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Report Overview
The HVAC market reached approximately USD 229.5 billion in 2023. The market is projected to grow at a CAGR of 5.6% between 2024 and 2032, reaching a value of around USD 375.0 billion by 2032.
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
HVAC Market Share
The cooling segment continues its dominance in the market due to the rising demand for AC in warm climates
The cooling segment occupies a significant portion of the HVAC market share as it is crucial for maintaining comfortable indoor temperatures, particularly in warmer climates or during hot seasons. In homes, HVAC systems often include air conditioners, either as standalone units (like window or portable air conditioners) or as part of a central system that cools the entire house. Ductless mini-split systems are popular in homes without existing ductwork, offering efficient cooling for individual rooms or zones.
Commercial buildings such as offices, shopping malls, hotels, and educational institutions use larger-scale HVAC systems for cooling, increasing the demand of HVAC market. These systems often include central air conditioning, chillers, and rooftop units that are capable of cooling large spaces efficiently. Furthermore, the ventilation segment is expected to gain sizeable growth in the coming years as ventilation can improve the indoor air quality of a building.
The residential sector maintains steady growth due to the rising popularity of eco-efficient HVAC systems
The HVAC market demand growth is driven by the demand for HVAC (Heating, Ventilation, and Air Conditioning) industry in the residential sector which is influenced by a variety of factors, reflecting the needs and preferences of homeowners for comfortable, efficient, and sustainable indoor living environments. In regions with extreme temperatures, either hot or cold, the need for efficient heating or cooling systems is higher.
Homeowners are increasingly seeking energy-efficient HVAC systems to reduce energy bills and environmental impact. A booming real estate market also leads to more new construction and, subsequently, new installations of HVAC systems. The commercial sector is expected to grow steadily in the forecast period, due to the rising installation of HVAC in offices, malls, and other commercial buildings to enhance the comfort of people.
HVAC Market Report Snapshots
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
In 2023, the market reached an approximate value of USD 229.5 billion.
The market is estimated to grow at a CAGR of 5.6% between 2024 and 2032.
The market is estimated to witness a healthy growth during 2024-2032 to reach around USD 375.0 billion by 2032.
The major drivers of the industry, such as rising disposable incomes, increasing population, rapid urbanisations, growing demand for energy-efficiency, and rising construction activities, are expected to aid the market growth.
The key trends aiding the market include a growing preference for condensing boilers; popularity of ductless HVAC; growing demand for sustainable HVAC systems; and the rise of smart HVACs.
The major regions in the industry are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.
The leading equipment types in the industry are heating, ventilation, and cooling.
The major implementation types of HVAC in the market are new constructions and retrofits.
The significant end use segments in the industry are residential, commercial, and industrial sectors.
The major players in the market are Lennox International, Inc., LG Electronics, Inc., Carrier Global Corporation, Samsung Electronics Co. Ltd., Haier Smart Home Co., Ltd., Daikin Industries, Ltd, Emerson Electric Co., Honeywell International Inc, and Johnson Controls International plc, among others.
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United States (Head Office)
30 North Gould Street, Sheridan, WY 82801
+1-415-325-5166
Australia
63 Fiona Drive, Tamworth, NSW
+61-448-061-727
India
C130 Sector 2 Noida, Uttar Pradesh 201301
+91-858-608-1494
Philippines
40th Floor, PBCom Tower, 6795 Ayala Avenue Cor V.A Rufino St. Makati City, 1226.
+63-287-899-028, +63-967-048-3306
United Kingdom
6 Gardner Place, Becketts Close, Feltham TW14 0BX, Greater London
+44-753-713-2163
Vietnam
193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City
+84-865-399-124