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The $136.5 Billion Global HVAC Market, 2024 - Increasing Preference Toward VRF Technology -

May 15, 2019 GMT

DUBLIN--(BUSINESS WIRE)--May 15, 2019--

The “Heating, Ventilation, and Cooling Market by HVAC Type, by End-User by Geography Global Market Size, Share, Development, Growth and Demand Forecast, 2014-2024” report has been added to’s offering.


According to this research, the global heating, ventilation, and air conditioning (HVAC) market is exacted to attain a size of $136.5 billion by 2024, advancing at a CAGR of 3.9% during the forecast period (2019-2024).

The market is backed by various factors, predominantly the rising government initiatives around the world and expansion in the construction sector. Additionally, the escalating global temperature is strengthening the year-over-year (YoY) market growth.

Global warming caused by greenhouse emissions has raised the temperature and become one of the major factors behind the growing demand for HVAC system, globally. According to NASA’s Goddard Institute of Space Studies (GISS), since 1980, the average global temperature rose by 0.5C every year. Furthermore, some countries in APAC and MEA are subject to subtropical climate, resulting in extremely humid and hot summers; thereby, making them dependent on HVAC systems for cooling.

Based on HVAC type, the HVAC market is categorized into heating, ventilation, and cooling, among which the cooling category is further divided into ducted spilt/packaged unit, variable refrigerant flow, spilt unit, room air conditioner, and chiller. Out of these, spilt unit systems held the largest revenue share in the market in 2018. This is attributed to the increasing adoption of ductless air conditioning systems. Furthermore, residential and commercial were the main sectors generating a uniform demand for HVAC systems. As of 2018, over 60% of the U.S. households are estimated to have central air conditioning systems.

Based on end-user, the HVAC market is fragmented into industrial, commercial, and residential. Here, the industrial category is further classified into automotive, energy and utilities, food and beverages (F&B), and oil and gas. Among these, in 2018, the F&B classification dominated the market with the highest revenue share. F&B manufacturing plants require well-designed air handling systems, which can control airborne odors and particulates. In 2017, around 640 F&B production units underwent expansion and renovation; among these 63 were new brewery units. During 2018-2021, in the North America region, the F&B industry is anticipated to grow with a CAGR of 11.3%.


The intensity of competition among the key players in the industry is moderate. Last year, many major companies focused on partnerships to increase their product capabilities and offer technologically-enhanced HVAC systems to their customers.

Market Dynamics


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


  • Growing construction sector
  • Increasing government initiatives to support the growth of HVAC systems


  • High upfront cost


  • Energy efficiency in HVAC systems
  • Growing opportunity from manufacturing industry

Key Topics Covered

Chapter 1. Research Background

1.1 Research Objectives

1.2 Market Definition

1.3 Research Scope

1.3.1 Market Segmentation by HVAC Type

1.3.2 Market Segmentation by End-User

1.3.3 Market Segmentation by Region

1.3.4 Analysis Period

1.3.5 Market Data Reporting Unit Value Volume

1.4 Key Stakeholders

Chapter 2. Research Methodology

2.1 Secondary Research

2.2 Primary Research

2.2.1 Breakdown of Primary Research Respondents By region By industry participant By company type

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 HVAC Type Heating Furnaces Heat Pumps Boilers Unitary Heaters Ventilation Humidifiers/Dehumidifiers Air cleaners Ventilation fans Air handling units and fan coil units Cooling VRF Ducted split/packaged unit Split units Chillers Room ACs

4.1.2 By End-User Commercial Offices and 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

4.3 Market Dynamics

4.4 Porter’s Five Forces Analysis

Chapter 5. Global Market Size and Forecast

5.1 By HVAC Type

5.1.1 Heating, by Equipment Type

5.1.2 Ventilation, by Equipment Type

5.1.3 Cooling, by Equipment Type

5.2 By End-User

5.2.1 Commercial, by Category

5.2.2 Industrial, by Category

5.2.3 By Residential

5.3 By Region

Chapter 6. North America Market Size and Forecast

Chapter 7. Europe Market Size and Forecast

Chapter 8. APAC Market Size and Forecast

Chapter 9. LATAM Market Size and Forecast

Chapter 10. MEA Market Size and Forecast

Chapter 11. Competitive Landscape

11.1 Market Share Analysis of Key Players

11.2 List of Key Players and their Offerings

11.3 Recent Activities of Key Players

11.4 Strategic Developments of Key Players

11.4.1 Mergers and Acquisitions

11.4.2 Partnerships

11.4.3 Product Launches

11.4.4 Facility Expansions

11.4.5 Other Developments

Chapter 12. Company Profiles

12.1 Johnson Controls International PLC

12.1.1 Business Overview

12.1.2 Product and Service Offerings

12.1.3 Key Financial Summary

12.1.4 SWOT Analysis

12.2 Samsung Electronics Co. Ltd.

12.3 Lennox International Inc.

12.4 Ingersoll-Rand PLC

12.5 United Technologies Corporation

12.6 Daikin Industries Ltd.

12.7 Mitsubishi Electric Corporation

12.8 Toshiba Carrier Corporation

12.9 LG Electronics Inc.

12.10 Fujitsu Limited

12.11 Midea Group Co. Ltd.

12.12 Gree Electric Appliances, Inc. of Zhuhai

12.13 Danfoss A/S

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Related Topics:HVAC (Heating, Ventilation, and Air Conditioning)



SOURCE: Research and Markets

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PUB: 05/15/2019 08:35 AM/DISC: 05/15/2019 08:35 AM