HVAC systems Market Growth and Forecast, 2022 - 2030 : Grand View Research, Inc

The global HVAC systems market size is anticipated to reach USD 234.9 billion by 2030, according to a new study by Grand View Research Inc. The market is expected to expand at a CAGR of 6.3% from 2022 to 2030. The rising adoption of energy-efficient and renewable energy products is anticipated to be a significant driving factor for HVAC demand. Demand for eco-friendly systems, and advanced technology usage in products including software and automation, are a few key factors contributing to the industry’s success. The growing usage of ACs in homes, as well as offices, has favored the HVAC industry over the years. To further boost this demand, rising incomes and standard of living in several emerging economies have also driven business profitability in recent years.

HVAC Systems Market Segmentation

Grand View Research has segmented the global HVAC systems market based on product, end use, and region:

Based on the Product Insights, the market is segmented into Heating, Ventilation and Cooling.

  • The cooling segment dominated the market for HVAC systems and accounted for the largest revenue share of 54.7% in 2021.
  • The cooling segment from 2022 to 2030 is projected to grow at an approximate CAGR of 6%.
  • Apart from cooling, heating is also a major segment exhibiting gradual growth over the years. As of 2021, the segment captured over 20.0% share of the market.

Based on the End-use Insights, the market is segmented into Commercial, Residential and Industrial.

  • The residential segment dominated the market for HVAC systems and accounted for the largest revenue share of 40.1% in 2021. An increase in multi-family and individual homeowners is creating avenues for the residential HVAC segment. As such in 2021 the segment was approximately valued at more than USD 50.0 billion.
  • Commercial HVAC space offers huge opportunities for growth. The segment is projected to witness a CAGR exceeding 6.0% in the market for HVAC systems from 2022 to 2030.
  • As the COVID-19 pandemic becomes an endemic, and permanent WFH models slowly transition to a hybrid working model, the demand for HVAC in commercial settings is anticipated to witness an uptick.

HVAC SystemsRegional Outlook

  • North America
  • Europe
  • Asia Pacific
  • South America
  • Middle East & Africa (MEA)

Key Companies Profile& Market Share Insights

Inorganic growth strategies have been the go-to-market strategy for vendors in this space. The focus to increase market expanse and beat competition is achieved through partnerships and M&As.

Some prominent players in the HVAC Systems market include

  • Carrier Corporation
  • Daikin Industries, Ltd.
  • Emerson Electric Co.
  • Hitachi Ltd.
  • Johnson Controls International plc
  • Lennox International, Inc.
  • Trane Technologies

Order a free sample PDF of the HVAC Systems Market Intelligence Study, published by Grand View Research.

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