HVAC Market size to grow by USD 74.02 billion from 2023 to 2028, Growing construction sector to drive the growth- Technavio

NEW YORK, Jan. 8, 2024 /PRNewswire/ -- The HVAC market is expected to grow by USD 74.02 billion between 2023 and 2028. However, the growth momentum of the market will progress at a CAGR of 6.5% during the forecast period. The market is segmented by type (HVAC equipment and HVAC services), end-user (non-residential and residential), and geography (APAC, Europe, North America, Middle East and Africa, and South America).

The growing construction sector is a key factor driving market growth. The growth increases the demand for air conditioning, heating systems, ventilation, refrigeration, and ductwork, meeting diverse climate control needs. Emerging focus on indoor air quality, thermostats' innovative advancements, and efficient heat pumps and furnace installation drive market expansion. Moreover, the integration of cooling towers and air handlers contributes to the industry's evolution, reflecting a comprehensive response to escalating construction demands.

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Key Highlights:

• The report recognizes the following as some of the key players in the HVAC market: ABM Industries Inc., Air Comfort, Alexander Mechanical Inc., Blue Star Ltd., Carrier Global Corp., Daikin Industries Ltd., EMCOR Group Inc., Emerson Electric Co., ENGIE SA, Ferguson plc, Fujitsu Ltd., Ingersoll Rand Inc., J and J Air Conditioning, Johnson Controls International Plc, Lennox International Inc., LG Electronics Inc., Nortek, Samsung Electronics Co. Ltd., Service Logic, and Siemens AG
• HVAC Market is fragmented in nature.
• Market to observe 5.93% YOY growth in 2024.

Market Dynamics:

Major Trend

• The HVAC market experiences a notable trend with the increased adoption of building automation systems, impacting controls in both commercial HVAC and residential HVAC. This shift enhances HVAC maintenance, leveraging smart technologies for improved climate control and air purification. Embracing green HVAC technologies, IoT integration, and retrofitting strategies, the industry aligns with sustainable practices. The incorporation of advanced HVAC filters and the integration of smart HVAC systems showcase a paradigm shift towards efficient and interconnected building environments.

Significant Challenge

• The HVAC market faces challenges in failure issues with equipment, impacting energy efficiency and system reliability. Problems with dehumidifiers, zoning systems, and Variable Refrigerant Flow (VRF) technologies lead to operational hurdles. Additionally, ensuring the functionality of energy management systems, UV air sanitizers, and geothermal systems remains crucial amid equipment failures. Addressing these issues necessitates a focus on maintenance, technological advancements, and stringent quality control measures to mitigate risks and maintain optimal HVAC performance.

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Keg Segments:

The HVAC equipment segment will account for a major share of the market's growth during the forecast period. 
The segment is experiencing growth due to factors such as a burgeoning population, industrialization, heightened construction spending, elevated sales of both commercial and residential structures, and the augmented disposable income of the middle-class demographic. Additionally, the surge in demand for HVAC equipment from both residential and non-residential sectors is expected to propel the overall global HVAC market.

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The Commercial HVAC Market size is estimated to grow by USD 24.63 million between 2022 and 2027 accelerating at a CAGR of 4.43%.

The HVAC System Market size is estimated to grow at a CAGR of 6.22% between 2022 and 2027 and the size of the market is forecast to increase by USD 48.34 billion. 

ToC:

Executive Summary

Market Landscape

Market Sizing

Historic Market Sizes

Five Forces Analysis

Market Segmentation by Type

Market Segmentation by End-user

Market Segmentation by Geography

Customer Landscape

Geographic Landscape

Drivers, Challenges, & Trends

Company Landscape

Company Analysis

Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio