Heating, Ventilation, and Cooling (HVAC) System Market to Exhibit a CAGR of 5.7% from 2025 to 2032; LG Electronics Announced Expansion of its HVAC Business by Targeting B2B Customers in Major Asian Markets

The global Heating, Ventilation, and Cooling (HVAC) system market size was valued at USD 165.88 billion in 2024. The market is projected to grow from USD 174.58 billion in 2025 to USD 256.95 billion by 2032, exhibiting a CAGR of 5.7% during the forecast period.

Fortune Business Insights™ presents this information in its report titled “Heating, Ventilation, and Cooling (HVAC) System Market Size, Share & Industry Analysis, By Application vs Capacity (Residential, Commercial, and Industrial), By Product Type (Heating Equipment, Cooling Equipment, and Ventilation Equipment), By Application (Commercial, Residential, and Industrial), and Regional Forecast, 2025 – 2032”

Poor air quality, regulatory pressures, and urbanization are driving demand for HVAC systems that enhance indoor air quality and humidity control, supported by stringent government standards on refrigerants and energy efficiency. The extensive applications of Heating, Ventilation, and Cooling (HVAC) systems across commercial buildings and urbanization are driving market growth.

The COVID-19 pandemic negatively impacted various industrial verticals with halt on manufacturing facilities and created cross border trade tensions, impacting the demand for HVAC systems.

LG Electronics Extended Footprint of its HVAC Business by Targeting B2B Customers

In May 2024, LG Electronics announced that it is hosting the LG HVAC Consultant Leaders’ Summit – LG Alumni Event in South Korea. This event offered excellent opportunity to HVAC consultants across Asia to take advantage from the company’s huge industry insights. This deal helped the company proliferate its leadership in Asia, which is currently the most quickly growing HVAC market globally.

Market Value to Increase Owing to Flourishing Construction Industry

The quick industrialization and increasing urbanization across developing nations are leading to a significant surge in demand for residential and commercial buildings. In addition, a significant rise in climate-controlled solutions is creating robust demand for the product. The regulatory policies and standards set by the government are further boosting the demand for HVAC systems to reduce energy consumption.

However, the prohibitive service costs coupled with restricted skilled workforce may impede Heating, Ventilation, and Cooling (HVAC) system market growth.

Prominent Players Develop Innovative Products to Outshine Competition

A wide range of strategic initiatives are being adopted by market leaders to stand out from the competition. Some of these strategies include joint ventures, mergers, acquisitions, and capacity expansions. Many companies are also focusing on releasing new and innovative Heating, Ventilation, and Cooling (HVAC) systems to stand out from the competition.

To get a detailed report summary and research scope of this market, click here:

https://www.fortunebusinessinsights.com/heating-ventilation-and-cooling-hvac-system-market-102664

List of Key Players Profiled:

• Johnson Controls (Ireland)
• Daikin Industries Ltd. (Japan)
• Lennox International Inc. (U.S.)
• Carrier (U.S.)
• Mitsubishi Electric Corporation (Japan)
• Nortek Global HVAC LLC (U.S.)
• LG Electronics (South Korea)
• Emerson Electric Co. (U.S.)
• Trane Technologies (Ireland)
• Samsung (South Korea)

Further Report Findings:

• Asia Pacific grabs the largest market share, which can be credited to the emphasis of manufacturing firms on investing in energy-efficient HVAC systems to serve the varying demands of the industry. The flourishing real estate market and heightened demand for comfortable living experiences also surge the demand for Heating, Ventilation, and Cooling (HVAC) systems in the region.
• In terms of product type, the heating equipment segment leads on account of collaborations between major companies and technology partners to establish integrated solutions. The measures by the government toward decreasing carbon emissions and favorable subsidies for sustainable heating systems are poised to boost the demand for heating equipment.
• On the basis of application, the commercial segment witnesses the largest Heating, Ventilation, and Cooling (HVAC) system market share, which can be credited to the growing disposable income and favorable regulatory standards. This, along with an increase in the number of commercial properties and multi-purpose complexes are contributing to segment growth.

Table of Segmentation