At 10.8% CAGR, the HVAC System market is estimated to accumulate US$ 455.96 billion by 2028, says The Insight Partners

According to our latest market study on "HVAC System Market Forecast to 2028 - COVID-19 Impact and Global Analysis – by Component, Type, Implementation and Application" the market is expected to grow from US$ 246.10 billion in 2022 to US$ 455.96 billion by 2028; it is anticipated to grow at a CAGR of 10.8% from 2022 to 2028.

Heating, ventilation, and air conditioning (HVAC) systems utilizes various technologies to control and maintain the qualitative aspects of indoor air. HVAC systems are experiencing widespread adoption owing to the features provided in this equipment or systems and their benefits amidst climate change and temperature needs. Such factors promoted revenue generation of HVAC system market players. The traditional or old air conditioning (AC) units can cause 100 million tons of greenhouse gas emissions each year. To resolve these issues, around 200 countries have signed the environmental agreement. The focus behind this is to limit the number of hydrofluorocarbon refrigerants (HFC) used in many air conditioners, as HFC is considered the most damaging to energy utilization. HVAC systems provide benefits such as cost savings and energy savings and help to maintain sustainable goals regarding environmental safety. The rapid urbanization and growing construction industry across the globe are projected to boost the HVAC system market growth.

The HVAC system market in APAC is segmented into China, India, Japan, South Korea, and Rest of APAC. The Asia Pacific is expected to grow at a fastest CAGR due to presence of massive HVAC system manufacturers in China, India, Japan, South Korea, and Taiwan. Increasing industrial and infrastructural operations in the Asia Pacific, especially in China and India, led to a rise in the number of construction projects. Such factors are likely to drive APAC’s HVAC system market size during the forecast period.

Daikin Industries, Ltd.; Emerson Electric Co.; Rheem Manufacturing Company;    Honeywell International Ltd.; Johnson Controls International plc; LG Electronics, Inc.; EVAPCO; Lennox International; Carrier AG and Trane Technologies, Inc. are among the key players profiled during this study on the HVAC system market. In addition, several other important market players were studied and analyzed during this study to get a holistic view of the market and its ecosystem.