PUBLISHER: Meticulous Research | PRODUCT CODE: 1576464
PUBLISHER: Meticulous Research | PRODUCT CODE: 1576464
HVAC Market by Offering, System, Distribution Mode, Type (Split System, Packaged System), Portability, Sales Channel, Application (Cooling, Heating, Filtering), End User (Industrial, Residential, Commercial), and Geography-Global Forecast to 2031
The research report titled, 'HVAC Market by Offering, System, Distribution Mode, Type (Split System, Packaged System), Portability, Sales Channel, Application (Cooling, Heating, Filtering), End User (Industrial, Residential, Commercial), and Geography-Global Forecast to 2031', provides an in-depth analysis of the HVAC market across five major geographies and emphasizes on the current market trends, market sizes, market shares, recent developments, and forecasts till 2031.
The HVAC market is projected to reach $456.6 billion by 2031, at a CAGR of 7.8% from 2024 to 2031.
The growth of this market is attributed to the increasing urbanization and indoor air pollution levels, consumers' growing inclination toward convenience and comfort, the rapid growth of the e-commerce industry, and increasing government initiatives to improve air quality. However, high product and maintenance costs and consumer reluctance to adopt technology restrain the market's growth. Furthermore, the technological advancements in HVAC systems and the rising adoption of air conditioners with inverter & air purification technologies are expected to create significant opportunities for this market. However, market penetration in developing countries is a challenge to this market's growth.
The HVAC market is segmented by offering (component (air conditioners (split ACs, window ACs, centralized/ducted ACs, VRF (variable refrigerant flow) systems, portable ACs), heat pumps (single-stage systems, two-stage systems, variable-speed systems), furnaces (single-stage systems, two-stage systems, modulating systems), chillers (air cooled, water cooled), air distribution (air blowers, fans), cooling towers, condensers, compressors, air handlers, purifiers, air dryers, air filters & cleaners, ducts & pipes, humidifiers & dehumidifiers, ventilation systems, thermostats, evaporators, other components), services (installation services, maintenance & repair services, consulting services, upgradation services), system (primary HVAC systems, secondary HVAC systems), distribution mode (centralized systems, de-centralized systems), type (split systems, dual fuel heat pump systems, ductless mini-split systems, packaged systems, other types), portability (standalone/portable, in-duct/fixed), sales channel (online, offline), application (cooling, heating, ventilation, filtering, humidification & dehumidification, air purification), end-use industry (residential, commercial (retail, healthcare facilities, office spaces, hospitality, school & educational institutes, research laboratories, public infrastructure, other commercial users), industrial (food & beverage, semiconductor & electronics, pharmaceutical, chemical & petrochemical, paints & coatings, textile, other industrial users), IT & telecommunication, data centers, agriculture). The study also evaluates industry competitors and analyzes the market at the regional and country levels.
Based on offering, the HVAC market is segmented into components and services. In 2024, the components segment is expected to account for a larger share of over 84.0% of the HVAC market. This segment's large market share can be attributed to the rising adoption of ventilation systems to improve indoor air quality, reduce humidity levels, and eliminate indoor odors, the growing use of heating pumps to provide comfortable temperatures during cold weather, and the increasing need for HVAC systems to optimize airflow distribution to reduce energy consumption. However, the services segment is expected to register the highest CAGR during the forecast period.
Based on system, the HVAC market is segmented into primary HVAC systems and secondary HVAC systems. In 2024, the secondary HVAC systems segment is expected to account for a larger share of over 66.0% of the HVAC market. Moreover, this segment is expected to register the highest CAGR during the forecast period. The growth of this segment is attributed to the rising adoption of air handling units to enhance indoor air quality by effectively filtering dust, allergens, and pollutants from incoming air and the increasing use of secondary HVAC systems to reduce energy costs up and improve ventilation effectiveness, indoor air quality and employee comfort.
Based on distribution mode, the HVAC market is segmented into centralized systems and decentralized systems. In 2024, the decentralized systems segment is expected to account for a larger share of over 72.0% of the HVAC market. This segment's large market share can be attributed to the increasing use of decentralized systems in smaller areas or zones to reduce energy consumption by providing heating, cooling, or ventilation and the rising adoption of decentralized systems due to their redundancy & reliability for maintenance and repair procedures. Moreover, this segment is expected to register the highest CAGR during the forecast period.
Based on type, the HVAC market is segmented into split systems, dual fuel heat pump systems, ductless mini-split systems, packaged systems, and other types. In 2024, the split system segment is expected to account for the largest share of over 28.0% of the HVAC market. This segment's large market share can be attributed to the rising use of split systems to reduce energy consumption and lower utility bills in comparison to older HVAC systems, the growing need for split systems to support zoning and allow different areas or rooms within a building to be controlled independently, and the increasing adoption of split systems in buildings with limited space. However, the ductless mini-split system segment is expected to register the highest CAGR during the forecast period.
Based on portability, the HVAC market is segmented into standalone/portable and in-duct/fixed. In 2024, the in-duct/fixed segment is expected to account for the largest share of over 59.0% of the HVAC market. This segment's large market share can be attributed to the growing technological advancements in in-duct/ fixed HVAC systems and rising investments for in-duct/fixed HVAC systems by commercial users in improving air quality in working spaces. However, the standalone/portable segment is expected to register the highest CAGR during the forecast period.
Based on sales channel, the HVAC market is segmented into online and offline. In 2024, the offline segment is expected to account for a larger share of over 73.0% of the HVAC market. This segment's large market share can be attributed to the availability of in-store assistance when purchasing HVAC systems, the advantage of instant product takeaways provided by offline stores, and consumer preference for brand stores. However, the online segment is expected to register the highest CAGR during the forecast period.
Based on application, the HVAC market is segmented into cooling, heating, ventilation, filtering, humidification & dehumidification, and air purification. In 2024, the cooling segment is expected to account for the largest share of over 32.0% of the HVAC market. This segment's large market share can be attributed to the rising use of centralized HVAC systems to provide uniform cooling throughout a building and office spaces, the growing adoption of air conditioners with inverter & air purification technologies, growing technological advancements in HVAC systems, and the increasing government initiatives to improve air quality. Moreover, this segment is expected to register the highest CAGR during the forecast period.
Based on end-use industry, the HVAC market is segmented into IT & telecommunication, data centers, agriculture, residential, industrial, and commercial. In 2024, the residential segment is expected to account for the largest share of above 26.0% of the HVAC market. This segment's large market share can be attributed to the growing disposable incomes and living standards, increasing focus on ensuring a healthy home environment by consumers, and the rising use of portable air purifiers in HVAC systems for the residential sector. However, the commercial segment is expected to register the highest CAGR during the forecast period.
Based on geography, the HVAC market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2024, Asia-Pacific is expected to account for the largest share of over 45.0% of the HVAC market. The region's large share is attributed to the presence of key market players in the region & easy availability of their offered products, rapid industrialization & urbanization, rising investment in infrastructure and construction projects, and technological advancements in HVAC systems. However, the Asia-Pacific is expected to register the highest CAGR of over 9.0% during the forecast period.
The key players operating in the HVAC market are Daikin Industries, Ltd. (Japan), Atlas Copco AB (Sweden), Lennox International Inc. (U.S.), LG Electronics Inc. (South Korea), Johnson Controls Inc. (U.S.), ABB Ltd. (Switzerland), Trane Technologies Company, LLC (Ireland), Carrier Global Corporation (U.S.), Mitsubishi Electric Corporation (Japan), Samsung Electronics Co., Ltd. (South Korea), Siemens AG (Germany), Toshiba Corporation (Japan), Rheem Manufacturing Company (U.S.), Blue Star Limited (India), and Emerson Electric Co. (U.S.).