Download
1 / 3
0 likes | 9 Views
By 2031, the HVAC market is expected to attain $456.6 billion, reflecting a CAGR of 7.8% during the period from 2024 through 2031.<br><br>
E N D
HVAC Market to be Worth $456.6 Billion by 2031
Global HVAC Market – 2022-2029 Meticulous Research®—a top-tier global market research firm—has unveiled a new report 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.’ The report anticipates that the global HVAC market will grow to $456.6 billion by 2031, with a CAGR of 7.8% from 2024 to 2031. This growth is driven by increased urbanization, higher indoor air pollution levels, a focus on comfort and convenience, the expanding e-commerce sector, and governmental efforts to improve air quality. Challenges include high costs and slow adoption of new technologies. Technological advancements and the growing adoption of air conditioners with inverter and air purification technologies are expected to provide significant growth opportunities. However, market penetration in developing countries poses a challenge. The HVAC market is divided based on offering, system, distribution mode, type, portability, sales channel, application, end user, and geography. Offerings include components such as air conditioners, heat pumps, and other HVAC parts, along with services like installation and maintenance. Systems are categorized into primary and secondary HVAC systems, and distribution modes include centralized and decentralized systems. Types are split systems, dual fuel heat pump systems, ductless mini-split systems, and packaged systems. Portability is split between standalone/portable and in-duct/fixed. Sales channels are online and offline, and applications cover cooling, heating, ventilation, filtering, humidification, and air purification. End users include residential, commercial, and industrial sectors. In 2024, the components segment is expected to dominate with over 84% of the market share due to increased use of ventilation systems and HVAC components. The services segment is projected to grow the fastest, driven by rising demands for productivity and compliance. For systems, secondary HVAC systems are expected to hold over 66% of the market share in 2024, with the highest growth rate anticipated for this segment. Decentralized systems are expected to dominate distribution modes with over 72% of the market share in 2024, and are also projected to grow the fastest during the forecast period. Split systems are expected to capture the largest share of over 28% in 2024, while ductless mini- split systems are anticipated to experience the highest growth rate due to their efficiency and ease of installation. The in-duct/fixed segment is projected to hold over 59% of the market share in 2024, but the standalone/portable segment is expected to grow the fastest, driven by residential demand for versatile solutions. Offline sales channels are expected to dominate with over 73% of the market share in 2024, while the online segment is projected to grow the fastest due to the rise of e-commerce. Cooling is expected to lead applications with over 32% of the market share in 2024, supported by advancements in air conditioning technology and government initiatives. The residential sector is expected to hold over 26% of the market share in 2024, with the commercial segment projected to grow the fastest due to regulatory changes and public awareness. Page 1 of 2 © Meticulous Research| sales@meticulousresearch.com
Global HVAC Market – 2022-2029 Asia-Pacific is anticipated to lead geographically with over 45% of the global market share in 2024, driven by industrialization, urbanization, and technological advancements. This region is also expected to have the highest CAGR of more than 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.). Download Sample Report Here @ https://www.meticulousresearch.com/download- sample-report/cp_id=5968 Key Questions Answered in the Report: • 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 Meticulous Email- sales@meticulousresearch.com Contact Connect with us on LinkedIn- https://www.linkedin.com/company/meticulous-research Us: Research® Sales- +1-646-781-8004 Page 2 of 2 © Meticulous Research| sales@meticulousresearch.com
