PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1485319
PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1485319
The HVAC system market is projected to grow from USD 281.7 billion in 2024 to USD 389.9 billion in 2029; it is expected to grow at a CAGR of 6.7% during the forecasted period The HVAC system market is growing worldwide due to factors like rapid urbanization, climate shifts, and technological innovations. The increase in disposable income, tighter energy regulations, and heightened awareness of air quality are also boosting demand. Furthermore, ongoing infrastructure projects and the rise of data centers play significant roles in this market expansion.
Scope of the Report | |
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Years Considered for the Study | 2020-2029 |
Base Year | 2023 |
Forecast Period | 2024-2029 |
Units Considered | Value (USD Million) |
Segments | By Cooling, Heating, Ventilation, Service Type, Implementation Type and Region |
Regions covered | North America, Europe, APAC, RoW |
"New Construction buildings segment holds the largest market share by implementation type during the forecasted period."
Government involvement is crucial in the HVAC market as it drives the adoption of HVAC systems due to urbanization and enforces compliance with regulations. The push for energy efficiency and eco-friendly buildings has led to stricter standards, such as ASHRAE Standard 90.1, which sets energy efficiency guidelines for US buildings. The Air Conditioning Contractors of America (ACCA) also plays a role in setting industry standards. Companies like Johnson Controls are investing in smart HVAC solutions, like the YORK Eco Advance and YORK Sun Premier, which reduce energy use and emissions in new construction projects.
"Air Filters holds the largest market share by Ventilation type during the forecasted period."
Air filters are designed to improve air quality by capturing solid particulates and molecular contaminants, using materials like fiberglass or pleated paper enclosed in a cardboard frame. They help keep HVAC systems clean and efficient by trapping dirt, dust, pollen, mold, bacteria, and other microorganisms. Air filters are rated with the minimum efficiency reporting value (MERV) system, which ranges from 1 to 20, indicating how effectively the filter captures small particles. Higher MERV ratings offer better filtration but can also reduce airflow, potentially impacting HVAC system performance.
"Aisa Pacific to offer significant growth opportunities for HVAC system market between 2024 and 2029."
China, Japan, and India are major contributors to the HVAC system market in the Asia Pacific region. This market growth is propelled by expanding construction projects and a rising population. The demand for smart homes is increasing in countries like Japan, South Korea, and China. Additionally, rapid urbanization and industrialization are driving the need for more HVAC systems. Regulatory efforts like Australia's Commercial Building Disclosure (CBD) Program, India's Energy Conservation Building Codes, and LEED-India, along with the Indian Society of Heating, Refrigerating, and Air-Conditioning Engineers (ISHRAE), are encouraging the adoption of HVAC systems throughout the region.
The key players operating in the HVAC system market are DAIKIN INDUSTRIES (Japan), Johnson Controls (Ireland), LG Electronics (South Korea), Midea (China), Carrier (US).
This market research report delivers a thorough analysis of the HVAC system market, categorized by heating equipment, ventilation equipment, cooling equipment, application, implementation type, service type, and region. Key insights encompass identifying primary drivers and challenges influencing market growth, providing a reliable market forecast until 2029, and presenting a detailed competitive landscape analysis with key players strategically positioned in the HVAC system market ecosystem.
The research typically covers a range of topics, including market size, growth trends, and industry forecasts. It delves into technology advancements, regulatory frameworks, and emerging market segments. The research often includes competitive analysis, identifying key players and their market share, and explores factors driving or restraining market growth. This meticulous examination aims to furnish valuable insights for stakeholders to leverage opportunities and navigate potential challenges in the HVAC system market.
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