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Heating, Ventilation, and Air Conditioning (HVAC) Market to Value $367.5 Billion in 2030

Published Date:   March 2020

Global warming, expansion of the construction sector, and extension of the support by the government of various countries are the key reasons behind the increasing installation of heating, ventilation, and air conditioning (HVAC) equipment. Driven by these factors, the revenue generated in the global HVAC market is expected to rise to $367.5 billion by 2030 from $240.8 billion in 2019, at a CAGR of 3.9% during the forecast period (2020–2030).

HVAC Market Segmentation

HVAC Market

During the forecast period, the service bifurcation would witness faster advance in the HVAC market, on account of the rising number of people getting their HVAC equipment serviced. Systems which are not maintained on a regular basis can become a breeding ground for bacteria and mold as well as consume a lot more energy than those that are regularly serviced. Additionally, periodically maintained appliances last for 15–25 years, while without servicing, they need replacement after around 10 years, which is pushing customers to keep them in a good condition.

In 2019, the upgradation/replacement category dominated the market, as the demand for the replacement of faulty parts is quite high, to make the HVAC equipment more energy efficient. Since 1980, the average global temperature has risen by around 0.5 degree Celsius, as per NASA’s Goddard Institute of Space Studies (GISS). By making HVAC equipment energy efficient, less amount of fossil fuels would be burned in power houses, which would reduce the greenhouse gas emissions and mitigate global warming.

Till 2030, Asia-Pacific (APAC) would continue holding the largest revenue share in the HVAC market, due to the rise in the urban population. As per the World Bank, 34% of India’s population lived in urban areas in 2018, compared to 27.8% in 2011. In the same vein, the urban population in Thailand grew from 45% in 2011 to 50% in 2018. Additionally, compared to North America and Europe, a greater part of APAC is subject to hot weather patterns, which raises the requirement for cooling equipment.

Product Launch Remains Most Important Strategic Measure in Market

The key players in the HVAC market have launched several new products, in a bid to gain more customers and edge out their competitors. For instance, in in January 2020, the Whisen ThinQ air conditioners were launched by LG Electronics Inc. in Seoul, South Korea, in the price range of KRW 2.85 million ($2,456)–KRW 5.4 million ($4,653), to stay ahead of Samsung Electronics Ltd., its biggest rival.

Similarly, in November 2019, Danfoss A/S unveiled six new air conditioners and refrigerators — Danfoss gas detector, Danfoss Intelligent Purging System (IPS)/air purger, EKE 400, Danfoss plate heat exchanger, ICSH 2 step solenoid valve, and ICFD defrost module — in the Indian market.

Browse report overview with detailed TOC on "HVAC Market Research Report: By Offering (Equipment [Type {Heating, Ventilation, Cooling}, End user {Commercial, Industrial, Residential}], Service [Installation, Upgradation/Replacement, Maintenance & Repair, Consulting]) - Global Industry Size, Share Analysis and Growth Forecast to 2030" at:https://www.psmarketresearch.com/market-analysis/hvac-market

Daikin Industries Ltd., Johnson Controls International PLC, Mitsubishi Electric Corporation, LG Electronics Inc., Danfoss A/S, Gree Electric Appliances Inc. of Zhuhai, Qingdao Haier Co. Ltd., Smardt Chiller Group Inc., Ingersoll-Rand Plc, GAMI Air Conditioners Manufacturing, SKM Air Conditioning LLC, United Technologies Corporation, Thermax Limited, Petra Engineering Industries Co., Thermal Care Inc., Midea Group Co. Ltd., The Arctic Chiller Group Ltd., Blue Star Limited, Hero-Tech Refrigeration Equipment Co. Ltd., Frigel Firenze SpA, Dunham-Bush Holding Bhd., Aermec UK Ltd., Multistack LLC, Fluid Chillers Inc., Lennox International Inc., Airedale International Air Conditioning Limited, Havells India Limited, Whirlpool Corporation, Fujitsu General Limited, Panasonic Corporation, Zamil Air Conditioners, Voltas Limited, Middle East Air Conditioner Co. Ltd., Rheem Manufacturing Company, M.T.A. S.p.A., and Kirby HVAC&R Pty Ltd. are the prominent global HVAC market players.