Heating, Ventilation, and Cooling (HVAC) System Market to be worth USD 228.74 Billion by 2030; Rising Construction and Renovation Activities to Augment Growth

The global Heating, Ventilation, and Cooling (HVAC) System Market size was valued at USD 150.04 billion in 2022. The market is projected to grow from USD 157.71 billion in 2023 to USD 228.74 billion by 2030, exhibiting a CAGR of 5.5% during the forecast period. Fortune Business Insights™ presents this information in its report titled “Heating, Ventilation, and Cooling (HVAC) System Market Size, Share & COVID-19 Impact Analysis, By Type (Single Split Systems, Variable Refrigerant Flow (VRF) Systems, Chillers, and Others (Multi-split systems, etc)), By Application (Commercial, Residential, and Industrial), and Regional Forecast, 2023-2030”.

HVAC systems can be installed at several places and various building types. These systems are predominantly used in warehouses, industrial facilities, shopping centers, and more. HVAC systems are used for air supply and heating and cooling through adequate air conditioning. Heating, ventilation, and cooling systems are used to transfer air to outdoor and indoor spaces. Increased construction activities are driving demand for the installation of automatic temperature control devices.

Strict COVID-19 Regulations Resulted in Sharp Fall of the Market

Stringent COVID-19 regulations restrained the Heating, Ventilation, and Cooling System Market. China, Japan, and other ASEAN countries witnessed a fall due to a decline in machinery exports. In 2021, the COVID-19 delta emergence strain negatively affected the global value chain (GVC). Supply chain disruptions due to strict regulations resulted in a shortage of semiconductor chips.

Daikin’s Emura to Capture Market Due to Convenient Size 

Emura Indoor air condition system is a Daikin product launched in November 2022. Emura Indoor, also known as Emura, helps a room in cooling, heating, and purification of air. Its slim shape makes it convenient to fit in indoor spaces such as offices and living rooms, focusing on optimal and efficient temperature control.    

Upgraded Residential Building Designs to Spur Growth

Improved residential building designs and growing permits will increase the Heating, Ventilation, and Cooling System Market share. Along with the residential sector, private investments in the non-residential sector have highly increased. Construction activities in hospitals, hotels, and other non-residential spaces have become major revenue generators for the HVAC system market. Due to the increased and upgraded construction sector, the integration of BAS units is on the rise. An improved user interface, sensor technology, and affordable and faster communication of BAS lead the HVAC systems market.

However, the lack of skilled labor required for construction may constrain the heating, ventilation, and cooling system market growth.

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

Competitive Landscape

Key Players Focus on Developing High-End Product

Significant investments are made by companies in research and development to manufacture products by cutting costs in production. Limited adoption of HVAC systems is challenging for vendors in the market. Key players are focused on developing advanced products to gain an edge in this market. Companies are also concentrating on the expansion of product lines to strengthen their position and maintain dominance in this Market.

Notable Industry Development: 

• January 2021 - Trane introduced Wellsphere, a holistic approach to creating healthy indoor spaces by improving air, sound, and light quality. Through this approach, the company helps homeowners address environmental concerns.

List of Key Players Profiled in the Report:

• Johnson Controls (Ireland)


• DAIKIN INDUSTRIES, Ltd. (Japan)is


• 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 (Ireland)


• SAMSUNG (South Korea)

Further Report Findings:

• Asia Pacific region holds the largest market share. China held the largest share in the region, with 43.73%. India is expected to lead the region during the forecast period. Foreign direct investment (FDI) schemes are offered to manufacturing companies by the government.


• Europe is estimated to witness substantial growth during the forecast period. Increasing government spending, high average construction cost, and industrial development are a few factors expected to drive the region’s growth.


• The Middle East & Africa and Latin America are considered emerging regions. Products having the least impact on the environment are the preferred choice by governments of Middle Eastern countries.

Report Scope & Segmentation