Sale

Companies

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

HVAC Market 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.

 

HVAC Market Report Snapshots

HVAC Market Size

HVAC Companies

 

*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 (2018-2023) 
    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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