Global HVAC Market Size Booming at Significant CAGR of 7.78% to Reach Whopping USD 250 Billion & 202 Million Units by 2030
Global HVAC Market is flourishing because of a spurring demand for HVAC systems from thriving building and construction sector and an increasing focus on indoor air quality.
Report Ocean, a leading strategic consulting and market research firm, in its recent study, estimated the Global HVAC Market size at USD 164.21 billion in 2023. During the forecast period between 2024 and 2030, Report Ocean expects the Global HVAC Market size to expand at a CAGR of 7.78% reaching a value of USD 249.38 billion by 2030. By volume, Report Ocean estimated the Global HVAC Market size at 143.4 million units in 2023. During the forecast period between 2024 and 2030, Report Ocean expects the Global HVAC Market size to expand at a CAGR of 8.01% reaching the volume of 201.6 million units by 2030. Significant changes in climatic patterns and the increasing development of sustainable and energy-efficient buildings are key drivers of growth in the global HVAC market. Furthermore, the growing incorporation of cutting-edge technologies, such as artificial intelligence (AI) and the Internet of Things (IoT), is expected to drive the Global HVAC Market during the forecast period.
Opportunity: Awareness about enhanced indoor air quality and reduced risk of illnesses
Globally rising temperatures and air pollution are exacerbating illnesses like asthma and allergies, resulting in symptoms like rashes, sore throats, and irritation of the eyes. The EPA claims that indoor air quality is two to five times worse than outside air quality. This is mostly due to the fact that interior airflow is typically more congested than outside airflow. HVAC systems reduce the risk of sickness by regularly replacing the interior air with fresh, outside air. It results in better air quality. The need for HVAC systems is rising due to rising air pollution, which is propelling the expansion of the global market for these systems.
Impact of Escalating Geopolitical Tensions on Global HVAC Market
The geopolitical tensions are hindering the growth of the Global HVAC Market. Conflicts such as Russia's invasion of Ukraine or intensifying tensions in Middle East directly affect the construction activities in these countries as well as in countries around them. For instance, Israel-Hamas war is also affecting the neighboring countries such as Lebanon as well as Iran. The geopolitical tensions directly affect the purchasing power of the consumers, which results in the direct and significant demand for non-priority goods and services, including HVAC systems.
Global HVAC Market
Segmental Coverage
Global HVAC Market - By End User
Based on end users, the Global HVAC Market is segmented into commercial, industrial, and residential. The commercial segment accounts for the largest market share. The growth of the segment is mainly attributed to The largest end-user segment is commercial, which is mostly driven by the growing global hospitality sector as well as the number of workplaces and new construction projects. Additionally, it is anticipated that government incentives and allowance programs designed to promote the use of energy-efficient equipment would bolster the growth of the HVAC industry. HVAC systems are also used in creative construction and remodeling of residential, commercial, or industrial structures.
Global HVAC Market - By Region
The in-depth research report on the Global HVAC Market covers a number of country-specific markets across five major regions: North America, Europe, Asia Pacific (APAC), Latin America, and Middle East and Africa. Asia Pacific dominates the Global HVAC Market owing to the rising construction activities in emerging economies, including India, China, and South Korea. The rising population in these countries also raises the need for building residential and commercial complexes to accommodate them, which is fueling the HVAC market in these regions. Furthermore, the launch of sustainable building projects, such as Gardens by the Bay in Singapore, further drives the HVAC market in the Asia Pacific region.
Competitive Landscape
Major players operating in the Global HVAC Market include Carrier Global Corporation, Daikin Industries Ltd, Fujitsu General Ltd, Gree Electric Appliances, Hitachi Ltd, Honeywell International Inc., Johnson Controls International PLC, Lennox International Inc., LG Electronics Inc, Mitsubishi Electric Corporation, Nortek Global HVAC LLC, Panasonic Corporation, Rheem Manufacturing Company, Robert Bosch GmbH, Samsung Electronics Co. Ltd, Siemens AG, Trane Technologies plc, and Vaillant Group.
To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and the Global HVAC Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the Global HVAC Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
