HVAC systems market projected to be worth $234.9 billion by 2030: Grand View Research, Inc.

SAN FRANCISCO, September 21, 2022 /PRNewswire/ — The global market size for HVAC systems is expected to be reached $234.9 billion by 2030, according to a new study by Grand View Research Inc. The market is expected to grow at a CAGR of 6.3% from 2022 to 2030. The increasing adoption of energy efficient and renewable energy products is expected to be a major driver of HVAC demand. The demand for eco-friendly systems and the use of advanced technologies in products, including software and automation, are some key factors contributing to the industry’s success. The increasing use of air conditioning in homes and offices has benefited the HVAC industry over the years. To further fuel this demand, rising incomes and living standards in several emerging markets have also boosted corporate profitability in recent years.

Key industry insights and takeaways from the report:

  • The ventilation systems segment accounted for more than 15.0% of the total revenue share in 2021. The growing importance of maintaining optimal indoor air quality is expected to drive the growth of the segment over the forecast period.
  • The cooling systems segment emerged as the dominant segment in 2021, accounting for more than 50.0% of the total revenue share in the same year. The urbanization of the tropics and subtropical regions of the world will result in increased energy requirements to achieve thermal comfort. Therefore, the refrigeration segment will witness healthy demand during the forecast period.
  • The booming real estate sector will create opportunities for both residential and commercial HVAC; However, commercial demand, stimulated by increased infrastructure spending, will register a CAGR of more than 5.0% from 2022 to 2030.
  • Asia Pacific dominated the market and accounted for more than 40% of sales in 2021. Rising temperatures and industrial growth in the region will support demand over the forecast period.
  • Since the outbreak of the coronavirus, the major players in the market have focused on launching products that can improve air quality. in the February 2020, brought Havells India Ltd. launched the Grande high-performance air conditioning system under its Llyod brand. The air conditioner features a Catechin-coated dust filter and a Green Bio air filter, as well as antibacterial Eva coils that improve indoor air quality.

Read the 134-page full market research report for more insight, “HVAC Systems Market Size, Share & Trends Analysis Report by Product (Heating, Ventilation, Cooling), by End Use (Residential, Commercial, Industrial), by Region, and Segment Forecasts, 2022 – 2030”, published by Grand View Research.

HVAC Systems market growth and trends

The growing popularity of ductless HVAC (heating, ventilation and air conditioning) is also gaining traction and will create avenues for market growth in the medium term. Installing air conditioning in buildings without ducts is an impossible task, and here come ductless systems to save the day. These compact units can be installed almost anywhere without ducts. In addition to the development of new products, energy-efficient and technically adept products are also conquering a market niche. For example, products that work with geothermal technologies or renewable energy sources help consumers reduce energy costs, while OEMs benefit in meeting sustainability goals.

In addition to efficiency, this also makes the technology a lucrative market. Building automation systems are popular with contractors and architects. Therefore, the demand for Building Automation Systems (BAS) is gaining traction, creating avenues for the market. In addition, air conditioning systems are no longer operated manually, but can be controlled remotely using a smartphone, PC or tablet. This functionality and smart feature is also becoming a popular trend in the market creating revenue streams for manufacturers.

HVAC Systems Market Segmentation

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

HVAC Systems Market – Product Outlook (Revenue, $Bn, 2018-2030)

  • heating
  • ventilation
  • cooling

HVAC Systems Market – End-User Outlook (Revenue, $Bn, 2018-2030)

  • residential
  • Commercially
  • Industrial

HVAC Systems Market – Regional Outlook (Revenue, $Bn, 2018-2030)

  • North America
  • Europe
    • United Kingdom
    • Germany
    • France
    • Italy
    • Spain
    • Latvia
  • Asia Pacific
    • India
    • China
    • Japan
    • South Korea
    • Australia
  • South America
  • middle East & Africa (MEA)

List of Major Players in HVAC Systems Market

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

Check out other related studies published by Grand View Research:

  • Hospital HVAC Systems MarketIt is expected to reach the global hospital HVAC systems market size $11.34 billion to 2025 with a CAGR of 7.2% during the forecast period, according to a study by Grand View Research, Inc. Hospitals have special requirements in terms of air quality and aseptic conditions due to the critical health condition of the patients. The imminent need to ensure the required temperature, coupled with the increasing awareness of maintaining a clean and hygienic environment in healthcare facilities, is expected to have a positive impact on growth.
  • Market for plate and frame heat exchangers – Global Plate and Frame Heat Exchanger market size is expected to be reached $8.80 billion to 2030, according to a new report by Grand View Research, Inc., at a CAGR of 5.4% over the forecast period. Increasing demand in manufacturing facilities as an effective heating solution, minimal maintenance, durability and life cycle cost is expected to drive industry growth. Most processes in petrochemical plants operate at high temperatures and pressures, necessitating optimization of the heat transfer process and improvement in energy savings. The global industry is driven by additional benefits such as compact design and easier maintenance coupled with growing demand in the chemical and petrochemical industries.
  • Market for medium and high power engines – It is expected to reach the global mid-range and heavy-duty engine market $88.93 billion by 2022, according to a new study by Grand View Research, Inc. Positive manufacturing industry results coupled with the implementation of strict power consumption regulations are expected to escalate industry growth over the forecast period. In addition, the increasing replacement of aging electric motors could increase demand in the coming years.

Browse through Grand View Research Advanced interior materials industry research reports.

About Grand View Research

Grand View Research, a US-based market research and consulting firm, offers both syndicated and custom research reports and consulting services. Registered in California and headquarters in san francisco, the firm includes over 425 analysts and consultants who add more than 1200 market research reports to its extensive database each year. These reports provide in-depth analysis of 46 industries across 25 major countries worldwide. Using an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutions understand the global and regional business environment and assess the opportunities ahead.

Contact:

SherryJames
Corporate Sales Specialist, United States of America
Grand View Research, Inc.
Phone: 1-415-349-0058
Toll Free: 1-888-202-9519
Email: sales@grandviewresearch.com
Web: https://www.grandviewresearch.com
Grand View Compass | Astra ESG solutions
Follow us: LinkedIn | Twitter

Logo: https://mma.prnewswire.com/media/661327/Grand_View_Research_Logo.jpg

SOURCE Grand View Research, Inc.

Leave a Comment