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NEW YORK , Aug. 8, 2022 /PRNewswire/ -- The Insight Partners published latest research study on "HVAC System Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Component (Thermostat, Air Handling Units, Central ACs, Furnace, Heat Pump, Compressor, and Others), Type (Split System, Ductless System, and Packaged System), Implementation (New Installation and Retrofit), and Application (Residential, Commercial, and Industrial)", the global HVAC system market is projected to reach $455.96 billion by 2028 from $246.10 billion in 2022; it is expected to grow at a CAGR of 10.8% during 2022–2028.
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HVAC System Market Report Scope & Strategic Insights:
No. of Charts & Figures
Component, Type, Implementation, and Application
North America; Europe; Asia Pacific; Latin America; MEA
US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina
Revenue forecast, company ranking, competitive landscape, growth factors, and trends
HVAC System Market: Competitive Landscape and Key Developments
Daikin Industries, Ltd.; Emerson Electric Co.; Rheem Manufacturing Company; Honeywell International Ltd.; Johnson Controls International plc; LG Electronics, Inc.; EVAPCO; Lennox International; Carrier AG and Trane Technologies, Inc. are among the key HVAC system market players profiled during this study. In addition, several other important market players have been studied and analyzed during this market study to get a holistic view of the market and its ecosystem.
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In 2022, DAIKIN announced the expansion of its new heat pump heating factory in Poland . The company announced an investment of around USD $300 million toward the factory. The new production base will start operations in July 2024 to meet the rapidly increasing demand for heat pumps in Europe .
In 2021, Johnson Controls announced a program in partnership with Fundient Capital LLC. The Ultimate Home Comfort is a 10-year residential HVAC program that provides homeowners with highly efficient heating and cooling options. The program is being offered through the YORK brand of Johnson Controls.
HVAC System Market Analysis: Key Insights
The HVAC system market growth is driven the rise in demand for energy efficient solutions, growth in government regulatory policies for energy saving and conservation, development of smart HVAC system promoting demand and rising Integration of IoT with HVAC systems globally. China holds a major market share in HVAC system market in 2022.
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The HVAC system market size is segmented into five major regions—North America, Europe , Asia Pacific (APAC), the Middle East and Africa (MEA), and South America (SAM). Being home to several industries, which are focused on decreasing energy consumption and lowering their carbon footprint, Europe is pioneering advanced HVAC system adoption. Europe has been at the forefront in fighting global warming, and several regulations have been framed to tackle the same. Reducing energy consumption of residential and commercial buildings is also gaining importance in the region. Such factors collectively are promoting the HVAC system market growth.
North America accounted for the largest global HVAC system market share. It is the most technologically advanced region, with major economies such as the US, Canada , and Mexico . The growth in the construction industry in the United States is positively impacting HVAC system market growth in the region. The country has witnessed rising activity in the industrial sector, comprising manufacturing facilities, and other institutional and industrial facilities, which has been driving the market demand for HVAC systems.
Hydrofluorocarbon consumption is being progressively regulated by the federal government, and the U.S. HVAC system market players are continually responding to this. Up to 50% of the R410A refrigerant, which is known to be utilized in contemporary HVAC systems in the United States is made up of hydrofluorocarbons like R-32. R-32 is the best choice as it offers energy efficiency, high thermal conductivity, and low toxicity. For instance, in December 2021 , Daikin launched its first R-32 System in the US. Based on the R-32's advantageous qualities, Daikin made this decision. R-32 is optimal low global warming potential (GWP) substitute for R310A for many important residential, light commercial and applied products in the North America . Such advancements from major players in the market are driving the HVAC system market size in the US.
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HVAC System Market Analysis: Type Overview
Based on type, the HVAC system market is segmented into split system, ductless system and packaged system. Ductless System can be used in variety of residential settings. The most frequent usage is in multifamily buildings or as a retrofit addition to premises that already has non ducted heating systems like hydronic, radiant panels and space heaters. Split HVAC system is divided into two independent components, one of which serves as a heating unit and the other as a cooling unit, as the name would imply. It should be emphasized that these systems have plainly distinguishable indoor and outdoor units.
These HVAC items have and exterior cooling system with coils, compressors, and refrigerants to chill the air and a fan to exhaust hot air. These are essentially the air conditioning units that are maintained outside of homes and used in the summer season. Moreover, A hybrid air conditioning split system uses whatever fuel is available during the season. A furnace and an air conditioner are part of a typical HVAC setup, whereas a furnace and a heat pump are part of a hybrid split system. Due to its capacity to switch between oil and gas depending on price, a hybrid split system is energy efficient. In terms of HVAC system market share, split system dominates the HVAC industry.
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Heating, Ventilation, Air Conditioning and Refrigeration (HVAC/R) Market Forecast to 2028 - Covid-19 Impact and Global Analysis - by Heating Equipment (Boilers, Furnaces, Heaters and Others); Ventilation Equipment (Air Filter, Duct, Air Ventilator and Others); Air Conditioning Equipment (Chiller, Cooling Tower, Air Conditioner and Others); Ventilation Equipment (Actuators, Control Panels, Sensor & Transducers, Thermostats and Others); Services (Managed Services and Professional Services); and Verticals (Residential, Commercial and Industrial)
HVAC Controls Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Component Type (Sensors, Controllers, Smart Vents, and Others), Installation Type (New Installation and Retrofit), System (Temperature Control System, Humidity Control System, Ventilation Control System, and Integrated Control System), and End User (Residential, Commercial, and Industrial)
Handheld HVAC Monitoring Devices Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Device Type (Temperature and Humidity Meters, Gas Detector, HVAC Multimeter, Airflow Meter, and Pressure Gauge Meter) and Application (Residential, Industrial, and Commercial)
Thermostat Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Product (Smart Thermostats, Mechanical, Programmable, Non-Programmable, Manual, Others.); Mode of Operation (Line Voltage Thermostats, Low Voltage Thermostats, Millivolt Thermostats.); Distribution Channel (Utility, Retail, Security, Others); Application (Residential, Commercial (Educational; Offices; Hospital and Others), Industrial Uses.) and Geography
Air Handling Units Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type (Packaged Air Handling Units, Modular Air Handling Units, Custom Air Handling Units, Rooftop Mounted Air Handling Units, Others); Capacity (Below 5000 m3/h, 5001-15000 m3/h, 15001-30000 m3/h, 30001-50000 m3/h, Above 50001 m3/h); Application (Commercial, Residential) and Geography
Commercial Vehicle HVAC System Market Forecast to 2028 – Covid-19 Impact and Global Analysis - by Technology Type (Automatic HVAC System and Manual HVAC System); Equipment Type (Rooftop Package Unit, Split System, Chilled Water Air Handler, Variable Air Volume and Air To Air Heat Pump); and Application (Light Commercial Vehicle, Medium Commercial Vehicle and Heavy Commercial Vehicle)
Automotive HVAC Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Technology Type (Automatic HVAC System, Manual HVAC System); Equipment Type (Rooftop Package Unit, Split System, Chilled Water Air Handler, Variable Air Volume, Air to Air Heat Pump); Component (Condenser, Evaporator, Compressor, Drier, Others); Application (Passenger Vehicles, Commercial Vehicle) and Geography
HVAC Valves Market to 2027 - Global Analysis and Forecasts by Product (Ball Valve, Globe Valve, Butterfly Valve, and Pressure Independent Valves); and Application (Residential, Industrial, and Commercial)
Steam Trap Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Product Type (Mechanical, Thermodynamic, and Thermostatic); Application (Drip, Process, and Tracing); End-User (Oil and Gas, Pharmaceuticals, Food and Beverage, Pulp and Paper, and Others)
Smart Thermostats Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Network Technology (Wireless, Wired); Product Type (Connected Smart Thermostat, Standalone Smart Thermostat); Verticals (Residential, Commercial, Industrial) and Geography
Commercial HVAC Market Forecast to 2028 - COVID-19 Impact and Global Analysis by Heating (Heat pumps, Furnaces, Space heaters, Boilers); Cooling (Room unitary air conditioners, Chillers, VRF systems, Coolers, Others); Ventilation (Air filters, Air purifiers, Centrifugal fans, Roof vent, Ventilation fan, Air handling unit, Others); Implementation (New installation, Retrofit) and Geography
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