HVAC System Market is predicted to reach USD 364.8 Billion at a CAGR of 5.9% during the forecast period 2023-2032

Market Research Future (MRFR) has published on the “Global HVAC System Market”.

Market Research Future (MRFR) has published a cooked research report on the “Global HVAC System Market” that contains information from 2018 to 2032. The HVAC System market is estimated to register a CAGR of 5.9% during the forecast period of 2023 to 2032.

MRFR recognizes the following companies as the key players in the global HVAC System market— Daikin Industries, Ltd., Johnson Controls, Carrier, Trane Technologies plc, LG Electronics, Emerson Electric Co., Honeywell International Inc., Mitsubishi Electric Corporation, Nortek Air Management, Samsung

Market Highlights

The global HVAC System market is accounted to register a CAGR of 5.9% during the forecast period and is estimated to reach USD 364.8 Billion by 2032.

The demand for power and electricity, as well as the process of industrialization and urbanization, are key factors influencing the HVAC drive market. Climate change and global warming have become increasingly noticeable, leading to a growing need for HVAC drives to regulate indoor temperatures. Countries that experience significant climate fluctuations and hot weather are expected to have the most substantial demand for HVAC drives. Additionally, the construction of smart buildings and cities is on the rise, further driving the demand for HVAC drives during the forecast period. However, unnatural weather changes and the need to accomplish the most extreme energy preservation have become major worldwide issues. Progressed HVAC frameworks help to address these worries viably; nonetheless, mindfulness regarding the advantages of HVAC frameworks and controls is low. The execution of HVAC frameworks in private structures in created nations is high; in any case, due to the significant expense related to the execution of these frameworks, the reception stays low even though the ecological advantages are high.

Access full report @ https://www.marketresearchfuture.com/reports/heating-ventilation-air-conditioning-market-801

Segment Analysis

The global HVAC System market has been segmented based equipment, sales channel, and application.

Based on Equipment, the global HVAC System market segmentation includes Cooling Equipment, Heating Equipment, and Ventilation Equipment. The Cooling Equipment segment held the majority market share in 2022 and is expected to grow at a significant growth rate. Air conditioners are the most common type of cooling equipment. They use a compressor to circulate a refrigerant through a closed loop. The refrigerant absorbs heat from the air inside the home and releases it to the air outside. Chillers are used in large commercial and industrial buildings. They are similar to air conditioners, but they are designed to cool water instead of air. The chilled water is then circulated through a heat exchanger to cool the air in the building.

Heating Equipment held the second largest market share in the HVAC system market in 2022.Furnaces are the most common type of heating equipment in homes. They burn fuel, such as natural gas, propane, or oil, to heat air. The heated air is then circulated through the home by a blower. Boilers heat water or steam, which is then circulated through the home to heat the air. Boilers are typically used in larger homes or commercial buildings.Heat pumps can be used for both heating and cooling. They work by reversing the refrigeration cycle. In the heating mode, the heat pump absorbs heat from the air outside and releases it to the air inside the home.

Based on Sales channel, the global HVAC System market segmentation includes OEM and Aftermarket. OEM segment dominated the market in 2022 and is expected to continue dominating the market during the forecast period 2023-2032. In the context of the HVAC system market, OEM sales channels refer to the sale of HVAC systems directly to original equipment manufacturers (OEMs). OEMs are companies that manufacture finished products, such as cars, trucks, and buses. They typically purchase HVAC systems from HVAC manufacturers and then install them in their products. OEM sales channels are the largest sales channel for HVAC systems because OEMs have a large demand for HVAC systems and they are willing to pay a premium for quality and performance.

Aftermarket sales channels refer to the sale of HVAC systems to consumers and businesses after the initial sale. This includes the sale of replacement parts, repairs, and maintenance services. Aftermarket sales channels are the second largest sales channel for HVAC systems because HVAC systems are typically designed to last for many years, but they can eventually need to be repaired or replaced. There are several advantages to selling HVAC systems through aftermarket sales channels. First, it allows HVAC manufacturers to reach a wider market. Second, it provides HVAC manufacturers with a steady stream of revenue. Third, it allows HVAC manufacturers to provide customers with the parts and services they need to keep their HVAC systems running smoothly.

Based on application, the HVAC System market segmentation includes Residential, Commercial, and Industrial. The Residential segment dominated the market in 2022 and is projected to be the fastest-growing segment during the forecast period 2023-2032. There are several factors that contribute to the large size of the residential application segment in the HVAC system market. First, the global population is growing, and this is leading to an increase in the number of homes being built. Second, the average age of homes is increasing, and this is leading to an increase in the demand for HVAC system replacements. Third, there is a growing awareness of the importance of energy efficiency, and this is leading to an increase in the demand for high-efficiency HVAC systems.

The commercial application segment in the HVAC system market refers to the sale of HVAC systems for use in commercial buildings. This segment is the second largest in the global HVAC system market, accounting for a significant share of the HVAC system market in 2022. The heating category is the largest in the commercial application segment because heating is a more essential need than cooling in most parts of the world. The cooling category is the second largest and the ventilation category is the smallest of the HVAC system market. The commercial application segment in the HVAC system market is expected to continue to grow in the coming years.

Regional Analysis

The global HVAC System market, based on region, has been divided into the North America, Europe, Asia-Pacific, and Rest of the World. North America consists of US and Canada. The Europe HVAC System market comprises of Germany, France, the UK, Italy, Spain, and the rest of Europe. The HVAC System market in Asia-Pacific has been segmented into China, India, Japan, Australia, South Korea, and the rest of Asia-Pacific. The Middle East and Africa HVAC System market comprises of Saudi Arabia, South Africa, UAE and Rest of Middle East and Africa. The South America HVAC System market comprises of Brazil, Argentina, Peru, Chile, and Rest of South America.

The Asia Pacific HVAC System Market held the largest market share in 2022 and it is predicted to grow at the fastest CAGR during the forecast period. Countries like China, India and Japan have been at the forefront of this market expansion due to rapid urban development and infrastructure projects. As disposable incomes rise, there is a heightened focus on energy-efficient and smart HVAC systems that offer optimal comfort while minimizing environmental impact. This trend is driving innovation in technologies such as inverter-driven heat pumps, advanced air purification, and IoT-based control systems.

In 2022, Europe held the second largest market share of the HVAC System market. Adopting government regulations to improve energy efficiency and use eco-friendly refrigerants is expected to drive up the demand for HVAC equipment in Europe, particularly in the United Kingdom, France, and Germany. In Germany, the government's push for rapid development and integration of efficient and renewable heating and cooling technologies through new laws and incentives has caused a major market shift, resulting in the growth of the heating and cooling industry.

North America controls a sizable portion of the global HVAC System industry. The presence of leading manufacturers such as Carriers and Emerson Electric Co and several others is expected to contribute to the growth of the North American market in the future. The equipment market in the United States is experiencing consistent growth and is considered crucial. This is due to increasing construction activity, the availability of high-efficiency systems, and extreme weather conditions requiring HVAC system installation.

South America is estimated to account for a substantial proportion of the HVAC System market in 2022, with a significant CAGR throughout the forecast period. There is an increasing demand for HVAC systems in countries such as Brazil, Argentina and others, highlighting the importance of boosting energy savings and customer flexibility. Implementing digital technologies and smart policies can deliver immediate energy savings, which can translate into long-term structural improvements, supporting consumers and electricity systems while maintaining low carbon intensity.

The Middle East and Africa held a major proportion of the HVAC System market in 2022. The emphasis on energy efficiency and sustainability has led to a surge in demand for smart and green HVAC technologies. In the African context, the market is influenced by factors like increasing urban populations, expanding industrial sectors, and the need for reliable cooling solutions in healthcare and data centers. While the HVAC market in Africa is still evolving, it holds considerable potential for growth, especially as governments and industries recognize the importance of creating comfortable indoor environments.

Key Findings of the Study

• The global HVAC System market is expected to reach USD 364.8 Billion by 2032, at a CAGR of 5.9% during the forecast period.


• The Asia-Pacific region accounted for the fastest-growing global market. The Asia-Pacific region's commitment to reducing greenhouse gas emissions and complying with international environmental regulations further propels the adoption of energy-efficient HVAC solutions.


• Based on application, the residential segment was attributed to holding the largest market in 2022, and commercial segment held the second largest market share.


• Daikin Industries, Ltd., Johnson Controls, Carrier, Trane Technologies plc, LG Electronics, Emerson Electric Co., Honeywell International Inc., Mitsubishi Electric Corporation, Nortek Air Management, Samsung are key market players.


• Based on equipment, the cooling equipment segment held the largest market share in 2022 and heating equipment segment held the second largest market share in 2022.