NEW YORK, Oct. 12, 2021 /PRNewswire/ — The global HVAC market revenue is expected to rise to $358.1 billion by 2030, registering a CAGR of 4.8% from 2020 to 2030. The mushrooming requirement for energy-efficient air conditioning systems and increasing implementation of supportive government policies are the major factors driving the market across the world.
Key Findings of HVAC Market Report
- Surging construction and infrastructure development activities, especially in the U.A.E., Qatar, and Saudi Arabia, on account of the major upcoming events, such as the FIFA World Cup 2022, ongoing Dubai Expo 2020, and increasing tourist footfall are also fueling the demand for HVAC equipment.
- The sales of cooling systems are the highest due to the rising temperature on account of global warming and rising disposable income of people living in tropical countries.
- Commercial end users will generate the highest demand for HVAC equipment in the coming years, mainly because of the surging number of buildings and offices and booming healthcare industry.
- Asia-Pacific (APAC) will be the fastest-growing HVAC market due to the rapid economic progress, increasing construction activities, and surging population of urban dwellers in China and India.
- Market players are making huge investments in research and development (R&D) projects to offer advanced HVAC systems.
- They are also focusing on facility expansions and product launches to strengthen their position.
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Johnson Control International PLC began the expansion of its air handling unit manufacturing plant in Hattiesburg, Mississippi, U.S., in December 2019, to increase the total area of the facility to 120,000 square feet.
Furthermore, Danfoss A/S launched six new refrigeration and air conditioning (AC) systems and components in India in November 2019. These products are Danfoss Intelligent Purging System (IPS)/air purger, ICSH 2-step solenoid valve, Danfoss gas detector, IFCD defrost module, EKE 400, and Danfoss plate heat exchanger.
Johnson Controls International PLC, LG Electronics Inc., Daikin Industries Ltd., Mitsubishi Electric Corporation, Danfoss A/S, Gree Electric Appliances Inc. of Zhuhai, Smardt Chiller Group Inc., GAMI Air Conditioners Manufacturing, Qingdao Haier Co. Ltd., Trane Technologies Plc, SKM Air Conditioning LLC, Thermax Limited, Petra Engineering Industries Co., Carrier Global Corporation, Midea Group Co. Ltd., Thermal Care Inc., Blue Star Limited, The Arctic Chiller Group Ltd., Frigel Firenze SpA, and Hero-Tech Refrigeration Equipment Co. Ltd. are the most-significant HVAC market players.
Browse Detailed Report on Heating, Ventilation, and Air Conditioning Market Size and Growth Forecast to 2030
HVAC Market Segmentation Analysis
HVAC Market Based on Offering
- Heat pumps
- Unitary heaters
- Air cleaners
- Ventilation fans
- Air handling units and fan coil units
- Air Conditioning
- Variable refrigerant flow
- Ducted split/packaged unit
- Split units
- Room ACs
- Maintenance & Repair
HVAC Market Based on End User
- Office and buildings
- Oil and gas
- Food and beverage
- Energy and utilities
HVAC Market Geographical Analysis
- North America
- Asia-Pacific (APAC)
- South Korea
- Saudi Arabia
- South Africa
- Oman and Bahrain
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Compressor Market – The compressor market recorded the highest growth in the Asia-Pacific region in the years gone by. Moreover, the market will boom in the region in the future years as well, on account of the soaring demand for automobiles and the subsequent boom in the manufacturing of vehicles in the region.
Industrial Refrigeration Systems Market – Across the globe, the industrial refrigeration systems market will demonstrate the highest revenue growth in the Asia-Pacific (APAC) region in the coming years. This is credited to the fact that this region is home to several industrialized and some of the most densely populated countries in the world.
Commercial Refrigeration Equipment Market – Asia-Pacific led the commercial refrigeration equipment market in the past and the regional market will register the fastest growth in the coming years. This is due to the rising population and escalating disposable income in the region. Moreover, the presence of the largest number of developing countries in APAC is also resulting in the largescale adoption of commercial refrigeration equipment.
Chiller Market – Across the world, the sales of chillers were observed to be the highest in the Asia-Pacific region till 2019, and this trend will continue in the coming years as well. This is attributed to the fact that chillers are extensively used in China, on account of the country’s booming construction sector and rail network and the increasing number of office complexes and airports in the country.
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