Technologies plc (US), LG Electronics (South Korea), and others.

HVAC System Market Report Scope

Segment	Subsegment
Estimated Value	USD 206.3 billion in 2023
Projected Value	USD 280.1 billion by 2028
Growth Rate	CAGR of 6.3%
Market size available for years	2019-2028
Base year considered	2022
Forecast period	2023-2028
Forecast units	Value (USD Billion)
Segments covered	By Cooling Equipment, Heating Equipment, Ventilation Equipment, Implementation Type, and Application
Geographies covered	North America, Europe, Asia Pacific, and RoW
Companies covered	The major HVAC system market players include DAIKIN INDUSTRIES, Ltd. (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 (South Korea). (Total 25 players are profiled)

HVAC System Market Highlights

The study categorizes the HVAC system market based on the following segments:

Segment	Subsegment
HVAC system market, by cooling equipment	Unitary Air Conditioners Variable Refrigerant Flow Systems (VRF) Chillers Room Air Conditioners Coolers Cooling Towers
Market, by heating equipment	Heat Pumps Furnaces Unitary Heaters Boilers
HVAC System Market , by ventilation equipment	Air-handling Units (AHUs) Air Filters Dehumidifiers Ventilation Fans Humidifiers Air Purifiers
Market, by implementation type	New construction Retrofit
HVAC System Market, by application	Residential Commercial Industrial
Market, By region	North America Europe Asia Pacific RoW

Recent Developments in HVAC System Market

In February 2023, Daikin Europe N.V., a subsidiary of Daikin., signed an MoU for a collaborative partnership with the Greater Manchester Combined Authority (GMCA), consisting of 10 wards and cities in the northwest region of England. The MoU calls for cooperation and collaboration between the two parties over five years until 2027 and aims for the large-scale introduction of heat pump heating, education, and skill development to training HVAC technicians.
In February 2023, Carrier announced the availability of the lower global warming potential (GWP) 515B refrigerant in its AquaEdge 19MV oil-free water-cooled chiller. The AquaEdge 19MV performs in severe, extreme, and unexpected operational and weather conditions.
In January 2023, Williams Distributing, Co. (Williams), a distribution powerhouse for heating, ventilation, and air conditioning (HVAC) equipment and residential building products in the Great Lakes region, has been acquired by Daikin Comfort Technologies North America, Inc. (Daikin). With Williams’ territory covering a significant portion of the Midwest, this strategic acquisition supports Daikin’s vision to expand the use of inverter heat pump technology in cold climates.
In January 2023, Johnson Controls announced that it acquired Hybrid Energy AS, a provider of high-temperature energy management solutions focusing on heat pumps for district heating and industrial processes. The unique technology of Hybrid Energy would provide new, cost-effective solutions to customers while addressing decarbonization and sustainability efforts in Europe and beyond.
In December 2022, LG Electronics Indonesia (LG) launched a series of indoor air treatment products at the LG Air Solution Convention 2022 (Germany). From the health aspect, the innovation has a pre-filter ready to trap large dust particles that can be easily removed for self-cleaning. On the other hand, the auto cleaning feature dries the moisture in the air conditioning, preventing mold growth and other harmful particles that the AC could blow out.
In November 2022, Trane Technologies announced updates to its trusted Precedent, Odyssey, and foundation lines of HVAC systems. To help customers with buildings of all sizes embrace electrification and decarbonization. The company also released version five of its essential system design software, TRACE 3D Plus, with new capabilities engineers could use to design and validate projects confidently and clearly.

Frequently Asked Questions (FAQ):

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 Increasing demand for energy-efficient HVAC systems, rising constructions activities in residential and industrial sectors, government regulatory policies and incentives to ensure energy saving and conservation of natural resources, growing demand for indoor and outdoor air quality, and technological advancements in HVAC systems. Moreover, the rapid transformation of IoT within HVAC industry, and high penetration of VRF systems in residential and commercial applications are some of the key opportunities for the HVAC system market.

Which region is expected to hold the highest market share?

The market in Asia Pacific will dominate the market share in 2023, showcasing strong demand from HVAC system in the region. Increasing construction activities, rising population, per capita income, growing need for energy-efficient devices, and favorable energy efficiency incentives by the government are key factors driving the growth of the HVAC system market in the region. For example, the Singapore government offers a tax incentive of up to 100% of the capital expenditure incurred in the purchase and installation of qualifying energy-efficient equipment, including HVAC systems. Also, the Japanese government provides subsidies of up to 35% of the cost of installation of energy-efficient HVAC equipment in commercial buildings.

Who are the leading players in the global HVAC system market?

Companies such as DAIKIN INDUSTRIES, Ltd. (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), and Nortek Air Management (US) are the leading players in the market. Moreover, these companies rely on strategies that include new product launches and developments, partnerships and collaborations, and acquisitions. Such advantages give these companies an edge over other companies in the market.

What are some of the technological advancements in the market?

In recent years, there has been a significant increase in the use of software in the HVAC industry. Software is being used to improve the efficiency of HVAC systems, reduce energy consumption, and enhance building automation systems. One important application of software in HVAC is the use of building management systems (BMS). BMS software allows facility managers to monitor and control all building systems from a single interface, including HVAC, lighting, and security. This allows for better coordination and optimization of building systems, resulting in significant energy savings and reduced maintenance costs.

What is the impact of global recession on the market?

The demand for HVAC systems in end-uses markets depends primarily on CAPEX by organizations for constructing, rebuilding, or upgrading their HVAC solutions. The recession affects the amount of CAPEX spending and the company’s sales and profitability; there can be no assurance that existing capital spending will continue or that spending will not decrease during the economic downturn. This will harm the adoption of HVAC systems devices, used in the industrial and residential environments.

To speak to our analyst for a discussion on the above findings, click Speak to Analyst

TABLE OF CONTENTS

1 INTRODUCTION (Page No. - 31)

1.1 STUDY OBJECTIVES

1.2 MARKET DEFINITION AND SCOPE

1.2.1 INCLUSIONS AND EXCLUSIONS

1.3 STUDY SCOPE

1.3.1 MARKETS COVERED

1.3.2 REGIONAL SCOPE

1.3.3 YEARS CONSIDERED

1.4 CURRENCY

1.5 MARKET STAKEHOLDERS

1.6 SUMMARY OF CHANGES

1.7 RECESSION ANALYSIS

FIGURE 1 GDP GROWTH PROJECTION UNTIL 2023 FOR MAJOR ECONOMIES

FIGURE 2 MARKET PROJECTIONS FOR MARKET

2 RESEARCH METHODOLOGY (Page No. - 37)

2.1 RESEARCH DATA

FIGURE 3 HVAC SYSTEM MARKET: RESEARCH DESIGN

2.1.1 SECONDARY DATA

2.1.1.1 List of major secondary sources

2.1.1.2 Key data from secondary sources

2.1.2 PRIMARY DATA

2.1.2.1 Key data from primary sources

2.1.2.2 Breakdown of primaries

2.1.3 SECONDARY AND PRIMARY RESEARCH

2.1.3.1 Key industry insights

2.2 MARKET SIZE ESTIMATION

FIGURE 4 MARKET SIZE ESTIMATION METHODOLOGY: SUPPLY-SIDE ANALYSIS

FIGURE 5 MARKET SIZE ESTIMATION METHODOLOGY: APPROACH 2 (SUPPLY-SIDE)—IDENTIFICATION OF REVENUE GENERATED BY COMPANIES FROM MARKET

2.2.1 BOTTOM-UP APPROACH

2.2.1.1 Approach for arriving at market size using bottom-up analysis

FIGURE 6 MARKET SIZE ESTIMATION METHODOLOGY: BOTTOM-UP APPROACH

FIGURE 7 MARKET SIZE ESTIMATION METHODOLOGY: BOTTOM-UP APPROACH FOR ESTIMATING SIZE OF HVAC SYSTEM MARKET

2.2.2 TOP-DOWN APPROACH

2.2.2.1 Approach for arriving at market size using top-down analysis

FIGURE 8 MARKET SIZE ESTIMATION METHODOLOGY: TOP-DOWN APPROACH

2.3 MARKET BREAKDOWN AND DATA TRIANGULATION

FIGURE 9 MARKET BREAKDOWN AND DATA TRIANGULATION

2.4 RESEARCH ASSUMPTIONS

2.5 RISK ASSESSMENT

TABLE 1 LIMITATIONS AND ASSOCIATED RISKS

2.6 ASSUMPTIONS: RECESSION

TABLE 2 ASSUMPTIONS: RECESSION

2.7 STUDY LIMITATIONS

3 EXECUTIVE SUMMARY (Page No. - 49)

3.1 GROWTH RATE ASSUMPTIONS/FORECAST

FIGURE 10 UNITARY AIR CONDITIONERS TO HOLD LARGEST SHARE OF HVAC SYSTEM MARKET DURING FORECAST PERIOD

FIGURE 11 MARKET FOR FURNACES TO GROW AT HIGHEST CAGR DURING FORECAST PERIOD

FIGURE 12 MARKET FOR AHUS TO RECORD MAXIMUM CAGR DURING FORECAST PERIOD

FIGURE 13 MARKET FOR NEW CONSTRUCTION TO SECURE HIGHEST MARKET SHARE DURING FORECAST PERIOD

FIGURE 14 MARKET FOR COMMERCIAL APPLICATIONS TO DISPLAY HIGHER CAGR DURING FORECAST PERIOD

FIGURE 15 ASIA PACIFIC TO EXHIBIT HIGHEST CAGR DURING FORECAST PERIOD

4 PREMIUM INSIGHTS (Page No. - 54)

4.1 ATTRACTIVE OPPORTUNITIES FOR PLAYERS IN MARKET

FIGURE 16 IMPLEMENTATION OF IOT ACROSS HVAC SYSTEMS TRANSFORMED SCENARIO OF COMMERCIAL AND RESIDENTIAL APPLICATIONS

4.2 HVAC SYSTEM MARKET IN NORTH AMERICA, BY COUNTRY AND EQUIPMENT TYPE

FIGURE 17 US AND HEATING EQUIPMENT EXPECTED TO HOLD LARGEST SHARE OF NORTH AMERICAN HVAC SYSTEM MARKET IN 2023

4.3 MARKET FOR COMMERCIAL APPLICATIONS, BY TYPE

FIGURE 18 OFFICES TO HOLD LARGEST SHARE OF MARKET IN COMMERCIAL APPLICATION DURING FORECAST PERIOD

4.4 MARKET, BY COUNTRY

FIGURE 19 MARKET IN INDIA TO GROW AT HIGHEST CAGR FROM 2023 TO 2028

5 MARKET OVERVIEW (Page No. - 57)

5.1 INTRODUCTION

5.2 MARKET DYNAMICS

FIGURE 20 MARKET DYNAMICS: HVAC SYSTEM

5.2.1 DRIVERS

FIGURE 21 DRIVERS AND THEIR IMPACT ON HVAC SYSTEM MARKET

5.2.1.1 Increasing demand for energy-efficient HVAC systems

5.2.1.2 Rising constructions activities in residential and industrial sectors

5.2.1.3 Government regulatory policies and incentives to ensure energy saving and conservation of natural resources

5.2.1.4 Growing demand for indoor and outdoor air quality

5.2.1.5 Technological advancements in HVAC systems

5.2.2 RESTRAINTS

FIGURE 22 RESTRAINTS AND THEIR IMPACT ON MARKET

5.2.2.1 High maintenance, repair, and installation costs of HVAC systems

5.2.2.2 Limited space in commercial and residential buildings for large HVAC systems

5.2.2.3 Lack of technical knowledge and shortage of skilled labor

5.2.3 OPPORTUNITIES

FIGURE 23 OPPORTUNITIES AND THEIR IMPACT ON MARKET

5.2.3.1 Rapid transformation of IoT within HVAC industry

5.2.3.2 High penetration of VRF systems in residential and commercial applications

5.2.3.3 Efforts to develop next-generation low global warming potential refrigerants for HVAC systems

5.2.4 CHALLENGES

FIGURE 24 CHALLENGES AND THEIR IMPACT ON MARKET

5.2.4.1 Lack of awareness about benefits of HVAC systems in developing countries

5.2.4.2 Increase in environmental concerns and aging infrastructure

5.3 VALUE CHAIN ANALYSIS

FIGURE 25 VALUE CHAIN ANALYSIS: HVAC SYSTEM MARKET

5.4 ECOSYSTEM ANALYSIS

FIGURE 26 KEY PLAYERS IN MARKET

TABLE 3 ROLE OF HVAC COMPANIES IN ECOSYSTEM

5.5 PORTER’S FIVE FORCES ANALYSIS

TABLE 4 MARKET: PORTER’S FIVE FORCES ANALYSIS

FIGURE 27 PORTER'S FIVE FORCES ANALYSIS: HVAC SYSTEM MARKET

5.5.1 DEGREE OF COMPETITION

5.5.2 BARGAINING POWER OF SUPPLIERS

5.5.3 BARGAINING POWER OF BUYERS

5.5.4 THREAT OF SUBSTITUTES

5.5.5 THREAT OF NEW ENTRANTS

5.6 KEY STAKEHOLDERS AND BUYING CRITERIA

5.6.1 KEY STAKEHOLDERS IN BUYING PROCESS

FIGURE 28 INFLUENCE OF STAKEHOLDERS ON BUYING PROCESS FOR TOP THREE APPLICATIONS

TABLE 5 INFLUENCE OF STAKEHOLDERS ON BUYING PROCESS FOR TOP THREE APPLICATIONS

5.6.2 BUYING CRITERIA

FIGURE 29 KEY BUYING CRITERIA FOR TOP THREE APPLICATIONS

TABLE 6 KEY BUYING CRITERIA FOR TOP THREE APPLICATIONS

5.7 TRENDS/DISRUPTIONS IMPACTING CUSTOMER BUSINESS

FIGURE 30 REVENUE SHIFT FOR PLAYERS IN MARKET

5.8 CASE STUDY ANALYSIS

5.8.1 TOWER OF LONDON INSTALLS HVAC SYSTEMS FROM AIREDALE

5.8.2 THE EBELL OF LOS ANGELES AND WILSHIRE EBELL THEATER HOUSE REPLACE OLD AND INEFFICIENT HVAC SYSTEMS

5.8.3 GEORGIA SCHOOL DISTRICT UPGRADES HVAC SYSTEMS AND LOWERS ENERGY COSTS

5.8.4 VIRGINIA DATA CENTER INSTALLATION IN MODULAR HVAC SYSTEMS

5.8.5 ALACHUA COUNTY LIBRARY DISTRICT IN GAINESVILLE, FLORIDA, IMPLEMENTS INNOVATIVE HVAC SOLUTIONS USING ICEBANK ENERGY STORAGE SYSTEM OF CALMAC

5.9 TECHNOLOGY ANALYSIS

5.9.1 KEY TECHNOLOGIES

5.9.1.1 Air conditioning units

5.9.1.2 Heating units

5.9.1.3 Ventilation systems

5.9.2 COMPLEMENTARY TECHNOLOGIES

5.9.2.1 Sensors

5.9.2.2 Building automation systems

5.9.3 ADJACENT TECHNOLOGIES

5.9.3.1 Software technologies

5.10 AVERAGE SELLING PRICE ANALYSIS

FIGURE 31 AVERAGE SELLING PRICE OF HVAC SYSTEM EQUIPMENT, BY APPLICATION

5.10.1 AVERAGE SELLING PRICES OF HVAC SYSTEM EQUIPMENT, BY APPLICATION (USD)

TABLE 7 AVERAGE SELLING PRICES OF HVAC SYSTEM EQUIPMENT, BY APPLICATION (USD)

5.10.2 AVERAGE SELLING PRICE TRENDS

FIGURE 32 AVERAGE SELLING PRICES OF DIFFERENT COOLING EQUIPMENT USED IN HVAC SYSTEMS (USD)

FIGURE 33 AVERAGE SELLING PRICES OF DIFFERENT HEATING EQUIPMENT USED IN HVAC SYSTEMS (USD)

FIGURE 34 AVERAGE SELLING PRICES OF DIFFERENT VENTILATION EQUIPMENT USED IN HVAC SYSTEMS (USD)

TABLE 8 HVAC INSTALLATION COSTS, BY TYPE, 2022

5.11 PATENT ANALYSIS

FIGURE 35 NUMBER OF PATENTS GRANTED IN MARKET, 2012–2023

TABLE 9 LIST OF PATENTS IN HVAC SYSTEM MARKET, 2021–2023

5.12 TRADE ANALYSIS

TABLE 10 IMPORT DATA, BY COUNTRY, 2018–2022 (USD MILLION)

FIGURE 36 IMPORT DATA, BY COUNTRY, 2018–2022 (USD MILLION)

TABLE 11 EXPORT DATA, BY COUNTRY, 2018–2022 (USD MILLION)

FIGURE 37 EXPORT DATA, BY COUNTRY, 2018–2022 (USD MILLION)

5.13 TARIFF ANALYSIS

TABLE 12 MFN TARIFFS FOR HS CODE: 8415 EXPORTED BY US (2022)

TABLE 13 MFN TARIFFS FOR HS CODE: 8415 EXPORTED BY CHINA (2022)

TABLE 14 MFN TARIFF FOR HS CODE: 8415 EXPORTED BY INDIA (2022)

5.14 STANDARDS AND REGULATORY LANDSCAPE

5.14.1 REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS

5.14.1.1 North America: List of regulatory bodies, government agencies, and other organizations

TABLE 15 NORTH AMERICA: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS

5.14.1.2 Europe: List of regulatory bodies, government agencies, and other organizations

TABLE 16 EUROPE: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS

5.14.1.3 Asia Pacific: List of regulatory bodies, government agencies, and other organizations

TABLE 17 ASIA PACIFIC: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS

5.14.1.4 RoW: List of regulatory bodies, government agencies, and other organizations

TABLE 18 ROW: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS

5.14.2 STANDARDS & REGULATIONS RELATED TO HVAC SYSTEM MARKET

5.14.2.1 Environmental HVAC requirements

5.14.2.1.1 Current HCFC regulations

5.14.2.1.2 New HFC regulations

5.14.2.1.3 US regulations

5.14.2.1.4 Canadian regulations

5.14.2.2 HVAC efficiency standards

5.14.2.3 HVAC tech certifications

5.15 KEY CONFERENCES AND EVENTS, 2023–2024

TABLE 19 MARKET: DETAILED LIST OF CONFERENCES AND EVENTS

5.16 COMPANY INFORMATION FOR TOP HVAC SYSTEM MANUFACTURERS

5.17 TIER 2 AND TIER 3 SUPPLIERS OF MARKET

6 HVAC SYSTEM MARKET, BY COOLING EQUIPMENT (Page No. - 104)

6.1 INTRODUCTION

FIGURE 38 UNITARY AIR CONDITIONERS TO HOLD LARGEST SHARE OF MARKET FOR COOLING EQUIPMENT IN 2028

TABLE 20 MARKET, BY COOLING EQUIPMENT, 2019–2022 (USD BILLION)

TABLE 21 MARKET, BY COOLING EQUIPMENT, 2023–2028 (USD BILLION)

TABLE 22 MARKET, BY COOLING EQUIPMENT, 2019–2022 (THOUSAND UNITS)

TABLE 23 MARKET, BY COOLING EQUIPMENT, 2023–2028 (THOUSAND UNITS)

6.2 UNITARY AIR CONDITIONERS

6.2.1 COMMERCIAL SEGMENT TO ACCOUNT FOR LARGEST SHARE OF COOLING EQUIPMENT MARKET FOR UNITARY AIR CONDITIONERS

6.2.1.1 Split air conditioners

6.2.1.2 Packaged air conditioners

TABLE 24 UNITARY AIR CONDITIONERS: HVAC SYSTEM MARKET, BY APPLICATION, 2019–2022 (USD MILLION)

TABLE 25 UNITARY AIR CONDITIONERS: MARKET, BY APPLICATION, 2023–2028 (USD MILLION)

TABLE 26 UNITARY AIR CONDITIONERS: MARKET, BY REGION, 2019–2022 (USD BILLION)

TABLE 27 UNITARY AIR CONDITIONERS: MARKET, BY REGION, 2023–2028 (USD BILLION)

6.3 VRF SYSTEMS

6.3.1 GROWING POPULARITY DUE TO ENERGY EFFICIENCY, FLEXIBILITY, AND ZONING CAPABILITIES

TABLE 28 VRF SYSTEMS: HVAC SYSTEM MARKET, BY APPLICATION, 2019–2022 (USD MILLION)

TABLE 29 VRF SYSTEMS: MARKET, BY APPLICATION, 2023–2028 (USD MILLION)

TABLE 30 VRF SYSTEMS: MARKET, BY REGION, 2019–2022 (USD MILLION)

TABLE 31 VRF SYSTEMS: MARKET, BY REGION, 2023–2028 (USD MILLION)

6.4 CHILLERS

6.4.1 DRIVES REFRIGERATION CYCLE OF COOLING EQUIPMENT

6.4.1.1 Scroll chillers

6.4.1.2 Screw chillers

6.4.1.3 Centrifugal chillers

6.4.1.4 Reciprocating chillers

6.4.1.5 Absorption chillers

TABLE 32 CHILLERS: HVAC SYSTEM MARKET, BY APPLICATION, 2019–2022 (USD BILLION)

TABLE 33 CHILLERS: MARKET, BY APPLICATION, 2023–2028 (USD BILLION)

TABLE 34 CHILLERS: MARKET, BY REGION, 2019–2022 (USD MILLION)

TABLE 35 CHILLERS: MARKET, BY REGION, 2023–2028 (USD MILLION)

6.5 ROOM AIR CONDITIONERS

6.5.1 RESIDENTIAL SEGMENT TO HOLD LARGEST SHARE OF ROOM AIR CONDITIONERS MARKET

TABLE 36 ROOM AIR CONDITIONERS: MARKET, BY APPLICATION, 2019–2022 (USD MILLION)

TABLE 37 ROOM AIR CONDITIONERS: MARKET, BY APPLICATION, 2023–2028 (USD MILLION)

TABLE 38 ROOM AIR CONDITIONERS: MARKET, BY REGION, 2019–2022 (USD MILLION)

TABLE 39 ROOM AIR CONDITIONERS: MARKET, BY REGION, 2023–2028 (USD MILLION)

6.6 COOLERS

6.6.1 RESIDENTIAL SEGMENT TO ACCOUNT FOR LARGEST SHARE OF COOLERS MARKET

6.6.1.1 Ducted coolers

6.6.1.2 Window coolers

TABLE 40 COOLERS: HVAC SYSTEM MARKET, BY APPLICATION, 2019–2022 (USD MILLION)

TABLE 41 COOLERS: MARKET, BY APPLICATION, 2023–2028 (USD MILLION)

TABLE 42 COOLERS: MARKET, BY REGION, 2019–2022 (USD MILLION)

TABLE 43 COOLERS: MARKET, BY REGION, 2023–2028 (USD MILLION)

6.7 COOLING TOWERS

6.7.1 ASIA PACIFIC TO HOLD LARGEST SHARE OF COOLING TOWERS MARKET

6.7.1.1 Evaporative cooling towers

6.7.1.2 Dry cooling towers

6.7.1.3 Hybrid cooling towers

TABLE 44 COOLING TOWERS: HVAC SYSTEM MARKET, BY APPLICATION, 2019–2022 (USD MILLION)

TABLE 45 COOLING TOWERS: MARKET, BY APPLICATION, 2023–2028 (USD MILLION)

TABLE 46 COOLING TOWERS: MARKET, BY REGION, 2019–2022 (USD MILLION)

TABLE 47 COOLING TOWERS: MARKET, BY REGION, 2023–2028 (USD MILLION)

7 HVAC SYSTEM MARKET, BY HEATING EQUIPMENT (Page No. - 125)

7.1 INTRODUCTION

FIGURE 39 HEAT PUMPS TO HOLD LARGEST SHARE OF MARKET DURING FORECAST PERIOD

TABLE 48 MARKET, BY HEATING EQUIPMENT, 2019–2022 (USD BILLION)

TABLE 49 MARKET, BY HEATING EQUIPMENT, 2023–2028 (USD BILLION)

TABLE 50 MARKET, BY HEATING EQUIPMENT, 2019–2022 (MILLION UNITS)

TABLE 51 MARKET, BY HEATING EQUIPMENT, 2023–2028 (MILLION UNITS)

7.2 HEAT PUMPS

7.2.1 INCREASING ADOPTION OF COST-EFFECTIVE HEAT PUMPS

7.2.2 CASE STUDY: KING EDWARD VII HIGH SCHOOL INSTALLS HEAT PUMPS TO UTILIZE RENEWABLE ENERGY WITHIN BUDGET

7.2.2.1 Air-to-air heat pumps

7.2.2.2 Air-to-water heat pumps

7.2.2.3 Water-to-water heat pumps

TABLE 52 HEAT PUMPS: HVAC SYSTEM MARKET, BY APPLICATION, 2019–2022 (USD BILLION)

TABLE 53 HEAT PUMPS: MARKET, BY APPLICATION, 2023–2028 (USD BILLION)

TABLE 54 HEAT PUMPS: MARKET, BY REGION, 2019–2022 (USD BILLION)

TABLE 55 HEAT PUMPS: MARKET, BY REGION, 2023–2028 (USD BILLION)

7.3 FURNACES

7.3.1 LOW COST AND HIGH EFFICIENCY TO FUEL DEMAND FOR FURNACES

7.3.2 CASE STUDY: FURNACE REPLACEMENT FOR COLONIAL HOME INCREASES EFFICIENCY

7.3.2.1 Oil furnaces

7.3.2.2 Gas furnaces

7.3.2.3 Electric furnaces

TABLE 56 FURNACES: HVAC SYSTEM MARKET, BY APPLICATION, 2019–2022 (USD BILLION)

TABLE 57 FURNACES: MARKET, BY APPLICATION, 2023–2028 (USD BILLION)

TABLE 58 FURNACES: MARKET, BY REGION, 2019–2022 (USD MILLION)

TABLE 59 FURNACES: MARKET, BY REGION, 2023–2028 (USD MILLION)

7.4 UNITARY HEATERS

7.4.1 HIGH EFFICIENCY AND COST-EFFECTIVENESS OF UNITARY HEATERS TO BOOST MARKET GROWTH

7.4.1.1 Gas unit heaters

7.4.1.2 Oil-fired unit heaters

7.4.1.3 Electric unit heaters

TABLE 60 UNITARY HEATERS: HVAC SYSTEM MARKET, BY APPLICATION, 2019–2022 (USD BILLION)

TABLE 61 UNITARY HEATERS: MARKET, BY APPLICATION, 2023–2028 (USD BILLION)

TABLE 62 UNITARY HEATERS: MARKET, BY REGION, 2019–2022 (USD MILLION)

TABLE 63 UNITARY HEATERS: MARKET, BY REGION, 2023–2028 (USD MILLION)

7.5 BOILERS

7.5.1 RESIDENTIAL SEGMENT TO HOLD LARGEST SHARE OF MARKET FOR BOILERS

7.5.1.1 Steam boilers

7.5.1.2 Hot water boilers

TABLE 64 BOILERS: HVAC SYSTEM MARKET, BY APPLICATION, 2019–2022 (USD BILLION)

TABLE 65 BOILERS: MARKET, BY APPLICATION, 2023–2028 (USD BILLION)

TABLE 66 BOILERS: MARKET, BY REGION, 2019–2022 (USD MILLION)

TABLE 67 BOILERS: MARKET, BY REGION, 2023–2028 (USD MILLION)

8 HVAC SYSTEM MARKET, BY VENTILATION EQUIPMENT (Page No. - 138)

8.1 INTRODUCTION

FIGURE 40 AIR-HANDLING UNITS SEGMENT TO HOLD LARGEST SHARE OF MARKET DURING FORECAST PERIOD

TABLE 68 MARKET, BY VENTILATION EQUIPMENT, 2019–2022 (USD BILLION)

TABLE 69 MARKET, BY VENTILATION EQUIPMENT, 2023–2028 (USD BILLION)

TABLE 70 MARKET, BY VENTILATION EQUIPMENT, 2019–2022 (MILLION UNITS)

TABLE 71 MARKET, BY VENTILATION EQUIPMENT, 2023–2028 (MILLION UNITS)

8.2 AIR-HANDLING UNITS

8.2.1 VARIABLE FREQUENCY DRIVES USED IN AIR-HANDLING UNIT TO CONTROL MOTOR SPEED

TABLE 72 AIR-HANDLING UNITS: HVAC SYSTEM, BY APPLICATION, 2019–2022 (USD BILLION)

TABLE 73 AIR-HANDLING UNITS: MARKET, BY APPLICATION, 2023–2028 (USD BILLION)

TABLE 74 AIR-HANDLING UNITS: MARKET, BY REGION, 2019–2022 (USD BILLION)

TABLE 75 AIR-HANDLING UNITS: MARKET, BY REGION, 2023–2028 (USD BILLION)

8.3 AIR FILTERS

8.3.1 ASIA PACIFIC TO HOLD LARGEST SHARE OF AIR FILTERS MARKET

TABLE 76 AIR FILTERS: HVAC SYSTEM, BY APPLICATION, 2019–2022 (USD BILLION)

TABLE 77 AIR FILTERS: MARKET, BY APPLICATION, 2023–2028 (USD BILLION)

TABLE 78 AIR FILTERS: MARKET, BY REGION, 2019–2022 (USD MILLION)

TABLE 79 AIR FILTERS: MARKET, BY REGION, 2023–2028 (USD MILLION)

8.4 DEHUMIDIFIERS

8.4.1 INDUSTRIAL SEGMENT TO ACCOUNT FOR LARGEST SHARE OF HVAC SYSTEM MARKET FOR DEHUMIDIFIERS

8.4.1.1 Refrigeration dehumidifiers

8.4.1.2 Absorption dehumidifiers

TABLE 80 DEHUMIDIFIERS: MARKET, BY APPLICATION, 2019–2022 (USD BILLION)

TABLE 81 DEHUMIDIFIERS: MARKET, BY APPLICATION, 2023–2028 (USD BILLION)

TABLE 82 DEHUMIDIFIERS: MARKET, BY REGION, 2019–2022 (USD MILLION)

TABLE 83 DEHUMIDIFIERS: MARKET, BY REGION, 2023–2028 (USD MILLION)

8.5 VENTILATION FANS

8.5.1 ASIA PACIFIC TO HOLD LARGEST SHARE OF VENTILATION FANS MARKET

8.5.1.1 Crossflow fans

8.5.1.2 Axial fans

8.5.1.3 Centrifugal fans

8.5.1.4 Domestic fans

8.5.1.5 Range hood fans

8.5.1.6 Power roof fans

TABLE 84 VENTILATION FANS: HVAC SYSTEM MARKET, BY APPLICATION, 2019–2022 (USD BILLION)

TABLE 85 VENTILATION FANS: MARKET, BY APPLICATION, 2023–2028 (USD BILLION)

TABLE 86 VENTILATION FANS: MARKET, BY REGION, 2019–2022 (USD MILLION)

TABLE 87 VENTILATION FANS: MARKET, BY REGION, 2023–2028 (USD MILLION)

8.6 HUMIDIFIERS

8.6.1 CHANGING WEATHER PATTERNS AND INCREASING INDOOR AIR POLLUTION

8.6.1.1 Warm-mist humidifiers

8.6.1.2 Ultrasonic humidifiers

8.6.1.3 Cool-mist humidifiers

TABLE 88 HUMIDIFIERS: HVAC SYSTEM MARKET, BY APPLICATION, 2019–2022 (USD MILLION)

TABLE 89 HUMIDIFIERS: MARKET, BY APPLICATION, 2023–2028 (USD MILLION)

TABLE 90 HUMIDIFIERS: MARKET, BY REGION, 2019–2022 (USD MILLION)

TABLE 91 HUMIDIFIERS: MARKET, BY REGION, 2023–2028 (USD MILLION)

8.7 AIR PURIFIERS

8.7.1 USED IN HOMES AND WORKPLACES TO IMPROVE INDOOR AIR QUALITY AND CONTROL SYMPTOMS OF ALLERGIES AND ASTHMA

8.7.1.1 HEPA air purifiers

8.7.1.2 Activated carbon air purifiers

8.7.1.3 Electrostatic air purifiers

8.7.1.4 Ionic air purifiers

TABLE 92 AIR PURIFIERS: HVAC SYSTEM MARKET, BY APPLICATION, 2019–2022 (USD MILLION)

TABLE 93 AIR PURIFIERS: MARKET, BY APPLICATION, 2023–2028 (USD MILLION)

TABLE 94 AIR PURIFIERS: MARKET, BY REGION, 2019–2022 (USD MILLION)

TABLE 95 AIR PURIFIERS: MARKET, BY REGION, 2023–2028 (USD MILLION)

9 HVAC SYSTEM MARKET, BY IMPLEMENTATION TYPE (Page No. - 158)

9.1 INTRODUCTION

FIGURE 41 MARKET FOR NEW CONSTRUCTIONS TO WITNESS HIGHEST CAGR DURING FORECAST PERIOD

TABLE 96 MARKET, BY IMPLEMENTATION TYPE, 2019–2022 (USD BILLION)

TABLE 97 MARKET, BY IMPLEMENTATION TYPE, 2023–2028 (USD BILLION)

9.2 NEW CONSTRUCTION

9.2.1 GROWING URBANIZATION TO BENEFIT MARKET

9.3 RETROFIT

9.3.1 GOVERNMENT REGULATIONS FOR GREEN BUILDINGS

10 HVAC SYSTEM MARKET, BY APPLICATION (Page No. - 163)

10.1 INTRODUCTION

FIGURE 42 MARKET FOR COMMERCIAL APPLICATIONS TO ATTAIN HIGHEST MARKET SHARE DURING FORECAST PERIOD

TABLE 98 MARKET, BY APPLICATION, 2019–2022 (USD BILLION)

TABLE 99 MARKET, BY APPLICATION, 2023–2028 (USD BILLION)

10.2 COMMERCIAL

10.2.1 GROWING ADOPTION OF ENERGY-EFFICIENT EQUIPMENT TO BOOST HVAC SYSTEM MARKET FOR COMMERCIAL SPACES

TABLE 100 COMMERCIAL: HVAC SYSTEM, BY TYPE, 2019–2022 (USD BILLION)

TABLE 101 COMMERCIAL: MARKET, BY TYPE, 2023–2028 (USD BILLION)

TABLE 102 COMMERCIAL: HVAC SYSTEM, BY COOLING EQUIPMENT, 2019–2022 (USD MILLION)

TABLE 103 COMMERCIAL: MARKET, BY COOLING EQUIPMENT, 2023–2028 (USD MILLION)

TABLE 104 COMMERCIAL: HVAC SYSTEM, BY HEATING EQUIPMENT, 2019–2022 (USD BILLION)

TABLE 105 COMMERCIAL: MARKET, BY HEATING EQUIPMENT, 2023–2028 (USD BILLION)

TABLE 106 COMMERCIAL: HVAC SYSTEM, BY VENTILATION EQUIPMENT, 2019–2022 (USD MILLION)

TABLE 107 COMMERCIAL: MARKET, BY VENTILATION EQUIPMENT, 2023–2028 (USD MILLION)

10.2.1.1 Offices

10.2.1.2 Governments

10.2.1.3 Healthcare

10.2.1.4 Education

10.2.1.5 Retail

10.2.1.6 Airports

10.3 RESIDENTIAL

10.3.1 GOVERNMENT REGULATIONS AND TAX CREDIT PROGRAMS TO PROMOTE USE OF HVAC SYSTEMS IN RESIDENTIAL APPLICATIONS

TABLE 108 RESIDENTIAL: HVAC SYSTEM, BY COOLING EQUIPMENT, 2019–2022 (USD MILLION)

TABLE 109 RESIDENTIAL: MARKET, BY COOLING EQUIPMENT, 2023–2028 (USD MILLION)

TABLE 110 RESIDENTIAL: HVAC SYSTEM, BY HEATING EQUIPMENT, 2019–2022 (USD BILLION)

TABLE 111 RESIDENTIAL: MARKET, BY HEATING EQUIPMENT, 2023–2028 (USD BILLION)

TABLE 112 RESIDENTIAL: HVAC SYSTEM, BY VENTILATION EQUIPMENT, 2019–2022 (USD MILLION)

TABLE 113 RESIDENTIAL: MARKET, BY VENTILATION EQUIPMENT, 2023–2028 (USD MILLION)

10.4 INDUSTRIAL

10.4.1 GROWING USE OF ENERGY-EFFICIENT HVAC SYSTEMS IN INDUSTRIAL SPACES TO REDUCE OPERATIONAL COSTS AND SAVE ENERGY

TABLE 114 INDUSTRIAL: HVAC SYSTEM MARKET, BY COOLING EQUIPMENT, 2019–2022 (USD MILLION)

TABLE 115 INDUSTRIAL: MARKET, BY COOLING EQUIPMENT, 2023–2028 (USD MILLION)

TABLE 116 INDUSTRIAL: HVAC SYSTEM, BY HEATING EQUIPMENT, 2019–2022 (USD BILLION)

TABLE 117 INDUSTRIAL: MARKET, BY HEATING EQUIPMENT, 2023–2028 (USD BILLION)

TABLE 118 INDUSTRIAL: HVAC SYSTEM, BY VENTILATION EQUIPMENT, 2019–2022 (USD MILLION)

TABLE 119 INDUSTRIAL: MARKET, BY VENTILATION EQUIPMENT, 2023–2028 (USD MILLION)

11 HVAC SYSTEM MARKET, BY REGION (Page No. - 177)

11.1 INTRODUCTION

FIGURE 43 ASIA PACIFIC REGION TO HOLD LARGEST SHARE IN MARKET DURING FORECAST PERIOD

TABLE 120 HVAC SYSTEM BY REGION, 2019–2022 (USD BILLION)

TABLE 121 MARKET, BY REGION, 2023–2028 (USD BILLION)

TABLE 122 COOLING EQUIPMENT: HVAC SYSTEM MARKET, BY REGION, 2019–2022 (MILLION UNITS)

TABLE 123 COOLING EQUIPMENT: MARKET, BY REGION, 2023–2028 (MILLION UNITS)

TABLE 124 HEATING EQUIPMENT: HVAC SYSTEM, BY REGION, 2019–2022 (MILLION UNITS)

TABLE 125 HEATING EQUIPMENT: MARKET, BY REGION, 2023–2028 (MILLION UNITS)

TABLE 126 VENTILATION EQUIPMENT: HVAC SYSTEM, BY REGION, 2019–2022 (MILLION UNITS)

TABLE 127 VENTILATION EQUIPMENT: MARKET, BY REGION, 2023–2028 (MILLION UNITS)

11.2 NORTH AMERICA

11.2.1 NORTH AMERICA: IMPACT OF RECESSION

FIGURE 44 NORTH AMERICA: HVAC SYSTEM MARKET SNAPSHOT

TABLE 128 NORTH AMERICA: MARKET, BY EQUIPMENT TYPE, 2019–2022 (USD BILLION)

TABLE 129 NORTH AMERICA: MARKET, BY EQUIPMENT TYPE, 2023–2028 (USD BILLION)

TABLE 130 NORTH AMERICA: MARKET, BY COUNTRY, 2019–2022 (USD BILLION)

TABLE 131 NORTH AMERICA: MARKET, BY COUNTRY, 2023–2028 (USD BILLION)

11.2.2 US

11.2.2.1 Increasing number of construction projects

11.2.3 CANADA

11.2.3.1 Government initiatives to save energy

11.2.4 MEXICO

11.2.4.1 Increasing focus on promoting use of energy-efficient HVAC systems

11.3 EUROPE

11.3.1 EUROPE: IMPACT OF RECESSION

FIGURE 45 EUROPE: HVAC SYSTEM MARKET SNAPSHOT

TABLE 132 EUROPE: MARKET, BY EQUIPMENT TYPE, 2019–2022 (USD BILLION)

TABLE 133 EUROPE: MARKET, BY EQUIPMENT TYPE, 2023–2028 (USD BILLION)

TABLE 134 EUROPE: MARKET, BY COUNTRY, 2019–2022 (USD BILLION)

TABLE 135 EUROPE: MARKET, BY COUNTRY, 2023–2028 (USD BILLION)

11.3.2 UK

11.3.2.1 High demand for energy-efficient devices from commercial and residential users

11.3.3 GERMANY

11.3.3.1 Increasing innovations in software solutions for HVAC professionals

TABLE 136 GERMAN GREENHOUSE GAS EMISSIONS REDUCTION TARGETS, 2030

11.3.4 FRANCE

11.3.4.1 Rising focus on reducing greenhouse gases

11.3.5 REST OF EUROPE

11.4 ASIA PACIFIC

11.4.1 ASIA PACIFIC: IMPACT OF RECESSION

FIGURE 46 ASIA PACIFIC: HVAC SYSTEM MARKET SNAPSHOT

TABLE 137 ASIA PACIFIC: MARKET, BY EQUIPMENT TYPE, 2019–2022 (USD BILLION)

TABLE 138 ASIA PACIFIC: MARKET, BY EQUIPMENT TYPE, 2023–2028 (USD BILLION)

TABLE 139 ASIA PACIFIC: MARKET, BY COUNTRY, 2019–2022 (USD BILLION)

TABLE 140 ASIA PACIFIC: MARKET, BY COUNTRY, 2023–2028 (USD BILLION)

11.4.2 CHINA

11.4.2.1 Growing industrialization and urbanization

11.4.3 JAPAN

11.4.3.1 Strict regulations for energy conservation

11.4.4 INDIA

11.4.4.1 Surging need to save energy to boost demand

11.4.5 REST OF ASIA PACIFIC

11.5 ROW

11.5.1 ROW: IMPACT OF RECESSION

TABLE 141 ROW: HVAC SYSTEM MARKET, BY EQUIPMENT TYPE, 2019–2022 (USD BILLION)

TABLE 142 ROW: MARKET, BY EQUIPMENT TYPE, 2023–2028 (USD BILLION)

TABLE 143 ROW: MARKET, BY COUNTRY, 2019–2022 (USD BILLION)

TABLE 144 ROW: MARKET, BY COUNTRY, 2023–2028 (USD BILLION)

11.5.2 SOUTH AMERICA

11.5.2.1 Strong focus on infrastructure development

11.5.3 MIDDLE EAST & AFRICA

11.5.3.1 Stringent regulations for enhancing energy performance of buildings

12 COMPETITIVE LANDSCAPE (Page No. - 203)

12.1 OVERVIEW

12.2 KEY PLAYER STRATEGIES

TABLE 145 OVERVIEW OF STRATEGIES DEPLOYED BY HVAC SYSTEM OEMS

12.3 COMPANY REVENUE ANALYSIS, 2020–2022

FIGURE 47 THREE-YEAR REVENUE ANALYSIS OF TOP FIVE PLAYERS, 2020–2022

12.4 MARKET SHARE ANALYSIS, 2022

FIGURE 48 SHARE OF MAJOR PLAYERS IN HVAC SYSTEM MARKET, 2022

TABLE 146 MARKET: DEGREE OF COMPETITION

12.5 COMPANY EVALUATION QUADRANT

12.5.1 STARS

12.5.2 PERVASIVE PLAYERS

12.5.3 EMERGING LEADERS

12.5.4 PARTICIPANTS

FIGURE 49 HVAC SYSTEM MARKET: COMPANY EVALUATION QUADRANT, 2022

12.6 STARTUP/SME EVALUATION QUADRANT

12.6.1 PROGRESSIVE COMPANIES

12.6.2 RESPONSIVE COMPANIES

12.6.3 DYNAMIC COMPANIES

12.6.4 STARTING BLOCKS

FIGURE 50 HVAC SYSTEM MARKET: STARTUP/SME EVALUATION QUADRANT, 2022

12.7 MARKET: COMPANY FOOTPRINT

TABLE 147 FOOTPRINT OF COMPANIES

TABLE 148 APPLICATION FOOTPRINT OF COMPANIES

TABLE 149 PRODUCT FOOTPRINT OF COMPANIES

TABLE 150 REGIONAL FOOTPRINT OF COMPANIES

12.8 STARTUP/SME EVALUATION MATRIX

12.8.1 LIST OF STARTUPS/SMES: HVAC SYSTEM

TABLE 151 LIST OF STARTUPS/SMES: HVAC SYSTEM MARKET

12.8.2 STARTUP/SME MATRIX: DETAILED LIST OF KEY STARTUPS/SMES

TABLE 152 STARTUP/SME MATRIX: DETAILED LIST OF KEY STARTUPS/SMES

TABLE 153 MARKET: COMPETITIVE BENCHMARKING OF KEY STARTUPS/SMES, BY PRODUCT

TABLE 154 MARKET: COMPETITIVE BENCHMARKING OF KEY STARTUPS/SMES, BY REGION

12.9 COMPETITIVE SCENARIO AND TRENDS

12.9.1 DEALS

TABLE 155 HVAC SYSTEM MARKET: DEALS, 2021–2023

12.9.2 PRODUCT LAUNCHES

TABLE 156 MARKET: PRODUCT LAUNCHES, 2021–2023

13 COMPANY PROFILES (Page No. - 231)

(Business Overview, Products/Solutions/Services Offered, Recent Developments, and MnM View (Key strengths/Right to Win, Strategic Choices Made, and Weaknesses and Competitive Threats))*

13.1 KEY PLAYERS

13.1.1 DAIKIN

TABLE 157 DAIKIN: BUSINESS OVERVIEW

FIGURE 51 DAIKIN: COMPANY SNAPSHOT

TABLE 158 DAIKIN: PRODUCTS/SOLUTIONS/SERVICES OFFERED

TABLE 159 DAIKIN: PRODUCT LAUNCHES

TABLE 160 DAIKIN: DEALS

TABLE 161 DAIKIN: OTHERS

13.1.2 JOHNSON CONTROLS INTERNATIONAL PLC

TABLE 162 JOHNSON CONTROLS INTERNATIONAL PLC: BUSINESS OVERVIEW

FIGURE 52 JOHNSON CONTROLS INTERNATIONAL PLC: COMPANY SNAPSHOT

TABLE 163 JOHNSON CONTROLS INTERNATIONAL PLC: PRODUCTS/SOLUTIONS/SERVICES OFFERED

TABLE 164 JOHNSON CONTROLS INTERNATIONAL PLC: PRODUCT LAUNCHES

TABLE 165 JOHNSON CONTROLS: DEALS

13.1.3 LG ELECTRONICS

TABLE 166 LG ELECTRONICS: BUSINESS OVERVIEW

FIGURE 53 LG ELECTRONICS: COMPANY SNAPSHOT

TABLE 167 LG ELECTRONICS: PRODUCTS/SOLUTIONS/SERVICES OFFERED

TABLE 168 LG ELECTRONICS: PRODUCT LAUNCHES

13.1.4 CARRIER GLOBAL CORPORATION

TABLE 169 CARRIER GLOBAL CORPORATION: BUSINESS OVERVIEW

FIGURE 54 CARRIER GLOBAL CORPORATION: COMPANY SNAPSHOT

TABLE 170 CARRIER GLOBAL CORPORATION: PRODUCTS/SOLUTIONS/SERVICES OFFERED

TABLE 171 CARRIER GLOBAL CORPORATION: PRODUCT LAUNCHES

TABLE 172 CARRIER GLOBAL CORPORATION: DEALS

13.1.5 TRANE TECHNOLOGIES PLC

TABLE 173 TRANE TECHNOLOGIES PLC: BUSINESS OVERVIEW

FIGURE 55 TRANE TECHNOLOGIES PLC: COMPANY SNAPSHOT

TABLE 174 TRANE TECHNOLOGIES PLC: PRODUCTS/SOLUTIONS/SERVICES OFFERED

TABLE 175 TRANE TECHNOLOGIES PLC: PRODUCT LAUNCHES

TABLE 176 TRANE TECHNOLOGIES PLC: DEALS

13.1.6 EMERSON ELECTRIC CO.

TABLE 177 EMERSON ELECTRIC CO.: BUSINESS OVERVIEW

FIGURE 56 EMERSON ELECTRIC CO.: COMPANY SNAPSHOT

TABLE 178 EMERSON ELECTRIC CO.: PRODUCTS/SOLUTIONS/SERVICES OFFERED

TABLE 179 EMERSON ELECTRIC CO.: DEALS

TABLE 180 EMERSON ELECTRIC CO.: OTHERS

13.1.7 HONEYWELL INTERNATIONAL INC.

TABLE 181 HONEYWELL INTERNATIONAL INC.: BUSINESS OVERVIEW

FIGURE 57 HONEYWELL INTERNATIONAL INC.: COMPANY SNAPSHOT

TABLE 182 HONEYWELL INTERNATIONAL INC.: PRODUCTS/SOLUTIONS/SERVICES OFFERED

TABLE 183 HONEYWELL INTERNATIONAL INC.: PRODUCT LAUNCHES

TABLE 184 HONEYWELL INTERNATIONAL INC.: DEALS

TABLE 185 HONEYWELL INTERNATIONAL INC.: OTHERS

13.1.8 MITSUBISHI ELECTRIC CORPORATION

TABLE 186 MITSUBISHI ELECTRIC CORPORATION: BUSINESS OVERVIEW

FIGURE 58 MITSUBISHI ELECTRIC CORPORATION: COMPANY SNAPSHOT

TABLE 187 MITSUBISHI ELECTRIC CORPORATION: PRODUCTS/SOLUTIONS/SERVICES OFFERED

TABLE 188 MITSUBISHI ELECTRIC CORPORATION: PRODUCT LAUNCHES

TABLE 189 MITSUBISHI ELECTRIC CORPORATION: DEALS

TABLE 190 MITSUBISHI ELECTRIC CORPORATION: OTHERS

13.1.9 SAMSUNG ELECTRONICS CO., LTD.

TABLE 191 SAMSUNG ELECTRONICS CO., LTD.: BUSINESS OVERVIEW

FIGURE 59 SAMSUNG ELECTRONICS CO., LTD.: COMPANY SNAPSHOT

TABLE 192 SAMSUNG ELECTRONICS CO., LTD.: PRODUCTS/SOLUTIONS/SERVICES OFFERED

TABLE 193 SAMSUNG ELECTRONICS CO., LTD.: PRODUCT LAUNCHES

TABLE 194 SAMSUNG ELECTRONICS CO., LTD.: OTHERS

13.1.10 NORTEK AIR MANAGEMENT

TABLE 195 NORTEK AIR MANAGEMENT: BUSINESS OVERVIEW

TABLE 196 NORTEK AIR MANAGEMENT: PRODUCTS/SOLUTIONS/SERVICES OFFERED

TABLE 197 NORTEK AIR MANAGEMENT: PRODUCT LAUNCHES

TABLE 198 NORTEK AIR MANAGEMENT: DEALS

TABLE 199 NORTEK AIR MANAGEMENT: OTHERS

13.2 OTHER KEY PLAYERS

13.2.1 DANFOSS

13.2.2 FUJITSU

13.2.3 GREE

13.2.4 HITACHI

13.2.5 MIDEA

13.2.6 PANASONIC HOLDINGS CORP

13.2.7 HAIER SMART HOME

13.2.8 TOSHIBA

13.2.9 WHIRLPOOL

13.2.10 SIEMENS AG

13.2.11 ELECTROLUX

13.2.12 LENNOX

13.2.13 SCHNEIDER ELECTRIC

13.2.14 FERROLI

13.2.15 BOSCH THERMOTECHNIK

*Details on Business Overview, Products/Solutions/Services Offered, Recent Developments, and MnM View (Key strengths/Right to Win, Strategic Choices Made, and Weaknesses and Competitive Threats) might not be captured in case of unlisted companies.

14 APPENDIX (Page No. - 291)

14.1 DISCUSSION GUIDE

14.2 KNOWLEDGE STORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL

14.3 CUSTOMIZATION OPTIONS

14.4 RELATED REPORTS

14.5 AUTHOR DETAILS

The study involved four major activities in estimating the current size of the HVAC system market. Exhaustive secondary research was done to collect information on the market, peer market, and parent market. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the complete market size. After that, market breakdown and data triangulation were used to estimate the market size of segments and subsegments.

Secondary Research

Secondary sources for this research study included corporate filings (such as annual reports, investor presentations, and financial statements); trade, business, and professional associations; white papers; certified publications; articles by recognized authors; directories; and databases. The secondary data was collected and analyzed to determine the overall market size, further validated through primary research.

List of major secondary sources

SOURCE	WEB LINK
International Energy Agency (IEA)	https://www.iea.org/
The Japan Refrigeration and Air-conditioning Industry Association (JRAIA)	https://www.jraia.or.jp/english/
The American Society of Heating, Refrigerating, and Air Conditioning Engineers (ASHRAE)	https://www.ashrae.org/
Air Conditioning Contractors of America Association (ACCA)	https://www.acca.org/home
Air-Conditioning, Heating, and Refrigeration Institute (AHRI)	https://www.ahrinet.org/Home

Primary Research

Extensive primary research was conducted after gaining knowledge about the current scenario of the HVAC system market through secondary research. Several primary interviews were conducted with experts from both demand and supply sides across four major regions—North America, Europe, Asia Pacific, and RoW. This primary data was collected through questionnaires, emails, and telephonic interviews.

HVAC System Market Size, and Share

To know about the assumptions considered for the study, download the pdf brochure

Market Size Estimation

Both top-down and bottom-up approaches were used to estimate and validate the size of the HVAC system market and its various dependent submarkets. The key players in the market were identified through secondary research, and their market share in the respective regions was determined through primary and secondary research. This entire procedure involved the study of annual and financial reports of top players and extensive interviews with industry leaders such as chief executive officers (CEOs), vice presidents (VPs), directors, and marketing executives. All percentage shares and breakdowns were determined using secondary sources and verified through primary sources. All the possible parameters that affect the markets covered in this research study were accounted for, viewed in extensive detail, verified through primary research, and analyzed to obtain the final quantitative and qualitative data. This data was consolidated and supplemented with detailed inputs and analysis from MarketsandMarkets and presented in this report.

Bottom-Up Approach

The bottom-up approach was used to arrive at the overall size of the HVAC system market from the revenues of the key players and their shares in the market. The overall market size was calculated based on the revenues of the key players identified in the market.

Initially, the companies offering heating, ventilation, and cooling equipment were identified, and their product mapping with respect to different parameters, such as implementation type and application, was carried out.
The size of the HVAC system market was estimated based on the demand for HVAC systems from the different application areas and the revenue of the companies operating in the HVAC ecosystem.
Primaries were conducted with a few major players operating in the HVAC system market to validate the global size of the market.
Additionally, the size of the HVAC system market was validated through secondary sources, which included the International Energy Agency (IEA), The Japan Refrigeration and Air Conditioning Industry Association (JRAIA), The American Society of Heating, Refrigerating and Air Conditioning Engineers (ASHRAE), and Air Conditioning Contractors of America Association (ACCA). Other sources included company websites, press releases, research journals, and magazines.
For calculating the CAGR of the HVAC system market, the historical and future market trend analyses were carried out by understanding the industry penetration rate of an HVAC system and their demand and supply in different application areas.
The estimates at every level were verified and cross-checked through discussions with key opinion leaders such as corporate executives (CXOs), directors, and sales heads, as well as with the domain experts in MarketsandMarkets.
Various paid and unpaid information sources such as annual reports, press releases, white papers, and databases were also studied.

Top-Down Approach

In the top-down approach, the overall market size has been used to estimate the size of the individual markets (mentioned in the market segmentation) through percentage splits from secondary and primary research.

To calculate the market size of specific segments, the most appropriate immediate parent market size has been used to implement the top-down approach. The top-down approach was implemented for the data extracted from the secondary research to validate the market size obtained.

The market share of each company was estimated to verify the revenue shares used earlier in the top-down approach. The overall parent market size and individual market sizes were determined and confirmed in this study by the data triangulation method and the validation of data through primaries. The data triangulation method used in this study is explained in the next section.

Information related to revenues obtained from key manufacturers and providers of HVAC systems was studied and analyzed to estimate the global size of the HVAC system market.
The HVAC system market is expected to witness a linear growth trend during the forecast period owing to the fact that it is a mature market with several well-established players serving various verticals.
Revenues, geographical presence, key verticals, and different types of offerings of all identified players in the HVAC system market were studied to estimate and arrive at the percentage split of different market segments.
All major players in each category (equipment type and application) of the HVAC system market were identified through secondary research and verified through brief discussions with industry experts.
Multiple discussions with key opinion leaders of all major companies involved in the development of the HVAC system were conducted to validate the market split based on heating equipment, ventilation equipment, cooling equipment, implementation type, application, and geography.
Geographical splits were estimated using secondary sources based on various factors, such as the number of players offering HVAC systems in a specific country or region and the type of HVAC equipment provided by these players.

Data Triangulation

After arriving at the overall size of the HVAC system market from the market size estimation process explained above, the total market was split into several segments and subsegments. Data triangulation procedures were employed wherever applicable to complete the overall market engineering process and arrive at the exact statistics for all segments and subsegments. The data was triangulated by studying various factors and trends from both, demand, and supply sides. In addition to this, the market size was validated using top-down and bottom-up approaches.

Market Definition

Heating, ventilation, and air conditioning (HVAC) is a mechanical system that provides thermal comfort and improves air quality in an enclosed space. It controls air temperature and humidity, allows fresh air intake, and maintains air quality in residential, commercial, or industrial buildings.

An HVAC system typically consists of various components, such as a furnace or boiler for heating, a central air conditioning unit for cooling, a ventilation system for air circulation, and various ducts and controls to distribute the conditioned air throughout the building. HVAC systems are essential for maintaining indoor air quality, controlling humidity levels, and providing comfortable temperatures for occupants of a building. They are commonly found in homes, offices, hospitals, and other commercial buildings.

Key Stakeholders

Component Manufacturers
Government and Research Organizations
HVAC Contractors
HVAC System Providers
HVAC Software and Service Providers
Maintenance and Service Providers
Original Equipment Manufacturers (OEMs)
Professional Services/Solution Providers
Research Institutions and Organizations
System Integrators

Report Objectives

To estimate and forecast the size of the HVAC system market, in terms of value, based on heating equipment, ventilation equipment, cooling equipment, application, implementation type, and region
To describe and forecast the market size, in terms of volume, based on cooling equipment, heating equipment, ventilation equipment, and region
To describe and forecast the market size, in terms of value, for four major regions—North America, Europe, Asia Pacific, and RoW
To provide detailed information regarding major factors such as drivers, restraints, opportunities, and challenges influencing the market growth
To provide a detailed overview of the value chain of the HVAC system market
To strategically analyze micromarkets1 with regard to individual market trends, growth prospects, and contributions to the total market
To strategically profile key players and comprehensively analyze their market position in terms of ranking and core competencies2, along with a detailed competitive landscape for the market leaders
To analyze major growth strategies such as product launches, expansions, joint ventures, agreements, and acquisitions adopted by the key market players to enhance their position in the market
To analyze the impact of the recession on the HVAC system market

Available Customizations

With the given market data, MarketsandMarkets offers customizations according to the specific requirements of companies. The following customization options are available for the report:

Detailed analysis and profiling of additional market players (up to 5)
Additional country-level analysis of the HVAC system market

Product Analysis

Product matrix, which provides a detailed comparison of the product portfolio of each company in the HVAC system market.

Custom Market Research Services

We will customize the research for you, in case the report listed above does not meet with your exact requirements. Our custom research will comprehensively cover the business information you require to help you arrive at strategic and profitable business decisions.

Instant Answers with GPT - Ask Now!

Ask real questions. Get complete answers !

Request More Details

By clicking the "Submit" button, you are agreeing to the Terms of Use and Privacy Policy.

Growth opportunities and latent adjacency in HVAC System Market

Vasiliy28/04/2022

Do you have Saudi Arabia market data in addition to global market data? We are interested in the following information in relation to Saudi Arabia market: - Trends - Market size in value / volume by segments - Details about leading players - Consumers

V24/05/2020

what is the market size for India in Domestic (Window Air conditioners, Split AC and Refrigerator)? What is the market size for central plants in INDIA?