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HVAC System Market Set to Expand Significantly, Valued at $280.1 Billion by 2028

(, April 25, 2023 ) The global HVAC system market is expected to be valued at USD 206.3 billion in 2023 and is projected to reach USD 280.1 billion by 2028; it is expected to grow at a CAGR of 6.3% from 2023 to 2028. The market growth is driven by the increasing need for the efficient use of energy in buildings and the growing demand for HVAC equipment owing to the expansion of the construction sector in various countries. The HVAC system market in China, India, the UAE, and the US is expected to exhibit a high growth rate. This can be attributed to the expansion of the construction sector and the rising number of data centers in the aforementioned countries.

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Chillers market for HVAC system to account for the second highest CAGR during the forecast period. Chillers play an important role in HVAC systems. The chilling system drives the refrigeration cycle of cooling equipment. As new buildings and infrastructure projects are constructed, the chiller demand also increases. For example, in September 2022, Daikin supplied R-32 EWAT-B- chillers in a project involving an office building in Bangalore, India. The units were installed to provide the HVAC system with the necessary chilled water to meet the comfort needs of the occupants of an office building.

In terms of value, the heat pump segment is projected to account for the largest share for HVAC system market in 2028. Heating in buildings is responsible for four gigatons (Gt) of CO2 emissions annually, which is approximately 10% of global emissions. Installing heat pumps instead of fossil‐fuel‐based boilers significantly reduces greenhouse gas emissions in all significant heating markets like North America and Europe. According to the report published by International Energy Agency (IEA) in November 2022, governments across the globe are implementing policies to expand the usage of heat pumps, which will have a clear impact on the use of gas, oil, and coal for heating. Heat pumps can potentially reduce global carbon dioxide emissions by at least 500 million tons in 2030.

The HVAC system market in Europe accounted for the second largest share in 2022. The EU has a high GDP rate and a high standard of living, making HVAC systems affordable to consumers. Consumers in the EU are aware of the benefits of HVAC systems and the need for power efficiency. The exhibitions related to the HVAC industry held in the EU facilitate communication between the major players of HVAC industries worldwide and allow the exhibitors to showcase their technologies and innovations. Associations such as the Representatives of European Heating and Ventilation Associations (REHVA) support the growth of the HVAC industry in Europe, thereby contributing to the growth of the HVAC system market in this region.

Major players operating in the HVAC system market include DAIKIN INDUSTRIES, Ltd. (Japan), Johnson Controls (US), Carrier (US), Trane Technologies plc (US), LG Electronics (South Korea), Emerson Electric Co. (US), Honeywell International Inc. (US), Mitsubishi Electric Corporation (Japan), Nortek Air Management (US), and Samsung (South Korea). These companies have reliable manufacturing facilities as well as strong distribution networks across key regions, such as North America, Europe, and Asia Pacific. They have an established portfolio of reputable products and services, a robust market presence, and strong business strategies. Furthermore, these companies have a significant market share, products with wider applications, broader geographical use cases, and a larger product footprint.

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