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HVAC Market Research Report: By Offering (Equipment, Services), End User (Commercial, Industrial, Residential) - Global Industry Analysis and Growth Forecast to 2030

  • Published: September 2020
  • Report Code: SE10602
  • Available Format: PDF
  • Pages: 271

HVAC Market Overview

The global heating, ventilation, and air conditioning (HVAC) market size, which was $240.8 billion in 2019, is expected to witness a CAGR of 4.8% during the forecast period (2020–2030), to reach $358.1 billion in 2030. The augmenting demand for energy-efficient air conditioning systems and governments’ proactiveness for their installation are projected to be the major driving factors for the HVAC industry.

The outbreak of coronavirus (COVID-19) is continuing to have a significant impact around the world, in the form of a huge downfall in sales as well as manufacturing activities. The decline in the customer spending on non-essential goods during the pandemic has resulted in further deepening of market growth as HVAC businesses have seen a notable decrease in business. However, some commercial HVAC businesses have seen an uptick in service calls coming from “essential” buildings, such as healthcare facilities and grocery stores, for regular servicing and maintenance and replacement of their HVAC systems.

HVAC Market

Cooling To Remain Fastest-Revenue-Generating Category throughout Forecast Period

Based on HVAC type, the cooling category accounted for the largest market share in 2019. The rising temperature and growing disposable income are expected to be the major factors behind the highest revenue CAGR of cooling systems across the globe during the forecast period. Further, the growing construction sector would also lead to a rise in the urbanization rate and subsequently create more demand for HVAC systems in the years to come.

Ventilation Fans Category Dominated HVAC Ventilation Market in Historical Period

Based on ventilation by equipment type, ventilation fans category registered a huge demand, mainly from the Asia-Pacific (APAC) region, where investments in residential, commercial, and industrial infrastructure have increased considerably during the historical period. The compliance with various international by regional manufacturers, such as Standard 62.2-2016 of The American Society of Heating, Refrigeration and Air-Conditioning Engineers (ASHRAE) for ventilation systems, which defines the acceptable indoor air quality (IAQ) to be maintained in residential and commercial buildings, contributed to the growth of the market during the historical period.

Room ACs Category Will Hold Major Share Throughout Forecast Period

In the HVAC market outlook, based on cooling equipment type, room ACs category held the largest market share in 2019, and they are predicted to continue the trend during the forecast period. The replacement of used systems with energy-efficient variants is projected to drive the demand for VRF systems, which also exhibit cost-effectiveness and design flexibility during installation.

Commercial End Users To Remain Dominant in HVAC Market till 2030

Based on end user, commercial is the leading category, mainly led by the rising number of offices and buildings and growing hospitality sector across the globe. The worldwide increase in tourist activities has resulted in a rise in infrastructure development projects in the hospitality sector. Further, upcoming events such as the FIFA World Cup 2022 in Qatar, which will involve the construction of numerous stadia, will result in growth in the HVAC industry size in the coming years.

APAC: Largest and Fastest-Growing Market

Geographically, APAC was the largest region in the HVAC market during the historical period, and it is projected to also display the fastest advance throughout the forecast period. This is ascribed to the rapid economic growth, growing construction activities and surging urban population in regional nations, which are driving HVAC sales. With an increase in the disposable income, people in India and China are able to spend more on refrigeration and air conditioning systems, which, earlier, were considered a luxury.

HVAC Market

Growing Preference for Smart HVAC Systems Is Key Market Trend

The increasing preference for smart systems is a significant trend being observed in the global HVAC market. To reduce energy consumption and strengthen sustainability efforts, a large portion of customers is turning to smart HVAC technologies that offer better controls, advanced monitoring systems, and intelligent thermostats. Smart HVAC systems also provide better temperature variability and produce cleaner air as compared to conventional models. These systems further allow users to monitor the performance in real time, and they produce lesser noise than other systems.

HVAC Market

Growing Construction Sector Is Important Market Driver

According to a report published by PricewaterhouseCoopers (PwC), the overall spending on construction activities around the world will reach $15.5 trillion in 2030. India, China, the U.S., the U.A.E., Saudi Arabia, and Qatar are the key markets accounting for the majority of the spending. These countries are recording several construction projects, including skyscrapers, hotels, and shopping complexes, owing to the rising number of tourists, as well as major upcoming events, such as Dubai Expo 2020 (postponed till 2021) and FIFA World Cup 2022. Such developments are boosting the HVAC market growth globally.

Government Initiatives Supporting Installation of HVAC Systems

The government of several countries is playing a major role in driving the growth of the HVAC market. The cost of repair and maintenance of old HVAC systems is high; hence, the replacement of old HVAC systems with new, energy-efficient ones, boosted by government initiatives, would drive the market. For instance, in December 2018, Ministry of Power (India) launched an initiative ‘Eco-Niwas Samhita 2018’, an Energy Conservation Building Code for Residential Buildings (ECBC-R). The code consists of minimum performance standards, to limit heat gain and loss. It applies to residential buildings and mixed-land-use buildings built on a plot area of ≥500 m2.

HVAC Market Report Coverage
Report Attribute Details
Historical Years 2014-2019
Forecast Years 2020-2030
Base Year (2019) Market Size $240.8 Billion
Forecast Period (2020-2030) CAGR 4.8%
Report Coverage COVID-19 Impact Analysis, Market Trends, Drivers, Restraints and Opportunities, Value Chain Analysis, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Company Market Share Analysis, Major Countries Analysis, Companies’ Strategic Developments, Product Benchmarking, Company Profiling
Market Size by Segments Offering, End-User, Region
Market Size of Geographies U.S., Canada, U.K., Germany, Italy, Spain, Russia, Turkey, France, Japan, South Korea, China, India, Brazil, Mexico, Argentina, Saudi Arabia, U.A.E, Kuwait, Qatar, Nigeria, South Africa, Egypt, Oman and Bahrain, Israel
Secondary Sources and References (Partial List) Air Conditioning Contractors of America Association, Consortium for Energy Efficiency (CEE), International Institute of Refrigeration (IIR), Refrigeration Service Engineers Society (RSES), Indoor Air Quality Association, and Heating, Air-conditioning & Refrigeration Distributors International

 

Portfolio and Facility Expansion Primary Strategic Developments

The global HVAC market players are investing substantially in research and development activities, to come up with more-advanced HVAC systems. It is, in turn, leading more product launches and facility expansions, to increase the manufacturing capacity of the company.

For instance, in December 2019, Johnson Control International PLC started the expansion of its air handling unit manufacturing facility in Hattiesburg, Mississippi, U.S. The additional 22,000 square feet of space will bring the facility’s total area to 120,000 square feet.

Moreover, in November 2019, Danfoss A/S launched six new AC and refrigeration systems and components in India. The products include Danfoss Intelligent Purging System (IPS)/air purger, Danfoss gas detector, Danfoss plate heat exchanger, EKE 400, IFCD defrost module, and ICSH 2-step solenoid valve.

HVAC Market

The players covered in the HVAC market report are:

  • Johnson Controls International PLC
  • Daikin Industries Ltd.
  • LG Electronics Inc.
  • Mitsubishi Electric Corporation
  • Gree Electric Appliances Inc. of Zhuhai
  • Danfoss A/S
  • Smardt Chiller Group Inc.
  • Qingdao Haier Co. Ltd.
  • GAMI Air Conditioners Manufacturing
  • Trane Technologies Plc
  • Carrier Global Corporation
  • SKM Air Conditioning LLC
  • Petra Engineering Industries Co.
  • Thermax Limited
  • Midea Group Co. Ltd.
  • Thermal Care Inc.
  • Blue Star Limited
  • The Arctic Chiller Group Ltd.
  • Frigel Firenze SpA
  • Hero-Tech Refrigeration Equipment Co. Ltd.

HVAC Market Size Breakdown by Segment

The HVAC market report offers comprehensive market segmentation analysis along with market estimation for the period 2014–2030.

Based on Offering

  • Equipment
    • Heating
    • Furnaces
    • Heat pumps
    • Boilers
    • Unitary heaters
    • Ventilation
    • Humidifiers/dehumidifiers
    • Air cleaners
    • Ventilation fans
    • Air handling units and fan coil units
    • Air Conditioning
    • Variable refrigerant flow
    • Ducted split/packaged unit
    • Split units
    • Chillers
    • Room ACs
  • Services
    • Installation
    • Upgradation/Replacement
    • Maintenance & Repair
    • Consulting

Based on End user

  • Commercial
    • Office and buildings
    • Supermarkets/hypermarkets
    • Government
    • Healthcare
    • Hospitality
    • Transportation
  • Industrial
    • Oil and gas
    • Food and beverage
    • Automotive
    • Energy and utilities
  • Residential

Geographical Analysis

  • North America
    • U.S.
    • Canada
  • Europe
    • U.K.
    • Germany
    • Italy
    • Spain
    • Russia
    • Turkey
    • France
  • Asia-Pacific (APAC)
    • Japan
    • South Korea
    • China
    • India
  • LATAM 
    • Brazil
    • Mexico
    • Argentina
  • MEA 
    • Saudi Arabia
    • U.A.E
    • Kuwait
    • Qatar
    • Nigeria
    • South Africa
    • Egypt
    • Oman and Bahrain
    • Israel
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