HVAC System Market Worth USD 338.84 Billion to 2031 | Reveals Latest InsightAce Study


Companies Covered in this Report are Daikin Industries, Johnson Controls, Carrier, Trane Technologies plc., LG Electronics, Emersion Electronic Co., Honeywell International Inc., Mitsubishi Electric Corporation, Nortek Air Management, and Samsung Electronics

Jersey City, NJ, March 30, 2023 (GLOBE NEWSWIRE) — The Global HVAC System Market is estimated to reach over USD 338.84 billion by 2031, exhibiting a CAGR of 5.46% during the forecast period. 

HVAC equipment is a type of indoor and vehicle environment comfort technology that provides thermal comfort and good indoor air quality. The increased demand for hybrid systems is predicted to increase the demand for heating, ventilation, and cooling systems. The advantages of hybrid systems, such as automatic temperature adjustment in response to changes in the environment, are gaining favor.


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Furthermore, the overall development of residential dwellings is being driven by the increasing rate of urbanization in various locations. As more people move to cities, commercial and industrial development is expected, pushing the deployment of HVAC equipment in diverse regions.

Additionally, industrial specialists favour heating systems such as boilers, heat pumps, and others due to their uses in space heating, steam generation, vaporization, and other fields. As a result, this equipment is appropriate in locations where the climate is extremely cold and helps enterprises maintain their operations running precisely.

Recent Developments:

  • In April 2022, Daikin confirmed its support for the REPowerEU, which has set a goal of increasing heat pump deployment from 10 million units in 2027 to 30 million units by 2030. This is also linked to home de-carbonization, as the movement can assist the European Union in meeting the residential sector’s de-carbonization targets by 2050. Other HVAC service providers are also assisting with such projects.

List of Prominent Players in the HVAC System Market:

  • Carrier Corporation
  • Daikin Industries, Ltd. (Japan)
  • Emersion Electronic Co.
  • Hitachi Ltd.
  • Honeywell International Inc.
  • Johnson Controls International plc
  • Lennox International, Inc.
  • LG Electronics
  • Mitsubishi Electric Corporation
  • Nortek Air Management
  • Samsung Electronics
  • Trane Technologies plc

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HVAC System Market Scope:

Report Attribute Specifications
Market size value in 2022 USD 213.88 Bn
Revenue forecast in 2031 USD 338.84 Bn
Growth rate CAGR CAGR of 5.46 % from 2023 to 2031
Quantitative units Representation of revenue in US$ Billion, and CAGR from 2023 to 2031
Historic Year 2019 to 2022
Forecast Year 2023-2031
Report coverage The forecast of revenue, the position of the company, the competitive market statistics, growth prospects, and trends
Segments covered Cooling Equipment, Heating Equipment, Ventilation Equipment, Implementation Type And Application
Regional scope North America; Europe; Asia Pacific; Latin America; Middle East & Africa
Country scope U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; The UK; France; Italy; Spain; China; Japan; India; South Korea; Southeast Asia; South Korea; Southeast Asia

Market Dynamics:


Rising demand for technologically sophisticated heating, ventilation, and cooling systems will fuel market expansion. Thermally operated air conditioners have grown in popularity as a result of growing environmental concerns. Advanced systems are available from manufacturers like Lennox International Inc., Daikin Industries, Ltd., and others. These air conditioners use both natural gas and solar energy, resulting in energy efficiency. Further advantages include reduced maintenance, independent control of pipes for heating and cooling, automatic changes to current demand, and enhanced lifetime cost and efficiency.


The shortage of qualified HVAC professionals is projected to have a negative influence on market growth in the coming years. According to the Bureau of Labor Statistics, the United States will have 25.0% of its workforce retire by 2020. Furthermore, during the following four years, companies are expected to hire around 115,000 new skilled heating, ventilation, cooling, and refrigeration technicians. As a result, a shortage of experienced technicians is projected to stymie market expansion in the future years.

Regional Trends:

The Asia Pacific HVAC system market is expected to register a significant market share in terms of revenue and is projected to rise at a high CAGR shortly. Increasing demand for air purifiers and humidifiers as a result of chronic disease outbreaks is a key driver driving market expansion in this area. Air purifiers and humidifiers are commonly used in hospitals and private houses to keep indoor air healthy and free of toxins. Furthermore, the increasing adoption of modern technologies has transformed industry experts’ preferences toward smart manufacturing techniques, necessitating the construction of energy-efficient HVAC systems in their manufacturing plants in this region. Furthermore, growth in disposable income has enabled customers in this region to live more luxuriously, fuelling demand for novel HVAC systems.

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Segmentation of the HVAC System Market-

By Cooling Equipment-

  • Unitary Air Conditioners
    • Split Air Conditioners
    • Packaged Air Conditioners
  • VRF Systems
  • Chillers
    • Scroll Chillers
    • Screw Chillers
    • Centrifugal Chillers
    • Reciprocating Chillers
    • Absorption Chillers
  • Room Air Conditioners
  • Coolers
    • Ducted Coolers
    • Window Coolers
  • Cooling Towers
    • Evaporative Cooling Towers
    • Dry Cooling Towers
    • Hybrid Cooling Towers

By Heating Equipment-

  • Heat Pumps
    • Air-To-Air Heat Pumps
    • Air-To-Water Heat Pumps
    • Water-To-Water Heat Pumps
  • Furnaces
    • Oil Furnaces
    • Gas Furnaces
    • Electric Furnace
  • Unitary Heaters
    • Gas Unit Heaters
    • Oil-Fired Unit Heaters
    • Electric Unit Heaters
  • Boilers
    • Steam Boilers
    • Hot Water Boilers

By Ventilation Equipment-

  • Air Handling Units
  • Air Filters
  • Dehumidifiers
    • Refrigeration Dehumidifiers
    • Absorption Dehumidifiers
  • Ventilation Fans
    • Crossflow fans
    • Axial fans
    • Centrifugal fans
    • Domestic fans
    • Range hood fans
    • Power roof fans
  • Humidifiers
    • Warm-mist humidifiers
    • Ultrasonic humidifiers
    • Cool-mist humidifiers
  • Air Purifier
    • HEPA air purifiers
    • Activated carbon air purifiers
    • Electrostatic air purifiers
    • Ionic air purifiers

By Implementation Type-

  • New Construction
  • Retrofit

By Application-

  • Residential
  • Commercial
    • Office
    • Government
    • Healthcare
    • Education
    • Retail
    • Airport
  • Industrial

By Region-

North America-

  • The US
  • Canada
  • Mexico


  • Germany
  • The UK
  • France
  • Italy
  • Spain
  • Rest of Europe


  • China
  • Japan
  • India
  • South Korea
  • South East Asia
  • Rest of Asia Pacific

Latin America-

  • Brazil
  • Argentina
  • Rest of Latin America

 Middle East & Africa-

  • GCC Countries
  • South Africa
  • Rest of the Middle East and Africa

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