Press Release

Global HVAC Market to Reach USD 227.8 billion by 2032, Aided by the Favourable Government Policies

Global HVAC Market

According to a new report by EMR titled, ‘Global HVAC Market Report and Forecast 2024-2032’, the global market for HVAC reached a value of about USD 168.65 billion in 2023. The industry is further expected to grow at a CAGR of 6.2% in the forecast period of 2024-2032 to reach USD 289.79 billion by 2032.

The major drivers for the market growth include government incentives via tax credit programmes, increased construction, favourable government regulations, energy efficiency policies, and the rising trend for smart homes. The overall market is also expected to be aided by the rising integration of smart technology with the HVAC systems, which allow users to operate and control the system via their smartphone and other smart devices.


Due to the rising focus on the energy efficiency of consumer electronics and minimisation of energy usage costs, governments in countries like India are encouraging consumers to adopt energy-efficient HVAC systems. In 2017, the state-run Energy Efficiency Services Limited (EESL) announced its plans to help consumer replace their old air conditioners with new energy-efficient systems at zero-costs upfront. The major players in the market are, thus, attempting to innovate products that have lower energy costs and consumption. In 2018, Haier Electronics Group Co., Ltd. (OTCMKTS: HRELF), one of the key players in the market, entered into an agreement with leading nanotechnology materials company, Dais Analytic Corporation, to include Dais’ PolyCool™ condensing unit into Haier’s commercial cooling line, which is expected to be deployed in the Greater China sales and distribution channels. The condenser helps provide efficient cooling at a lower operating cost and lower CO2 emissions.


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Market Analysis by Equipment, Implementation Type, End Use, and Regions:

  • The global HVAC industry can be divided based on equipment into heating, ventilation, and cooling.
  • The implementation types in the market can be divided into new constructions and retrofits.
  • HVAC finds its end-uses in residential, commercial, and industrial sectors.
  • The regional markets for HVAC include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.


Key Findings of the Report:

  • The market is being driven by factors like the rising population, rapid urbanisation, and growing disposable incomes.
  • The rising construction and infrastructure sector is significantly boosting the industry growth.
  • The growing demand for smart building patterns and the rising use of smartphones is propelling the market growth.
  • The ability of certain product variants to minimise energy consumption dramatically is providing a further push to the market growth.
  • The rapid technological advancements and innovation in the industry is expected to propel the growth of the market in the coming years.


Key Offerings of the report:

  • The EMR report gives an overview of the global market for HVAC for the periods (2018-2023) and (2024-2032).
  • The report also offers the historical (2018-2023) and forecast (2024-2032) markets for the equipment, implementation types, end uses, and major regions of HVAC.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.


The major players in the global HVAC market are LG Electronics, Inc., Lennox International, Inc., Carrier Global Corporation, Samsung Electronics Co. Ltd., Haier Smart Home Co., Ltd., Daikin Industries, Ltd, Emerson Electric Co., Honeywell International Inc., and Johnson Controls International plc, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.


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