Meticulous Research®, a prominent global market research firm, has released its latest report titled ‘HVAC Market by Offering, System, Distribution Mode, Type (Split System, Packaged System), Portability, Sales Channel, Application (Cooling, Heating, Filtering), End User (Industrial, Residential, Commercial), and Geography – Global Forecast to 2031.’ The report forecasts that the global HVAC market will reach a valuation of $456.6 billion by 2031, growing at a compound annual growth rate (CAGR) of 7.8% from 2024 to 2031.
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Several key factors are driving the growth of the HVAC market, including increased urbanization, growing levels of indoor air pollution, and the rising demand for comfort and convenience among consumers. Additionally, the rapid expansion of the e-commerce sector and heightened governmental efforts to improve air quality are further contributing to market growth. However, the high costs associated with HVAC products and their maintenance, as well as consumer hesitancy in adopting new technologies, present obstacles to growth.
Opportunities for expansion in the market are expected to arise from technological innovations in HVAC systems, particularly the increasing adoption of air conditioners equipped with inverter and air purification technologies. Nevertheless, a significant challenge for the market is its relatively low penetration in developing countries.
The report breaks down the HVAC market by various factors, including offerings, systems, distribution modes, types, portability, sales channels, applications, and end users, as well as providing a detailed analysis by region and country.
In terms of offerings, the global HVAC market is divided into components and services. The components segment, which is projected to hold a dominant market share of over 84% in 2024, is driven by the growing use of ventilation systems to improve indoor air quality, reduce humidity, and eliminate unpleasant odors. The use of heat pumps for maintaining comfortable temperatures in colder weather and the rising adoption of HVAC systems to optimize airflow and reduce energy consumption further fuel this segment. However, the services segment is expected to grow at the fastest rate during the forecast period due to the increasing demand for HVAC services to enhance occupant comfort, ensure regulatory compliance, and improve productivity.
The report also segments the HVAC market by system, dividing it into primary and secondary HVAC systems. The secondary HVAC systems segment is forecast to account for more than 66% of the global market share in 2024, driven by the increasing use of air handling units to filter pollutants, allergens, and dust from indoor air. This segment is also expected to grow at the highest CAGR, due to the growing demand for energy-efficient solutions that enhance indoor air quality and reduce operational costs.
The distribution mode of the HVAC market is segmented into centralized and decentralized systems. The decentralized systems segment is expected to dominate the market with a share of over 72% in 2024, primarily due to its energy-efficient operation in smaller zones and increased reliability in maintenance procedures. The decentralized segment is also forecast to grow at the fastest rate during the forecast period.
In terms of types, the HVAC market includes split systems, dual fuel heat pump systems, ductless mini-split systems, packaged systems, and others. Split systems are expected to account for the largest share of the market, at over 28%, due to their energy efficiency and ability to support zoning, which allows different areas of a building to be temperature-controlled independently. However, the ductless mini-split system segment is anticipated to experience the fastest growth during the forecast period, driven by rising demand for energy-efficient and easier-to-install systems in developing countries.
The market is also segmented based on portability, dividing it into standalone/portable and in-duct/fixed systems. The in-duct/fixed systems segment is projected to dominate with a market share exceeding 59% in 2024, owing to technological advancements and increasing investments by commercial entities to improve indoor air quality. However, the standalone/portable segment is expected to grow at the highest CAGR, supported by increasing sales in the residential sector due to the versatility and targeted air cleaning offered by portable HVAC units.
Sales channels in the HVAC market are categorized into online and offline. The offline segment is expected to dominate with a market share of over 73% in 2024, driven by consumer preferences for in-store guidance and the immediate availability of products. However, the online segment is projected to experience the highest growth rate, due to the growing popularity of e-commerce, the 24/7 accessibility of online stores, and the ability to compare products and prices easily.
In terms of application, the HVAC market is divided into cooling, heating, ventilation, filtering, humidification & dehumidification, and air purification. The cooling segment is forecast to hold the largest market share, accounting for over 32% in 2024. Factors driving this growth include the rising adoption of centralized HVAC systems and air conditioners equipped with inverter and air purification technologies. This segment is also expected to grow at the fastest rate during the forecast period.
End users in the HVAC market include the IT & telecommunications, data centers, agriculture, residential, industrial, and commercial sectors. The residential segment is projected to hold the largest market share at over 26%, driven by rising disposable incomes, improved living standards, and the increasing use of portable air purifiers in residential HVAC systems. However, the commercial segment is anticipated to grow at the highest CAGR, spurred by stricter government regulations regarding indoor air quality in commercial buildings and growing public awareness of the health risks associated with poor air quality.
Geographically, the HVAC market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. Asia-Pacific is forecast to dominate the market with a share exceeding 45% in 2024, driven by rapid industrialization and urbanization, increasing infrastructure investments, and technological advancements in HVAC systems. Rising living standards and greater awareness of indoor air quality are also contributing to the region’s growth. Moreover, the Asia-Pacific market is expected to grow at the highest CAGR of more than 9% during the forecast period.
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.).
To gain more insights into the market with a detailed table of content and figures, click here:https://www.meticulousresearch.com/product/hvac-market-5968
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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