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Global HVAC Market to Reach USD 301 billion by 2026, Aided by the Favourable Government Policies

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Global HVAC Market: By Equipment: Heating, Ventilation, Cooling; By Implementation Type: New Constructions, Retrofits; By End Use: Residential, Commercial, Industrial; Regional Analysis; Historical Market and Forecast (2016-2026); 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 241 billion in 2020. The industry is further expected to grow at a CAGR of 4% in the forecast period of 2021-2026 to reach a value of nearly USD 301 billion by 2026.

 

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: Industry Definition and 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
  • Unitary Heaters

Ventilation

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

Cooling

  • Unitary Air Conditioners
    • Split
    • Packaged
  • VRF Systems
  • Chillers
  • Room Air Conditioners
  • 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:

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

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

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    Industry Opportunities and Challenges
8    Global HVAC Market Analysis
    8.1    Key Industry Highlights
    8.2    Global HVAC Historical Market (2016-2020) 
    8.3    Global HVAC Market Forecast (2021-2026)
    8.4    Global HVAC Market by Equipment
        8.4.1    Heating
            8.4.1.1    Market Share
            8.4.1.2    Historical Trend (2016-2020)
            8.4.1.3    Forecast Trend (2021-2026)
            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 (2016-2020)
                    8.4.1.4.1.3    Forecast Trend (2021-2026)
                    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 (2016-2020)
                    8.4.1.4.2.3    Forecast Trend (2021-2026)
                    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
                8.4.1.4.3    Unitary Heaters
                    8.4.1.4.3.1    Market Share
                    8.4.1.4.3.2    Historical Trend (2016-2020)
                    8.4.1.4.3.3    Forecast Trend (2021-2026)
        8.4.2    Ventilation
            8.4.2.1    Market Share
            8.4.2.2    Historical Trend (2016-2020)
            8.4.2.3    Forecast Trend (2021-2026)
            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 (2016-2020)
                    8.4.2.4.1.3    Forecast Trend (2021-2026)
                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 (2016-2020)
                    8.4.2.4.2.3    Forecast Trend (2021-2026)
                8.4.2.4.3    Ventilation Fans
                    8.4.2.4.3.1    Market Share
                    8.4.2.4.3.2    Historical Trend (2016-2020)
                    8.4.2.4.3.3    Forecast Trend (2021-2026)
                    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    Domestic Fans
                        8.4.2.4.3.4.5    Range Hood Fans
                8.4.2.4.4    Dehumidifiers and Humidifiers
                    8.4.2.4.4.1    Market Share
                    8.4.2.4.4.2    Historical Trend (2016-2020)
                    8.4.2.4.4.3    Forecast Trend (2021-2026)
                8.4.2.4.5    Others
        8.4.3    Cooling
            8.4.3.1    Market Share
            8.4.3.2    Historical Trend (2016-2020)
            8.4.3.3    Forecast Trend (2021-2026)
            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 (2016-2020)
                    8.4.3.4.1.3    Forecast Trend (2021-2026)
                    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 (2016-2020)
                    8.4.3.4.2.3    Forecast Trend (2021-2026)
                8.4.3.4.3    Chillers
                    8.4.3.4.3.1    Market Share
                    8.4.3.4.3.2    Historical Trend (2016-2020)
                    8.4.3.4.3.3    Forecast Trend (2021-2026)
                8.4.3.4.4    Room Air Conditioners
                    8.4.3.4.4.1    Market Share
                    8.4.3.4.4.2    Historical Trend (2016-2020)
                    8.4.3.4.4.3    Forecast Trend (2021-2026)
                8.4.3.4.5    Coolers
                    8.4.3.4.5.1    Market Share
                    8.4.3.4.5.2    Historical Trend (2016-2020)
                    8.4.3.4.5.3    Forecast Trend (2021-2026)
                8.4.3.4.6    Cooling Towers
                    8.4.3.4.6.1    Market Share
                    8.4.3.4.6.2    Historical Trend (2016-2020)
                    8.4.3.4.6.3    Forecast Trend (2021-2026)
                    8.4.3.4.6.4    Breakup by Type
                        8.4.3.4.6.4.1    Evaporative
                        8.4.3.4.6.4.2    Dry cooling
                        8.4.3.4.6.4.3    Hybrid 
                8.4.3.4.7    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 (2016-2020)
            8.5.1.3    Forecast Trend (2021-2026)
        8.5.2    Retrofits
            8.5.2.1    Market Share
            8.5.2.2    Historical Trend (2016-2020)
            8.5.2.3    Forecast Trend (2021-2026)
    8.6    Global HVAC Market by End Use
        8.6.1    Residential
            8.6.1.1    Market Share
            8.6.1.2    Historical Trend (2016-2020)
            8.6.1.3    Forecast Trend (2021-2026)
        8.6.2    Commercial
            8.6.2.1    Market Share
            8.6.2.2    Historical Trend (2016-2020)
            8.6.2.3    Forecast Trend (2021-2026)
        8.6.3    Industrial
            8.6.3.1    Market Share
            8.6.3.2    Historical Trend (2016-2020)
            8.6.3.3    Forecast Trend (2021-2026)
    8.7    Global HVAC Market by Region
        8.7.1    Market Share
            8.7.1.1    North America
            8.7.1.2    Europe
            8.7.1.3    Asia Pacific
            8.7.1.4    Latin America
            8.7.1.5    Middle East and Africa
9    Regional Analysis
    9.1    North America
        9.1.1    Historical Trend (2016-2020)
        9.1.2    Forecast Trend (2021-2026)
        9.1.3    Breakup by Country
            9.1.3.1    United States of America 
            9.1.3.2    Canada
    9.2    Europe
        9.2.1    Historical Trend (2016-2020)
        9.2.2    Forecast Trend (2021-2026)
        9.2.3    Breakup by Country
            9.2.3.1    United Kingdom
            9.2.3.2    Germany
            9.2.3.3    France
            9.2.3.4    Italy
            9.2.3.5    Others
    9.3    Asia Pacific
        9.3.1    Historical Trend (2016-2020)
        9.3.2    Forecast Trend (2021-2026)
        9.3.3    Breakup by Country
            9.3.3.1    China
            9.3.3.2    Japan
            9.3.3.3    India
            9.3.3.4    ASEAN
            9.3.3.5    Australia
            9.3.3.6    Others
    9.4    Latin America
        9.4.1    Historical Trend (2016-2020)
        9.4.2    Forecast Trend (2021-2026)
        9.4.3    Breakup by Country
            9.4.3.1    Brazil
            9.4.3.2    Argentina
            9.4.3.3    Mexico
            9.4.3.4    Others
9.5    Middle East and Africa
        9.5.1    Historical Trend (2016-2020)
        9.5.2    Forecast Trend (2021-2026)
        9.5.3    Breakup by Country
            9.5.3.1    Saudi Arabia
            9.5.3.2    United Arab Emirates
            9.5.3.3    Nigeria
            9.5.3.4    South Africa
            9.5.3.5    Others
10    Market Dynamics
    10.1    SWOT Analysis
        10.1.1    Strengths
        10.1.2    Weaknesses
        10.1.3    Opportunities
        10.1.4    Threats
    10.2    Porter’s Five Forces Analysis
        10.2.1    Supplier’s Power
        10.2.2    Buyer’s Power
        10.2.3    Threat of New Entrants
        10.2.4    Degree of Rivalry
        10.2.5    Threat of Substitutes
    10.3    EMR’s Key Indicators for Demand
    10.4    EMR’s Key Indicators for Price
11    Value Chain Analysis
12    Competitive Landscape
    12.1    Market Structure
    12.2    Key Players
    12.3    Company Profiles
        12.3.1    LG Electronics, Inc.
            12.3.1.1    Company Overview
            12.3.1.2    Product Portfolio
            12.3.1.3    Demographic Reach and Achievements
            12.3.1.4    Certifications
        12.3.2    Lennox International, Inc.
            12.3.2.1    Company Overview
            12.3.2.2    Product Portfolio
            12.3.2.3    Demographic Reach and Achievements
            12.3.2.4    Certifications
        12.3.3    Carrier Global Corporation
            12.3.3.1    Company Overview
            12.3.3.2    Product Portfolio
            12.3.3.3    Demographic Reach and Achievements
            12.3.3.4    Certifications
        12.3.4    Samsung Electronics Co. Ltd.
            12.3.4.1    Company Overview
            12.3.4.2    Product Portfolio
            12.3.4.3    Demographic Reach and Achievements
            12.3.4.4    Certifications
        12.3.5    Haier Group
            12.3.5.1    Company Overview
            12.3.5.2    Product Portfolio
            12.3.5.3    Demographic Reach and Achievements
            12.3.5.4    Certifications
        12.3.6    Daikin Industries, Ltd
            12.3.6.1    Company Overview
            12.3.6.2    Product Portfolio
            12.3.6.3    Demographic Reach and Achievements
            12.3.6.4    Certifications
        12.3.7    Emerson Electric Co.
            12.3.7.1    Company Overview
            12.3.7.2    Product Portfolio
            12.3.7.3    Demographic Reach and Achievements
            12.3.7.4    Certifications
        12.3.8    Honeywell International Inc.
            12.3.8.1    Company Overview
            12.3.8.2    Product Portfolio
            12.3.8.3    Demographic Reach and Achievements
            12.3.8.4    Certifications
        12.3.9    Johnson Controls, Inc
            12.3.9.1    Company Overview
            12.3.9.2    Product Portfolio
            12.3.9.3    Demographic Reach and Achievements
            12.3.9.4    Certifications
        12.3.10    Others
13    Industry Events and Developments

 

List of Figures and Tables

1.    Global HVAC Market: Key Industry Highlights, 2016 and 2026
2.    Global HVAC Historical Market: Breakup by Equipment (USD Billion), 2016-2020
3.    Global HVAC Market Forecast: Breakup by Equipment (USD Billion), 2021-2026
4.    Global HVAC Historical Market: Breakup by Implementation Type (USD Billion), 2016-2020
5.    Global HVAC Market Forecast: Breakup by Implementation Type (USD Billion), 2021-2026
6.    Global HVAC Historical Market: Breakup by End Use (USD Billion), 2016-2020
7.    Global HVAC Market Forecast: Breakup by End Use (USD Billion), 2021-2026
8.    Global HVAC Historical Market: Breakup by Region (USD Billion), 2016-2020
9.    Global HVAC Market Forecast: Breakup by Region (USD Billion), 2021-2026
10.    North America HVAC Historical Market: Breakup by Country (USD Billion), 2016-2020
11.    North America HVAC Market Forecast: Breakup by Country (USD Billion), 2021-2026
12.    Europe HVAC Historical Market: Breakup by Country (USD Billion), 2016-2020
13.    Europe HVAC Market Forecast: Breakup by Country (USD Billion), 2021-2026
14.    Asia Pacific HVAC Historical Market: Breakup by Country (USD Billion), 2016-2020
15.    Asia Pacific HVAC Market Forecast: Breakup by Country (USD Billion), 2021-2026
16.    Latin America HVAC Historical Market: Breakup by Country (USD Billion), 2016-2020
17.    Latin America HVAC Market Forecast: Breakup by Country (USD Billion), 2021-2026
18.    Middle East and Africa HVAC Historical Market: Breakup by Country (USD Billion), 2016-2020
19.    Middle East and Africa HVAC Market Forecast: Breakup by Country (USD Billion), 2021-2026
20.    Global HVAC Market Structure

Key Questions Answered in the Report

What was the global HVAC market size in 2020?

In 2020, the global HVAC market attained a value of nearly USD 241 billion.

What is the growth rate of the market?

The market is projected to grow at a CAGR of 4% between 2021 and 2026.

What is the forecast outlook of the market for 2021-2026?

The market is estimated to witness a healthy growth in the forecast period of 2021-2026 to reach about USD 301 billion by 2026.

What are the major industry drivers?

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.

What are the key industry trends of the global HVAC market?

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

What are the major regional markets of HVAC, according to the EMR report?

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

What are the leading equipment types in the industry?

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

What are the major implementation types of HVAC in the market?

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

What are the significant end use segments in the industry?

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

Who are the key industry players, according to the report?

The major players in the industry are LG Electronics, Inc., Lennox International, Inc., Carrier Global Corporation, Samsung Electronics Co. Ltd., Haier Group, Daikin Industries, Ltd, Emerson Electric Co., Honeywell International Inc., Johnson Controls, Inc, and Lennox International Inc., among others.

Analyst Review

The global HVAC market attained a value of USD 241 billion in 2020, 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 2021-2026, growing at a CAGR of 4%. The HVAC market is projected to reach USD 301 billion by 2026.

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 Group, Daikin Industries, Ltd, Emerson Electric Co., Honeywell International Inc., and Johnson Controls, Inc, 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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