HVAC System Market worth $280.1 billion by 2028 - Exclusive Report by MarketsandMarkets™
CHICAGO, April 21, 2023 /PRNewswire/ -- 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 according to a new report by MarketsandMarkets™. The growth of the HVAC system market is propelled by government incentives through tax credit programs, increasing construction activities, and regulations and policies for energy saving. However, the high installation cost of energy-efficient HVAC systems and a shortage of skilled labor are restraining factors for the growth of this market.
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Browse in-depth TOC on "HVAC System Market"
199 – Tables
59 – Figures
297 – Pages
HVAC System Market Report Scope:
Report Coverage | Details |
Market Revenue in 2023 | $206.3 billion |
Estimated Value by 2028 | $280.1 billion |
Growth Rate | Poised to grow at a CAGR of 6.3% |
Market Size Available for | 2019–2028 |
Forecast Period | 2023–2028 |
Forecast Units | Value (USD Million/Billion) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | By Cooling Equipment, Heating Equipment, Ventilation Equipment, Application, and Region |
Geographies Covered | North America, Europe, Asia Pacific, and Rest of World |
Key Market Challenge | Lack of awareness about benefits of HVAC systems in developing countries |
Key Market Opportunities | Rapid transformation of IoT within HVAC industry |
Key Market Drivers | Rising constructions activities in residential and industrial sectors |
Unitary air conditioners are expected to hold largest market share during the forecast period
A unitary air conditioner is a small self-contained electrical unit placed on the roof or outside the buildings, enclosing a motor-driven refrigeration compressor, evaporative cooling coil, air-cooled condenser, filters, fans, and controls. They provide high performance and are energy efficient. Split air conditioners and packaged air conditioners are a few types of unitary air conditioners. The key manufacturers of unitary air conditioners are Daikin (Japan), Ingersoll Rand (Ireland), Johnson Controls (US), Nortek (US), and Lennox (US). The Air Conditioning, Heating, and Refrigeration Institute (AHRI) is the trade association representing HVAC manufacturers and providing standards related to HVAC systems.
Furnaces are expected to hold the highest CAGR for heating equipment segment during the forecast period.
Furnaces are one of the most popular home heating systems and for a good reason. They are efficient, reliable, and can keep the home warm and comfortable all winter. They are a cost-effective HVAC system for heating the home. Other heating systems, such as boilers or fireplaces, usually cost more with the price of natural gas rising. One of the most significant benefits of furnace installation is that it can improve the overall efficiency of the HVAC system. Older furnaces can have an AFUE rating as low as 56%, while newer, high-efficiency models can have ratings as high as 98.5%. With a particularly efficient furnace, homeowners can expect a significantly reduced heating bill, which will quickly offset the new unit's cost.
Air-handling units to hold the highest market share during the forecast period
An air-handling unit (AHU) is used to recondition and circulate air as a part of a heating, ventilating, and air conditioning system. The basic function of the AHU is to take in the external air, recondition it, and supply it as fresh air to a building. There are many companies that invest in air-handling units (AHUs) to improve their indoor air quality, reduce energy costs, and comply with building codes and regulations. For instance, Google has significantly invested in energy-efficient AHUs for its data centers. The company has developed its air handling system, "EcoFlair," which uses a water-based cooling system and high-efficiency fans to reduce energy consumption.
HVAC system market for new construction type to hold the highest CAGR during the forecast period
The implementation of HVAC systems in new buildings is increasing with rising urbanization. HVAC systems are expensive and need to follow HVAC standards and regulations. Moreover, government initiatives to promote the use of energy-saving devices and growing consumer awareness regarding energy-efficient devices have led to an increase in the implementation of advanced HVAC systems in buildings. The Air Conditioning Contractors of America Association (ACCA) develops industry standards for heating, ventilation, air conditioning, and building performance systems. Moreover, several companies are also investing in energy-efficient HVAC systems for new construction projects. For instance, Johnson Controls invested in creating smart, energy-efficient HVAC systems for new construction projects. It has developed products like YORK EcoAdvance and YORK SunPremier that use advanced technologies to reduce energy consumption and emissions.
Commercial application to hold highest market share during the forecast period
HVAC systems are widely used in commercial buildings. In commercial buildings, HVAC loads normally represent the highest energy expense. Furthermore, due to the rise in global temperature and pollution from heavy construction activities, HVAC systems have become an integral part of commercial structures. Concerns over the environmental impact and rising energy prices have made using energy-efficient HVAC systems a necessity in commercial spaces. Moreover, the governments of various countries are supporting the adoption of energy-efficient HVAC systems in commercial spaces. The commercial application has been sub-segmented into healthcare, education, government, office, airport, and retail.
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HVAC system market in US for North America to hold the highest market share during the forecast period
The US has the highest implementation of HVAC systems as the climate changes drastically throughout the year, from extreme heat waves in summer to cold temperatures in winter. Residential buildings are also significant consumers of HVAC systems. Commercial and residential buildings together account for more than 50% of the electricity consumption in the US. This has led the US government to take initiatives to save energy through various means. The ambition to reduce energy consumption includes incentivizing green buildings and retrofits. The US Green Building Council (USGBC) has developed Leadership in Energy and Environmental Design (LEED) certification for designing, constructing, and operating high-performance green buildings.
The HVAC system market includes major Tier I and II players like DAIKIN INDUSTRIES, Ltd. (Japan), Johnson Controls (US), Carrier (US), Trane Technologies plc (US), LG Electronics (South Korea), and others. These players have a strong market presence for HVAC system across various countries in North America, Europe, Asia Pacific, and RoW.
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