HVAC Industry Trends: Size, Share, and Future Forecast Analysis

1. A new report from Meticulous Research®, titled ‘HVAC Market by Offering, System, Distribution Mode, Type (Split System, Packaged System), Portability, Sales Channel, Application (Cooling, Heating, Filtering), End User (Industrial, Residential, Commercial), and Geography - Global Forecast to 2031,’ estimates that the global HVAC market will reach $456.6 billion by 2031, with a 7.8% compound annual growth rate (CAGR) from 2024 to 2031. Download Sample Report Here @ https://www.meticulousresearch.com/download- sample-report/cp_id=5968 The growth of the HVAC market is primarily driven by factors such as rapid urbanization, worsening indoor air quality, and a growing preference for comfort and convenience in residential and commercial spaces. The expansion of e-commerce and government initiatives to enhance air quality are additional contributors. However, high upfront and maintenance costs and the slow adoption of new technologies may act as barriers to growth. Opportunities for growth include advancements in HVAC technology, particularly the increasing use of inverter-based air conditioning systems and air purification technologies. Nevertheless, expanding the HVAC market into developing regions presents a considerable challenge for industry players. The HVAC market is segmented into offerings, systems, distribution modes, types, portability options, sales channels, applications, and end users. The report also examines key competitors and provides regional and country-level insights. By offering, the HVAC market is split into components and services. The components segment is forecast to hold the largest market share at over 84% in 2024. The growing adoption of ventilation systems to improve air quality, the increasing use of heat pumps for winter heating, and the deployment of HVAC systems to optimize airflow and reduce energy costs are all contributing factors. Meanwhile, the services segment is expected to grow at the highest CAGR as the demand for HVAC services grows, driven by the need to maintain compliance with air quality regulations and improve occupant comfort and productivity. In terms of systems, the market is categorized into primary and secondary HVAC systems. The secondary HVAC systems segment is expected to account for over 66% of the market in 2024, thanks to the rising use of air handling units to filter pollutants and improve energy efficiency. This segment is also predicted to see the highest growth, fueled by increasing demand for systems that reduce energy costs while improving air quality and comfort. The HVAC market is segmented by distribution mode into centralized and decentralized systems. The decentralized systems segment is projected to hold a 72% market share in 2024, driven by the growing preference for energy-efficient solutions in smaller zones. Decentralized systems are also gaining traction due to their reliability in maintenance and repair. This segment is anticipated to grow at the fastest rate during the forecast period. By type, the HVAC market includes split systems, dual fuel heat pump systems, ductless mini- split systems, packaged systems, and other types. Split systems are expected to account for the largest share at over 28%, driven by their energy efficiency and zoning capabilities. The ductless mini-split segment is expected to experience the highest growth, driven by the increasing demand for energy-efficient and sustainable solutions in developing countries and the easier installation compared to traditional HVAC systems.

2. Global HVAC Market – 2022-2029 Portability is another key factor in the HVAC market, with segments for standalone/portable and in-duct/fixed systems. In-duct/fixed systems are projected to dominate, accounting for over 59% of the market by 2024. Technological advancements and increased commercial investment in air quality improvements are key drivers. However, the standalone/portable segment is expected to grow at the fastest rate, driven by rising demand for portable air purification solutions in residential areas. Sales channels in the HVAC market are divided into online and offline. The offline segment is forecast to account for more than 73% of the market in 2024, with consumers preferring in-store purchases for guidance and immediate access to products. However, the online segment is set to grow rapidly, thanks to the booming e-commerce industry, the convenience of online shopping, and the availability of detailed product comparisons and customer reviews. Applications in the HVAC market include cooling, heating, ventilation, filtering, humidification & dehumidification, and air purification. Cooling applications are expected to hold the largest market share at over 32% in 2024, driven by the increasing adoption of centralized systems, energy- efficient air conditioners, and air purifiers. The cooling segment is also expected to grow at the fastest rate due to rising demand for comfort in residential and commercial spaces. In terms of end users, the HVAC market serves sectors including residential, commercial, industrial, agriculture, IT & telecommunications, and others. The residential segment is expected to lead with over 26% market share in 2024, driven by rising incomes, improved living standards, and the growing use of portable air purifiers. The commercial segment, however, is anticipated to grow at the highest CAGR due to stricter air quality regulations in office spaces and a growing awareness of the health risks posed by poor indoor air quality. Regionally, the HVAC market is divided into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. Asia-Pacific is set to lead the market with a 45% share by 2024, driven by rapid industrialization, urbanization, and infrastructure development, along with increased consumer awareness of the importance of indoor air quality. Asia-Pacific is also projected to grow at the highest CAGR, exceeding 9%, during the forecast period. Key Players The key players operating in the global HVAC market are Daikin Industries, Ltd. (Japan), Atlas Copco AB (Sweden), Lennox International Inc. (U.S.), LG Electronics Inc. (South Korea), Johnson Controls Inc. (U.S.), ABB Ltd. (Switzerland), Trane Technologies Company, LLC (Ireland), Carrier Global Corporation (U.S.), Mitsubishi Electric Corporation (Japan), Samsung Electronics Co., Ltd. (South Korea), Siemens AG (Germany), Toshiba Corporation (Japan), Rheem Manufacturing Company (U.S.), Blue Star Limited (India), and Emerson Electric Co. (U.S.). To gain more insights into the market with a detailed table of content and figures, click here: https://www.meticulousresearch.com/product/hvac-market-5968 Key Questions Answered in the Report: Page 1 of 3 © Meticulous Research| sales@meticulousresearch.com

3. Global HVAC Market – 2022-2029 • What are the high-growth market segments in terms of the offering, system, distribution mode, type, portability, sales channel, application, and end user? • What is the historical market size for the global HVAC market? • What are the market forecasts and estimates for 2024–2031? • What are the major drivers, restraints, opportunities, challenges, and trends in the global HVAC market? • Who are the major players in the global HVAC market, and what are their market shares? • What is the competitive landscape like? • What are the recent developments in the global HVAC market? • What are the different strategies adopted by major market players? • What are the trends and high-growth countries? • Who are the local emerging players in the global HVAC market, and how do they compete with other players? Contact Us: Meticulous Research® Email- sales@meticulousresearch.com Contact Sales- +1-646-781-8004 Connect with us on LinkedIn- https://www.linkedin.com/company/meticulous-research Page 2 of 3 © Meticulous Research| sales@meticulousresearch.com