Globally, the HVAC market size will be valued at USD 136.3 billion in 2021, and it is expected to grow at a rate (CAGR) of 6.3% from 2022 to 2030.
HVAC stands for Heating, Ventilation, and Air Conditioning. HVAC technology helps provide comfort by manipulating the environment. It includes heating or air conditioning of the environment. They also increase indoor air quality through ventilation.
As per the global reports, Asia is said to have the greatest HVAC market size globally, with a greater demand for air conditioners than any other market. In the meantime, Italy was one of the European countries where the demand for heat pumps was high compared to the other countries globally in 2020.
The climatic condition of the building and maintaining a comfortable environment is the main reason it is expected to impact the market over time. In recent times, the smart features available in the market and energy efficiency have been major factors that customers focus on these days, and the trend is expected to gain market size in the next few years. Increasing multi-family and individual houses are generating avenues for upcoming growth.
The HVAC industry is gradually shifting its focus to energy conservation. The HVAC companies mainly focus on reducing greenhouse emissions which can eventually reduce the cost of energy consumption. Therefore, in this recent years, the focus has shifted to eco-friendly HVAC products.
HVAC includes the products that consume less energy and those that can operate on renewable energy sources, reducing energy consumption. In the last few years, geothermal cooling and heating have increased, reducing the dependency on equipment that uses fuel as the energy source. The customer tendency towards their comfort is increasing, making the companies grow in their avenue. In 2021 the largest generated shares of 54.7% were from the cooling segment, as it dominates the market for HVAC. According to the data that the International Energy Agency published, the consumption of the world’s electricity due to cooling is 10%.
The pandemic significantly impacted the HVAC market as the manufacturing of HVAC products was stopped. However, the market started to recover from the pandemic as manufacturing activities gradually started post-strict lockdown. In the Asia Pacific region, the HVAC systems market is expected to witness healthy growth over the mid-term.
The main key players in the HVAC industry are Carrier Corporation, Daikin Industries Ltd., Emerson Electric Co., Hitachi Ltd., etc.
Our Building and Construction category segmentation encompasses the:
Roads & Highways
Residential Construction, and Improvement
Construction Materials
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