The most obvious and biggest benefit of intelligent HVAC systems is that they help you save money on your power costs. The systems are completely energy-efficient; they can manage your home's temperature more accurately than your old traditional system while also saving you money on power. You may benefit from cleaner air, which decreases stuffiness and draughts, by installing a smart HVAC system. Finally, a smart HVAC system may be controlled from a distance. You don’t have to wait for the room to adjust to your required degree of comfort now. You can adjust the heating and cooling of your room with just few taps on your smartphone, even when you are driving your way home.
Covid-19 Impact & Market Status
COVID-19 outbreaks have had a significant impact on HVAC systems. The closure of several manufacturing plants in Asia Pacific, Europe, and North America has had a negative impact on market growth. Apart from the different manufacturing units being shut down, consumer expenditure on HVAC equipment has decreased significantly. However, with numerous governments easing limitations and allowing manufacturing units to operate, demand for HVAC systems is expected to increase. The need for cooling systems is increasing as the world's temperature rises and the environment changes. High-efficiency systems assist to save energy expenditures while also providing a high degree of comfort. The global demand for cooling systems is predicted to rise as the number of connected home devices equipped with wireless technology grows.
Single Split system to Remain Atop
The market is divided into single split, variable refrigerant flow (VRF) systems, chillers, and others based on the type. Single-split systems are the most popular because of their numerous advantages, including ease of installation, rapid and quiet operation, cost-effectiveness, ease of maintenance, and the ability to bring on additional heating capacity. The VRF systems subsegment, on the other hand, is predicted to have the greatest CAGR since these systems combine two or more controllers into a single device.
Commercial HVAC Type to Emerge as the Most Lucrative Segment
In 2021, the residential sector led the HVAC system market, accounting for 40.1 percent of total sales. The commercial HVAC industry has a lot of room for expansion. From 2022 to 2030, the market for HVAC systems is expected to grow at a CAGR of more than 6.0 percent. Several developments, from green and smart technologies to automated systems, are projected to have a significant impact on the commercial HVAC market's future. The need for HVAC in business settings is expected to rise as the COVID-19 pandemic grows prevalent and permanent WFH models gradually migrate to a hybrid working style.
Asia Pacific dominated the HVAC systems market
In 2021, Asia Pacific led the HVAC systems market, with a revenue share of approximately 40.0 percent. Increased urbanization, population expansion, and consumer disposable income have all contributed to the region's phenomenal growth throughout the years. In 2021, North America was the second-largest customer of HVAC systems, closely followed by Europe. Although the market for HVAC systems as a whole has matured, OEMs are finding new income sources outside of expanding into the services and maintenance area, thanks to replacement sales driven by aged infrastructure or retrofit projects. Over the projection period, the region is expected to grow at a rate of more than 5.5 percent.
Using the pinpoint precision, modern HVAC systems maintain the optimal temperature and humidity level in the house. Customization can be done for heating and cooling the rooms in which you are present in the house, to precise personal com fort level. Keeping people comfortable is the primary goal of HVAC. Maintaining proper environmental conditions (temperature and humidity) for the operation. Productivity will rise. Durability of the structure and equipment. Keeping the pressure difference between hazardous and non-hazardous locations to a minimum.
HVAC stands for heating, ventilation, and air conditioning. HVAC is represents the cooling and heating of commercial and residential building as well as many systems are used to move air between indoor and outdoor spaces. HVAC refers to the different technologies employed to control the temperature, humidity, and purity of air in an environment that is closed.
During the projection period, the market is expected to rise at a CAGR of 5.3 percent, from USD 149.80 billion in 2022 to USD 215.23 billion in 2029. Strong demand for hybrid heating, ventilation, and cooling systems might help innovative HVAC technologies gain traction. Furthermore, an increase in construction activity will bode well for the economy. Expansion of construction sector in emerging countries and the growing end-user market (i.e., data centre market) are the key growth drivers of HVAC services market across the projection period.
Hybrid heating, ventilation, and air conditioning systems are becoming increasingly popular. The rise of hybrid systems is being aided by the growing need for autonomous temperature control. Furthermore, the increase in building activities in the commercial and residential sectors, as well as demand from the food and beverage and telecom industries, are expected to considerably contribute to market growth.
The key players in the HVAC market are Johnson Controls, DAIKIN INDUSTRIES, Ltd., Lennox International Inc., Carrier, Mitsubishi Electric Corporation, Nortek Global HVAC LLC, LG Electronics, Emerson Electric Co., Trane, SAMSUNG. Product launches, technical developments, global expansion, and mergers and acquisitions might all be priorities for industry leaders. Following the adoption of green-labeled products, stakeholders are expected to focus on environmentally friendly production. Leading firms, such as Daikin Industries, Ltd., have increased their efforts in developing innovative goods.
Latest Innovations in the Global HVAC Market
- Demand for eco- friendly HVAC – Businesses and household users are strained by high energy costs. The area to be heated and cooled is much wider for commercial buildings. So, homeowners are not the only ones who are in search of methods that could reduce their carbon impact. Green is becoming popular because of its cost – effectiveness along with social responsibility commitments.
- Desire for Eco- friendly HVAC due to technology fueling – Technology is at the forement of many HVAC advances, as it is smarter and accessible. Sensors that "talk" to one other are increasingly integrated in HVAC designs that contractors may employ. This refers to diverse systems in building communication. For example, Occupancy sensors that helps to control humidity, lightning and interior temperature.
HVAC Systems Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2028||USD 215.23 billion|
|Growth Rate||CAGR of 5.3 % during 2021-2028|
|Segment Covered||Type, End User, Regions|
|Regions Covered||North America, Europe, Asia Pacific, Middle East and Africa, South America|
|Key Players Profiled||Johnson Controls, DAIKIN INDUSTRIES, Ltd., Lennox International Inc., Carrier, Mitsubishi Electric Corporation, Nortek Global HVAC LLC, LG Electronics, Emerson Electric Co., Trane, SAMSUNG. Product launches, technical developments, global expansion, and mergers and acquisitions|
Key Segments of the HVAC Market
By Type Overview, 2022-2029 (USD Billion)
- Single Split System
- Variable Refrigerant Flow (VRF) System
By End User Overview, 2022-2029 (USD Billion)
By Region Overview, 2022-2029 (USD Billion)
- North America
- Rest of Europe
- Rest of Asia-Pacific
- South America
- Rest of South America
Middle East and South Africa