Market Insight-Global HVAC Systems Market Overview 2022
The Global HVAC Systems Market Size was estimated at USD 170980 million in 2021 and is projected to reach USD 262810 million by 2028, exhibiting a CAGR of 6.70% during the forecast period– Bossonresearch.com
Heating, Ventilation and Air Conditioning systems, otherwise known as HVAC System are systems wherein the temperature of the environment in which the system is placed can be manipulated according to the users need. The HVAC system functions through the manipulation of temperature through cooling and heating. Some systems can also manipulate the humidity in a certain environment by controlling the movement of air within the area. HVAC systems are also known to be able to purify the air due to their constant air circulation The system is used in various types of building such as commercial, residential, institutional buildings, and industrial.
The global heating, ventilation, and air conditioning (HVAC) market is projected to reach about 262.81 billion U.S. dollars by 2028, based on a compound annual growth rate (CAGR) of 6.70 percent between 2022 and 2028. A more recent projection estimates that the market volume of the HVAC market will reach 151.1 million units by 2024. Growth in the HVAC market is likely due to continued growth in construction sector revenues, from both publicly and privately funded projects.
Air conditioning
Mini split air conditioners generate over half of the HVAC market sales revenue, likely due to its early and widespread adoption within the residential sector. Split air conditioner systems have an outdoor and indoor unit. Installation for split air conditioners tend to be much easier as it does not require ductwork and instead, just uses electric wires and tubing to connect the indoor and outdoor units. The demand for air conditioning is increasing worldwide as global temperatures increase. HVAC systems promote improved quality within indoor environments through thermal comfort and acceptable air quality.
Figure Global HVAC Systems Market Size
Source: Bossonresearch.com, 2022
Competitive Landscape of the HVAC Systems Market
The world’s top largest HVAC companies are generating higher revenues year on year as the global HVAC market is growing with strong and steady speed over the recent decades. The application for Heating, Ventilation, Air Conditioning (HVAC) equipment is rising in all end-user segments including industrial, commercial, and residential sectors. This is mainly driven by the improving economic conditions, rapid development of construction industry and rising per capita income around the world. As the requirement for environmental and climate comfort is expected to be increasingly addressed in this modern world, the demand for the global HVAC industry is set to have a further growth in the coming years, with these top 10 largest HVAC companies in the world leading the productions and sales.
Figure Global HVAC Systems Market Share by Player ‘s Revenue (2020)
Source: Bossonresearch.com, 2022
Key players in the HVAC Systems Market include:
Daikin
Johnson Controls
Gree
Carrier
Midea
Trane Technologies
Panasonic
LG Electronics
Lennox
Hitachi
Emerson
Haier
Mitsubishi Electric
Fujitsu
Siemens
Danfoss
Electrolux
Honeywell
Samsung Electronics
Nortek
Schneider Electric
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