HVAC System Market Size, Revenue Growth Trends, Company Strategy Analysis, 2019–2030

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Rising application of HVAC systems in Intensive Care Unit (ICU) of hospitals is a major factor driving HVAC system market revenue growth

The global Heating, Ventilation, and Air Conditioning (HVAC) system market size is expected to reach USD 219.49 Billion in 2030 and register a revenue CAGR of 5.5% over the forecast period, according to latest report by Reports and Data. Rising demand for ductless heating and air conditioning systems is a major factor driving HVAC system market revenue growth. Ductless cooling and heating systems are a type of HVAC system that does not involve any ductwork operation. It primarily consists of an outdoor compressor and an indoor evaporator. These units are responsible for drawing cool and conditioned air into living space, as well as emitting absorbed heat outside. Mini-Split air conditioners are a type of ductless cooling and heating system that are widely used and preferred by homeowners. Ductless HVAC systems are preferred due to its wide range of advantages. For instance, utilizing these systems can significantly reduce overall expenses. Additionally, ductless HVAC systems have a higher Seasonal Energy Efficiency Ratio (SEER) rating which implies that they are comparatively more energy-efficient than their ducted counterparts. Furthermore, ductless cooling and heating systems also aid in offering greater operational flexibility.

Rising demand from healthcare facilities is also a key driver of HVAC system market growth. Apart from its primary purpose of providing a comfortable living and safe environment for patients, ICU staff, and visitors, HVAC system aids in determining infection rates in the ICU. These systems effectively remove dust particles as well as biological contaminants such as bacteria, viruses, and fungi. Furthermore, it maintains air distribution, such as velocity, flow pattern, air movement direction, and distribution pattern. Functioning of the system effectively prevents contamination of infectious diseases, and refrigerants used within which are eco-friendly thereby aiding safe and sustainable operation. Maintaining indoor air quality acts as a critical non-pharmacological strategy for reducing infection rates within hospitals.

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Major companies in the global market report include Daikin Industries, Ltd., Ingersoll Rand, Johnson Controls, LG Electronics, Electrolux, Lennox International Inc., Nortek Air Management, Samsung Electronics, Honeywell International Inc., and Emerson Electric Co.

Some Key Highlights from the Report

  • On March 21, 2019, enVerid Systems, a leading provider of sustainable air quality solutions based in Westwood, Massachusetts, announced partnership with Kirloskar Chillers, a leading manufacturer and provider of innovative solutions for comfort and process cooling and heating applications based in Pune, Maharashtra, to expand its presence in Indian markets. Furthermore, Kirloskar Chillers will be sole Indian distributor of enVerid's HVAC Load Reduction (HLR) modules, which use Sorbent Ventilation Technology (SVT) to safely clean indoor air in commercial buildings, reducing cooling loads associated with conditioning large volumes of outside air while also improving humidity control and indoor air quality.
  • Boilers segment accounted for largest revenue share in 2021. A boiler is a closed vessel that uses water or other liquid substances to generate steam or vapor. Generated steam is thus expelled, and the heat it generates is used for a variety of purposes, most notably in heating applications such as water heating and central heating in industrial units and homes. Rising demand for boilers by various end-use industries primarily due to their wide range of applications and significant benefits is a major factor driving growth of this segment. One of the primary advantages of using a boiler for industrial operations is cost savings. Use of a boiler system significantly reduces need for electric systems for various operations, which can result in huge expenses, especially during large-scale operations. In addition, boilers are also preferred due to their high efficiency and minimum threat.
  • Air purifiers segment accounted for largest revenue share in 2021. Air purifier is a type of technologically advanced device that aids in removing dust particles and other harmful contaminants from indoor air thereby maintaining air purity. Increasing application of air purifiers in healthcare facilities and commercial residential units due to their various advantages is a critical factor driving segment’s growth. In residential commercial units, for instance, air purifiers aid in repelling mosquitos and protect walls from molds. Molds are generally caused due to humidity and their ugly spots make the wall look dull. Moreover, it can also result in serious health problems such as infections and irritations. Air purifiers work efficiently by absorbing these mold spores and killing them instantly while keeping walls intact and shining.
  • Chillers segment accounted for largest revenue share in 2021. Chillers are primarily used in industries to maintain a consistent temperature and pressure for various end operations. An industrial chiller works by eliminating need for a wasteful, single-pass-through system, and instead recirculates cooling water thereby minimizing cost of water consumption. Rising demand from plastic manufacturing industries is a key factor driving growth of this segment. Chillers play a critical role in plastic manufacturing process. Cooling hot plastic is one of the most important aspects of plastic manufacturing process, and chillers play a significant role in this. Furthermore, chillers are used to cool down various equipment components that become extremely hot during operation.
  • Commercial segment accounted for largest revenue share in 2021. Increasing urbanization, as well as significant investments by prominent companies in construction and enhancement of commercial spaces, is a major factor driving growth of this segment. HVAC system plays a pivotal role in modern buildings. These systems are used to maintain a comfortable temperature, a consistent humidity level, and a high level of indoor air quality. In addition, utilizing a high-efficiency HVAC system for commercial spaces aids in improving employee health quality. HVAC system includes air purifiers and filters that kill bacteria and viruses present in air. These viruses can have serious health consequences for employees who work in a specific area. Additionally, modern HVAC systems are outfitted with advanced technologies that allow users to control each and every functionality from a remote location. Furthermore, they can also be combined with other appliances such as lights.
  • Market in North America accounted for largest revenue share in 2021. Increasing number of households and rapid investments in healthcare facilities are major factors driving market growth in this region. In addition, to increased adoption of Global Warming Potential (GWP) refrigerant R32, in this region, prominent market participants such as Daikin, are investing significantly in developing ducted and ductless air condition systems for residential, and light commercial purposes. According to the company, choice of R32 is consistent with its broad global acceptance. Moreover, market participants in this region are investing heavily in research development activities to innovate new products in this segment and gain a strong market position.

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For the purpose of this report, Reports and Data has segmented the HVAC system market based on type, ventilation devices, cooling equipment, application, and region:

Type Outlook (Revenue, USD Billion; 2019–2030)

  • Heat Pumps
  • Furnace
  • Boilers
  • Unitary Heaters

Ventilation Devices Outlook (Revenue, USD Billion; 2019–2030)

  • Humidifiers
  • Dehumidifiers
  • Air Purifiers
  • Air Filters
  • Ventilation Fans
  • Air Handling Units

Cooling Equipment Outlook (Revenue, USD Billion; 2019–2030)

  • Room Air Conditioners
  • Unitary Air Conditioners
  • Chillers
  • Coolers
  • Cooling Towers
  • Variable Refrigerant Flow (VRF) Systems

Application Outlook (Revenue, USD Billion; 2019–2030)

  • Residential
  • Commercial
  • Industrial

Regional Outlook (Revenue, USD Billion; 2019–2030)

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • Germany
    • U.K.
    • France
    • Italy
    • Spain
    • Sweden
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
    • Rest of APAC
  • Latin America
    • Brazil
    • Rest of LATAM
  • Middle East Africa
    • Saudi Arabia
    • UAE
    • South Africa
    • Israel
    • Rest of MEA

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  • PEST analysis of the market in the five major regions.

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