Top Growth Trends in the Heating, Ventilation, And Air Conditioning (HVAC) Equipment Market: Insights into Market Size and Opportunities for 2025-2034
2025 Market Reports Update: Market Size Forecasts to 2034, Key Trends, Leading Players, and Top Regions – Get Ahead of the Competition Today!
Which Major Market Drivers Are Expected to Boost the Growth Potential of the Heating, Ventilation, And Air Conditioning (HVAC) Equipment Market?
Increased residential construction is boosting the heating, ventilation, and air conditioning (HVAC) equipment market. Urbanization and favorable interest rates are spurring this trend. HVAC systems are key for maintaining indoor air quality, energy efficiency, and comfort in residential spaces. In August 2024, the US Census Bureau reported 1,529,000 privately-owned housing completions in July, a 13.8% year-over-year increase, with single-family completions at 1,054,000. Thus, the growth in housing construction is fueling the HVAC equipment market.
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#What is the Projected CAGR for the Heating, Ventilation, And Air Conditioning (HVAC) Equipment Market Size from 2025 to 2034?
The heating, ventilation, and air conditioning (HVAC) equipment market size will increase from $166.43 billion in 2024 to $179.25 billion in 2025 at a CAGR of 7.7%. Growth is driven by infrastructure development, rising demand for cooling units, population growth in urban areas, improved energy efficiency in HVAC systems, and increased construction of residential buildings.
The heating, ventilation, and air conditioning (HVAC) equipment market size is expected to reach $239.23 billion in 2029 at a CAGR of 7.5%. Factors driving growth include global warming, rising disposable income, increased environmental sustainability awareness, and demand for energy-efficient solutions. Key trends include smart technology integration, green HVAC solutions, AI and machine learning, and renewable energy incentives.
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What Are the Key Market Innovations in theHeating, Ventilation, And Air Conditioning (HVAC) Equipment Market Over the Coming Years?
Companies in the HVAC equipment market are advancing products that improve energy efficiency and air quality. For instance, in April 2024, Voltas Limited unveiled a new HVAC lineup featuring energy-saving technologies, smart functionalities, and variable refrigerant flow (VRF) systems for larger commercial spaces, along with smart inverter air conditioners for better energy management.
Who Are the Top Companies Driving Innovation and Growth in theHeating, Ventilation, And Air Conditioning (HVAC) Equipment Market?
Major companies operating in the heating, ventilation, and air conditioning (HVAC) equipment market are Samsung Electronics Co. Ltd., Robert Bosch GmbH, Hitachi Ltd., LG Electronics Inc., Panasonic Corporation, Mitsubishi Electric Corporation, Honeywell International Inc., Fujitsu Limited, Daikin Industries Ltd., Toshiba Corporation, Johnson Controls International plc, Eaton Corporation plc, Carrier Global Corporation, Trane Technologies plc, Lennox International Inc., Grundfos Holding A/S, Goodman Manufacturing Company L.P., AS America Inc., Rinnai Corporation, Modine Manufacturing Company, Rheem Manufacturing Company, Eureka Forbes Limited, Baltimore Aircoil Company Inc., ClimateMaster Inc., York International Corporation, GREE Electric Appliances Inc., Dimplex North America Limited, Navien Inc., Soler & Palau Ventilation Group S.A
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Which Key Market Segments Comprise the Heating, Ventilation, And Air Conditioning (HVAC) Equipment Market and Drive Its Revenue Growth?
The heating, ventilation, and air conditioning (HVAC) equipment market covered in this report is segmented –
1) By Type: Heating, Air Conditioning, Ventilation, Other Types
2) Service Type: Installation Services, Maintenance And Repair Services, Upgradation Or Replacement Services, Consulting Services
3) By System Type: Central, Decentralized
4) By Business Type: New Construction, Retrofits
5) By End-User: Residential, Commercial, Industrial
Subsegments:
1) By Heating: Furnaces, Heat Pumps, Boilers, Radiant Heating Systems
2) By Air Conditioning: Central Air Conditioners, Ductless Mini-Split Systems, Portable Air Conditioners, Window Air Conditioners
3) By Ventilation: Exhaust Fans, Air Handling Units (AHUs), Ventilation Fans, Energy Recovery Ventilators (ERVs)
4) By Other Types: Thermostats and Controls, Air Quality Equipment, Humidifiers And Dehumidifiers, HVAC Accessories And Components
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Which Regions Are Emerging as Leaders in the Heating, Ventilation, And Air Conditioning (HVAC) Equipment Market?
Asia-Pacific was the largest region in the heating, ventilation, and air conditioning (HVAC) equipment market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the heating, ventilation, and air conditioning (HVAC) equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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