The global HVAC system market is expected to be valued at USD 206.3 billion in 2023 and is projected to reach USD 280.1 billion by 2028; it is expected to grow at a CAGR of 6.3% from 2023 to 2028. 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 fulfil the growing demand for HVAC system from different end-user industries and expand their global footprint by offering their products in all the major regions.
Key players operating in the HVAC system market are 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), Samsung (South Korea), Danfoss (Denmark), FUJITSU (Japan), GREE (China), Hitachi (Japan), Midea (China), Panasonic (Japan), Haier Smart Home (China), Toshiba (Japan), Whirlpool (US), Siemens (Germany), Electrolux (Sweden), Lennox (US), Schneider Electric (France), Ferroli (Italy), and Bosch Thermotechnology (Germany).
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Daikin is one of the leading players in air-conditioning and fluorochemicals businesses that manufactures general air-conditioning equipment with in-house divisions covering air conditioning and refrigerants. The company mainly operates through Air Conditioning and Chemicals 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, fluor resins, and other chemical products such as semiconductor etching agents, water and oil repellents, surfactants, and carbon fluoride and fluorine oil. Daikin invests heavily in research and development to create innovative, energy-efficient HVAC systems. It is constantly improving its technology to make its products more energy-efficient and environmentally friendly. For instance, Daikin introduced products such as the VRV (Variable Refrigerant Volume) system, which can reduce energy consumption by up to 55%. They also use eco-friendly refrigerants, such as R-32, which has a lower global warming potential than other refrigerants.
Johnson Controls International PLC (US)
Johnson Controls International PLC (Johnson Controls) is a multinational conglomerate offering a wide variety of building products, software, and services for HVAC. The company conducts its business through four business segments: Building Solutions North America, Building Solutions EMEA/LA, Building Solutions Asia Pacific, and Global Products. Johnson Controls provides HVAC equipment, energy management, security, fire detection, and fire suppression solutions. Moreover, it offers HVAC equipment products, including 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. Johnson Controls comprises a range of building automation systems that allow customers to monitor and control their HVAC systems remotely. These systems provide real-time data on energy consumption, temperature, humidity, and other key performance indicators, allowing customers to optimize their HVAC systems for maximum efficiency and comfort.
Carrier Global Corporation (US)
Carrier Global Corporation (Carrier) provides HVAC, security, and building automation technologies. The company operates through the following segments: HVAC, Refrigeration, and Fire & Security. The HVAC segment provides products, controls, services, and solutions to meet residential and commercial customers' heating, cooling, and ventilation needs. The Refrigeration segment offers commercial refrigeration products and transport refrigeration and monitoring products, services, and digital solutions for trucks, trailers, shipping containers, and intermodal rails. The Fire & Security segment gives a range of residential, commercial, and industrial technologies and systems and service solutions to protect people and property from fire, flame, gas, smoke, and carbon monoxide; portable fire extinguishers; fire suppression systems; intruder alarms; access control systems and video management systems; and electronic controls. The company operates across 51 factories and 39 research and design centers worldwide, serving customers in more than 180 countries. Carrier offers a wide range of air conditioners for residential and commercial applications. These include split air conditioners, ducted air conditioners, packaged air conditioners, and window air conditioners. The company also provides heat pumps that heat and cool a space, making them a versatile HVAC solution. It offers both air source and geothermal heat pumps. Apart from these products, Carrier also provides furnaces, boilers, and ventilation systems such as air handlers, energy recovery ventilators, and exhaust fans.
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
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