HVAC Market

Global HVAC Market Size: By Equipment: Heating, Ventilation, Cooling; By Implementation Type: New Constructions, Retrofits; By End Use: Residential, Commercial, Industrial; Regional Analysis; Historical Market and Forecast (2018-2028); Market Dynamics; Value Chain Analysis; Competitive Landscape; Industry Events and Developments

Global HVAC Market Outlook

The global HVAC market reached a value of about USD 158.8 billion in 2022 and expected to grow at a CAGR of 6.2% in the forecast period of 2023-2028 to reach a value of nearly USD 227.82 billion by 2028.    

 

Global HVAC Market Report

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Growing Preference for Condensing Boilers to Bolster the HVAC Market Growth

The increasing preference for condensing boilers is among the major drivers in the HVAC industry. HVAC systems are used for both cooling and heating in regions with extreme weather conditions. The furnace, as well as boiler systems, are the two main systems for heating purposes in the systems. The technology-based on furnace is prominent in the North American and Asian markets, while kettle systems dominate the European market. The key benefit of the boiler systems is based on radiant or convection heat, which provides continuous heat with good consistency of temperature. In addition, advanced technology controls, easy maintenance, and longer condensing boiler life are also advantages, which should foster growth in the global HVAC market over the forecast period.

 

Global HVAC Market by Equipment

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HVAC: Market Segmentation

Heating, ventilation, and air conditioning systems are together referred to as an HVAC. It refers to different structures, equipment, as well as technology that are used to enhance comfort indoors, including in residences, offices, halls, and transport systems by maintaining an optimum temperature.

Based on equipment, the HVAC market can be divided into heating, ventilation, and cooling. The equipment segment can be further divided into types like:

Heating

  • Heat Pumps
    • Air-to-air 
    • Air-to-water
    • Water-to-water
  • Furnaces
    • Oil
    • Gas
    • Electric
    • Others
  • Boilers
  • Others

Ventilation

  • Air-Handling Units
  • Air Filters and Purifiers
  • Ventilation Fans
    • Axial Fans
    • Centrifugal Fans
    • Crossflow Fans
    • Others
  • Dehumidifiers and Humidifiers
  • Others

Cooling

  • Unitary Air Conditioners
    • Split
    • Packaged
  • VRF Systems
  • Chillers
  • Coolers
  • Cooling Towers
    • Evaporative
    • Dry cooling
    • Hybrid
  • Others

Based on implementation type, the market can be segmented into new constructions and retrofits. HVAC finds its end-uses in the residential, commercial, and industrial sectors. The major regional markets for HVAC include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

 

Global HVAC Market by Region

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Rising Construction Activities to Favourably Aid the HVAC Market Growth

In the coming years, the global demand for HVAC is projected to increase as construction activities are on the rise. The HVAC market is also expected to be aided by the rising population, rapid urbanisation, and growing disposable incomes. Smart building patterns and the rising use of smartphones are the key trends that are expected to propel the market forward.


The growth in the construction activities across all end-use sectors and the ability to minimise energy consumption dramatically is expected to drive the growth of the global HVAC market. The increase in the number of net-zero buildings in the construction industry will also be an upcoming trend, which is expected to influence the industry positively. The goal of these buildings is to reduce energy consumption. This rise in net zero-building popularity is especially expected to boost the development of the non-residential sector in the years to come, thus, further aiding the HVAC market growth.

 

Key Industry Players in the Global HVAC Market

The report gives a detailed analysis of the following key players in the global HVAC market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:

  • Lennox International, Inc.
  • LG Electronics, Inc.
  • Carrier Global Corporation
  • Samsung Electronics Co. Ltd.
  • Haier Smart Home Co., Ltd.
  • Daikin Industries, Ltd
  • Emerson Electric Co.
  • Honeywell International Inc.
  • Johnson Controls International plc
  • Others

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.

 

Report Features Details
Base Year 2022
Historical Period 2018-2022
Forecast Period 2023-2028
Scope of the Report Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment- Equipment, Implementation Type, End Use, Region
Breakup by Equipment Heating, Ventilation, Cooling
Breakup by Implementation Type New Constructions, Retrofits
Breakup by End Use Residential, Commercial, Industrial
Breakup by Region North America, Latin America, Europe, Middle East and Africa, Asia Pacific
Market Dynamics SWOT, Porter's Five Forces, Key Indicators for Price and Demand
Competitive Landscape Market Structure, Company Profiles- Company Overview, Product Portfolio, Demographic Reach and Achievements, Certifications
Companies Covered LG Electronics, Inc., Lennox International, Inc., Carrier Global Corporatio, Samsung Electronics Co. Ltd., Haier Group, Daikin Industries, Ltd, Emerson Electric Co., Honeywell International Inc., Johnson Controls, Inc, Others
Report Price and Purchase Option Explore our purchase options that are best suited to your resources and industry needs.
Delivery Format Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option.

 

*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.

1    Preface
2    Report Coverage – Key Segmentation and Scope
3    Report Description

    3.1    Market Definition and Outlook
    3.2    Properties and Applications
    3.3    Market Analysis
    3.4    Key Players
4    Key Assumptions
5    Executive Summary

    5.1    Overview
    5.2    Key Drivers
    5.3    Key Developments
    5.4    Competitive Structure
    5.5    Key Industrial Trends
6    Snapshot
    6.1    Global
    6.2    Regional
7    Opportunities and Challenges in the Market
8    Global HVAC Market Analysis

    8.1    Key Industry Highlights
    8.2    Global HVAC Historical Market (2018-2022) 
    8.3    Global HVAC Market Forecast (2023-2028)
    8.4    Global HVAC Market by Equipment
        8.4.1    Heating
            8.4.1.1    Market Share
            8.4.1.2    Historical Trend (2018-2022)
            8.4.1.3    Forecast Trend (2023-2028)
            8.4.1.4    Breakup by Type
                8.4.1.4.1    Heat Pumps
                    8.4.1.4.1.1    Market Share
                    8.4.1.4.1.2    Historical Trend (2018-2022)
                    8.4.1.4.1.3    Forecast Trend (2023-2028)
                    8.4.1.4.1.4    Breakup by Product
                        8.4.1.4.1.4.1    Air-to-air 
                        8.4.1.4.1.4.2    Air-to-water
                        8.4.1.4.1.4.3    Water-to-water
                8.4.1.4.2    Furnaces
                    8.4.1.4.2.1    Market Share
                    8.4.1.4.2.2    Historical Trend (2018-2022)
                    8.4.1.4.2.3    Forecast Trend (2023-2028)
                    8.4.1.4.2.4    Breakup by Product
                        8.4.1.4.2.4.1    Oil
                        8.4.1.4.2.4.2    Gas
                        8.4.1.4.2.4.3    Electric
                        8.4.1.4.2.4.2    Others
                8.4.1.4.3    Boilers
                    8.4.1.4.3.1    Market Share
                    8.4.1.4.3.2    Historical Trend (2018-2022)
                    8.4.1.4.3.3    Forecast Trend (2023-2028)
        8.4.2    Ventilation
            8.4.2.1    Market Share
            8.4.2.2    Historical Trend (2018-2022)
            8.4.2.3    Forecast Trend (2023-2028)
            8.4.2.4    Breakup by Type
                8.4.2.4.1    Air-Handling Units
                    8.4.2.4.1.1    Market Share
                    8.4.2.4.1.2    Historical Trend (2018-2022)
                    8.4.2.4.1.3    Forecast Trend (2023-2028)
                8.4.2.4.2    Air Filters and Purifiers
                    8.4.2.4.2.1    Market Share
                    8.4.2.4.2.2    Historical Trend (2018-2022)
                    8.4.2.4.2.3    Forecast Trend (2023-2028)
                8.4.2.4.3    Ventilation Fans
                    8.4.2.4.3.1    Market Share
                    8.4.2.4.3.2    Historical Trend (2018-2022)
                    8.4.2.4.3.3    Forecast Trend (2023-2028)
                    8.4.2.4.3.4    Breakup by Product
                        8.4.2.4.3.4.1    Crossflow Fans
                        8.4.2.4.3.4.2    Axial Fans
                        8.4.2.4.3.4.3    Centrifugal Fans
                        8.4.2.4.3.4.4    Others
                8.4.2.4.4    Dehumidifiers and Humidifiers
                    8.4.2.4.4.1    Market Share
                    8.4.2.4.4.2    Historical Trend (2018-2022)
                    8.4.2.4.4.3    Forecast Trend (2023-2028)
                8.4.2.4.5    Others
        8.4.3    Cooling
            8.4.3.1    Market Share
            8.4.3.2    Historical Trend (2018-2022)
            8.4.3.3    Forecast Trend (2023-2028)
            8.4.3.4    Breakup by Type
                8.4.3.4.1    Unitary Air Conditioners
                    8.4.3.4.1.1    Market Share
                    8.4.3.4.1.2    Historical Trend (2018-2022)
                    8.4.3.4.1.3    Forecast Trend (2023-2028)
                    8.4.3.4.1.4    Breakup by Type
                        8.4.3.4.1.4.1    Split
                        8.4.3.4.1.4.2    Packaged
                8.4.3.4.2    VRF Systems
                    8.4.3.4.2.1    Market Share
                    8.4.3.4.2.2    Historical Trend (2018-2022)
                    8.4.3.4.2.3    Forecast Trend (2023-2028)
                8.4.3.4.3    Chillers
                    8.4.3.4.3.1    Market Share
                    8.4.3.4.3.2    Historical Trend (2018-2022)
                    8.4.3.4.3.3    Forecast Trend (2023-2028)
                8.4.3.4.4    Coolers
                    8.4.3.4.4.1    Market Share
                    8.4.3.4.4.2    Historical Trend (2018-2022)
                    8.4.3.4.4.3    Forecast Trend (2023-2028)
                8.4.3.4.5    Cooling Towers
                    8.4.3.4.5.1    Market Share
                    8.4.3.4.5.2    Historical Trend (2018-2022)
                    8.4.3.4.5.3    Forecast Trend (2023-2028)
                    8.4.3.4.5.4    Breakup by Type
                        8.4.3.4.5.4.1    Evaporative
                        8.4.3.4.5.4.2    Dry cooling
                        8.4.3.4.5.4.3    Hybrid 
                8.4.3.4.6    Others
    8.5    Global HVAC Market by Implementation Type
        8.5.1    New Constructions
            8.5.1.1    Market Share
            8.5.1.2    Historical Trend (2018-2022)
            8.5.1.3    Forecast Trend (2023-2028)
        8.5.2    Retrofits
            8.5.2.1    Market Share
            8.5.2.2    Historical Trend (2018-2022)
            8.5.2.3    Forecast Trend (2023-2028)
    8.6    Global HVAC Market by End Use
        8.6.1    Residential
            8.6.1.1    Market Share
            8.6.1.2    Historical Trend (2018-2022)
            8.6.1.3    Forecast Trend (2023-2028)
        8.6.2    Commercial
            8.6.2.1    Market Share
            8.6.2.2    Historical Trend (2018-2022)
            8.6.2.3    Forecast Trend (2023-2028)
        8.6.3    Industrial
            8.6.3.1    Market Share
            8.6.3.2    Historical Trend (2018-2022)
            8.6.3.3    Forecast Trend (2023-2028) 
    8.7    Global HVAC Market by Region
        8.7.1    North America
            8.7.1.1    Market Share
            8.7.1.2    Historical Trend (2018-2022)
            8.7.1.3    Forecast Trend (2023-2028)
        8.7.2    Europe
            8.7.2.1    Market Share
            8.7.2.2    Historical Trend (2018-2022)
            8.7.2.3    Forecast Trend (2023-2028)
        8.7.3    Asia Pacific
            8.7.3.1    Market Share
            8.7.3.2    Historical Trend (2018-2022)
            8.7.3.3    Forecast Trend (2023-2028)
        8.7.4    Latin America
            8.7.4.1    Market Share
            8.7.4.2    Historical Trend (2018-2022)
            8.7.4.3    Forecast Trend (2023-2028)
        8.7.5    Middle East and Africa
            8.7.5.1    Market Share
            8.7.5.2    Historical Trend (2018-2022)
            8.7.5.3    Forecast Trend (2023-2028)
9    North America HVAC Market Analysis
    9.1    United States of America
        9.1.1    Market Share
        9.1.2    Historical Trend (2018-2022)
        9.1.3    Forecast Trend (2023-2028)
    9.2    Canada
        9.2.1    Market Share
        9.2.2    Historical Trend (2018-2022)
        9.2.3    Forecast Trend (2023-2028)
10    Europe HVAC Market Analysis
    10.1    United Kingdom
        10.1.1    Market Share
        10.1.2    Historical Trend (2018-2022)
        10.1.3    Forecast Trend (2023-2028)
    10.2    Germany
        10.2.1    Market Share
        10.2.2    Historical Trend (2018-2022)
        10.2.3    Forecast Trend (2023-2028)
    10.3    France
        10.3.1    Market Share
        10.3.2    Historical Trend (2018-2022)
        10.3.3    Forecast Trend (2023-2028)
    10.4    Italy
        10.4.1    Market Share
        10.4.2    Historical Trend (2018-2022)
        10.4.3    Forecast Trend (2023-2028)
    10.5    Others
11    Asia Pacific HVAC Market Analysis
    11.1    China
        11.1.1    Market Share
        11.1.2    Historical Trend (2018-2022)
        11.1.3    Forecast Trend (2023-2028)
    11.2    Japan
        11.2.1    Market Share
        11.2.2    Historical Trend (2018-2022)
        11.2.3    Forecast Trend (2023-2028)
    11.3    India
        11.3.1    Market Share
        11.3.2    Historical Trend (2018-2022)
        11.3.3    Forecast Trend (2023-2028)
    11.4    ASEAN
        11.4.1    Market Share
        11.4.2    Historical Trend (2018-2022)
        11.4.3    Forecast Trend (2023-2028)
    11.5    Australia
        11.5.1    Market Share
        11.5.2    Historical Trend (2018-2022)
        11.5.3    Forecast Trend (2023-2028)
    11.6    Others
12    Latin America  HVAC Market Analysis
    12.1    Brazil
        12.1.1    Market Share
        12.1.2    Historical Trend (2018-2022)
        12.1.3    Forecast Trend (2023-2028)
    12.2    Argentina
        12.2.1    Market Share
        12.2.2    Historical Trend (2018-2022)
        12.2.3    Forecast Trend (2023-2028)
    12.3    Mexico
        12.3.1    Market Share
        12.3.2    Historical Trend (2018-2022)
        12.3.3    Forecast Trend (2023-2028)
    12.4    Others
13    Middle East and Africa HVAC Market Analysis
    13.1    Saudi Arabia
        13.1.1    Market Share
        13.1.2    Historical Trend (2018-2022)
        13.1.3    Forecast Trend (2023-2028)
    13.2    United Arab Emirates
        13.2.1    Market Share
        13.2.2    Historical Trend (2018-2022)
        13.2.3    Forecast Trend (2023-2028)
    13.3    Nigeria
        13.3.1    Market Share
        13.3.2    Historical Trend (2018-2022)
        13.3.3    Forecast Trend (2023-2028)
    13.4    South Africa
        13.4.1    Market Share
        13.4.2    Historical Trend (2018-2022)
        13.4.3    Forecast Trend (2023-2028)
    13.5    Others
14    Market Dynamics
    14.1    SWOT Analysis
        14.1.1    Strengths
        14.1.2    Weaknesses
        14.1.3    Opportunities
        14.1.4    Threats
    14.2    Porter’s Five Forces Analysis
        14.2.1    Supplier’s Power
        14.2.2    Buyer’s Power
        14.2.3    Threat of New Entrants
        14.2.4    Degree of Rivalry
        14.2.5    Threat of Substitutes
    14.3    Key Indicators for Demand
    14.4    Key Indicators for Price
15    Value Chain Analysis
16    Competitive Landscape

    16.1    Market Structure
    16.2    Company Profiles
        16.2.1    LG Electronics, Inc.
            16.2.1.1    Company Overview
            16.2.1.2    Product Portfolio
            16.2.1.3    Demographic Reach and Achievements
            16.2.1.4    Certifications
        16.2.2    Lennox International, Inc.
            16.2.2.1    Company Overview
            16.2.2.2    Product Portfolio
            16.2.2.3    Demographic Reach and Achievements
            16.2.2.4    Certifications
        16.2.3    Carrier Global Corporation
            16.2.3.1    Company Overview
            16.2.3.2    Product Portfolio
            16.2.3.3    Demographic Reach and Achievements
            16.2.3.4    Certifications
        16.2.4    Samsung Electronics Co. Ltd.
            16.2.4.1    Company Overview
            16.2.4.2    Product Portfolio
            16.2.4.3    Demographic Reach and Achievements
            16.2.4.4    Certifications
        16.2.5    Haier Smart Home Co., Ltd.
            16.2.5.1    Company Overview
            16.2.5.2    Product Portfolio
            16.2.5.3    Demographic Reach and Achievements
            16.2.5.4    Certifications
        16.2.6    Daikin Industries, Ltd
            16.2.6.1    Company Overview
            16.2.6.2    Product Portfolio
            16.2.6.3    Demographic Reach and Achievements
            16.2.6.4    Certifications
        16.2.7    Emerson Electric Co.
            16.2.7.1    Company Overview
            16.2.7.2    Product Portfolio
            16.2.7.3    Demographic Reach and Achievements
            16.2.7.4    Certifications
        16.2.8    Honeywell International Inc.
            16.2.8.1    Company Overview
            16.2.8.2    Product Portfolio
            16.2.8.3    Demographic Reach and Achievements
            16.2.8.4    Certifications
        16.2.9    Johnson Controls International plc
            16.2.9.1    Company Overview
            16.2.9.2    Product Portfolio
            16.2.9.3    Demographic Reach and Achievements
            16.2.9.4    Certifications
        16.2.10    Others
17    Key Trends  and Developments in the Market

 

List of Key Figures and Tables

1.    Global HVAC Market: Key Industry Highlights, 2017 and 2027
2.    Global HVAC Historical Market: Breakup by Equipment (USD Billion), 2018-2022
3.    Global HVAC Market Forecast: Breakup by Equipment (USD Billion), 2023-2028
4.    Global HVAC Historical Market: Breakup by Implementation Type (USD Billion), 2018-2022
5.    Global HVAC Market Forecast: Breakup by Implementation Type (USD Billion), 2023-2028
6.    Global HVAC Historical Market: Breakup by End Use (USD Billion), 2018-2022
7.    Global HVAC Market Forecast: Breakup by End Use (USD Billion), 2023-2028
8.    Global HVAC Historical Market: Breakup by Region (USD Billion), 2018-2022
9.    Global HVAC Market Forecast: Breakup by Region (USD Billion), 2023-2028
10.    North America HVAC Historical Market: Breakup by Country (USD Billion), 2018-2022
11.    North America HVAC Market Forecast: Breakup by Country (USD Billion), 2023-2028
12.    Europe HVAC Historical Market: Breakup by Country (USD Billion), 2018-2022
13.    Europe HVAC Market Forecast: Breakup by Country (USD Billion), 2023-2028
14.    Asia Pacific HVAC Historical Market: Breakup by Country (USD Billion), 2018-2022
15.    Asia Pacific HVAC Market Forecast: Breakup by Country (USD Billion), 2023-2028
16.    Latin America HVAC Historical Market: Breakup by Country (USD Billion), 2018-2022
17.    Latin America HVAC Market Forecast: Breakup by Country (USD Billion), 2023-2028
18.    Middle East and Africa HVAC Historical Market: Breakup by Country (USD Billion), 2018-2022
19.    Middle East and Africa HVAC Market Forecast: Breakup by Country (USD Billion), 2023-2028
20.    Global HVAC Market Structure

Key Questions Answered in the Report

In 2022, the global HVAC market attained a value of nearly USD 158.8 billion.

The market is projected to grow at a CAGR of 6.2% between 2023 and 2028.

The market is estimated to witness a healthy growth in the forecast period of 2023-2028 to reach about USD 227.82 billion by 2028.

The major drivers of the industry, such as rising disposable incomes, increasing population, rapid urbanisations, growing demand for energy-efficiency, and rising construction activities, are expected to aid the market growth.

The key market trends guiding the growth of the HVAC market include a rise in smart building patterns and growth in net-zero buildings.

The major regions in the industry are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.

The leading equipment types in the industry are heating, ventilation, and cooling.

The major implementation types of HVAC in the market are new constructions and retrofits.

The significant end use segments in the industry are residential, commercial, and industrial sectors.

The major players in the industry 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.

Analyst Review

The global HVAC market attained a value of USD 158.8 billion in 2022, driven by rising construction activities. Aided by the rising demand for energy-efficient heating and cooling systems, the market is expected to witness a further growth in the forecast period of 2023-2028, growing at a CAGR of 6.2%. The HVAC market is projected to reach USD 227.82 billion by 2028.  

EMR’s meticulous research methodology delves deep into the market, covering the macro and micro aspects of the industry. On the basis of equipment, the market is segmented into heating, ventilation, and cooling. By implementation type, the industry is divided into new constructions and retrofits. Based on end use, the industry is segmented into residential, commercial, and industrial sectors. The major regional markets for HVAC are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa. The key players in the above market include 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.

EMR’s research methodology uses a combination of cutting-edge analytical tools and the expertise of their highly accomplished team, thus, providing their customers with market insights that are accurate, actionable, and help them remain ahead of their competition.

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