Meticulous Research®—a prominent global market research firm—has introduced 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 forecasts that the global HVAC market will reach $456.6 billion by 2031, growing at a CAGR of 7.8% from 2024 to 2031. This expansion is driven by factors such as increased urbanization, rising levels of indoor air pollution, a heightened focus on comfort and convenience, the growth of the e-commerce sector, and government initiatives aimed at improving air quality. Challenges such as high costs and technological adoption reluctance may impact market growth.

Technological innovations in HVAC systems and the increasing adoption of advanced air conditioners are expected to present significant growth opportunities. However, expanding into developing markets remains a key challenge.

The HVAC market is categorized based on various factors including offering, system, distribution mode, type, portability, sales channel, application, end user, and geography. The offering segment includes components such as air conditioners, heat pumps, furnaces, chillers, and more. Services include installation, maintenance, consulting, and upgradation. Systems are divided into primary and secondary HVAC systems. Distribution modes cover centralized and decentralized systems. Types include split systems, dual fuel heat pumps, ductless mini-split systems, and packaged systems. Portability is classified into standalone/portable and in-duct/fixed. Sales channels consist of online and offline. Applications cover cooling, heating, ventilation, filtering, humidification, and air purification. End users include residential, commercial, and industrial sectors.

The component segment is expected to dominate the market, holding over 84% of the share in 2024 due to the growing use of ventilation systems and HVAC components. The services segment is anticipated to grow the fastest due to increasing needs for productivity and regulatory compliance.

In terms of systems, secondary HVAC systems are projected to command over 66% of the market in 2024. This segment is also expected to experience the highest growth rate.

Regarding distribution mode, decentralized systems are forecasted to hold a significant share of over 72% in 2024, driven by their efficiency in smaller areas. This segment is expected to grow at the highest rate during the forecast period.

By type, split systems are expected to have the largest share of over 28% in 2024, with ductless mini-split systems expected to grow the fastest due to their energy efficiency and ease of installation.

In terms of portability, the in-duct/fixed segment is projected to hold a major share of over 59% in 2024, while the standalone/portable segment is expected to grow the fastest, driven by residential demand for versatile units.

For sales channels, the offline segment is expected to dominate with over 73% of the market share in 2024. However, the online segment is projected to grow at the highest rate due to the rise of e-commerce.

In terms of applications, cooling is expected to lead with over 32% of the market share in 2024, driven by advancements in air conditioning technology and government initiatives.

For end users, the residential segment is expected to hold over 26% of the market share in 2024, with the commercial segment anticipated to grow the fastest due to regulatory changes and increased public awareness.

Geographically, Asia-Pacific is expected to lead with over 45% of the global market share in 2024, supported by rapid industrialization and technological advancements. This region is also projected to have the highest growth rate 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.).

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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?

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