HVAC Systems & Services Market Analysis Report 2022: A $319.9 Billion Market - Global Industry Trends and Growth Forecast to 2030

Dublin, Feb. 09, 2023 (GLOBE NEWSWIRE) -- The "HVAC Systems & Services Market Analysis by Offering, End User - Global Industry Trends and Growth Forecast to 2030" report has been added to ResearchAndMarkets.com's offering.

According to the recent study, in 2021, the HVAC systems & services market was worth around $206.6 billion, which is predicted to touch $319.9 billion revenue by 2030, progressing at a compound annual growth rate of 5.0% from 2021 to 2030.

The key factors that will have a positive influence on the market are the significant demand for an ambient atmosphere in a building and the diverse worldwide climatic conditions.

As per NASA's GISS, the global temperature has risen by 0.5 degrees Celsius annually since 1980, due to global warming.

Important Findings in HVAC Systems & Services Market Report

Over the next few years, the sales of VRF systems are expected to increase at a CAGR of over 10%, due to the increasing need for energy-efficient temperature-control solutions. The commercial sector is predicted to have the largest revenue share in 2030, of over 40%, due to the growing construction in this sector. For example, hotel transaction volume in Europe has already reached more than $6.87 billion in the first half of 2022.

The need for heating equipment has increased significantly owing to the cold weather in most of Europe, particularly in Eastern Europe, where the average wintertime temperature ranges between -6 and 3 degrees Celsius. The German government is actively encouraging the adoption of effective heating and cooling systems powered by green energy sources. This has created a significant shift in the customer perception, which is driving the country's heating and cooling business.

Moreover, Germany is one of Europe's biggest investors in hotels, with around $730 million in transaction value in H1 2022. Moreover, the top five hospitality hubs (Spain, the U.K., France, Italy, and Germany) together accounted for nearly 81% of the transacted value, up from 68% in H1 2021.

IoT integration in HVAC systems is the most-significant opportunity for appliance makers. IoT aids in the management of control systems, collection and storage of data in the cloud, updation of temperature control procedures for greater efficiency, and execution of a predictive maintenance plan.

APAC Has Highest Sales of HVAC

By 2030, APAC's sales revenue is expected to hit $170 billion. This is due to the rising average temperature, particularly in China, India, South Korea, Japan, and Indonesia. Compared to North America and Europe, APAC has a hotter climate; thus, there is a higher requirement for air conditioning equipment.

Further, China had 1.45 billion people as of October 2022, followed by India, which had 1.38 billion people. The need for these appliances is, thus, being driven by the increase in the population, apart from the rise in the average temperature.

Key Metrics

Report AttributeDetails
No. of Pages302
Forecast Period2021 - 2030
Estimated Market Value (USD) in 2021$206.6 Billion
Forecasted Market Value (USD) by 2030$319.9 Billion
Compound Annual Growth Rate5.0%
Regions CoveredGlobal

Company Profiles

  • Johnson Controls International plc
  • Trane Technologies plc
  • Carrier Global Corporation
  • Daikin Industries Ltd.
  • Samsung Electronics Co. Ltd.
  • LG Electronics Inc.
  • Gree Electric Appliances Inc. of Zhuhai
  • Midea Group Co. Ltd.
  • Danfoss A/S
  • Lennox International Inc.
  • Mitsubishi Electric Corporation

Market Dynamics


  • Increasing preference toward VRF technology
  • Growing preference toward smart HVAC systems


  • Growing construction sector
  • Growing hospitality industry
  • Impact analysis of drivers on market forecast


  • High upfront cost
  • Impact analysis of restraints on market forecast


  • Increasing energy efficiency of HVAC systems
  • Growing opportunity from manufacturing industry
  • Growing demand for annual maintenance contract (AMC) services

Key Topics Covered:

Chapter 1. Research Background
1.1 Research Objectives
1.2 Market Definition
1.3 Research Scope
1.4 Key Stakeholders

Chapter 2. Research Methodology
2.1 Secondary Research
2.2 Primary Research
2.3 Market Size Estimation
2.4 Data Triangulation
2.5 Assumptions for the Study

Chapter 3. Executive Summary

Chapter 4. Introduction
4.1 Definition of Market Segments
4.1.1 By Offering Equipment By type Heating Heat pumps Furnaces Boilers Unitary heaters Ventilation Ventilation fans Air handling units and fan coil units Humidifiers/dehumidifiers Air cleaners Air conditioning Room ACs Split units Ducted splits/packaged units Variable refrigerant flow Chillers By Component HVAC machine controllers Energy meters Drives Contactors HMIs/displays Others Services Installation Upgradation/replacement Maintenance and repair Consulting
4.1.2 By End User Commercial Office buildings Supermarkets/hypermarkets Government Healthcare Hospitality Transportation Others Industrial Oil and gas Food and beverage Automotive Energy and utilities Others Residential
4.2 Value Chain Analysis

Chapter 5. Global Market Size and Forecast
5.1 By Offering
5.1.1 By Equipment By component By type Heating, by equipment type Ventilation, by equipment type Air conditioning, by equipment type
5.1.2 By Service
5.2 By End User
5.2.1 Commercial, by Type
5.2.2 Industrial, by Type
5.3 By Region

For more information about this report visit https://www.researchandmarkets.com/r/n407gl-systems-and?w=12

About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.


HVAC Systems & Services Market

Contact Data