Showing posts with label HVAC Market Share. Show all posts
Showing posts with label HVAC Market Share. Show all posts

Growing Need for Eco-Friendly Systems Will Drive HVAC Market

 The HVAC market captured $206.6 billion in 2021, and it will propel at a rate of 5% to reach a value of $319.9 billion by 2030.

The changing climatic conditions and growing need for a livable environment in a building are driving HVAC industry. The need for energy savings and smart features is some of the major reasons behind the growth of the HVAC industry.

HVAC Systems & Services Market Analysis and Demand Forecast Report

The rapid growth in the rates of industrialization and urbanization is leading to the rise in the demand for these products in residential buildings, manufacturing units, and offices

Browse detailed report - HVAC Systems & Services Market Analysis and Demand Forecast Report

To decrease energy consumption, the demand for smart HVAC systems is increasing. A large number of customers are leaning toward these systems because they provide a better experience, enhanced real-time performance monitoring and building automation, and low-GWP refrigerants. These systems also provide better temperature change and can be controlled through remotes.

Furthermore, such systems offer preventive maintenance and higher system efficiency. These systems also have low noise in comparison to others, due to which the need for them will increase in the future.

The major reasons behind the growth in the demand for HVAC systems is the increasing per capita income of India, China, Indonesia, Thailand, Brazil, and Mexico. Middle-class families are spending more on appliances such as refrigerators and air conditioners. Moreover, due to mass manufacturing and enhancements in technology, their costs are decreasing.

Major market players are focusing more upon reducing electricity consumption, product cost, and emission of harmful gases. In addition, to save the environment, people are leaning more toward eco-friendly temperature-control units.

It is predicted that the rising demand for energy-efficient temperature-control systems will propel the sales of VRF systems with a CAGR of around 10%. These systems can increase or reduce the temperature in different areas of an enclosed space at the same time. This can be done by controlling the amount of refrigerant delivered to the fan coil systems positioned in a building. Moreover, these systems are extremely cost efficient in the long run.

The weather conditions in Eastern Europe are harsh, and the temperature here can go as low as –6 degree Celsius in winters. This is one of the main reasons behind the growing demand for heating systems in the region. In these applications, VRF equipment is more eco-friendly for homes compared to furnaces and heat pumps, which often burn fossil fuels.

Contrarily, the increasing demand for cooling appliances in Japan, South Korea, Indonesia, India, and China due to the rising temperature is driving the HVAC market in the APAC region. It is expected that by 2030, the industry will reach $170 billion in the region, mainly because of the hot weather.

People from all verticals are leaning toward eco-friendly heating and cooling systems; therefore, the HVAC industry will observe a significant growth in the future.


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How is Global Warming Contributing to Surge in Global HVAC Market


The constant increase in the temperature, as a result of global warming, is one of the biggest factors responsible for the surge in the demand for air-conditioning systems and associated services across the world.

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The release of various airborne pollutants, such as nitrogen oxides, chlorofluorocarbons (CFCs), and methane, into the atmosphere, as a result of fossil fuel burning, is the biggest contributor to global warming. According to the National Aeronautics and Space Administration (NASA), there has been a 0.90 °Celsius increase in the average global temperature from the 1951–1980 period to 2017.

The other key factors boosting the demand for heating, ventilation, and air conditioning (HVAC) systems and services across the globe are the expanding construction sector in various countries and increasing number of favorable government initiatives and policies, to aid their installation in residential, commercial, and industrial buildings.

As a result, the global HVAC market reached a value of $240.8 billion in 2019, and it is expected to generate revenue of $367.5 billion by 2030. This massive growth of HVAC market is during the forecast period (2020–2030) is projected to be at a CAGR of 3.9%.

Throughout the world, a high demand is generated for the installation, upgradation/replacement, repair and maintenance, and consulting services for HVAC systems. Amongst these, the demand for the upgradation/replacement of HVAC systems was found to be the highest in 2019.

This is mainly ascribed to the huge demand for the replacement of faulty components, in order to improve their energy efficiency, across the world. This will also improve the operational efficiency of these systems, and thus reduce the dependence on non-renewable energy.
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Soaring Global Temperature to Fuel Boom in Heating, Ventilation, and Air Conditioning Market till 2030


Due to the escalating demand for heating, ventilation, and air-conditioning (HVAC) equipment for various buildings and other enclosed spaces, rising government measures for HVAC adoption, and soaring global surface temperature, the HVAC market is expected to witness stable growth during the forecast period (2020–2030).

The market is predicted to increase in value from $240.8 billion in 2019 to $367.5 billion by 2030. HVAC equipment is widely used for heating and cooling purposes in residential, industrial, and commercial buildings.

The rapid rise in temperature, on account of global warming, is the biggest factor boosting the demand for cooling equipment, thereby driving the growth of HVAC market globally.

Global warming is mainly caused by the release of nitrogen oxides, methane, carbon dioxide (CO2), chlorofluorocarbons (CFCs), and other greenhouse gases, due to the burning of fossil fuels. According to the National Aeronautics and Space Administration (NASA), in 2017, there was a 0.90 °Celsius increase in the average global temperature from the 1951–1980 period.

The rise in the supportive measures and regulations launched by various governments across the globe is another important factor fueling the surge in the HVAC market revenue. For instance, the Environmental Protection Agency (EPA) is planning to expand the laws pertaining to the reduction in CFC and other ozone-layer-depleting substances’ emission.

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Furthermore, in 2018, the Indian Ministry of Power launched Eco-Niwas Samhita, which makes it mandatory for residential and mixed-land-use buildings to set minimum performance standards related to heat gain and heat loss.
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Construction Sector Offering HVAC Market Immense Growth Opportunities


Increasing focus toward the adoption of environment-friendly refrigerants, and overall growth in the construction sector are driving the progress of the heating, ventilation, and air conditioning market across the globe. The market generated a revenue of $108.1 billion in 2018, and it is expected to advance at a CAGR of 3.9% during the forecast period (2019–2024).

Heating, ventilation and air conditioning (HVAC) are standalone or all-in-one equipment used for heating and cooling residential, commercial, and industrial buildings.

On the basis of HVAC type, the market is categorized into heating, ventilation, and cooling systems. Among these, the cooling systems category dominated the HVAC market in 2018, both in terms of the revenue generated and total units sold. During the historical period (2014–2018), the reasons for the dominance of cooling systems were rising temperature and increasing disposable income.

Now, the heating category of the HVAC market is further divided into heat pumps, furnaces, boilers, and unitary heaters, among which the boilers division held the largest revenue share in 2018.  The increasing demand for boilers for keeping the area warm in the extreme cold climate of Northern Europe was considered the primary reason behind this.  

However, in the coming years, the heat pumps category is predicted to witness massive growth in terms of value, due to the heavy sales in European countries, such as Germany, Serbia, Austria, and Russia. Therefore, it is clear that the growing construction sector is expected to push the demand for HVACs, resulting in significant market growth in the near future.

HVAC Market Segmentation

Market Segmentation by HVAC Type
  • Heating
    • Heat Pumps
    • Boilers
    • Furnaces
    • Unitary Heaters
  • Ventilation
    • Ventilation Fans
    • Air Handling Units and Fan Coil Units
    • Humidifiers/Dehumidifiers
    • Air Cleaners
  • Cooling
    • Ducted Split/Packaged Unit
    • Split Units
    • Room ACs
    • Chillers
    • Variable Refrigerant Flow
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