Heating, Ventilation, and Air Conditioning (HVAC) Market by System (Heating, Ventilation, Humidity, Integrated Controls), By Component (Sensors, Control & Control Devices), By Revenue Source (HVAC Control, Building Energy Management Systems (BEMS)), By End-User (Residential, Commercial, Industrial), & Region for 2024-2031

Heating, Ventilation, and Air Conditioning (HVAC) Market Valuation – 2024-2031

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The growing need for energy-efficient systems, technological developments in smart home integration, and an increase in both residential and commercial construction activity are driving factors in the HVAC market. According to the analyst from Market Research, the heating, ventilation, and air conditioning (HVAC) market is estimated to reach a valuation of USD 237.36 Billion over the forecast subjugating around USD 164.2 Billion valued in 2024.

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The spike in urbanization, rigorous government regulations on energy usage, and the growing need for innovative temperature control systems in a variety of applications are all driving the HVAC market forward. It enables the market to grow at a CAGR of 5.2% from 2024 to 2031.

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Heating, Ventilation, and Air Conditioning (HVAC) Market: Definition/ Overview

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Heating, Ventilation, and Air Conditioning (HVAC) is the technology and systems that regulate interior environmental comfort by controlling temperature, humidity, and air quality. HVAC systems are extensively used in residential, commercial, and industrial buildings to provide heating during the winter, cooling during the summer, and sufficient ventilation to preserve healthy air quality. HVAC applications include homes, workplaces, hospitals, schools, and manufacturing facilities that require a controlled and comfortable interior atmosphere.

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What are the Factors that Surge the Demand for the HVAC Market?

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The world population is increasing, with cities accounting for a sizable percentage of this growth. This fast urbanization is causing a rise in construction activity, both for residential and commercial properties. As more people relocate to cities and new buildings are built to accommodate them, there is a growing demand for HVAC systems to keep these new spaces at appropriate temperatures. This trend is projected to continue in the foreseeable future, fueling growth in the HVAC market.

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Consumers are increasingly looking for energy-efficient HVAC systems to save money on their power costs while also reducing their environmental effects. Governments around the world are also enacting stronger restrictions to promote energy efficiency in buildings. This is leading to the development of more sustainable HVAC solutions, such as heat pumps, which can efficiently supply both heating, cooling, and variable refrigerant flow (VRF) systems, which can accurately adjust the temperature in different zones of a structure. These developments make HVAC systems a more appealing alternative for both homeowners and businesses, accelerating the market’s expansion.

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Furthermore, the growing awareness of the health dangers associated with poor indoor air quality is driving demand for modern HVAC systems that include enhanced ventilation and filtration technology. These modern systems can eliminate impurities including dust, pollen, allergies, volatile organic compounds (VOCs), and even some airborne pathogens, resulting in a healthier and more comfortable indoor environment. This is especially crucial for persons with allergies, asthma, and other respiratory issues, as well as those who spend a lot of time indoors.

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What Factors Hinder the Growth of the Heating, Ventilation, and Air Conditioning Market?

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The cost of raw materials required for HVAC equipment, such as copper, steel, and various polymers, has been steadily rising in recent years. This increase puts a substantial burden on HVAC contractors’ profit margins, potentially compelling them to hike consumer pricing. The reasons for the rise in material costs are numerous and multifaceted. The pandemic’s global supply chain disruptions continue to have an impact, and geopolitical developments generate price volatility in commodities, thereby limiting market growth.

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Furthermore, the HVAC market is experiencing a growing shortage of competent workers. This scarcity is caused by several issues, including an aging workforce approaching retirement, a lack of awareness about HVAC employment among younger generations, and the growing complexity of modern HVAC systems. As a result, it is difficult to find trained professionals to install, maintain, and repair these systems. This results in longer wait times for service, greater installation costs for consumers, and potential delays in the completion of construction projects, which reduces market demand.

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Category-Wise Acumens

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How Does the Increasing Demand for Smart Home Integration Drive the Integrated Controls Systems?

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According to Analysis, the integrated control segment is estimated to hold the largest market share in the system segment during the forecast period. Integrated controls play an important role in improving HVAC system performance, resulting in significant energy savings. They can automatically change heating, cooling, and ventilation based on occupancy, outdoor temperature, and preferred indoor conditions. This cuts energy waste and decreases utility prices for consumers. Governments and corporations alike are increasingly focused on energy saving, making integrated controls an appealing option.

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The growing popularity of smart homes generates a high demand for integrated controls. These systems enable homeowners to remotely regulate their HVAC systems, thereby increasing comfort and convenience. Also, connectivity with smart home platforms enables data gathering and analysis, allowing customers to get insight into their energy consumption and discover areas for further optimization.

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Furthermore, Integrated controls can help to make the indoor atmosphere more comfortable and healthful. They may be programmed to keep temperatures consistent across a facility, preventing hot and cold regions. Also, advanced systems can combine with air filtration and ventilation equipment to ensure the best indoor air quality, which is an increasing issue for many people.

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How Does Growth in the Residential Sector Influence the Growth of the HVAC Market?

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The residential segment is estimated to dominate the heating, ventilation, and air conditioning (HVAC) market during the forecast period. Residential structures outnumber commercial and industrial establishments. This huge existing base results in a higher total demand for HVAC systems in homes, apartments, and other residential buildings. Furthermore, increased disposable income and urbanization in many parts of the world are driving continuing expansion in residential buildings, boosting demand for HVAC systems in this segment.

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Homeowners are more concerned with keeping a healthy and comfortable interior environment. This is increasing the demand for modern HVAC systems with better ventilation and filtration capabilities. These systems can eliminate allergens, dust, and other pollutants, resulting in a better environment for families, particularly those with children or respiratory difficulties.

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Furthermore, many households face large expenses due to their energy costs.  As energy bills climb, homeowners seek ways to save money.  Energy-efficient HVAC systems that use technologies such as variable speed drives and smart thermostats can drastically cut energy usage while maintaining comfort. The emphasis on energy efficiency is driving the uptake of these advanced systems in the residential market.

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Gain Access into Heating, Ventilation, and Air Conditioning (HVAC) Market Report Methodology

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Country/Region-wise Acumens

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How is the Rapid Urbanization & Population Growth Influencing the Growth of the HVAC Market in Asia Pacific?

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According to Analyst, Asia Pacific is estimated to dominate the heating, ventilation, and air conditioning (HVAC) market during the forecast period. The Asia-Pacific region is witnessing rapid urbanization, with a burgeoning middle class and increased disposable income. This increase in urban populations needs the construction of numerous new residential and commercial buildings. Each of these buildings requires HVAC systems to keep temperatures tolerable, resulting in a significant increase in demand in the region.

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Many governments in the Asia Pacific are enacting more stringent energy efficiency regulations for buildings. This encourages manufacturers to develop and create more energy-efficient HVAC systems, which drives market development. Furthermore, government investments in infrastructure development, such as new public-service buildings and transit networks, provide further prospects for HVAC systems.

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Furthermore, the Asia Pacific region accounts for a considerable percentage of the worldwide HVAC manufacturing business. This enables competitive pricing and simpler access to these systems for local customers. Also, there is an increasing emphasis on research and development in the region, which has resulted in breakthroughs in energy-efficient and smart HVAC technology, strengthening the Asia Pacific region’s market dominance.

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What Factors Contribute to the Potential Opportunities in the HVAC Market in Europe?

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Europe region is estimated to exhibit substantial growth within the heating, ventilation, and air conditioning (HVAC) market during the forecast period. A wave of renovations in existing buildings around Europe is boosting demand for HVAC replacements.  Stricter government restrictions on energy efficiency are pressuring homeowners and businesses to replace aging, inefficient HVAC systems with newer versions that meet these regulations. This emphasis on energy savings and environmental effects is driving the need for energy-efficient HVAC solutions in Europe.

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European countries are pioneers in sustainability and green building movements. This emphasis on environmentally friendly construction practices has resulted in a growing demand for HVAC systems that use renewable energy sources or integrate seamlessly with sustainable building designs. Also, government incentives for adopting these green technologies promote low-emission and environmentally friendly HVAC systems.

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Furthermore, Europeans are becoming more tech-savvy and value the convenience and efficiency provided by smart home solutions. This trend also applies to the HVAC market, where there is a growing need for smart and connected HVAC systems. These systems support remote control, temperature adjustments based on occupancy or weather, and interaction with other smart home devices. The emphasis on comfort, convenience, and energy efficiency via smart technology is driving market expansion in Europe.

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Competitive Landscape

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The heating, ventilation, and air conditioning (HVAC) market’s competitive landscape is characterized by a high level of innovation and technological improvement, with many competitors emphasizing energy efficiency, sustainability, and smart technology integration.

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Some of the prominent players operating in the heating, ventilation, and air conditioning (HVAC) market include:

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• Daikin Industries Ltd.

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• Trane

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• United Technologies Corporation

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• Johnson Controls

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• Carrier

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• Samsung Electronics Co. Ltd.

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• LG Electronics

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• Fujitsu Limited

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• Lennox International Inc.

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• Midea Group Co. Ltd.

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• Zamil Industrial

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Latest Developments

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• In August 2023, Carrier introduced the new high-outdoor air system to their WeatherExper® packaged rooftop units. This light commercial unit can condition up to 100% exterior air. The WeatherExpert high outside air system can handle up to 100% outdoor air for ventilation, make-up air, or building ventilation.

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• In June 2023, Mitsubishi Electric Trane HVAC US LLC (METUS), a leading supplier of all-climate Ductless and Ducted Mini-split and Variable Refrigerant Flow (VRF) heat-pump and air-conditioning systems, introduced Hybrid VRF®, a cutting-edge two-pipe VRF zoning system designed to use water instead of refrigerant in indoor spaces.

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• In February 2023, Lennox International introduced bundled rooftop units with the Xion and Enlight product lines. These new products minimize environmental effects by providing high efficiency, sustainable design, and efficient servicing.

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• In January 2023, Trane introduced the AirfinityS rooftop air-to-air heat pump systems, with variable speed compressors, adaptive frequency drive, and R-454B refrigerant with reduced global warming potential.

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• In January 2023, SAMSUNG introduced a new line of WindFree AC. It uses AI technology to automatically cool the environment while reducing energy use by 77%. It also features a motion-detecting sensor, voice control, and welcome cooling.

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Report Scope

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Heating, Ventilation, and Air Conditioning (HVAC) Market, By Category

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System:

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• Heating

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• Ventilation

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• Humidity

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• Integrated Controls

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Component:

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• Sensors

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• Control & Control Devices

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Revenue Source:

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• HVAC Control

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• Building Energy Management Systems (BEMS)

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End-User:

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• Residential

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• Commercial

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• Industrial

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Region:

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• North America

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• Europe

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• Asia-Pacific

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• South America

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• Middle East & Africa

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Research Methodology of Market Research:

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To know more about the Research Methodology and other aspects of the research study, kindly get in touch with our Sales Team at Market Research.

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Reasons to Purchase this Report

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• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors
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• Provision of market value (USD Billion) data for each segment and sub-segment
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• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market
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• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region
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• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled
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• Extensive company profiles comprising of company overview, company insights, product benchmarking, and SWOT analysis for the major market players
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• The current as well as the future market outlook of the industry with respect to recent developments which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions
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• Includes in-depth analysis of the market of various perspectives through Porter’s five forces analysis
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• Provides insight into the market through Value Chain
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• Market dynamics scenario, along with growth opportunities of the market in the years to come
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• 6-month post-sales analyst support

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Customization of the Report

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