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The market’s growth is largely attributed to increasing urbanization and indoor air pollution levels. Additionally, consumers’ growing preference for comfort, combined with the rapid expansion of e-commerce and government initiatives to improve air quality, is driving the market. However, high product and maintenance costs, along with consumer reluctance to adopt advanced technology, may hinder growth.
On the flip side, technological advancements in HVAC systems, especially those incorporating inverter and air purification technologies, offer significant growth opportunities for market players. However, penetration into developing countries remains a challenge for market expansion due to infrastructure limitations.
The global HVAC market is segmented into components and services. In 2024, components are expected to account for a larger share, with over 84% of the market. This is due to the increasing adoption of ventilation systems, which help to improve air quality, reduce humidity, and optimize airflow distribution.
Meanwhile, the services segment is expected to register the highest growth rate during the forecast period. This is driven by the need for maintenance and installation services to ensure compliance with building codes and ventilation standards. Enhancing indoor air quality is a major driver for this segment’s growth.
The market is also categorized by system, with primary and secondary systems accounting for significant shares. Secondary HVAC systems, in particular, are projected to represent over 66% of the market due to their effectiveness in reducing energy costs and improving ventilation and air quality.
Regarding distribution mode, centralized and decentralized systems are analyzed. Decentralized systems are forecasted to dominate the market with a 72% share, driven by their flexibility and reduced energy consumption in smaller areas. Moreover, these systems offer reliability during maintenance and repairs.
By type, split systems are anticipated to account for the largest market share, exceeding 28%, due to their energy efficiency and zoning capabilities. Meanwhile, ductless mini-split systems are expected to grow the fastest due to their easier installation and maintenance compared to traditional ducted systems.
Portability is another key factor in the HVAC market, with in-duct/fixed systems likely to hold the largest share (59%) in 2024. However, portable units are expected to register the highest CAGR, driven by rising demand in the residential sector for targeted air cleaning solutions.
In terms of geography, Asia-Pacific is expected to account for the largest share of the HVAC market, with a share exceeding 45% by 2024. Rapid industrialization, urbanization, and technological advancements in HVAC systems are key factors driving market growth in the region.
Key Players
The key players operating in the global HVAC market are Daikin Industries, Ltd. (Japan), Atlas Copco AB (Sweden), Lennox International Inc. (U.S.), LG Electronics Inc. (South Korea), Johnson Controls Inc. (U.S.), ABB Ltd. (Switzerland), Trane Technologies Company, LLC (Ireland), Carrier Global Corporation (U.S.), Mitsubishi Electric Corporation (Japan), Samsung Electronics Co., Ltd. (South Korea), Siemens AG (Germany), Toshiba Corporation (Japan), Rheem Manufacturing Company (U.S.), Blue Star Limited (India), and Emerson Electric Co. (U.S.).
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Key Questions Answered in the Report:
- What are the high-growth market segments in terms of the offering, system, distribution mode, type, portability, sales channel, application, and end user?
- What is the historical market size for the global HVAC market?
- What are the market forecasts and estimates for 2024–2031?
- What are the major drivers, restraints, opportunities, challenges, and trends in the global HVAC market?
- Who are the major players in the global HVAC market, and what are their market shares?
- What is the competitive landscape like?
- What are the recent developments in the global HVAC market?
- What are the different strategies adopted by major market players?
- What are the trends and high-growth countries?
- Who are the local emerging players in the global HVAC market, and how do they compete with other players?
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