Jun 20, 2024   SOURCE: PR NewsWire

Global HVAC Market Projected to Reach $346.7 Billion by 2028, Growing at a 5.6% CAGR

BCC Research Study Indicates Steady Growth in the Heating, Ventilation, and Air Conditioning Industry, with Market Value Rising from $263.6 Billion in 2023 to $346.7 Billion by 2028

BOSTON, June 20, 2024 /PRNewswire/ -- HVAC stands for Heating, Ventilation, and Air Conditioning. Here's a breakdown of what each part means:

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Heating: This refers to systems and equipment used to generate warmth inside buildings. Common heating systems include furnaces, boilers, and heat pumps. They help maintain a comfortable temperature during cold weather.

Ventilation: Ventilation is about ensuring the flow of fresh air into indoor spaces and removing stale air. This is crucial for maintaining indoor air quality, controlling humidity, and preventing the buildup of pollutants. It can be achieved naturally through windows and vents or mechanically using fans and ventilation systems.

Air Conditioning: This component involves cooling and dehumidifying the air to make indoor environments comfortable during hot weather. Air conditioners and heat pumps are common devices used for this purpose. They work by removing heat from the indoor air and releasing it outside.

Together, HVAC systems are designed to create and maintain a comfortable and healthy indoor environment, no matter the weather outside. They play a crucial role in residential homes, commercial buildings, and industrial facilities by regulating temperature, ensuring adequate ventilation, and improving air quality.

Market Expansion and Revenue Surge

"According to the latest BCC research study, the demand for Heating, Ventilation and Air Conditioning: Global Markets expected to grow from $263.6 billion in 2023 and will reach $346.7 billion by the end of 2028 at a compound annual growth rate (CAGR) of 5.6% from 2023 through 2028."

This report examines the HVAC market by product type (heating, ventilation, and cooling equipment), installation type, application, and region (North America, Europe, Asia-Pacific, and Rest of the World). It reviews leading companies, their products, and revenue, along with a patent analysis. The study also covers ESG factors, emerging technologies, and the competitive landscape, including the impact of the Russia-Ukraine war. Using 2022 as the base year, the report provides estimated market values for 2023 and forecasts from 2023 to 2028, with growth rates in millions of dollars.

Some Interesting Facts about Heating, Ventilation and Air Conditioning: Global Markets

    --  U.S. consumers spend over $10 billion a year on HVAC repairs and
        maintenance, and this demand is expected to grow by 1.5 times by 2028.
    --  In the EU, heat pump sales are projected to more than double, from 3
        million units in 2022 to 7 million units by 2030.
    --  Upgrading to advanced HVAC systems can cut energy use by 50%, and
        integrating AI and IoT can save an additional 20-25% on electricity.

Factors contributing to this growth include:

    1. Expansion of industrialization.: The expansion of industrialization means
       more factories and advanced technology for making goods. This leads to
       more jobs and better infrastructure like roads and power supplies. People
       move to cities for work, boosting economic growth and improving living
       standards. However, it also causes environmental challenges like
       pollution, which require careful management. Overall, it's about growing
       industries and economies, changing how people live and work.


    2. Construction boom.: A construction boom is a period when a lot of new
       buildings and infrastructure projects are being built. This includes
       homes, offices, roads, and bridges. It's usually driven by economic
       growth, increased investment, and rising demand for housing and
       commercial spaces. During a construction boom, there are more jobs, more
       development, and often a noticeable change in the landscape of cities and
       towns.
    3. Technological developments in HVAC systems.: Technological developments
       in HVAC systems have made them more efficient, smarter, and better for
       the environment. New systems use less energy, saving money and reducing
       emissions. Smart controls allow users to adjust settings remotely with
       smartphones, while AI and IoT integration helps systems learn
       preferences, predict maintenance needs, and optimize performance.
       Improved filters and ventilation also enhance indoor air quality, making
       spaces healthier and more comfortable.

Request a Sample Copy of the Heating, Ventilation and Air Conditioning: Global Markets

Report Synopsis



     
              Report Metrics  
     
              Details



     Base year considered                                                                                                                2022



     Forecast Period considered 
     2023-2028



     Base year market size                                                                                            
            $251.1 billion



     Market Size Forecast                                                                                             
            $346.7 billion



     Growth Rate                
     CAGR of 5.6% for the forecast period of 2023-2028



     Segment Covered            
     Product Type, Installation Type, Application, and Region



     Regions covered            
     North America, Europe, Asia-Pacific, and Rest of the World (RoW)



     Countries covered            China, India, Japan, U.S., Canada, Mexico, Germany, U.K., France, Italy, Spain, South
                                    America, and Africa



     Key Market Drivers

                                                          Expansion of industrialization.
            
            
               
              Construction
                                                           boom.
            
            
               
              Technological developments in HVAC
                                                           systems.

Market Segmentation

Heating, Ventilation and Air Conditioning: Global Markets Can Be Categorized into Various Segments:

    --  Market Segments by Product TypeThe HVAC market is categorized by product
        type, including heating equipment like boilers, furnaces, heat pumps,
        space heaters, and others. Ventilation equipment consists of air
        filters, air handling units (AHUs), air purifiers, humidifiers,
        ventilation fans, and others. Cooling equipment includes chillers, air
        conditioners, water cooling towers, and other cooling devices. These
        categories help organize the various components and systems that make up
        the HVAC industry, making it easier to understand and analyze.



    --  Market Segments by Installation TypeHVAC systems are installed in two
        main ways: new construction and retrofitting or replacement. New
        construction refers to installing HVAC systems in newly built
        structures, such as homes, offices, or commercial buildings.
        Retrofitting and replacement involve upgrading or replacing existing
        HVAC systems in older buildings to improve efficiency, performance, or
        to meet updated regulations or standards. This distinction helps
        understand how HVAC systems are integrated into different types of
        buildings and projects.

    --  Market Segments by ApplicationHVAC systems are used in various settings,
        categorized by their application: residential, industrial, and
        commercial. Residential applications involve heating, cooling, and
        ventilating homes and apartments. Industrial applications refer to HVAC
        systems used in factories, warehouses, and other industrial facilities
        to regulate temperature and air quality for manufacturing processes.
        Commercial applications include HVAC systems in offices, retail stores,
        restaurants, and other commercial buildings to create comfortable and
        healthy indoor environments for employees and customers. These
        categories help understand where and how HVAC systems are used across
        different types of spaces.

this report on heating, ventilation and air conditioning: global markets provide comprehensive insights and analysis, addressing the following key questions:

    1. What is the projected market size and growth rate of the market?The
       projected market size in 2028 is $346.7 billion, and the market's CAGR is
       5.6% during the forecast period.





    2. What are the key factors driving the growth of the market?Growing
       Construction ActivitiesIncreasing Expansion of IndustrializationFavorable
       Government Policies





    3. What segments are covered in the market?By Product TypeBy Installation
       TypeBy Application



    4. By cooling equipment, which segment will dominate the market by the end
       of 2028?The air conditioners segment will dominate the market by 2028.

    5. Which region has the highest market share in the market?The Asia-Pacific
       region holds the largest share of the global market.

Some of the Key Market Players Are:

    --  CARRIER
    --  DAIKIN INDUSTRIES LTD.
    --  EMERSON ELECTRIC CO.
    --  GREE ELECTRIC APPLIANCES INC. OF ZHUHAI
    --  HITACHI LTD.
    --  JOHNSON CONTROLS
    --  LENNOX INTERNATIONAL INC.
    --  MITSUBISHI ELECTRIC CORP.
    --  NORTEK GLOBAL HVAC
    --  RHEEM MANUFACTURING CO.
    --  SAMSUNG HVAC LLC.
    --  TRANE TECHNOLOGIES PLC

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