Heating, Ventilation And Air Conditioning (HVAC) Market Research Report Examines Global Analysis by Latest Trends, Growth Factors, Major Key Players and Forecast to 2024

February 10 11:40 2020
Heating, Ventilation And Air Conditioning (HVAC) Market Research Report Examines Global Analysis by Latest Trends, Growth Factors, Major Key Players and Forecast to 2024
The hvac market was valued at $108.1 billion in 2018 and it is projected to generate $136.5 billion by 2024, growing at a CAGR of 3.9% during the forecast period (2019-2024)

The heating, ventilation, and air conditioning (HVAC) market is being driven by increasing government initiatives for the adoption of such equipment and the expanding construction industry across the world. The market, which valued at $108.1 billion in 2018, is projected to progress to $136.5 billion in 2024, at a 3.9% CAGR during the forecast period (2019–2024). HVAC systems provide cooling, ventilation, and heating, either individually or as all-in-one equipment.

Ventilation, cooling, and air conditioning are the three market categories under the HVAC type segment. In 2018, the market was dominated by cooling systems, in terms of sales volume as well as revenue, owing to the rising global temperatures and increasing disposable income, both of which pushed AC sales. This category is also predicted to observe the highest value and sales volume CAGRs in the HVAC market during the forecast period.

Additionally, the governments in various nations are taking initiatives to support HVAC equipment installation. With the increasing concerns on climate change as a result of fossil fuel burning, to produce electricity among other purposes, the demand for energy-efficient appliances, including HVAC systems, is growing.

Further, compressor gas composed of chlorofluorocarbons (CFC) also emits pollutants in the environment, which is why governments are promoting non-CFC cooling technologies, thereby driving the HVAC market growth, by helping increase the equipment replacement rate.

The increasing sale of variable refrigerant flow (VRF) devices is also a result of the increasing focus on energy conservation. Such systems, unlike conventional HVAC systems, do not stop the heating or cooling function, but maintain a constant refrigerant flow through the equipment to main the desired temperature. As the continuous switching on and off of the compressor and heating coil is done away with in VRF devices, the energy, otherwise wasted in such processes, in conventional appliances, is saved.

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Across the word, Asia-Pacific (APAC) held the largest revenue share in the HVAC market in 2018. This is ascribed to the huge population and increasing disposable income in the region, which resulted in high sales of such appliances. Additionally, urbanization is also swift in the region, with 34% of the people in India living in cities in 2017, compared to 27.8% in 2011. Indonesia also witnessed a rapid increase in city dwellers during the period, from 51% of the population to 55%.

Therefore, with a rise in urban migration, temperature, and government focus on energy efficiency, the market for HVAC systems would continue progressing.

Read more related reports :

U.S. HVAC Services Market :

The U.S. HVAC services market was valued at $25.6 billion in 2019 and it is expected to generate $35.8 billion by 2030, growing at a CAGR of 3.1% during the forecast period(2020–2030).

Saudi Arabia HVAC Market :

The Saudi Arabia HVAC market is growing on account of the rising infrastructure spending and expanding hospitality sector in the country.

India HVAC Market :

The India HVAC market is growing due to infrastructural development, technological advancements, and expanding tourism sector. The value of the domain in 2018 was estimated to be $3.9 billion and the CAGR during the forecast period (2019–2024) to be 7.0%.

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