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HVAC Market

Global HVAC Market Size, Trends, Analysis, Forecast, Outlook: By Equipment: Heating, Ventilation, Cooling; By Implementation Type: New Constructions, Retrofits; By End Use: Residential, Commercial, Industrial; Regional Analysis; Market Dynamics: SWOT Analysis, Porter’s Five Forces Analysis; Competitive Landscape; 2024-2032

Global HVAC Market Size

The global HVAC market reached approximately USD 168.65 billion in 2023. The market is projected to grow at a CAGR of 6.2% between 2024 and 2032, reaching a value of around USD 289.79 billion by 2032.

 

Key Takeaways

  • AI-based smart voice-controlled HVAC systems are expected to create innovative opportunities in the market.
  • Smart building solutions are considered a crucial factor while buying or renting in the real estate market.
  • The Asia Pacific holds the largest market share due to the rising usage of AC in the region.

 

Heating, ventilation, and air conditioning systems are together referred to as HVAC and they refer to different structures, equipment, as well as technology that are used to enhance indoor comfort in residences, offices, halls, and transport systems by maintaining an optimum temperature. HVAC systems are used in various settings and proper installation and maintenance are crucial for the longevity of these systems.

 

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 influence the market positively 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.

 

Global HVAC Market Report

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Key Trends and Developments

Growing preference for condensing boilers; popularity of ductless HVAC; 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.

 

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.

 

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 crucial HVAC market trends 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.

 

Global HVAC Market by Equipment

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HVAC Market Segmentation

“HVAC Market Report and Forecast 2024-2032” offers a detailed analysis of the market based on the following segments:

Market Breakup by Equipment

  • Heating
  • Ventilation
  • Cooling

 

Market Breakup by Implementation Type

  • New Constructions
  • Retrofits

 

Market Breakup by End Use

  • Residential
  • Commercial
  • Industrial

 

Market Breakup by Region

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East and Africa

 

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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. 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 new construction segment gains substantial growth due to the increased integration of HVAC in new buildings

New constructions hold a dominant market share as integrating HVAC systems into new construction is a critical aspect of building design and planning. This integration ensures that the heating, ventilation, and air conditioning needs of the building are met efficiently and effectively. The segment growth is closely tied to the rate of new building constructions, which can be influenced by factors like economic conditions, population growth, and urbanisation trends.

 

The demand in new residential buildings focuses on systems that provide comfort with energy efficiency and indoor air quality, whereas commercial projects often require more complex HVAC systems that can handle larger spaces and more varied use cases. Moreover, the retrofit segment is anticipated to witness rapid growth, owing to the growing renovation activities, which facilitate the installation of the HVAC system.

 

The residential sector maintains steady growth due to the rising popularity of eco-efficient HVAC systems

The HVAC market demand 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.

 

Global HVAC Market by Region

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Competitive Landscape

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.

 

Growing acquisition and joint ventures between several market players to expand their market reach aid the market expansion globally, enhancing the brand presence. These efforts are also designed to strengthen their position in the energy-efficient HVAC market as they aim to incorporate sustainable measures to reduce the overall environmental impact of HVAC solutions.

 

As per the HVAC market analysis, The Asia Pacific region is one of the largest and fastest-growing markets for HVAC systems globally. This growth is fuelled by rapid urbanisation, increasing population, and economic development in major countries like China, India, Japan, and Southeast Asian nations.

 

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.

 

The rising awareness of environmental issues is leading to a greater demand for eco-friendly HVAC systems that have a lower carbon footprint. Furthermore, governments in the Asia Pacific region are implementing stricter energy efficiency regulations and standards for HVAC systems to reduce energy consumption and environmental impact. 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 HVAC market revenue.

 

Key Highlights of the Report

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:

  • 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
    • United States of America 
    • Canada
  • Europe
    • United Kingdom
    • Germany
    • France
    • Italy
    • Others
  • Asia Pacific
    • China
    • Japan
    • India
    • ASEAN
    • Australia
    • Others
  • Latin America
    • Brazil
    • Argentina
    • Mexico
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • United Arab Emirates
    • Nigeria
    • South Africa
    • Others
Market Dynamics
  • SWOT Analysis
  • Porter's Five Forces Analysis
  • Key Indicators for Demand
  • Key Indicators for Price
Competitive Landscape
  • Market Structure
  • Company Profiles
    • Company Overview
    • Product Portfolio
    • Demographic Reach and Achievements
    • Certifications
Companies Covered
  • 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

 

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HVAC Market Report Snapshots

HVAC Market Size

HVAC Companies

 

*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

Key Questions Answered in the Report

In 2023, the market reached an approximate value of USD 168.65 billion.

The market is estimated to grow at a CAGR of 6.2% between 2024 and 2032.

The market is estimated to witness a healthy growth during 2024-2032 to reach around USD 289.79 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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