HVAC System Market/Heating, Ventilation and Air Conditioning Market Research Report Information by Systems (Heating, Ventilation, Humidity, and Integrated Controls), By Components (Sensors and Control & Control Devices), By Revenue Source (HVAC Controls and Building Energy Management Systems (BEMS)), And by Region (North America, Europe, Asia-Pacific, And Rest of The World) – Market Forecast Till 2030

Global Heating, Ventilation and Air Conditioning (HVAC) System Market Overview:

The Heating, Ventilation and Air Conditioning (HVAC) System Market Size was valued at USD 1,39,768.5 million in 2021. The Heating, Ventilation and Air Conditioning (HVAC) System Market industry is projected to grow from USD 1,48,224.5 million in 2022 to USD 2,23,611.8 million by 2030, exhibiting a compound annual growth rate (CAGR) of 6.05% during the forecast period (2022 - 2030). Over the forecast period, a key trend expected to impact the heating, ventilation and air conditioning market is maintaining an ambient environment in buildings despite varying climatic conditions. Increasingly, customers are looking for products with smart features and energy efficiency, and this trend is expected to gain traction soon. These are the key Heating, Ventilation and Air Conditioning (HVAC) System Market drivers enhancing the market growth.

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Heating, Ventilation and Air Conditioning (HVAC) System Market Trends

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  Heating, Ventilation and Air Conditioning Demand Increases Due to Increasing Preference for VRF Technology to boost the market growth

  
  

By controlling how much refrigerant is provided to fan coil units within a building, VRF technology can simultaneously raise and lower the temperature in different areas. The technology offers several benefits, including cost-effective installation, energy efficiency, and flexibility in design. As the real estate market and regulatory environment evolve, sustainability significantly impacts property value, operating costs, and marketability. Because they are environmentally friendly and fit health, safety, and comfort requirements, health, safety, and comfort buildings are becoming increasingly popular. Increasing demand for hybrid systems will increase demand for heating, ventilation, and cooling systems. Hybrid systems, for example, are becoming more popular due to their ability to adjust the temperature in response to environmental changes automatically. Carrier, for example, introduced Carrier Hybrid Heat in October 2019, a heating system that uses an electric heat pump and gas furnace to adapt to environmental changes.

With the move to decarbonization and cleaner air, fossil fuels and inefficient systems will have greater environmental and financial consequences. Electric vehicles reduce operating costs and improve comfort without burning fossil fuels, as they are entirely powered by electricity. VRF systems heat and cool buildings more efficiently and effectively than conventional thermal control systems. The building owner and manager can also attain sustainability and coveted green certifications.

A major opportunity for appliance manufacturers lies in integrating IoT in heating, ventilation and air conditioning systems. Control systems can be managed using the Internet of Things; data is collected and stored in the cloud, temperature control processes can be upgraded to improve efficiency, and predictive maintenance plans can be run. A specific benefit of IoT sensors is the ability to improve indoor air quality (IAQ). The equipment can be made more comfortable by continuously monitoring humidity, temperature, CO2, volatile organic compounds (VOC), and noise levels since problems that might harm work settings can be identified immediately, especially in commercial facilities. IoT sensors are installed uniformly throughout facilities to monitor and control air quality and pollution levels. Therefore, such integration of IoT has enhanced the Heating, Ventilation and Air Conditioning (HVAC) System Market CAGR across the globe in recent years.

However, in recent years, geothermal cooling and heating equipment has become increasingly widespread, decreasing reliance on fuel-based equipment. The trend towards comfort also creates growth opportunities, another factor driving the growth of the Heating, Ventilation and Air Conditioning (HVAC) System Market revenue.

HVAC System Market Segment Insights:

Heating, Ventilation and Air Conditioning (HVAC) System Systems Insights

The Heating, Ventilation and Air Conditioning (HVAC) System Market segmentation, based on systems, includes heating, ventilation, humidity, and integrated controls. The humidity heating, ventilation and air conditioning (HVAC) segment held the majority share in 2021, contributing to around ~54-57% of the Heating, Ventilation and Air Conditioning (HVAC) System Market revenue. It is estimated that cooling accounts for over 10% of the world's electricity consumption, according to the International Energy Agency (IEA). This is a huge statistic and might explain why the cooling segment has dominated the heating, ventilation and air conditioning market for years.

Heating, Ventilation and Air Conditioning (HVAC) System Revenue Source Insights

The Heating, Ventilation and Air Conditioning (HVAC) System Market data have been bifurcated by source into HVAC controls and building energy management systems (BEMS). The HVAC controls segment dominated the heating, ventilation and air conditioning market in 2021 and is projected to be the faster-growing segment during the forecast period, 2022-2030. Smart homes are undergoing consolidation, and construction is booming. IoT-enabled heating, ventilation and air conditioning systems are emerging, and energy consumption in buildings is rising. These factors are fueling the heating, ventilation and air conditioning market growth.

Figure 2: Heating, Ventilation and Air Conditioning (HVAC) System Market, by Revenue Source, 2021 & 2030 (USD Million)

Heating, Ventilation and Air Conditioning (HVAC) System Regional Insights

By Region, the study provides market insights into North America, Europe, Asia-Pacific and the Rest of the World. The North American Heating, Ventilation and Air Conditioning (HVAC) System Market accounted for USD 44,027.1 million in 2021 and is expected to exhibit a significant CAGR growth during the study period. Growing demand from residential sectors has led to several heating, ventilation and air conditioning system manufacturers developing smart heating, ventilation and air conditioning systems with green technology, compatibility with smart devices and higher energy efficiency.

Further, the major countries studied in the heating, ventilation and air conditioning market report are: The U.S., Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 3: Heating, Ventilation and Air Conditioning (HVAC) System Market Share By Region 2021 (%)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Europe's Heating, Ventilation and Air Conditioning (HVAC) System Market account for the second-largest market share. The market is expected to grow due to the growing demand for commercial heating, ventilation, and cooling systems across European countries. Further, the German Heating, Ventilation and Air Conditioning (HVAC) System Market held the largest market share, and the UK Heating, Ventilation and Air Conditioning (HVAC) System Market was the fastest-growing market in the European region

The Asia-Pacific Heating, Ventilation and Air Conditioning (HVAC) System Market is expected to grow at the fastest CAGR from 2022 to 2030. As a result, manufacturers develop heating, ventilation, and cooling systems tailored to regional requirements in order to cater to customers' increasing spending power. Moreover, China's Heating, Ventilation and Air Conditioning (HVAC) System Market held the largest market share, and the Indian Heating, Ventilation and Air Conditioning (HVAC) System Market was the fastest-growing market in the Asia-Pacific region

Heating, Ventilation and Air Conditioning (HVAC) System Key Market Players & Competitive Insights

Major market players are spending a lot of money on R&D to increase their product lines, which will help the heating, ventilation, and air conditioning (HVAC) market grow even more. Market participants are also taking various strategic initiatives to grow their worldwide footprint, with key market developments such as new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the heating, ventilation and air conditioning (HVAC) industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment.

One of the primary business strategies manufacturers adopt in the heating, ventilation and air conditioning (HVAC) industry to benefit clients and expand the market sector is manufacturing locally to reduce operating costs. The heating, ventilation and air conditioning (HVAC) industry has provided medicine with some of the most significant benefits in recent years. In the Heating, Ventilation and Air Conditioning (HVAC) System Market, major players such as Daikin, Johnson Controls, Samsung Electronics, and others are working on expanding the market demand by investing in research and development activities.

Daikin is a Japanese multinational air conditioning manufacturing company headquartered in Osaka. Designed and manufactured for residential, commercial, and industrial applications, the company provides advanced, high-quality air conditioning solutions. The company also operates chemical, oil, hydraulic, defense, and electronics industries.

Also, electronics and heating, ventilation and air conditioning equipment are manufactured by Johnson Controls, Inc. Among the products Johnson Controls offers are heating, ventilation and air conditioning equipment, building automation, security, fire detection, batteries, and other related products, as well as building control systems, energy management, and integrated facility management services. Johnson Controls serves customers around the world. In September 2021, as part of a strategic partnership, Johnson Controls and Apollo Management, Inc., a alternative asset management leader, will offer sustainability and energy efficiency services to help their customers reduce their carbon footprint and operating costs.

List of the Key Companies in the Heating, Ventilation and Air Conditioning (HVAC) System Market include

• Zamil Air Conditioners


• Daikin


• Lennox International


• Ingersoll Rand


• Samsung Electronics


• Siemens Building Technologies


• Johnson Controls


• Gree Electric Appliances Inc


• Honeywell International


• Fujitsu General, among others

Heating, Ventilation and Air Conditioning (HVAC) Industry Developments

September 2021: As part of its collaboration with UL and SafeTraces, Johnson Controls' OpenBlue Healthy Buildings portfolio will be paired with UL's OpenBlue Healthy Buildings portfolio. With science-based performance data backed by groundbreaking technology, school administrators can verify their schools meet indoor air quality standards, minimize infection risks, and provide a safe learning environment.

Heating, Ventilation and Air Conditioning (HVAC) System Market Segmentation

Heating, Ventilation and Air Conditioning (HVAC) Systems Outlook

• Heating


• Ventilation


• Humidity


• Integrated Controls

Heating, Ventilation and Air Conditioning (HVAC Systems) Components Outlook

• Sensors


• Control & Control Devices

Heating, Ventilation and Air Conditioning (HVAC Systems) Source Outlook

• HVAC Controls


• Building Energy Management Systems (BEMS)

Heating, Ventilation and Air Conditioning (HVAC) Regional Outlook

• North America




• US


• Canada




• Europe




• Germany


• France


• UK


• Italy


• Spain


• Rest of Europe




• Asia-Pacific




• China


• Japan


• India


• Australia


• South Korea


• Australia


• Rest of Asia-Pacific




• Rest of the World




• Middle East


• Africa


• Latin America