The global HVAC (Heating, Ventilation, and Air Conditioning) systems market is experiencing rapid growth due to several factors. Firstly, as the global average temperature rises, there is an increased demand for HVAC systems to provide thermal comfort in indoor and outdoor environments. Secondly, urbanization in various nations has led to a greater need for heating and ventilation systems, especially in apartment buildings. Additionally, government requirements to replace outdated HVAC systems and support the construction industry are significant drivers of HVAC system sales.
HVAC technology plays a crucial role in various settings, including residential structures like apartment buildings, industrial buildings, hospitals, skyscrapers, and even moving vehicles like cars, trains, submarines, and ships. These systems aim to create efficient heating environments and are increasingly focused on green technology and energy efficiency.
Government regulations have played a pivotal role in shaping the HVAC market. Manufacturers are designing more energy-efficient systems to meet regulatory requirements, phase out harmful substances like CFCs and HCFCs, and cater to the demand for green technology. Government budgetary support for sustainable community development also contributes to the growth of the HVAC industry, particularly in commercial and industrial construction sectors.
The incorporation of IoT (Internet of Things) and product innovations present significant opportunities for the HVAC market’s expansion. According to Straits Research, the global HVAC equipment market was valued at USD 106.7 billion in 2021 and is projected to reach USD 206.4 billion by 2030, growing at a CAGR of 7.6%. This growth is driven by the increasing global temperature, rising urbanization, government regulations, and the need for energy-efficient HVAC solutions.
Regionally, Asia-Pacific is expected to witness significant growth at a CAGR of 7.9%, driven by the expansion of data centers and energy-efficient infrastructure support in countries like China. North America is also projected to grow at a CAGR of 8.80%, with HVAC systems becoming more common due to their energy-saving features.
Key highlights of the market include the dominance of air conditioning in the HVAC equipment segment and the prominence of unitary equipment (site-assembled) in equipment types.
Major players in the global HVAC equipment market include Daikin Industries Ltd, Johnson Controls – Hitachi Air Conditioning Company, LG Electronics Inc., Raytheon Technologies Corporation, Emerson Electric Co., Honeywell International Inc., Mitsubishi Electric Trane HVAC US LLC, Nortek Global HVAC, Danfoss AS, Panasonic Corporation, Haier Inc., Midea Group, and Whirlpool Corp.
In conclusion, the global HVAC equipment market is experiencing substantial growth due to rising demand, government regulations, and technological advancements, making it a promising industry for the future.