GVR Releases New Report on the HVAC Systems Market

 

HVAC Systems Industry Overview

The global HVAC systems market size was estimated at USD 233.55 billion in 2023 and is projected to grow at a compound annual growth rate (CAGR) of 7.4% from 2024 to 2030.

The market growth is driven by the rising need for cost-effective and energy-efficient space cooling and heating applications in the commercial and industrial sectors. Furthermore, rising demand for the high seasonal coefficient of performance (SCOP) heating equipment, which can be efficient in both winter and summer, is expected to fuel the product demand. Moreover, the growing global population is increasing the requirements for affordable housing units and enhanced commercial infrastructure.

Gather more insights about the market drivers, restrains and growth of the HVAC Systems Market

According to the United Nations, the global population is expected to reach 9.7 billion in 2050, exhibiting a growth of 2 billion in the next 30 years. This significant increase in the global population is facilitated by the improving standard of living of the masses, increasing lifespan, decreasing mortality rate, and ongoing advancements in medical technologies and medicines. As such, new housing projects are being launched worldwide. This is expected to positively impact market growth. Rapid urbanization coupled with increasing demand for energy-efficient products is expected to drive the demand for heat pumps in the residential sector. Favorable government initiatives and tax rebates offered on the installation of energy-saving products are expected to propel product demand.

For instance, the U.S. federal government extended the federal tax credit of 26% for residential ground-source heat pump installations up to 31st December 2022. This tax credit was lowered to 22% for systems that were installed in 2023. Moreover, the governments have set forth some standards that aim at the manufacturing of energy-efficient equipment, reducing environmental hazards & carbon footprints. In addition, several governments offer benefits to encourage the use of energy-efficient or renewable energy-based products. Moreover, the introduction of new HVAC regulations and standards or the updation of the existing ones in the U.S. is expected to positively impact market growth.

In January 2023, a new regulation related to energy efficiency SEER2 (Seasonal Energy Efficiency Ratio) was implemented in the U.S. The energy efficiency rating according to this regulation for heat pumps & air conditioners for northern states of the country has been changed to 14, while for southern states, it is 15. Moreover, the U.S. EPA is said to ban R-410 refrigerant in HVAC systems across the country by 2024 and promote the adoption of a new class of refrigerant, namely A2L in these systems by 2025. Such changes are expected to boost the replacement activities of existing HVAC systems with new ones or update them. This is anticipated to contribute to market growth.

Browse through Grand View Research's Advanced Interior Materials Industry Research Reports.

• The global HVAC maintenance services market size was estimated at USD 78.54 billion in 2023 and is projected to grow at a CAGR of 5.8% from 2024 to 2030.

• The global platinum group metals market size was estimated at USD 56.18 billion in 2023 and is estimated to grow at a CAGR of 4.6% from 2024 to 2030.

Key HVAC Systems Company Insights

To increase market penetration and cater to changing technological requirements from various end-uses, such as residential, commercial, and industrial, product manufacturers use a variety of strategies, such as joint ventures, mergers, acquisitions, new product launches, and geographical expansions. Manufacturers are undertaking strategic acquisitions to gain an edge in the industry and increase their geographic presence.

For instance, in May 2023, Carrier Corporation introduced i-Vu Pro v8.5 for upgrading controller firmware, improving serviceability for customers, and reducing downtime of connected HVAC equipment. The latest enhancements are expected to help customers with Internet of Things (IoT) connectivity, robust security, and leading serviceability features. Furthermore, in February 2022, Johnson Controls, Inc. launched commercial rooftop units (RTUs) with series, such as Johnson Controls, YORK, and TempMASTER. These products are certified by the DOE 2023 efficiency standards.

Key HVAC Systems Companies:

The following are the leading companies in the HVAC systems market. These companies collectively hold the largest market share and dictate industry trends. Financials, strategy maps & products of these HVAC systems companies are analyzed to map the supply network

·         Carrier Corporation

·         Daikin Industries, Ltd.

·         Fujitsu

·         Haier Group

·         Havells India Ltd.

·         Hitachi Ltd.

·         Johnson Controls

·         LG Electronics

·         Lennox International Inc.

·         Mitsubishi Electric Corporation

·         Rheem Manufacturing Company

·         SAMSUNG

·         Trane

Recent Developments

In February 2023, Lennox International launched packaged rooftop units with the introduction of Xion and Enlight product lines. These new products reduce environmental impact by offering exceptional efficiency, sustainable design, and efficient service

In January 2023, Trane launched the new AirfinityS rooftop air-to-air heat pump systems with variable speed compressors, adaptive frequency drive, and low GWP R-454B refrigerant

SAMSUNG announced a new range of WindFree AC. It involves AI technology that auto-cools the surroundings by reducing energy consumption by 77%. Furthermore, it has a motion detector sensor, voice control, and welcome cooling. Some of the models of this AC have an in-built air purifier that filters PM2.5 particles

Order a free sample PDF of the HVAC Systems Market Intelligence Study, published by Grand View Research.

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