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The global HVAC market reached approximately USD 229.5 billion in 2023. The market is projected to grow at a CAGR of 5.6% between 2024 and 2032, reaching a value of around USD 375.0 billion by 2032.
Global HVAC Market Report Summary | Description | Value |
Base Year | USD Billion | 2023 |
Historical Period | USD Billion | 2018-2023 |
Forecast Period | USD Billion | 2024-2032 |
Market Size 2023 | USD Billion | 229.5 |
Market Size 2032 | USD Billion | 375.0 |
CAGR 2018-2023 | Percentage | XX% |
CAGR 2024-2032 | Percentage | 5.6% |
CAGR 2024-2032 - Market by Region | Asia Pacific | 5.6% |
CAGR 2024-2032 - Market by Country | China | 6.1% |
CAGR 2024-2032 - Market by Country | USA | 4.7% |
CAGR 2024-2032 - Market by Equipment | Cooling | 5.3% |
CAGR 2024-2032 - Market by End Use | Residential | 5.4% |
Market Share by Country 2023 | USA | 21.3% |
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The growth in construction activities across residential homes, commercial offices, and industrial settings and the growing demand to minimise energy consumption are some of the major factors driving the HVAC market growth. The increase in the number of net-zero buildings in the construction sector will also be an upcoming trend, which is expected to increase the HVAC market value as the goal of these buildings is to reduce overall energy consumption and lower the environmental impact. The global demand for HVAC is also projected to increase due to factors such as rising population, rapid urbanisation, and growing disposable income.
New Constructions and Renovation Projects Aid the Demand for HVAC Systems
According to the International Energy Agency (IEA), by 2050, space cooling is projected to account for the largest share of the global increase in electricity demand, contributing 37%. This surge is attributed to the rising global temperatures and increasing use of air conditioning systems, particularly in emerging economies. Residential appliances are expected to contribute 26% to the growth in electricity demand, driven by the proliferation of household devices and the expansion of the middle class in developing regions. Heating demands will account for 12% of the total growth, reflecting the need for climate control in colder regions. Lighting will represent 8% of the increase, while other services, encompassing a variety of electrical uses in both residential and commercial sectors, will constitute 17%.
As per HVAC industry analysis, an expanding residential and commercial construction aids the demand for HVAC systems, globally. China is expected to dominate the global construction market, accounting for 31% of the total market share by 2037. This dominance reflects China's continued emphasis on urbanization, infrastructure development, and industrial expansion. Major projects, including the Belt and Road Initiative, extensive urban housing developments, and large-scale transportation networks, are expected to drive this growth.
The United States is projected to hold 13% of the global construction market by 2037, making it the second-largest market. The U.S. construction sector will be fueled by investments in residential, commercial, and infrastructure projects. Government initiatives to modernize aging infrastructure, along with sustained demand for residential and commercial spaces, is expected to underpin growth. Additionally, investments in sustainable and smart building technologies will further increase the HVAC industry revenue.
As per U.S. Census Bureau, between 2018 to 2024, the total housing units in the United States demonstrated a steady upward trend. In Q1 2018, the housing inventory stood at 137,920 thousand units, increasing to 138,203 thousand units by Q2 2018 and further to 138,778 thousand units by Q4 2018. The growth continued through 2019, with the inventory reaching 139,069 thousand units in Q1 and rising to 139,961 thousand units by Q4. In 2020, the number of housing units increased from 140,266 thousand units in Q1 to 141,251 thousand units by Q4. This upward trajectory persisted in 2021, starting at 141,589 thousand units in Q1 and reaching 142,697 thousand units by Q4, thus aiding the growth of the HVAC industry. The trend continued in 2022, with the inventory growing from 143,105 thousand units in Q1 to 144,332 thousand units by Q4. In 2023, the total housing units increased from 144,740 thousand units in Q1 to 145,967 thousand units by Q4. By Q1 2024, the inventory peaked at 146,375 thousand units.
HVAC Industry Statistics in India
India is expected to capture 7% of the global construction market by 2037. This significant share is driven by rapid urbanisation, population growth, and substantial government investments in infrastructure. Key initiatives such as the Smart Cities Mission, affordable housing schemes, and large-scale transportation projects will contribute to this growth. India's focus on improving urban infrastructure and expanding industrial capacities will be pivotal in the construction sector, thus aiding the HVAC industry in India. Germany is anticipated to account for 5% of the global construction market. Germany's construction sector is characterized by high standards in residential and commercial building, driven by a strong economy and robust regulatory framework.
Growing preference for condensing boilers; growing demand for sustainable HVAC systems; and the rise of smart HVACs are the major trends impacting the market growth
July 31st 2022
Carrier Global Corporation, a provider of eco-friendly and intelligent building solutions, gained the acquisition of residential and light commercial HVAC business ventures in Toshiba Carrier Corporation.
Oct 23rd 2023
Mitsubishi Electric Corp. announced the development of an aluminium vertical tube design which can enhance the heat exchange capabilities of heat pump AC by around 40 per cent, thus impacting the HVAC market development.
Jan 22nd 2024
Sensibo, a climate tech IoT company, announced the launch of an AI-based smart heating and cooling solution which utilises the capabilities of ChatGPT.
Jan 23rd 2024
LG Electronics (LG), a consumer electronics company, unveiled its latest HVAC solutions at Expo 2024 such as LG's R32 air-to-water heat pump and multi-position air handler heat pump, among others.
Growing preference for condensing boilers in the market
Condensing boilers offer multiple benefits such as low energy consumption, reduced energy bills, and compact size to the users.
Ductless HVAC to continue its upward trajectory
Ductless HVAC systems offer the functionalities of both heating and cooling in one unit, which reduces the installation, maintenance, and energy costs.
Growing demand for sustainable HVAC systems globally
Sustainable HVAC offers an energy-efficient solution for residential houses and businesses as they offer efficient usage of resources and reduce waste. This is a key trend of HVAC market.
Smart HVAC to witness substantial growth in coming years
Smart HVAC is the HVAC system in which the heating and cooling adjustments can be made via smartphone from even thousands of miles away.
One of the trends increasing the HVAC demand is the increasing preference for condensing boilers in the market. HVAC systems are used for both cooling and heating in regions with extreme weather conditions and 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, based on radiant or convection heat, includes continuous heat, good consistency of temperature, advanced technology controls, easy maintenance, and longer condensing boiler life.
Sensibo launched a smart HVAC system, which utilises the ChatGPT model to understand simple as well as complex requests of users. It can also offer recommendations based on the user behaviour such as an automated AC schedule depending on the most common time a consumer uses AC, which can result in potential energy savings.
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“HVAC Industry Report and Forecast 2024-2032” offers a detailed analysis of the market based on the following segments:
CAGR 2024-2032 - Market by | Equipment |
Cooling | 5.3% |
Ventilation | 4.4% |
Heating | XX% |
Market Breakup by Equipment
Market Breakup by Implementation Type
CAGR 2024-2032 - Market by | End Use |
Residential | 5.4% |
Commercial | 5.2% |
Industrial | XX% |
Market Breakup by End Use
CAGR 2024-2032 - Market by | Region |
Asia Pacific | 5.6% |
North America | 4.9% |
Europe | XX% |
Latin America | XX% |
Middle East | XX% |
CAGR 2024-2032 - Market by | Country |
China | 6.1% |
USA | 4.7% |
UK | 4.6% |
Canada | XX% |
Germany | XX% |
France | XX% |
Market Breakup by Region
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2023 Market Share by | Country |
USA | 21.3% |
Canada | XX% |
UK | XX% |
Germany | XX% |
The cooling segment continues its dominance in the market due to the rising demand for AC in warm climates
The cooling segment occupies a significant portion of the HVAC market share as it is crucial for maintaining comfortable indoor temperatures, particularly in warmer climates or during hot seasons. In homes, HVAC systems often include air conditioners, either as standalone units (like window or portable air conditioners) or as part of a central system that cools the entire house. Ductless mini-split systems are popular in homes without existing ductwork, offering efficient cooling for individual rooms or zones.
Commercial buildings such as offices, shopping malls, hotels, and educational institutions use larger-scale HVAC systems for cooling, increasing the demand of HVAC market. These systems often include central air conditioning, chillers, and rooftop units that are capable of cooling large spaces efficiently. Furthermore, the ventilation segment is expected to gain sizeable growth in the coming years as ventilation can improve the indoor air quality of a building.
The residential sector maintains steady growth due to the rising popularity of eco-efficient HVAC systems
The HVAC market demand growth is driven by the demand for HVAC (Heating, Ventilation, and Air Conditioning) industry in the residential sector which is influenced by a variety of factors, reflecting the needs and preferences of homeowners for comfortable, efficient, and sustainable indoor living environments. In regions with extreme temperatures, either hot or cold, the need for efficient heating or cooling systems is higher.
Homeowners are increasingly seeking energy-efficient HVAC systems to reduce energy bills and environmental impact. A booming real estate market also leads to more new construction and, subsequently, new installations of HVAC systems. The commercial sector is expected to grow steadily in the forecast period, due to the rising installation of HVAC in offices, malls, and other commercial buildings to enhance the comfort of people.
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As per the HVAC market analysis, The Asia Pacific region is one of the largest and fastest-growing markets for HVAC systems globally. The region encompasses a wide range of climatic conditions, from the cold climates of Northern China and Japan to the tropical climates of Southeast Asia and India. This diversity leads to varied HVAC needs, with some countries requiring more heating solutions and others focusing more on cooling, thereby aiding the HVAC market demand. Rapid urbanisation and economic growth in countries like China and India have led to significant construction activity, both in residential and commercial sectors, driving the demand for HVAC systems.
Meanwhile, North America is expected to grow significantly in the foreseeable future, owing to the growing retrofit projects in the region, which boosts the installation of HVAC systems and adds to the market revenue.
The market players are introducing novel and energy efficient technologies to stay ahead in the competition, further increasing their collaboration efforts to meet the evolving regulatory landscape
Lennox International, Inc., based in Texas, the United States, is a provider of climate control products. Founded in 1895, the company specialises in offering innovative technologies in the HVAC sector.
LG Electronics, Inc. is a consumer electronics company, headquartered in Seoul, South Korea. Some of its other specialities include home appliances, home entertainment, and B2B products, among others.
Carrier Global Corporation, based in New York, United States, is a multinational provider of HVAC systems. The company offers eco-efficient products for residential, commercial, and transport sectors, among others.
Daikin Europe NV unveiled a range of residential air-to-air heat pump products on December 4th, 2023, which are specifically designed for cold climates.
Other key players in the market are Samsung Electronics Co. Ltd., Haier Smart Home Co., Ltd., Emerson Electric Co., Honeywell International Inc., and Johnson Controls International plc, among others.
REPORT FEATURES | DETAILS |
Base Year | 2023 |
Historical Period | 2018-2023 |
Forecast Period | 2024-2032 |
Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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Breakup by Equipment |
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Breakup by Implementation Type |
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Breakup by End Use |
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Breakup by Region |
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Market Dynamics |
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Competitive Landscape |
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Companies Covered |
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*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.
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 (2018-2023)
8.3 Global HVAC Market Forecast (2024-2032)
8.4 Global HVAC Market by Equipment
8.4.1 Heating
8.4.1.1 Historical Trend (2018-2023)
8.4.1.2 Forecast Trend (2024-2032)
8.4.1.3 Breakup by Type
8.4.1.3.1 Heat Pumps
8.4.1.3.1.1 Historical Trend (2018-2023)
8.4.1.3.1.2 Forecast Trend (2024-2032)
8.4.1.3.1.3 Breakup by Product
8.4.1.3.1.3.1 Air-to-air
8.4.1.3.1.3.2 Air-to-water
8.4.1.3.1.3.3 Water-to-water
8.4.1.3.2 Furnaces
8.4.1.3.2.1 Historical Trend (2018-2023)
8.4.1.3.2.2 Forecast Trend (2024-2032)
8.4.1.3.2.3 Breakup by Product
8.4.1.3.2.3.1 Oil
8.4.1.3.2.3.2 Gas
8.4.1.3.2.3.3 Electric
8.4.1.3.2.3.2 Others
8.4.1.3.3 Boilers
8.4.1.3.3.1 Historical Trend (2018-2023)
8.4.1.3.3.2 Forecast Trend (2024-2032)
8.4.2 Ventilation
8.4.2.1 Historical Trend (2018-2023)
8.4.2.2 Forecast Trend (2024-2032)
8.4.2.3 Breakup by Type
8.4.2.3.1 Air-Handling Units
8.4.2.3.1.1 Historical Trend (2018-2023)
8.4.2.3.1.2 Forecast Trend (2024-2032)
8.4.2.3.2 Air Filters and Purifiers
8.4.2.3.2.1 Historical Trend (2018-2023)
8.4.2.3.2.2 Forecast Trend (2024-2032)
8.4.2.3.3 Ventilation Fans
8.4.2.3.3.1 Historical Trend (2018-2023)
8.4.2.3.3.2 Forecast Trend (2024-2032)
8.4.2.3.3.3 Breakup by Product
8.4.2.3.3.3.1 Crossflow Fans
8.4.2.3.3.3.2 Axial Fans
8.4.2.3.3.3.3 Centrifugal Fans
8.4.2.3.3.3.4 Others
8.4.2.3.4 Dehumidifiers and Humidifiers
8.4.2.3.4.1 Historical Trend (2018-2023)
8.4.2.3.4.2 Forecast Trend (2024-2032)
8.4.2.3.5 Others
8.4.3 Cooling
8.4.3.1 Historical Trend (2018-2023)
8.4.3.2 Forecast Trend (2024-2032)
8.4.3.3 Breakup by Type
8.4.3.3.1 Unitary Air Conditioners
8.4.3.3.1.1 Historical Trend (2018-2023)
8.4.3.3.1.2 Forecast Trend (2024-2032)
8.4.3.3.1.3 Breakup by Type
8.4.3.3.1.3.1 Split
8.4.3.3.1.3.2 Packaged
8.4.3.3.2 VRF Systems
8.4.3.3.2.1 Historical Trend (2018-2023)
8.4.3.3.2.2 Forecast Trend (2024-2032)
8.4.3.3.3 Chillers
8.4.3.3.3.1 Historical Trend (2018-2023)
8.4.3.3.3.2 Forecast Trend (2024-2032)
8.4.3.3.4 Coolers
8.4.3.3.4.1 Historical Trend (2018-2023)
8.4.3.3.4.2 Forecast Trend (2024-2032)
8.4.3.3.5 Cooling Towers
8.4.3.3.5.1 Historical Trend (2018-2023)
8.4.3.3.5.2 Forecast Trend (2024-2032)
8.4.3.3.5.3 Breakup by Type
8.4.3.3.5.3.1 Evaporative
8.4.3.3.5.3.2 Dry cooling
8.4.3.3.5.3.3 Hybrid
8.4.3.3.6 Others
8.5 Global HVAC Market by Implementation Type
8.5.1 New Constructions
8.5.1.1 Historical Trend (2018-2023)
8.5.1.2 Forecast Trend (2024-2032)
8.5.2 Retrofits
8.5.2.1 Historical Trend (2018-2023)
8.5.2.2 Forecast Trend (2024-2032)
8.6 Global HVAC Market by End Use
8.6.1 Residential
8.6.1.1 Historical Trend (2018-2023)
8.6.1.2 Forecast Trend (2024-2032)
8.6.2 Commercial
8.6.2.1 Historical Trend (2018-2023)
8.6.2.2 Forecast Trend (2024-2032)
8.6.3 Industrial
8.6.3.1 Historical Trend (2018-2023)
8.6.3.2 Forecast Trend (2024-2032)
8.7 Global HVAC Market by Region
8.7.1 North America
8.7.1.1 Historical Trend (2018-2023)
8.7.1.2 Forecast Trend (2024-2032)
8.7.2 Europe
8.7.2.1 Historical Trend (2018-2023)
8.7.2.2 Forecast Trend (2024-2032)
8.7.3 Asia Pacific
8.7.3.1 Historical Trend (2018-2023)
8.7.3.2 Forecast Trend (2024-2032)
8.7.4 Latin America
8.7.4.1 Historical Trend (2018-2023)
8.7.4.2 Forecast Trend (2024-2032)
8.7.5 Middle East and Africa
8.7.5.1 Historical Trend (2018-2023)
8.7.5.2 Forecast Trend (2024-2032)
9 North America HVAC Market Analysis
9.1 United States of America
9.1.1 Historical Trend (2018-2023)
9.1.2 Forecast Trend (2024-2032)
9.2 Canada
9.2.1 Historical Trend (2018-2023)
9.2.2 Forecast Trend (2024-2032)
10 Europe HVAC Market Analysis
10.1 United Kingdom
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Germany
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
10.3 France
10.3.1 Historical Trend (2018-2023)
10.3.2 Forecast Trend (2024-2032)
10.4 Italy
10.4.1 Historical Trend (2018-2023)
10.4.2 Forecast Trend (2024-2032)
10.5 Others
11 Asia Pacific HVAC Market Analysis
11.1 China
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 Japan
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
11.3 India
11.3.1 Historical Trend (2018-2023)
11.3.2 Forecast Trend (2024-2032)
11.4 ASEAN
11.4.1 Historical Trend (2018-2023)
11.4.2 Forecast Trend (2024-2032)
11.5 Australia
11.5.1 Historical Trend (2018-2023)
11.5.2 Forecast Trend (2024-2032)
11.6 Others
12 Latin America HVAC Market Analysis
12.1 Brazil
12.1.1 Historical Trend (2018-2023)
12.1.2 Forecast Trend (2024-2032)
12.2 Argentina
12.2.1 Historical Trend (2018-2023)
12.2.2 Forecast Trend (2024-2032)
12.3 Mexico
12.3.1 Historical Trend (2018-2023)
12.3.2 Forecast Trend (2024-2032)
12.4 Others
13 Middle East and Africa HVAC Market Analysis
13.1 Saudi Arabia
13.1.1 Historical Trend (2018-2023)
13.1.2 Forecast Trend (2024-2032)
13.2 United Arab Emirates
13.2.1 Historical Trend (2018-2023)
13.2.2 Forecast Trend (2024-2032)
13.3 Nigeria
13.3.1 Historical Trend (2018-2023)
13.3.2 Forecast Trend (2024-2032)
13.4 South Africa
13.4.1 Historical Trend (2018-2023)
13.4.2 Forecast Trend (2024-2032)
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 Lennox International, 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 LG Electronics, 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, 2018 and 2032
2. Global HVAC Historical Market: Breakup by Equipment (USD Billion), 2018-2023
3. Global HVAC Market Forecast: Breakup by Equipment (USD Billion), 2024-2032
4. Global HVAC Historical Market: Breakup by Implementation Type (USD Billion), 2018-2023
5. Global HVAC Market Forecast: Breakup by Implementation Type (USD Billion), 2024-2032
6. Global HVAC Historical Market: Breakup by End Use (USD Billion), 2018-2023
7. Global HVAC Market Forecast: Breakup by End Use (USD Billion), 2024-2032
8. Global HVAC Historical Market: Breakup by Region (USD Billion), 2018-2023
9. Global HVAC Market Forecast: Breakup by Region (USD Billion), 2024-2032
10. North America HVAC Historical Market: Breakup by Country (USD Billion), 2018-2023
11. North America HVAC Market Forecast: Breakup by Country (USD Billion), 2024-2032
12. Europe HVAC Historical Market: Breakup by Country (USD Billion), 2018-2023
13. Europe HVAC Market Forecast: Breakup by Country (USD Billion), 2024-2032
14. Asia Pacific HVAC Historical Market: Breakup by Country (USD Billion), 2018-2023
15. Asia Pacific HVAC Market Forecast: Breakup by Country (USD Billion), 2024-2032
16. Latin America HVAC Historical Market: Breakup by Country (USD Billion), 2018-2023
17. Latin America HVAC Market Forecast: Breakup by Country (USD Billion), 2024-2032
18. Middle East and Africa HVAC Historical Market: Breakup by Country (USD Billion), 2018-2023
19. Middle East and Africa HVAC Market Forecast: Breakup by Country (USD Billion), 2024-2032
20. Global HVAC Market Structure
In 2023, the market reached an approximate value of USD 229.5 billion.
The market is estimated to grow at a CAGR of 5.6% between 2024 and 2032.
The market is estimated to witness a healthy growth during 2024-2032 to reach around USD 375.0 billion by 2032.
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 trends aiding the market include a growing preference for condensing boilers; popularity of ductless HVAC; growing demand for sustainable HVAC systems; and the rise of smart HVACs.
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 market are 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, and Johnson Controls International plc, among others.
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