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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 (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.
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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.
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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.
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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 Ohers
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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