Global HVAC Market: Analyzing Size, Share, and Trend Forecasts

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Global HVAC Market: Analyzing Size, Share, and Trend Forecasts

Projected growth for the HVAC market indicates it could hit $456.6 billion by 2031, sustaining a 7.8% CAGR from 2024 through 2031.

Meticulous Research® has unveiled a new report titled “HVAC Market by Offering, System, Distribution Mode, Type (Split System, Packaged System), Portability, Sales Channel, Application (Cooling, Heating, Filtering), End User (Industrial, Residential, Commercial), and Geography - Global Forecast to 2031.” The global HVAC market is expected to grow to $456.6 billion by 2031, registering a CAGR of 7.8% from 2024 to 2031.

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Urbanization, increasing concerns over indoor air quality, and rising consumer demand for comfort and convenience are major factors driving the HVAC market’s expansion. Additionally, e-commerce growth and government policies encouraging air quality improvements are contributing to market growth. However, the high costs associated with HVAC products and their maintenance pose challenges for broader adoption.

Technological advancements in energy-efficient HVAC systems and air purification technologies are creating opportunities for industry stakeholders. Still, challenges remain, particularly in penetrating emerging markets where infrastructure limitations and costs hinder growth.

In terms of offerings, the HVAC market is segmented into components and services. Components, including air conditioners, heat pumps, and air filters, are expected to account for the majority of the market share in 2024, driven by growing demand for systems that enhance indoor air quality and optimize energy consumption.

The services segment is forecast to experience the highest growth rate during the forecast period. This growth is largely attributed to the increasing need for professional installation and repair services to ensure HVAC systems operate efficiently and meet regulatory standards for air quality.

By system type, secondary HVAC systems are projected to dominate, holding over 66% of the market by 2024. The growing use of these systems in commercial and industrial buildings to lower energy consumption and improve ventilation is fueling their adoption.

The market is also segmented by distribution mode, with decentralized systems expected to account for the largest share at 72% in 2024. These systems offer flexibility in zoning and reduce energy costs by targeting specific areas, making them popular in both residential and commercial settings.

When it comes to HVAC system types, split systems are anticipated to capture the largest share of the market, at over 28%. These systems are favored for their ability to reduce energy consumption and provide independent temperature control in different zones of a building. Ductless mini-split systems, however, are expected to see the fastest growth.

In terms of portability, the in-duct/fixed category will dominate the market in 2024 with a 59% share. However, portable HVAC units are expected to register higher growth rates due to their flexibility and ease of installation in residential applications.

Asia-Pacific is projected to hold the largest market share, with more than 45% of the global HVAC market by 2024. Factors such as rising living standards, rapid urbanization, and increased investment in infrastructure are driving the demand for advanced HVAC systems in the region.

Key Players

The key players operating in the global HVAC market are Daikin Industries, Ltd. (Japan), Atlas Copco AB (Sweden), Lennox International Inc. (U.S.), LG Electronics Inc. (South Korea), Johnson Controls Inc. (U.S.), ABB Ltd. (Switzerland), Trane Technologies Company, LLC (Ireland), Carrier Global Corporation (U.S.), Mitsubishi Electric Corporation (Japan), Samsung Electronics Co., Ltd. (South Korea), Siemens AG (Germany), Toshiba Corporation (Japan), Rheem Manufacturing Company (U.S.), Blue Star Limited (India), and Emerson Electric Co. (U.S.).

To gain more insights into the market with a detailed table of content and figures, click here:https://www.meticulousresearch.com/product/hvac-market-5968

Key Questions Answered in the Report:

What are the high-growth market segments in terms of the offering, system, distribution mode, type, portability, sales channel, application, and end user?
What is the historical market size for the global HVAC market?
What are the market forecasts and estimates for 2024–2031?
What are the major drivers, restraints, opportunities, challenges, and trends in the global HVAC market?
Who are the major players in the global HVAC market, and what are their market shares?
What is the competitive landscape like?
What are the recent developments in the global HVAC market?
What are the different strategies adopted by major market players?
What are the trends and high-growth countries?
Who are the local emerging players in the global HVAC market, and how do they compete with other players?