The Worldwide HVAC Industry is Expected to Reach $309.62 Billion by 2028: Surge in Airport Modernization Projects Worldwide Drives Growth

Dublin, Feb. 08, 2023 (GLOBE NEWSWIRE) -- The "HVAC Market - Global Outlook & Forecast 2023-2028" report has been added to's offering.

The global HVAC market size is expected to grow at a CAGR of 5.43% from 2022-2028. The global market is undergoing tremendous modifications due to the increasing integration of the Internet of Things (IoT) technology with HVAC products, making them innovative and accessible.

The emphasis on connecting several sensors within building ecosystems, including HVAC, has grown for achieving energy efficiency.

In 2022, the major economies in APAC, including China, Japan, and India, witnessed increasing commercial construction activities due to an expanding number of companies in various sectors setting up their offices in distinct regions to capture the target and potential customer base.

In the APAC region, the increasing demand for energy-efficient HVAC systems and stringent regulations for the use of explosion-proof HVAC equipment is boosting the adoption across industries. It will offer enormous growth opportunities in the HVAC market.

Further, Middle East countries are witnessing drastic climate changes. Rising temperatures and heat waves increased the demand for HVAC systems in commercial and residential buildings to control indoor climate conditions, further propelling the HVAC market growth. Along with providing residents with comfort, filtering can also improve indoor air quality. Hence these factors propel sales growth across the Middle East & Africa region during the forecast period.


Replacement of Existing Equipment with Energy Efficient Products

In 2020, the commercial sector experienced the steepest decline due to the hard-hit hotel & motel industry and sports & convention centers. The commercial sector has witnessed constant growth since 2021, with the recovering economy. Energy-efficient HVAC technologies for residential and commercial buildings have the potential to provide environmental and economic benefits.

They are optimizing energy-efficient HVAC technologies, and proper installation planning help to reach energy-saving potential by up to 40%. Therefore, replacing existing equipment with energy-efficient HVAC technologies will boost the growth rate of the HVAC market in the future.

Rising Construction Industry

In the long run, the construction industry globally is expected to experience steady growth due to low-interest rates in a few European countries and stable economic growth. The construction of hotels, amusement parks, private & government offices, and sports & convention centers is growing, thereby supporting the HVAC market in the construction sector.

The global HVAC market is highly dependent on the construction industry for revenue through new installations, whether residential or commercial. The refurbishment of buildings provides massive revenue to the HVAC industry.

The industry witnessed an increased inflow of public and private investments, mainly in countries, such as Spain, Cyprus, Italy, and the Netherlands. In 2022, The Construction Intelligence Center (CIC) revised the growth forecast for the European construction industry. This was because of the improved performance of some significant developed city markets and a brighter outlook for the European economy.


Systemair, Johnson Controls, Zehnder, Ostberg, and Aldes are some of the key players in the global HVAC market. Other players operating in the global HVAC market include LG, Panasonic, Carrier, Regal, and others. The prominent vendors focus on developing advanced HVAC and investing in R&D initiatives to enlarge their product line and gain a competitive advantage in the market.

Other attractive prospects in the form of IoT are expected to change the industry's working as they connect all components and create an environment where the device operation can be managed efficiently using smart management solutions. Moreover, because of a highly competitive industry, R&D investments in the HVAC market are limited and have substantial investments, mainly from large vendors.

Moreover, the short time-to-market and narrow acceptance of new technologies add to market challenges for HVAC vendors. R&D investments are more focused on cost reduction of the production process and improvement of the existing product technology for value addition than developing new products. As a result, a lot of mergers & acquisitions are taking place to develop and enhance the offerings and attributes to survive in the global HVAC market.

Key Company Profiles

  • Systemair
  • Johnson Controls
  • Zehnder
  • Ostberg
  • Aldes
  • Bosch
  • Daikin
  • Samsung
  • Mitsubishi Electric

Other Prominent Vendors

  • LG
  • Panasonic
  • Carrier
  • Midea
  • Regal
  • Raytheon Technologies
  • Honeywell
  • Flakt Group
  • Beijer Ref
  • Flexit
  • Grundfos
  • Swegon
  • VTS
  • Nuaire
  • Nortek
  • Alfa Laval
  • Hitachi
  • Lu-Ve
  • Vent-Axia
  • Rosenberg
  • S & P
  • WOLF
  • CIAT
  • AL-KO
  • DynAIR
  • Danfoss
  • Lennox
  • Backer Springfield
  • Dunham-Bush
  • TCL
  • TROX
  • Vaillant Group
  • Ingersoll Rand
  • Camfil

Key Questions Answered:
1. How big is the HVAC market?
2. What is the growth rate of the global HVAC market?
3. What are the significant trends in the global HVAC market?
4. Who are the key players in the global HVAC market?
5. Which region holds the most prominent global HVAC market share?
6. What is the market size of the global Residential HVAC market?

Report Metrics:

Report AttributeDetails
No. of Pages344
Forecast Period2022 - 2028
Estimated Market Value (USD) in 2022$225.5 Billion
Forecasted Market Value (USD) by 2028$309.62 Billion
Compound Annual Growth Rate5.4%
Regions CoveredGlobal

Key Topics Covered:

1 Research Methodology

2 Research Objectives

3 Research Process

4 Scope & Coverage
4.1 Market Definition
4.1.1 Inclusions
4.1.2 Exclusions
4.1.3 Market Estimation Caveats
4.2 Base Year
4.3 Scope of Study
4.4 Market Segmentation
4.4.1 Market Segmentation by Equipment
4.4.2 Market Segmentation by Heating Equipment
4.4.3 Market Segmentation by Air Conditioning Equipment
4.4.4 Market Segmentation by Ventilation Equipment
4.4.5 Market Segmentation by End-user
4.4.6 Market Segmentation by Geography

5 Report Assumptions & Caveats
5.1 Key Caveats
5.2 Currency Conversion
5.3 Market Derivation

6 Premium Insights

7 Market at a Glance

8 Introduction
8.1 Overview
8.1.1 Advantages of Smart Hvac Systems
8.1.2 Disadvantages of Smart Hvac Systems
8.1.3 Initiatives for Better Risk Management
8.1.4 Measures to Improve Profit Margins
8.1.5 Challenges Associated with Hvac Systems for Residential and Commerical Use
8.1.6 Recent Mergers & Acquisitions and Product Development Initiatives
8.1.7 Development of Environment-Friendly Hvac Equipment
8.1.8 Impact of Residential Construction Projects
8.1.9 Impact of Non-Residential Construction Projects
8.1.10 Challenges Associated with Hvac Equipment for Residential and Commerical Use
8.2 Repowereu Plan
8.3 Benefits of Ira for Heating Equipment
8.4 Value Chain
8.4.1 Raw Material Suppliers & Components
8.4.2 Manufacturers
8.4.3 Dealers /Distributors
8.4.4 Retailers
8.4.5 End-users
8.5 Impact of COVID-19

9 Market Opportunity & Trends
9.1 Replacement of Existing Hvac Equipment with Energy-Efficient Products
9.2 Emergence of IoT and Product Innovations to Aid Replacements
9.3 Adverse Climatic Conditions & High Demand for Hvac Systems

10 Market Growth Enablers
10.1 Growth of Global Construction Industry
10.2 Surge in Airport Modernization Projects Worldwide
10.3 Rise in Demand for Vrf Systems

11 Market Restraints
11.1 Low Availability of Skilled Labor
11.2 Stringent Regulatory Environments Worldwide
11.3 Implications of COVID-19 Outbreak

12 Market Landscape
12.1 Market Overview
12.1.1 Highlights
12.2 Market Size & Forecast
12.2.1 Value
12.3 Five Forces Analysis
12.3.1 Threat of New Entrants
12.3.2 Bargaining Power of Suppliers
12.3.3 Bargaining Power of Buyers
12.3.4 Threat of Substitutes
12.3.5 Competitive Rivalry

13 Equipment
13.1 Market Snapshot & Growth Engine
13.2 Market Overview
13.2.1 Key Insights
13.3 Heating
13.3.1 Market Overview
13.3.2 Market Size & Forecast
13.3.3 Market by Geography
13.3.4 Heat Pumps: Market Size & Forecast
13.3.5 Boiler Units: Market Size & Forecast
13.3.6 Furnaces: Market Size & Forecast
13.3.7 Other Heating Equipment: Market Size & Forecast
13.4 Air Conditioning
13.4.1 Market Overview
13.4.2 Key Takeaways
13.4.3 Market by Geography
13.4.4 Rac: Market Size & Forecast
13.4.5 Cac: Market Size & Forecast
13.4.6 Chillers: Market Size & Forecast
13.4.7 Heat Exchanger: Market Size & Forecast (Includes Cooling Towers)
13.4.8 Other Air Conditioning Equipment: Market Size & Forecast
13.5 Ventilation
13.5.1 Market Overview
13.5.2 Market Size & Forecast
13.5.3 Market by Geography
13.5.4 Air Handling Units: Market Size & Forecast
13.5.5 Air Filters: Market Size & Forecast
13.5.6 Humidifiers & Dehumidifiers: Market Size & Forecast
13.5.7 Fan Coil Units: Market Size & Forecast
13.5.8 Other Ventilation Equipment: Market Size & Forecast

14 End-user
14.1 Market Snapshot & Growth Engine (Value)
14.2 Market Overview
14.3 Residential
14.3.1 Market Overview
14.3.2 Market Size & Forecast
14.3.3 Market by Geography
14.4 Commercial
14.4.1 Market Overview
14.4.2 Market Size & Forecast
14.4.3 Market by Geography
14.4.4 Office Spaces: Market Size & Forecast
14.4.5 Airports & Public Utilities: Market Size & Forecast
14.4.6 Hospitality: Market Size & Forecast
14.4.7 Hospitals: Market Size & Forecast
14.4.8 Industrial and Others: Market Size & Forecast

15 Geography


17 Europe

18 Western Europe

19 Nordic

20 Central & Eastern Europe (Cee)

21 North America

22 Latin America

23 Middle East & Africa

24 Competitive Landscape

25 Key Company Profiles

26 Other Prominent Vendors

27 Report Summary

28 Quantitative Summary

29 Appendix

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