Heating, Ventilation And Cooling Market - Forecast(2024 - 2030)

Heating, Ventilation And Cooling Market size was valued at $121.2 billion in 2020, and it is estimated to grow at a CAGR of 5.0% during 2021-2026. The growth is mainly attributed to the increasing adoption split units owing to its easier installation, high energy efficiency drives the Heating, Ventilation And Cooling Market. Release of greenhouse gases and increasing pollution due to the presence of oil and gas industries has led to the global warming potential which set to create opportunities for the adoption of HVAC industry. The increasing demand in the residential and commercial infrastructure have led to the rise in urbanization. This growing demand in the construction industry will drive the HVAC equipment market. The rising adoption of split units, especially ducted split air conditioners will drive the market growth. The continuous increase in the prices and availability of these raw materials has been a major challenge for the HVAC equipment market. 

The report: “Heating, Ventilation And Cooling Market Forecast (2021-2026)”, by IndustryARC, covers an in-depth analysis of the following segments of the Heating, Ventilation And Cooling Market.

By Cooling: Cooling Towers (Evaporative Cooling Tower, Hybrid Cooling Tower), Air Conditioners (Split Unit, Central, Window and Others), Chillers (Centrifugal, Absorption, Screw, Water Cooled and Others), Coolers (Ducted, Windowded) and Others

By Heating: Heating Pump (Air to Water, Air to Air, Water to Air), Boilers (Gas Condensing, Oil Condensing, Steam Water and Others), Furnaces (Oil, Gas, Electric and Others), Space Heaters, Unitary Heaters and Others

By Ventilation: Ventilation Fans, Draft Inducers, Humidifiers, Air Filtration, Air Purification, Humidifiers, Dehumidifiers and Others

By Components: Compressor, Control Systems (Sensors, Controller, Others), Expansion Valve, Evaporator Coils, Ventilation Fan and Blower Unit, Filters, Dampers and Others.

By Application: New Fit (Residential, Commercial (Hotels, Retail Building, Others), Industrial, Government and Public Services); Retrofit (Residential, Commercial (Hotels, Retail Building, Others), Industrial, Government and Public Services).

By Region: North America (U.S, Canada, Mexico), South America (Brazil, Argentina, Chile, Colombia and Others), Europe (Germany, France, UK, Italy, Spain, Russia, Netherlands and Others), APAC (China, Japan, South Korea, India, Australia, Indonesia, Malaysia and Others) and RoW (Middle East and Africa)

Air Conditioners held the major market share of 52.3% in 2020 owing to high adoption of HVAC systems in residential sector. There is high adoption of split type HVAC systems as it involves in easier installation process compared to traditional systems. It is of more efficient and customizable as there are two components to a split system. It also offers less maintenance and value added services as the energy efficiency of HVAC split system is high compared to other types. This is poised to propel the market.

Commercial sector is the fastest growing segment in Heating, Ventilation And Cooling Market and estimated to grow at a CAGR of 6.9% during forecast period 2021-2026. Increasing adoption of ventilation and air cooling systems in offices, retail shops, shopping malls, hotels and others set to boost the demand of Heating, Ventilation And Cooling Market. With the increase in investments of IT sector, there is high adoption of HVAC systems in IT offices. Thus, the adoption of HVAC systems is anticipated to increase in commercial buildings, thereby driving the market during forecast period.

North America dominated the Heating, Ventilation And Cooling Market in 2020 with a market share of 37.6%, followed by APAC and Europe. The increasing demand in the residential and commercial infrastructure have led to the rise in urbanization. This growing demand in the construction industry will drive the HVAC equipment market. The rise in the population in various regions such as Asia-Pacific and North American regions will in turn leads to the development in residential buildings which is also a major driver for the HVAC equipment market. The other drivers include the changes in the atmospheric conditions, advancement of technologies and replacement of aging equipment and many more.

Adoption of energy efficient appliances has become a major trend. As HVAC systems consume less energy, the pressure on power plants is lessened, which, in turn, reduces the burning of fossil fuels. HVAC system has become a prime choice of equipment that could easily become the backbone for smart homes. This has increased the demand for HVAC systems in industries. Integration of intelligent HVAC system equipped with sensors allow users in controlling the temperature in every room of their house at any point of time. This is poised to drive the market.

Adoption of Internet of Things (IoT) Technology in industries have been driving the Heating, Ventilation And Cooling Market. HVAC and building automation systems can be used for analyzing sensor data to run systems more efficiently and provide more comfortable environments. Incorporation of the HVAC industry and IoT provides for vastly superior customer-centric services, enabling remote appliance control. Integration of IoT and IoT in HVAC benefits the industry in various applications such as real time monitoring, preventive maintenance, remote diagnosis, inter-operability in buildings and increased efficiency. This is poised to drive the market.

As there are huge number of players, there is stiff competition existing between the players. Due to intense competition, some HVAC companies offer them at low prices. Additionally high capital investment and lack of skilled labor which restricts the new players to enter into market. HVAC maintenance requires constant filter change, and regular check which involves huge cost. Therefore, the maintenance costs also become a major a major challenge for HVAC end users which hampers the growth of the market.

Product Launches, Acquisitions, and R&D activities are key strategies adopted by players in the Heating, Ventilation And Cooling Market. HVAC major 10 companies include Johnson Controls International plc, United Technologies Corporation, Ingersoll-Rand plc, Daikin Industries Ltd, Mitsubishi Electric Corporation, Toshiba Carrier Corporation, LG Electronics Inc, Fujitsu Limited, Midea Group Co. Ltd and others.