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HVACシステム市場：冷房機器（ユニットエアコン、VRFシステム）、暖房機器（ヒートポンプ、炉）、換気機器（AHU、エアフィルター）、実装タイプ、用途、地域別 - 2028年までの世界予測


HVAC System Market by Cooling Equipment (Unitary Air Conditioners, VRF Systems), Heating Equipment (Heat Pumps, Furnaces), Ventilation Equipment (AHUs, Air Filters), Implementation Type, Application and Region - Global Forecast to 2028

世界のHVACシステム市場は、2023年に2063億米ドル、2028年には2,801億米ドルに達すると予測されており、2023年から2028年までの年平均成長率は6.3％と予想されています。HVACシステムは、ハイドロフルオロカーボ... もっと見る

　

　

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MarketsandMarkets
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世界のHVACシステム市場は、2023年に2063億米ドル、2028年には2,801億米ドルに達すると予測されており、2023年から2028年までの年平均成長率は6.3％と予想されています。HVACシステムは、ハイドロフルオロカーボン（HCF）やハイドロクロロフルオロカーボン（HCFC）などの冷媒を使用しており、これらは温室効果ガス（GHG）を排出する。さらに、いくつかの空調設備は、建物内の総エネルギー消費量の40％を占めるため、大量のCO2を排出する。しかし、近年では、二酸化炭素排出量を削減するためのHVAC技術の進歩が見られます。さらに、HCFC-22やR-22としても知られるフレオン22は、家庭用エアコンやヒートポンプの主要冷媒化学物質として使用されています。米国環境保護庁（EPA）は、2020年1月にフロン22の生産を禁止しました。

"HVACシステム市場において、エアハンドリングユニットが最大の換気機器セグメントを占める"
可変周波数ドライブ（VFD）は、ファンに電力を供給するモーターの速度を制御するために、エアハンドリングユニット（AHU）でよく使用されます。VFDは、システムの風量要件に合わせてモーターの回転数を調整することができ、エネルギー消費量の削減とシステムの効率化に貢献することができます。AHUにVFDを使用することで、システムは建物のエアフローニーズにうまくマッチし、より良い温度と湿度の制御を可能にします。また、VFDはシステムをより正確に制御することができるため、HVACシステム全体の効率を向上させることができます。
"産業用アプリケーションはHVACシステム市場のCAGRが2番目に高い成長率になる"
工業用建物は、そのプロセスを稼働させるために多くのエネルギーを必要とします。産業用建物で使用されるHVACシステムは、エネルギーに関連するコストを削減するのに役立ちます。産業界のオーナーは、倉庫、制御室、配送センター、生産施設に効率的なHVACシステムを導入し、これらのエリアにおけるエネルギーの最適な利用を増やしています。例えば、米国環境保護庁（EPA）は、環境保護のため、HVACシステムの冷媒を規制しています。産業環境におけるHVACシステムは、冷媒に関するEPAの規制を遵守する必要があります。
"アジア太平洋地域のHVACシステム市場は、インドが最も高いCAGRで成長する"
インドは、世界でもトップクラスの発展途上国である。インドは人口第2位の国であり、住宅や商業を含む多くのインフラプロジェクトがあります。エネルギー効率の高い機器を使用したエネルギー保全に対する意識の高まりが、同国におけるスマートホーム産業の成長を後押ししています。外国直接投資（FDI）、地下鉄の拡大、スマートシティプロジェクト、「2020年までにすべての人に住宅を」といった取り組みが、同国におけるHVACシステムの需要を押し上げると予想されます。

本調査には、部品サプライヤーからティア1企業、OEMに至るまで、様々な業界専門家による洞察が含まれています。プライマリーの内訳は以下の通りです：
- 企業タイプ別ティア1：40％、ティア2：25％、ティア3：35％、ティア1：40％、ティア2：25％、ティア3：35％。
- 役職別Cレベルエグゼクティブ：33％、ディレクター：48％、その他：19
- 地域別北米：18％、欧州：35％、アジア太平洋：40％、RoW：7

HVACシステム市場で事業を展開している主なプレーヤーは、大金工業株式会社（日本）、ジョンソンコントロールズ株式会社（米国）、Carrier社（米国）、Trane Technologies plc（米国）、LG Electronics社（韓国）です。(日本）、ジョンソンコントロールズ（米国）、Carrier（米国）、Trane Technologies plc（米国）、LG Electronics（韓国）です。
本調査レポートでは、HVACシステム市場を、冷却機器（ユニット型エアコン、可変冷媒フローシステム（VRF）、チラー、ルームエアコン、クーラー、クーリングタワー）、加熱機器（ヒートポンプ、炉、ユニバーサルヒーター、ボイラー）、換気機器（エアハンドリングユニット（AHU））に分類している、エアフィルター、除湿機、換気扇、加湿器、空気清浄機）、実施タイプ別（新設、改修）、用途別（住宅、商業、産業）、地域別（北米、欧州、アジア太平洋、中東・アフリカ、中南米）です。本レポートの範囲は、HVACシステム市場の成長に影響を与える推進要因、阻害要因、課題、機会などの主要要因に関する詳細情報をカバーしています。主要な業界プレイヤーを詳細に分析し、事業概要、ソリューション、サービス、主要戦略、契約、パートナーシップ、協定、新製品・サービスの発表、M&A、HVACシステム市場に関連する最新動向に関する洞察を提供しています。HVACシステム市場のエコシステムにおける今後の新興企業の競争分析も本レポートで取り上げています。
研究対象です：
レポート購入の主なメリット

- 主要な促進要因（エネルギー効率の高いHVACシステムに対する需要の増加、住宅および産業部門における建設活動の増加、省エネおよび天然資源の保護を確実にするための政府の規制政策およびインセンティブ、室内および屋外の空気品質に対する需要の増加、HVACシステムにおける技術の進歩）、阻害要因（HVACシステムの高いメンテナンス、修理、設置コスト、商業ビルおよび住宅における大型HVACシステム用のスペースの制限）を分析、技術的知識の不足と熟練労働者の不足）、機会（HVAC業界におけるIoTの急速な変革、住宅および商業用途におけるVRFシステムの高い普及、HVACシステム用の次世代の低温暖化係数冷媒の開発努力）、課題（途上国におけるHVACシステムの利点に関する認識の欠如、環境問題の高まりとインフラの高齢化）がHVACシステム市場の成長に影響を及ぼしています。

- 製品開発/イノベーション：HVACシステム市場における今後の技術、研究開発活動、新製品・サービス発表に関する詳細なインサイトを提供します。

- 市場開拓：有利な市場に関する包括的な情報 - 当レポートでは、様々な地域のHVACシステム市場を分析しています。

- 市場の多様化：HVACシステム市場における新製品・サービス、未開拓の地域、最近の開発、投資に関する情報を網羅的に提供します。

- 競争力のある評価：大金工業株式会社（日本）、ジョンソンコントロールズ株式会社（米国）、Carrier社（米国）、Trane Technologies plc（米国）、LG Electronics社（韓国）などの主要企業の市場シェア、成長戦略、サービス内容などを詳細に評価します。(HVACシステム市場における大金工業（日本）、ジョンソンコントロールズ（米国）、キャリア（米国）、Trane Technologies plc（米国）、LGエレクトロニクス（韓国）などの主要企業の市場シェアや成長戦略、サービス内容を詳細に評価します。

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目次

1 INTRODUCTION 31
1.1 STUDY OBJECTIVES 31
1.2 MARKET DEFINITION AND SCOPE 31
1.2.1 INCLUSIONS AND EXCLUSIONS 32
1.3 STUDY SCOPE 32
1.3.1 MARKETS COVERED 32
1.3.2 REGIONAL SCOPE 33
1.3.3 YEARS CONSIDERED 33
1.4 CURRENCY 33
1.5 MARKET STAKEHOLDERS 34
1.6 SUMMARY OF CHANGES 34
1.7 RECESSION ANALYSIS 35
FIGURE 1 GDP GROWTH PROJECTION UNTIL 2023 FOR MAJOR ECONOMIES 35
FIGURE 2 MARKET PROJECTIONS FOR HVAC SYSTEM MARKET 36
2 RESEARCH METHODOLOGY 37
2.1 RESEARCH DATA 37
FIGURE 3 HVAC SYSTEM MARKET: RESEARCH DESIGN 37
2.1.1 SECONDARY DATA 38
2.1.1.1 List of major secondary sources 38
2.1.1.2 Key data from secondary sources 38
2.1.2 PRIMARY DATA 39
2.1.2.1 Key data from primary sources 39
2.1.2.2 Breakdown of primaries 39
2.1.3 SECONDARY AND PRIMARY RESEARCH 40
2.1.3.1 Key industry insights 41
2.2 MARKET SIZE ESTIMATION 41
FIGURE 4 MARKET SIZE ESTIMATION METHODOLOGY: SUPPLY-SIDE ANALYSIS 42
FIGURE 5 MARKET SIZE ESTIMATION METHODOLOGY: APPROACH 2 (SUPPLY-SIDE)—IDENTIFICATION OF REVENUE GENERATED BY COMPANIES FROM HVAC SYSTEM MARKET 42
2.2.1 BOTTOM-UP APPROACH 43
2.2.1.1 Approach for arriving at market size using bottom-up analysis 43
FIGURE 6 MARKET SIZE ESTIMATION METHODOLOGY: BOTTOM-UP APPROACH 44
FIGURE 7 MARKET SIZE ESTIMATION METHODOLOGY: BOTTOM-UP APPROACH FOR ESTIMATING SIZE OF HVAC SYSTEM MARKET 44
2.2.2 TOP-DOWN APPROACH 45
2.2.2.1 Approach for arriving at market size using top-down analysis 45
FIGURE 8 MARKET SIZE ESTIMATION METHODOLOGY: TOP-DOWN APPROACH 45
 
2.3 MARKET BREAKDOWN AND DATA TRIANGULATION 46
FIGURE 9 MARKET BREAKDOWN AND DATA TRIANGULATION 46
2.4 RESEARCH ASSUMPTIONS 47
2.5 RISK ASSESSMENT 47
TABLE 1 LIMITATIONS AND ASSOCIATED RISKS 47
2.6 ASSUMPTIONS: RECESSION 48
TABLE 2 ASSUMPTIONS: RECESSION 48
2.7 STUDY LIMITATIONS 48
3 EXECUTIVE SUMMARY 49
3.1 GROWTH RATE ASSUMPTIONS/FORECAST 49
FIGURE 10 UNITARY AIR CONDITIONERS TO HOLD LARGEST SHARE OF HVAC SYSTEM MARKET DURING FORECAST PERIOD 50
FIGURE 11 HVAC SYSTEM MARKET FOR FURNACES TO GROW AT HIGHEST CAGR DURING FORECAST PERIOD 51
FIGURE 12 HVAC SYSTEM MARKET FOR AHUS TO RECORD MAXIMUM CAGR DURING FORECAST PERIOD 51
FIGURE 13 HVAC SYSTEM MARKET FOR NEW CONSTRUCTION TO SECURE HIGHEST MARKET SHARE DURING FORECAST PERIOD 52
FIGURE 14 HVAC SYSTEM MARKET FOR COMMERCIAL APPLICATIONS TO DISPLAY HIGHER CAGR DURING FORECAST PERIOD 52
FIGURE 15 ASIA PACIFIC TO EXHIBIT HIGHEST CAGR DURING FORECAST PERIOD 53
4 PREMIUM INSIGHTS 54
4.1 ATTRACTIVE OPPORTUNITIES FOR PLAYERS IN HVAC SYSTEM MARKET 54
FIGURE 16 IMPLEMENTATION OF IOT ACROSS HVAC SYSTEMS TRANSFORMED SCENARIO OF COMMERCIAL AND RESIDENTIAL APPLICATIONS 54
4.2 HVAC SYSTEM MARKET IN NORTH AMERICA, BY COUNTRY AND EQUIPMENT TYPE 55
FIGURE 17 US AND HEATING EQUIPMENT EXPECTED TO HOLD LARGEST SHARE OF NORTH AMERICAN HVAC SYSTEM MARKET IN 2023 55
4.3 HVAC SYSTEM MARKET FOR COMMERCIAL APPLICATIONS, BY TYPE 55
FIGURE 18 OFFICES TO HOLD LARGEST SHARE OF HVAC SYSTEM MARKET IN COMMERCIAL APPLICATION DURING FORECAST PERIOD 55
4.4 HVAC SYSTEM MARKET, BY COUNTRY 56
FIGURE 19 HVAC SYSTEM MARKET IN INDIA TO GROW AT HIGHEST CAGR FROM 2023 TO 2028 56
5 MARKET OVERVIEW 57
5.1 INTRODUCTION 57
5.2 MARKET DYNAMICS 57
FIGURE 20 MARKET DYNAMICS: HVAC SYSTEM MARKET 57
5.2.1 DRIVERS 58
FIGURE 21 DRIVERS AND THEIR IMPACT ON HVAC SYSTEM MARKET 58
5.2.1.1 Increasing demand for energy-efficient HVAC systems 58
5.2.1.2 Rising constructions activities in residential and industrial sectors 59
5.2.1.3 Government regulatory policies and incentives to ensure energy saving and conservation of natural resources 60
5.2.1.4 Growing demand for indoor and outdoor air quality 60
5.2.1.5 Technological advancements in HVAC systems 61
5.2.2 RESTRAINTS 61
FIGURE 22 RESTRAINTS AND THEIR IMPACT ON HVAC SYSTEM MARKET 61
5.2.2.1 High maintenance, repair, and installation costs of HVAC systems 62
5.2.2.2 Limited space in commercial and residential buildings for large HVAC systems 62
5.2.2.3 Lack of technical knowledge and shortage of skilled labor 63
5.2.3 OPPORTUNITIES 63
FIGURE 23 OPPORTUNITIES AND THEIR IMPACT ON HVAC SYSTEM MARKET 63
5.2.3.1 Rapid transformation of IoT within HVAC industry 64
5.2.3.2 High penetration of VRF systems in residential and commercial applications 64
5.2.3.3 Efforts to develop next-generation low global warming potential refrigerants for HVAC systems 65
5.2.4 CHALLENGES 65
FIGURE 24 CHALLENGES AND THEIR IMPACT ON HVAC SYSTEM MARKET 65
5.2.4.1 Lack of awareness about benefits of HVAC systems in developing countries 65
5.2.4.2 Increase in environmental concerns and aging infrastructure 66
5.3 VALUE CHAIN ANALYSIS 66
FIGURE 25 VALUE CHAIN ANALYSIS: HVAC SYSTEM MARKET 67
5.4 ECOSYSTEM ANALYSIS 68
FIGURE 26 KEY PLAYERS IN HVAC SYSTEM MARKET 68
TABLE 3 ROLE OF HVAC COMPANIES IN ECOSYSTEM 69
5.5 PORTER’S FIVE FORCES ANALYSIS 70
TABLE 4 HVAC SYSTEM MARKET: PORTER’S FIVE FORCES ANALYSIS 70
FIGURE 27 PORTER'S FIVE FORCES ANALYSIS: HVAC SYSTEM MARKET 70
5.5.1 DEGREE OF COMPETITION 71
5.5.2 BARGAINING POWER OF SUPPLIERS 71
5.5.3 BARGAINING POWER OF BUYERS 71
5.5.4 THREAT OF SUBSTITUTES 71
5.5.5 THREAT OF NEW ENTRANTS 71
5.6 KEY STAKEHOLDERS AND BUYING CRITERIA 72
5.6.1 KEY STAKEHOLDERS IN BUYING PROCESS 72
FIGURE 28 INFLUENCE OF STAKEHOLDERS ON BUYING PROCESS FOR TOP THREE APPLICATIONS 72
TABLE 5 INFLUENCE OF STAKEHOLDERS ON BUYING PROCESS FOR TOP THREE APPLICATIONS 72
5.6.2 BUYING CRITERIA 73
FIGURE 29 KEY BUYING CRITERIA FOR TOP THREE APPLICATIONS 73
TABLE 6 KEY BUYING CRITERIA FOR TOP THREE APPLICATIONS 73
5.7 TRENDS/DISRUPTIONS IMPACTING CUSTOMER BUSINESS 73
FIGURE 30 REVENUE SHIFT FOR PLAYERS IN HVAC SYSTEM MARKET 74
5.8 CASE STUDY ANALYSIS 74
5.8.1 TOWER OF LONDON INSTALLS HVAC SYSTEMS FROM AIREDALE 74
5.8.2 THE EBELL OF LOS ANGELES AND WILSHIRE EBELL THEATER HOUSE REPLACE OLD AND INEFFICIENT HVAC SYSTEMS 75
5.8.3 GEORGIA SCHOOL DISTRICT UPGRADES HVAC SYSTEMS AND LOWERS ENERGY COSTS 75
5.8.4 VIRGINIA DATA CENTER INSTALLATION IN MODULAR HVAC SYSTEMS 76
5.8.5 ALACHUA COUNTY LIBRARY DISTRICT IN GAINESVILLE, FLORIDA, IMPLEMENTS INNOVATIVE HVAC SOLUTIONS USING ICEBANK ENERGY STORAGE SYSTEM OF CALMAC 76
5.9 TECHNOLOGY ANALYSIS 77
5.9.1 KEY TECHNOLOGIES 77
5.9.1.1 Air conditioning units 77
5.9.1.2 Heating units 77
5.9.1.3 Ventilation systems 78
5.9.2 COMPLEMENTARY TECHNOLOGIES 78
5.9.2.1 Sensors 78
5.9.2.2 Building automation systems 78
5.9.3 ADJACENT TECHNOLOGIES 79
5.9.3.1 Software technologies 79
5.10 AVERAGE SELLING PRICE ANALYSIS 79
FIGURE 31 AVERAGE SELLING PRICE OF HVAC SYSTEM EQUIPMENT, BY APPLICATION 79
5.10.1 AVERAGE SELLING PRICES OF HVAC SYSTEM EQUIPMENT, BY APPLICATION (USD) 80
TABLE 7 AVERAGE SELLING PRICES OF HVAC SYSTEM EQUIPMENT, BY APPLICATION (USD) 80
5.10.2 AVERAGE SELLING PRICE TRENDS 80
FIGURE 32 AVERAGE SELLING PRICES OF DIFFERENT COOLING EQUIPMENT USED IN HVAC SYSTEMS (USD) 80
FIGURE 33 AVERAGE SELLING PRICES OF DIFFERENT HEATING EQUIPMENT USED IN HVAC SYSTEMS (USD) 81
FIGURE 34 AVERAGE SELLING PRICES OF DIFFERENT VENTILATION EQUIPMENT USED IN HVAC SYSTEMS (USD) 81
TABLE 8 HVAC INSTALLATION COSTS, BY TYPE, 2022 81
5.11 PATENT ANALYSIS 82
FIGURE 35 NUMBER OF PATENTS GRANTED IN HVAC SYSTEM MARKET, 2012–2023 82
TABLE 9 LIST OF PATENTS IN HVAC SYSTEM MARKET, 2021–2023 83
5.12 TRADE ANALYSIS 87
TABLE 10 IMPORT DATA, BY COUNTRY, 2018–2022 (USD MILLION) 87
FIGURE 36 IMPORT DATA, BY COUNTRY, 2018–2022 (USD MILLION) 88
TABLE 11 EXPORT DATA, BY COUNTRY, 2018–2022 (USD MILLION) 88
FIGURE 37 EXPORT DATA, BY COUNTRY, 2018–2022 (USD MILLION) 89
 
5.13 TARIFF ANALYSIS 89
TABLE 12 MFN TARIFFS FOR HS CODE: 8415 EXPORTED BY US (2022) 89
TABLE 13 MFN TARIFFS FOR HS CODE: 8415 EXPORTED BY CHINA (2022) 90
TABLE 14 MFN TARIFF FOR HS CODE: 8415 EXPORTED BY INDIA (2022) 90
5.14 STANDARDS AND REGULATORY LANDSCAPE 91
5.14.1 REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS 91
5.14.1.1 North America: List of regulatory bodies, government agencies, and other organizations 91
TABLE 15 NORTH AMERICA: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS 91
5.14.1.2 Europe: List of regulatory bodies, government agencies, and other organizations 92
TABLE 16 EUROPE: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS 92
5.14.1.3 Asia Pacific: List of regulatory bodies, government agencies, and other organizations 93
TABLE 17 ASIA PACIFIC: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS 93
5.14.1.4 RoW: List of regulatory bodies, government agencies, and other organizations 94
TABLE 18 ROW: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS 94
5.14.2 STANDARDS & REGULATIONS RELATED TO HVAC SYSTEM MARKET 95
5.14.2.1 Environmental HVAC requirements 96
5.14.2.1.1 Current HCFC regulations 96
5.14.2.1.2 New HFC regulations 96
5.14.2.1.3 US regulations 96
5.14.2.1.4 Canadian regulations 96
5.14.2.2 HVAC efficiency standards 96
5.14.2.3 HVAC tech certifications 96
5.15 KEY CONFERENCES AND EVENTS, 2023–2024 97
TABLE 19 HVAC SYSTEM MARKET: DETAILED LIST OF CONFERENCES AND EVENTS 97
5.16 COMPANY INFORMATION FOR TOP HVAC SYSTEM MANUFACTURERS 98
5.17 TIER 2 AND TIER 3 SUPPLIERS OF HVAC SYSTEM MARKET 102
6 HVAC SYSTEM MARKET, BY COOLING EQUIPMENT 104
6.1 INTRODUCTION 105
FIGURE 38 UNITARY AIR CONDITIONERS TO HOLD LARGEST SHARE OF HVAC SYSTEM MARKET FOR COOLING EQUIPMENT IN 2028 105
TABLE 20 HVAC SYSTEM MARKET, BY COOLING EQUIPMENT, 2019–2022 (USD BILLION) 105
TABLE 21 HVAC SYSTEM MARKET, BY COOLING EQUIPMENT, 2023–2028 (USD BILLION) 106
TABLE 22 HVAC SYSTEM MARKET, BY COOLING EQUIPMENT, 2019–2022 (THOUSAND UNITS) 106
TABLE 23 HVAC SYSTEM MARKET, BY COOLING EQUIPMENT, 2023–2028 (THOUSAND UNITS) 106
6.2 UNITARY AIR CONDITIONERS 107
6.2.1 COMMERCIAL SEGMENT TO ACCOUNT FOR LARGEST SHARE OF COOLING EQUIPMENT MARKET FOR UNITARY AIR CONDITIONERS 107
6.2.1.1 Split air conditioners 107
6.2.1.2 Packaged air conditioners 108
TABLE 24 UNITARY AIR CONDITIONERS: HVAC SYSTEM MARKET, BY APPLICATION, 2019–2022 (USD MILLION) 109
TABLE 25 UNITARY AIR CONDITIONERS: HVAC SYSTEM MARKET, BY APPLICATION, 2023–2028 (USD MILLION) 109
TABLE 26 UNITARY AIR CONDITIONERS: HVAC SYSTEM MARKET, BY REGION, 2019–2022 (USD BILLION) 109
TABLE 27 UNITARY AIR CONDITIONERS: HVAC SYSTEM MARKET, BY REGION, 2023–2028 (USD BILLION) 110
6.3 VRF SYSTEMS 110
6.3.1 GROWING POPULARITY DUE TO ENERGY EFFICIENCY, FLEXIBILITY, AND ZONING CAPABILITIES 110
TABLE 28 VRF SYSTEMS: HVAC SYSTEM MARKET, BY APPLICATION, 2019–2022 (USD MILLION) 111
TABLE 29 VRF SYSTEMS: HVAC SYSTEM MARKET, BY APPLICATION, 2023–2028 (USD MILLION) 111
TABLE 30 VRF SYSTEMS: HVAC SYSTEM MARKET, BY REGION, 2019–2022 (USD MILLION) 111
TABLE 31 VRF SYSTEMS: HVAC SYSTEM MARKET, BY REGION, 2023–2028 (USD MILLION) 111
6.4 CHILLERS 112
6.4.1 DRIVES REFRIGERATION CYCLE OF COOLING EQUIPMENT 112
6.4.1.1 Scroll chillers 112
6.4.1.2 Screw chillers 113
6.4.1.3 Centrifugal chillers 113
6.4.1.4 Reciprocating chillers 114
6.4.1.5 Absorption chillers 115
TABLE 32 CHILLERS: HVAC SYSTEM MARKET, BY APPLICATION, 2019–2022 (USD BILLION) 115
TABLE 33 CHILLERS: HVAC SYSTEM MARKET, BY APPLICATION, 2023–2028 (USD BILLION) 115
TABLE 34 CHILLERS: HVAC SYSTEM MARKET, BY REGION, 2019–2022 (USD MILLION) 116
TABLE 35 CHILLERS: HVAC SYSTEM MARKET, BY REGION, 2023–2028 (USD MILLION) 116
6.5 ROOM AIR CONDITIONERS 116
6.5.1 RESIDENTIAL SEGMENT TO HOLD LARGEST SHARE OF ROOM AIR CONDITIONERS MARKET 116
TABLE 36 ROOM AIR CONDITIONERS: HVAC SYSTEM MARKET, BY APPLICATION, 2019–2022 (USD MILLION) 117
TABLE 37 ROOM AIR CONDITIONERS: HVAC SYSTEM MARKET, BY APPLICATION, 2023–2028 (USD MILLION) 118
TABLE 38 ROOM AIR CONDITIONERS: HVAC SYSTEM MARKET, BY REGION, 2019–2022 (USD MILLION) 118
TABLE 39 ROOM AIR CONDITIONERS: HVAC SYSTEM MARKET, BY REGION, 2023–2028 (USD MILLION) 118
6.6 COOLERS 119
6.6.1 RESIDENTIAL SEGMENT TO ACCOUNT FOR LARGEST SHARE OF COOLERS MARKET 119
6.6.1.1 Ducted coolers 119
6.6.1.2 Window coolers 120
TABLE 40 COOLERS: HVAC SYSTEM MARKET, BY APPLICATION, 2019–2022 (USD MILLION) 120
TABLE 41 COOLERS: HVAC SYSTEM MARKET, BY APPLICATION, 2023–2028 (USD MILLION) 120
TABLE 42 COOLERS: HVAC SYSTEM MARKET, BY REGION, 2019–2022 (USD MILLION) 121
TABLE 43 COOLERS: HVAC SYSTEM MARKET, BY REGION, 2023–2028 (USD MILLION) 121
6.7 COOLING TOWERS 121
6.7.1 ASIA PACIFIC TO HOLD LARGEST SHARE OF COOLING TOWERS MARKET 121
6.7.1.1 Evaporative cooling towers 122
6.7.1.2 Dry cooling towers 122
6.7.1.3 Hybrid cooling towers 123
TABLE 44 COOLING TOWERS: HVAC SYSTEM MARKET, BY APPLICATION, 2019–2022 (USD MILLION) 124
TABLE 45 COOLING TOWERS: HVAC SYSTEM MARKET, BY APPLICATION, 2023–2028 (USD MILLION) 124
TABLE 46 COOLING TOWERS: HVAC SYSTEM MARKET, BY REGION, 2019–2022 (USD MILLION) 124
TABLE 47 COOLING TOWERS: HVAC SYSTEM MARKET, BY REGION, 2023–2028 (USD MILLION) 124
7 HVAC SYSTEM MARKET, BY HEATING EQUIPMENT 125
7.1 INTRODUCTION 126
FIGURE 39 HEAT PUMPS TO HOLD LARGEST SHARE OF HVAC SYSTEM MARKET DURING FORECAST PERIOD 126
TABLE 48 HVAC SYSTEM MARKET, BY HEATING EQUIPMENT, 2019–2022 (USD BILLION) 126
TABLE 49 HVAC SYSTEM MARKET, BY HEATING EQUIPMENT, 2023–2028 (USD BILLION) 127
TABLE 50 HVAC SYSTEM MARKET, BY HEATING EQUIPMENT, 2019–2022 (MILLION UNITS) 127
TABLE 51 HVAC SYSTEM MARKET, BY HEATING EQUIPMENT, 2023–2028 (MILLION UNITS) 127
7.2 HEAT PUMPS 128
7.2.1 INCREASING ADOPTION OF COST-EFFECTIVE HEAT PUMPS 128
7.2.2 CASE STUDY: KING EDWARD VII HIGH SCHOOL INSTALLS HEAT PUMPS TO UTILIZE RENEWABLE ENERGY WITHIN BUDGET 129
7.2.2.1 Air-to-air heat pumps 129
7.2.2.2 Air-to-water heat pumps 129
7.2.2.3 Water-to-water heat pumps 129
TABLE 52 HEAT PUMPS: HVAC SYSTEM MARKET, BY APPLICATION, 2019–2022 (USD BILLION) 130
TABLE 53 HEAT PUMPS: HVAC SYSTEM MARKET, BY APPLICATION, 2023–2028 (USD BILLION) 130
TABLE 54 HEAT PUMPS: HVAC SYSTEM MARKET, BY REGION, 2019–2022 (USD BILLION) 130
TABLE 55 HEAT PUMPS: HVAC SYSTEM MARKET, BY REGION, 2023–2028 (USD BILLION) 130
7.3 FURNACES 131
7.3.1 LOW COST AND HIGH EFFICIENCY TO FUEL DEMAND FOR FURNACES 131
7.3.2 CASE STUDY: FURNACE REPLACEMENT FOR COLONIAL HOME INCREASES EFFICIENCY 131
7.3.2.1 Oil furnaces 131
7.3.2.2 Gas furnaces 132
7.3.2.3 Electric furnaces 132
TABLE 56 FURNACES: HVAC SYSTEM MARKET, BY APPLICATION, 2019–2022 (USD BILLION) 132
TABLE 57 FURNACES: HVAC SYSTEM MARKET, BY APPLICATION, 2023–2028 (USD BILLION) 132
TABLE 58 FURNACES: HVAC SYSTEM MARKET, BY REGION, 2019–2022 (USD MILLION) 132
TABLE 59 FURNACES: HVAC SYSTEM MARKET, BY REGION, 2023–2028 (USD MILLION) 133
7.4 UNITARY HEATERS 133
7.4.1 HIGH EFFICIENCY AND COST-EFFECTIVENESS OF UNITARY HEATERS TO BOOST MARKET GROWTH 133
7.4.1.1 Gas unit heaters 134
7.4.1.2 Oil-fired unit heaters 134
7.4.1.3 Electric unit heaters 134
TABLE 60 UNITARY HEATERS: HVAC SYSTEM MARKET, BY APPLICATION, 2019–2022 (USD BILLION) 134
TABLE 61 UNITARY HEATERS: HVAC SYSTEM MARKET, BY APPLICATION, 2023–2028 (USD BILLION) 135
TABLE 62 UNITARY HEATERS: HVAC SYSTEM MARKET, BY REGION, 2019–2022 (USD MILLION) 135
TABLE 63 UNITARY HEATERS: HVAC SYSTEM MARKET, BY REGION, 2023–2028 (USD MILLION) 135
7.5 BOILERS 135
7.5.1 RESIDENTIAL SEGMENT TO HOLD LARGEST SHARE OF HVAC SYSTEM MARKET FOR BOILERS 135
7.5.1.1 Steam boilers 136
7.5.1.2 Hot water boilers 136
TABLE 64 BOILERS: HVAC SYSTEM MARKET, BY APPLICATION, 2019–2022 (USD BILLION) 137
TABLE 65 BOILERS: HVAC SYSTEM MARKET, BY APPLICATION, 2023–2028 (USD BILLION) 137
TABLE 66 BOILERS: HVAC SYSTEM MARKET, BY REGION, 2019–2022 (USD MILLION) 137
TABLE 67 BOILERS: HVAC SYSTEM MARKET, BY REGION, 2023–2028 (USD MILLION) 137
8 HVAC SYSTEM MARKET, BY VENTILATION EQUIPMENT 138
8.1 INTRODUCTION 139
FIGURE 40 AIR-HANDLING UNITS SEGMENT TO HOLD LARGEST SHARE OF HVAC SYSTEM MARKET DURING FORECAST PERIOD 139
TABLE 68 HVAC SYSTEM MARKET, BY VENTILATION EQUIPMENT, 2019–2022 (USD BILLION) 139
TABLE 69 HVAC SYSTEM MARKET, BY VENTILATION EQUIPMENT, 2023–2028 (USD BILLION) 140
TABLE 70 HVAC SYSTEM MARKET, BY VENTILATION EQUIPMENT, 2019–2022 (MILLION UNITS) 140
TABLE 71 HVAC SYSTEM MARKET, BY VENTILATION EQUIPMENT, 2023–2028 (MILLION UNITS) 140
8.2 AIR-HANDLING UNITS 141
8.2.1 VARIABLE FREQUENCY DRIVES USED IN AIR-HANDLING UNIT TO CONTROL MOTOR SPEED 141
TABLE 72 AIR-HANDLING UNITS: HVAC SYSTEM MARKET, BY APPLICATION, 2019–2022 (USD BILLION) 142
TABLE 73 AIR-HANDLING UNITS: HVAC SYSTEM MARKET, BY APPLICATION, 2023–2028 (USD BILLION) 142
TABLE 74 AIR-HANDLING UNITS: HVAC SYSTEM MARKET, BY REGION, 2019–2022 (USD BILLION) 142
TABLE 75 AIR-HANDLING UNITS: HVAC SYSTEM MARKET, BY REGION, 2023–2028 (USD BILLION) 143
8.3 AIR FILTERS 143
8.3.1 ASIA PACIFIC TO HOLD LARGEST SHARE OF AIR FILTERS MARKET 143
TABLE 76 AIR FILTERS: HVAC SYSTEM MARKET, BY APPLICATION, 2019–2022 (USD BILLION) 144
TABLE 77 AIR FILTERS: HVAC SYSTEM MARKET, BY APPLICATION, 2023–2028 (USD BILLION) 144
TABLE 78 AIR FILTERS: HVAC SYSTEM MARKET, BY REGION, 2019–2022 (USD MILLION) 144
TABLE 79 AIR FILTERS: HVAC SYSTEM MARKET, BY REGION, 2023–2028 (USD MILLION) 144
8.4 DEHUMIDIFIERS 145
8.4.1 INDUSTRIAL SEGMENT TO ACCOUNT FOR LARGEST SHARE OF HVAC SYSTEM MARKET FOR DEHUMIDIFIERS 145
8.4.1.1 Refrigeration dehumidifiers 145
8.4.1.2 Absorption dehumidifiers 146
TABLE 80 DEHUMIDIFIERS: HVAC SYSTEM MARKET, BY APPLICATION, 2019–2022 (USD BILLION) 146
TABLE 81 DEHUMIDIFIERS: HVAC SYSTEM MARKET, BY APPLICATION, 2023–2028 (USD BILLION) 147
TABLE 82 DEHUMIDIFIERS: HVAC SYSTEM MARKET, BY REGION, 2019–2022 (USD MILLION) 147
TABLE 83 DEHUMIDIFIERS: HVAC SYSTEM MARKET, BY REGION, 2023–2028 (USD MILLION) 147
8.5 VENTILATION FANS 147
8.5.1 ASIA PACIFIC TO HOLD LARGEST SHARE OF VENTILATION FANS MARKET 147
8.5.1.1 Crossflow fans 148
8.5.1.2 Axial fans 149
8.5.1.3 Centrifugal fans 149
8.5.1.4 Domestic fans 149
8.5.1.5 Range hood fans 149
8.5.1.6 Power roof fans 150
TABLE 84 VENTILATION FANS: HVAC SYSTEM MARKET, BY APPLICATION, 2019–2022 (USD BILLION) 150
TABLE 85 VENTILATION FANS: HVAC SYSTEM MARKET, BY APPLICATION, 2023–2028 (USD BILLION) 150
TABLE 86 VENTILATION FANS: HVAC SYSTEM MARKET, BY REGION, 2019–2022 (USD MILLION) 151
TABLE 87 VENTILATION FANS: HVAC SYSTEM MARKET, BY REGION, 2023–2028 (USD MILLION) 151
8.6 HUMIDIFIERS 151
8.6.1 CHANGING WEATHER PATTERNS AND INCREASING INDOOR AIR POLLUTION 151
8.6.1.1 Warm-mist humidifiers 152
8.6.1.2 Ultrasonic humidifiers 152
8.6.1.3 Cool-mist humidifiers 153
TABLE 88 HUMIDIFIERS: HVAC SYSTEM MARKET, BY APPLICATION, 2019–2022 (USD MILLION) 153
TABLE 89 HUMIDIFIERS: HVAC SYSTEM MARKET, BY APPLICATION, 2023–2028 (USD MILLION) 153
TABLE 90 HUMIDIFIERS: HVAC SYSTEM MARKET, BY REGION, 2019–2022 (USD MILLION) 153
TABLE 91 HUMIDIFIERS: HVAC SYSTEM MARKET, BY REGION, 2023–2028 (USD MILLION) 154
8.7 AIR PURIFIERS 154
8.7.1 USED IN HOMES AND WORKPLACES TO IMPROVE INDOOR AIR QUALITY AND CONTROL SYMPTOMS OF ALLERGIES AND ASTHMA 154
8.7.1.1 HEPA air purifiers 155
8.7.1.2 Activated carbon air purifiers 155
8.7.1.3 Electrostatic air purifiers 155
8.7.1.4 Ionic air purifiers 155
TABLE 92 AIR PURIFIERS: HVAC SYSTEM MARKET, BY APPLICATION, 2019–2022 (USD MILLION) 156
TABLE 93 AIR PURIFIERS: HVAC SYSTEM MARKET, BY APPLICATION, 2023–2028 (USD MILLION) 156
TABLE 94 AIR PURIFIERS: HVAC SYSTEM MARKET, BY REGION, 2019–2022 (USD MILLION) 156
TABLE 95 AIR PURIFIERS: HVAC SYSTEM MARKET, BY REGION, 2023–2028 (USD MILLION) 157
 
9 HVAC SYSTEM MARKET, BY IMPLEMENTATION TYPE 158
9.1 INTRODUCTION 159
FIGURE 41 HVAC SYSTEM MARKET FOR NEW CONSTRUCTIONS TO WITNESS HIGHEST CAGR DURING FORECAST PERIOD 159
TABLE 96 HVAC SYSTEM MARKET, BY IMPLEMENTATION TYPE, 2019–2022 (USD BILLION) 159
TABLE 97 HVAC SYSTEM MARKET, BY IMPLEMENTATION TYPE, 2023–2028 (USD BILLION) 159
9.2 NEW CONSTRUCTION 160
9.2.1 GROWING URBANIZATION TO BENEFIT MARKET 160
9.3 RETROFIT 161
9.3.1 GOVERNMENT REGULATIONS FOR GREEN BUILDINGS 161
10 HVAC SYSTEM MARKET, BY APPLICATION 163
10.1 INTRODUCTION 164
FIGURE 42 HVAC SYSTEM MARKET FOR COMMERCIAL APPLICATIONS TO ATTAIN HIGHEST MARKET SHARE DURING FORECAST PERIOD 164
TABLE 98 HVAC SYSTEM MARKET, BY APPLICATION, 2019–2022 (USD BILLION) 164
TABLE 99 HVAC SYSTEM MARKET, BY APPLICATION, 2023–2028 (USD BILLION) 164
10.2 COMMERCIAL 165
10.2.1 GROWING ADOPTION OF ENERGY-EFFICIENT EQUIPMENT TO BOOST HVAC SYSTEM MARKET FOR COMMERCIAL SPACES 165
TABLE 100 COMMERCIAL: HVAC SYSTEM MARKET, BY TYPE, 2019–2022 (USD BILLION) 166
TABLE 101 COMMERCIAL: HVAC SYSTEM MARKET, BY TYPE, 2023–2028 (USD BILLION) 166
TABLE 102 COMMERCIAL: HVAC SYSTEM MARKET, BY COOLING EQUIPMENT, 2019–2022 (USD MILLION) 166
TABLE 103 COMMERCIAL: HVAC SYSTEM MARKET, BY COOLING EQUIPMENT, 2023–2028 (USD MILLION) 167
TABLE 104 COMMERCIAL: HVAC SYSTEM MARKET, BY HEATING EQUIPMENT, 2019–2022 (USD BILLION) 167
TABLE 105 COMMERCIAL: HVAC SYSTEM MARKET, BY HEATING EQUIPMENT, 2023–2028 (USD BILLION) 167
TABLE 106 COMMERCIAL: HVAC SYSTEM MARKET, BY VENTILATION EQUIPMENT, 2019–2022 (USD MILLION) 168
TABLE 107 COMMERCIAL: HVAC SYSTEM MARKET, BY VENTILATION EQUIPMENT, 2023–2028 (USD MILLION) 168
10.2.1.1 Offices 168
10.2.1.2 Governments 169
10.2.1.3 Healthcare 169
10.2.1.4 Education 170
10.2.1.5 Retail 170
10.2.1.6 Airports 171
 
10.3 RESIDENTIAL 171
10.3.1 GOVERNMENT REGULATIONS AND TAX CREDIT PROGRAMS TO PROMOTE USE OF HVAC SYSTEMS IN RESIDENTIAL APPLICATIONS 171
TABLE 108 RESIDENTIAL: HVAC SYSTEM MARKET, BY COOLING EQUIPMENT, 2019–2022 (USD MILLION) 172
TABLE 109 RESIDENTIAL: HVAC SYSTEM MARKET, BY COOLING EQUIPMENT, 2023–2028 (USD MILLION) 172
TABLE 110 RESIDENTIAL: HVAC SYSTEM MARKET, BY HEATING EQUIPMENT, 2019–2022 (USD BILLION) 173
TABLE 111 RESIDENTIAL: HVAC SYSTEM MARKET, BY HEATING EQUIPMENT, 2023–2028 (USD BILLION) 173
TABLE 112 RESIDENTIAL: HVAC SYSTEM MARKET, BY VENTILATION EQUIPMENT, 2019–2022 (USD MILLION) 173
TABLE 113 RESIDENTIAL: HVAC SYSTEM MARKET, BY VENTILATION EQUIPMENT, 2023–2028 (USD MILLION) 174
10.4 INDUSTRIAL 174
10.4.1 GROWING USE OF ENERGY-EFFICIENT HVAC SYSTEMS IN INDUSTRIAL SPACES TO REDUCE OPERATIONAL COSTS AND SAVE ENERGY 174
TABLE 114 INDUSTRIAL: HVAC SYSTEM MARKET, BY COOLING EQUIPMENT, 2019–2022 (USD MILLION) 175
TABLE 115 INDUSTRIAL: HVAC SYSTEM MARKET, BY COOLING EQUIPMENT, 2023–2028 (USD MILLION) 175
TABLE 116 INDUSTRIAL: HVAC SYSTEM MARKET, BY HEATING EQUIPMENT, 2019–2022 (USD BILLION) 175
TABLE 117 INDUSTRIAL: HVAC SYSTEM MARKET, BY HEATING EQUIPMENT, 2023–2028 (USD BILLION) 176
TABLE 118 INDUSTRIAL: HVAC SYSTEM MARKET, BY VENTILATION EQUIPMENT, 2019–2022 (USD MILLION) 176
TABLE 119 INDUSTRIAL: HVAC SYSTEM MARKET, BY VENTILATION EQUIPMENT, 2023–2028 (USD MILLION) 176
11 HVAC SYSTEM MARKET, BY REGION 177
11.1 INTRODUCTION 178
FIGURE 43 ASIA PACIFIC REGION TO HOLD LARGEST SHARE IN HVAC SYSTEM MARKET DURING FORECAST PERIOD 178
TABLE 120 HVAC SYSTEM MARKET, BY REGION, 2019–2022 (USD BILLION) 178
TABLE 121 HVAC SYSTEM MARKET, BY REGION, 2023–2028 (USD BILLION) 179
TABLE 122 COOLING EQUIPMENT: HVAC SYSTEM MARKET, BY REGION, 2019–2022 (MILLION UNITS) 179
TABLE 123 COOLING EQUIPMENT: HVAC SYSTEM MARKET, BY REGION, 2023–2028 (MILLION UNITS) 179
TABLE 124 HEATING EQUIPMENT: HVAC SYSTEM MARKET, BY REGION, 2019–2022 (MILLION UNITS) 180
TABLE 125 HEATING EQUIPMENT: HVAC SYSTEM MARKET, BY REGION, 2023–2028 (MILLION UNITS) 180
TABLE 126 VENTILATION EQUIPMENT: HVAC SYSTEM MARKET, BY REGION, 2019–2022 (MILLION UNITS) 180
TABLE 127 VENTILATION EQUIPMENT: HVAC SYSTEM MARKET, BY REGION, 2023–2028 (MILLION UNITS) 181
11.2 NORTH AMERICA 181
11.2.1 NORTH AMERICA: IMPACT OF RECESSION 182
FIGURE 44 NORTH AMERICA: HVAC SYSTEM MARKET SNAPSHOT 183
TABLE 128 NORTH AMERICA: HVAC SYSTEM MARKET, BY EQUIPMENT TYPE, 2019–2022 (USD BILLION) 184
TABLE 129 NORTH AMERICA: HVAC SYSTEM MARKET, BY EQUIPMENT TYPE, 2023–2028 (USD BILLION) 184
TABLE 130 NORTH AMERICA: HVAC SYSTEM MARKET, BY COUNTRY, 2019–2022 (USD BILLION) 184
TABLE 131 NORTH AMERICA: HVAC SYSTEM MARKET, BY COUNTRY, 2023–2028 (USD BILLION) 184
11.2.2 US 185
11.2.2.1 Increasing number of construction projects 185
11.2.3 CANADA 186
11.2.3.1 Government initiatives to save energy 186
11.2.4 MEXICO 186
11.2.4.1 Increasing focus on promoting use of energy-efficient HVAC systems 186
11.3 EUROPE 187
11.3.1 EUROPE: IMPACT OF RECESSION 188
FIGURE 45 EUROPE: HVAC SYSTEM MARKET SNAPSHOT 189
TABLE 132 EUROPE: HVAC SYSTEM MARKET, BY EQUIPMENT TYPE, 2019–2022 (USD BILLION) 189
TABLE 133 EUROPE: HVAC SYSTEM MARKET, BY EQUIPMENT TYPE, 2023–2028 (USD BILLION) 190
TABLE 134 EUROPE: HVAC SYSTEM MARKET, BY COUNTRY, 2019–2022 (USD BILLION) 190
TABLE 135 EUROPE: HVAC SYSTEM MARKET, BY COUNTRY, 2023–2028 (USD BILLION) 190
11.3.2 UK 190
11.3.2.1 High demand for energy-efficient devices from commercial and residential users 190
11.3.3 GERMANY 191
11.3.3.1 Increasing innovations in software solutions for HVAC professionals 191
TABLE 136 GERMAN GREENHOUSE GAS EMISSIONS REDUCTION TARGETS, 2030 192
11.3.4 FRANCE 192
11.3.4.1 Rising focus on reducing greenhouse gases 192
11.3.5 REST OF EUROPE 193
11.4 ASIA PACIFIC 194
11.4.1 ASIA PACIFIC: IMPACT OF RECESSION 194
FIGURE 46 ASIA PACIFIC: HVAC SYSTEM MARKET SNAPSHOT 195
TABLE 137 ASIA PACIFIC: HVAC SYSTEM MARKET, BY EQUIPMENT TYPE, 2019–2022 (USD BILLION) 195
TABLE 138 ASIA PACIFIC: HVAC SYSTEM MARKET, BY EQUIPMENT TYPE, 2023–2028 (USD BILLION) 196
TABLE 139 ASIA PACIFIC: HVAC SYSTEM MARKET, BY COUNTRY, 2019–2022 (USD BILLION) 196
TABLE 140 ASIA PACIFIC: HVAC SYSTEM MARKET, BY COUNTRY, 2023–2028 (USD BILLION) 196
11.4.2 CHINA 196
11.4.2.1 Growing industrialization and urbanization 196
11.4.3 JAPAN 198
11.4.3.1 Strict regulations for energy conservation 198
11.4.4 INDIA 198
11.4.4.1 Surging need to save energy to boost demand 198
11.4.5 REST OF ASIA PACIFIC 199
11.5 ROW 200
11.5.1 ROW: IMPACT OF RECESSION 200
TABLE 141 ROW: HVAC SYSTEM MARKET, BY EQUIPMENT TYPE, 2019–2022 (USD BILLION) 200
TABLE 142 ROW: HVAC SYSTEM MARKET, BY EQUIPMENT TYPE, 2023–2028 (USD BILLION) 200
TABLE 143 ROW: HVAC SYSTEM MARKET, BY COUNTRY, 2019–2022 (USD BILLION) 201
TABLE 144 ROW: HVAC SYSTEM MARKET, BY COUNTRY, 2023–2028 (USD BILLION) 201
11.5.2 SOUTH AMERICA 201
11.5.2.1 Strong focus on infrastructure development 201
11.5.3 MIDDLE EAST & AFRICA 202
11.5.3.1 Stringent regulations for enhancing energy performance of buildings 202
12 COMPETITIVE LANDSCAPE 203
12.1 OVERVIEW 203
12.2 KEY PLAYER STRATEGIES 203
TABLE 145 OVERVIEW OF STRATEGIES DEPLOYED BY HVAC SYSTEM OEMS 203
12.3 COMPANY REVENUE ANALYSIS, 2020–2022 206
FIGURE 47 THREE-YEAR REVENUE ANALYSIS OF TOP FIVE PLAYERS, 2020–2022 206
12.4 MARKET SHARE ANALYSIS, 2022 206
FIGURE 48 SHARE OF MAJOR PLAYERS IN HVAC SYSTEM MARKET, 2022 206
TABLE 146 HVAC SYSTEM MARKET: DEGREE OF COMPETITION 207
12.5 COMPANY EVALUATION QUADRANT 208
12.5.1 STARS 208
12.5.2 PERVASIVE PLAYERS 208
12.5.3 EMERGING LEADERS 208
12.5.4 PARTICIPANTS 209
FIGURE 49 HVAC SYSTEM MARKET: COMPANY EVALUATION QUADRANT, 2022 209
12.6 STARTUP/SME EVALUATION QUADRANT 210
12.6.1 PROGRESSIVE COMPANIES 210
12.6.2 RESPONSIVE COMPANIES 210
12.6.3 DYNAMIC COMPANIES 210
12.6.4 STARTING BLOCKS 210
FIGURE 50 HVAC SYSTEM MARKET: STARTUP/SME EVALUATION QUADRANT, 2022 211
12.7 HVAC SYSTEM MARKET: COMPANY FOOTPRINT 212
TABLE 147 FOOTPRINT OF COMPANIES 212
TABLE 148 APPLICATION FOOTPRINT OF COMPANIES 213
TABLE 149 PRODUCT FOOTPRINT OF COMPANIES 214
TABLE 150 REGIONAL FOOTPRINT OF COMPANIES 215
12.8 STARTUP/SME EVALUATION MATRIX 216
12.8.1 LIST OF STARTUPS/SMES: HVAC SYSTEM MARKET 216
TABLE 151 LIST OF STARTUPS/SMES: HVAC SYSTEM MARKET 216
12.8.2 STARTUP/SME MATRIX: DETAILED LIST OF KEY STARTUPS/SMES 217
TABLE 152 STARTUP/SME MATRIX: DETAILED LIST OF KEY STARTUPS/SMES 217
TABLE 153 HVAC SYSTEM MARKET: COMPETITIVE BENCHMARKING OF KEY STARTUPS/SMES, BY PRODUCT 218
TABLE 154 HVAC SYSTEM MARKET: COMPETITIVE BENCHMARKING OF KEY STARTUPS/SMES, BY REGION 218
12.9 COMPETITIVE SCENARIO AND TRENDS 219
12.9.1 DEALS 219
TABLE 155 HVAC SYSTEM MARKET: DEALS, 2021–2023 219
12.9.2 PRODUCT LAUNCHES 223
TABLE 156 HVAC SYSTEM MARKET: PRODUCT LAUNCHES, 2021–2023 223
13 COMPANY PROFILES 231
(Business Overview, Products/Solutions/Services Offered, Recent Developments, and MnM View (Key strengths/Right to Win, Strategic Choices Made, and Weaknesses and Competitive Threats))*
13.1 KEY PLAYERS 231
13.1.1 DAIKIN 231
TABLE 157 DAIKIN: BUSINESS OVERVIEW 231
FIGURE 51 DAIKIN: COMPANY SNAPSHOT 232
TABLE 158 DAIKIN: PRODUCTS/SOLUTIONS/SERVICES OFFERED 232
TABLE 159 DAIKIN: PRODUCT LAUNCHES 233
TABLE 160 DAIKIN: DEALS 234
TABLE 161 DAIKIN: OTHERS 234
13.1.2 JOHNSON CONTROLS INTERNATIONAL PLC 237
TABLE 162 JOHNSON CONTROLS INTERNATIONAL PLC: BUSINESS OVERVIEW 237
FIGURE 52 JOHNSON CONTROLS INTERNATIONAL PLC: COMPANY SNAPSHOT 238
TABLE 163 JOHNSON CONTROLS INTERNATIONAL PLC: PRODUCTS/SOLUTIONS/SERVICES OFFERED 238
TABLE 164 JOHNSON CONTROLS INTERNATIONAL PLC: PRODUCT LAUNCHES 239
TABLE 165 JOHNSON CONTROLS: DEALS 239
13.1.3 LG ELECTRONICS 242
TABLE 166 LG ELECTRONICS: BUSINESS OVERVIEW 242
FIGURE 53 LG ELECTRONICS: COMPANY SNAPSHOT 243
TABLE 167 LG ELECTRONICS: PRODUCTS/SOLUTIONS/SERVICES OFFERED 243
TABLE 168 LG ELECTRONICS: PRODUCT LAUNCHES 244
13.1.4 CARRIER GLOBAL CORPORATION 246
TABLE 169 CARRIER GLOBAL CORPORATION: BUSINESS OVERVIEW 246
FIGURE 54 CARRIER GLOBAL CORPORATION: COMPANY SNAPSHOT 247
TABLE 170 CARRIER GLOBAL CORPORATION:
PRODUCTS/SOLUTIONS/SERVICES OFFERED 247
TABLE 171 CARRIER GLOBAL CORPORATION: PRODUCT LAUNCHES 248
TABLE 172 CARRIER GLOBAL CORPORATION: DEALS 253
13.1.5 TRANE TECHNOLOGIES PLC 256
TABLE 173 TRANE TECHNOLOGIES PLC: BUSINESS OVERVIEW 256
FIGURE 55 TRANE TECHNOLOGIES PLC: COMPANY SNAPSHOT 256
TABLE 174 TRANE TECHNOLOGIES PLC: PRODUCTS/SOLUTIONS/SERVICES OFFERED 257
TABLE 175 TRANE TECHNOLOGIES PLC: PRODUCT LAUNCHES 257
TABLE 176 TRANE TECHNOLOGIES PLC: DEALS 259
13.1.6 EMERSON ELECTRIC CO. 261
TABLE 177 EMERSON ELECTRIC CO.: BUSINESS OVERVIEW 261
FIGURE 56 EMERSON ELECTRIC CO.: COMPANY SNAPSHOT 262
TABLE 178 EMERSON ELECTRIC CO.: PRODUCTS/SOLUTIONS/SERVICES OFFERED 262
TABLE 179 EMERSON ELECTRIC CO.: DEALS 263
TABLE 180 EMERSON ELECTRIC CO.: OTHERS 263
13.1.7 HONEYWELL INTERNATIONAL INC. 264
TABLE 181 HONEYWELL INTERNATIONAL INC.: BUSINESS OVERVIEW 264
FIGURE 57 HONEYWELL INTERNATIONAL INC.: COMPANY SNAPSHOT 265
TABLE 182 HONEYWELL INTERNATIONAL INC.:
PRODUCTS/SOLUTIONS/SERVICES OFFERED 265
TABLE 183 HONEYWELL INTERNATIONAL INC.: PRODUCT LAUNCHES 266
TABLE 184 HONEYWELL INTERNATIONAL INC.: DEALS 267
TABLE 185 HONEYWELL INTERNATIONAL INC.: OTHERS 268
13.1.8 MITSUBISHI ELECTRIC CORPORATION 269
TABLE 186 MITSUBISHI ELECTRIC CORPORATION: BUSINESS OVERVIEW 269
FIGURE 58 MITSUBISHI ELECTRIC CORPORATION: COMPANY SNAPSHOT 270
TABLE 187 MITSUBISHI ELECTRIC CORPORATION:
PRODUCTS/SOLUTIONS/SERVICES OFFERED 270
TABLE 188 MITSUBISHI ELECTRIC CORPORATION: PRODUCT LAUNCHES 271
TABLE 189 MITSUBISHI ELECTRIC CORPORATION: DEALS 272
TABLE 190 MITSUBISHI ELECTRIC CORPORATION: OTHERS 272
13.1.9 SAMSUNG ELECTRONICS CO., LTD. 274
TABLE 191 SAMSUNG ELECTRONICS CO., LTD.: BUSINESS OVERVIEW 274
FIGURE 59 SAMSUNG ELECTRONICS CO., LTD.: COMPANY SNAPSHOT 275
TABLE 192 SAMSUNG ELECTRONICS CO., LTD.:
PRODUCTS/SOLUTIONS/SERVICES OFFERED 275
TABLE 193 SAMSUNG ELECTRONICS CO., LTD.: PRODUCT LAUNCHES 276
TABLE 194 SAMSUNG ELECTRONICS CO., LTD.: OTHERS 276
13.1.10 NORTEK AIR MANAGEMENT 277
TABLE 195 NORTEK AIR MANAGEMENT: BUSINESS OVERVIEW 277
TABLE 196 NORTEK AIR MANAGEMENT: PRODUCTS/SOLUTIONS/SERVICES OFFERED 277
TABLE 197 NORTEK AIR MANAGEMENT: PRODUCT LAUNCHES 278
TABLE 198 NORTEK AIR MANAGEMENT: DEALS 279
TABLE 199 NORTEK AIR MANAGEMENT: OTHERS 279
13.2 OTHER KEY PLAYERS 280
13.2.1 DANFOSS 280
13.2.2 FUJITSU 281
13.2.3 GREE 282
13.2.4 HITACHI 283
13.2.5 MIDEA 283
13.2.6 PANASONIC HOLDINGS CORP 284
13.2.7 HAIER SMART HOME 285
13.2.8 TOSHIBA 286
13.2.9 WHIRLPOOL 286
13.2.10 SIEMENS AG 287
13.2.11 ELECTROLUX 287
13.2.12 LENNOX 288
13.2.13 SCHNEIDER ELECTRIC 289
13.2.14 FERROLI 289
13.2.15 BOSCH THERMOTECHNIK 290
*Details on Business Overview, Products/Solutions/Services Offered, Recent Developments, and MnM View (Key strengths/Right to Win, Strategic Choices Made, and Weaknesses and Competitive Threats) might not be captured in case of unlisted companies.
14 APPENDIX 291
14.1 DISCUSSION GUIDE 291
14.2 KNOWLEDGE STORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL 294
14.3 CUSTOMIZATION OPTIONS 296
14.4 RELATED REPORTS 296
14.5 AUTHOR DETAILS 297

　

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Summary

The global HVAC system market is expected to be valued at USD 206.3 billion in 2023 and is projected to reach USD 280.1 billion by 2028; it is expected to grow at a CAGR of 6.3% from 2023 to 2028. HVAC systems use refrigerants such as hydrofluorocarbons (HCFs) and hydrochlorofluorocarbons (HCFCs), which emit greenhouse gases (GHGs). Further, several HVAC equipment emit significant amounts of CO2 as they account for ~40% of the total energy consumption in a building. However, in recent years, there have been several advancements in HVAC technology that can help reduce carbon emissions. Moreover, Freon 22, also known as HCFC-22 and R-22, is used as the primary refrigerant chemical in residential air-conditioning units and heat pumps. The United States Environmental Protection Agency (EPA) banned the production of Freon 22 in January 2020.

“Air-handling unit to account for the largest ventilation equipment segment for HVAC system market”
Variable frequency drives (VFDs) are often used in air-handling units (AHUs) to control the speed of the motors that power the fans. VFDs can adjust the speed of the motor to match the air flow requirements of the system, which can help reduce energy consumption and improve system efficiency. By using VFDs in AHUs, the system can better match the airflow needs of the building, allowing for better temperature and humidity control. VFDs also allow for more precise control over the system, which can improve the overall efficiency of the HVAC system.
“Industrial application to grow at the second highest CAGR for HVAC system market.”
Industrial buildings require a lot of energy to operate their processes. HVAC systems used in industrial buildings help to reduce costs related to energy. Industrial owners are installing efficient HVAC systems in warehouses, control rooms, distribution centers, and production facilities to increase the optimum use of energy in these areas. For instance, The US Environmental Protection Agency (EPA) regulates refrigerants in HVAC systems to protect the environment. HVAC systems in industrial settings must comply with EPA regulations for refrigerants.
“India to grow at the highest CAGR for Asia Pacific HVAC system market”
India is one of the top-ranking developing economies in the world. India, being the second-most populated country, has many infrastructure projects, including residential and commercial. Increasing awareness about energy preservation using energy-efficient equipment is fuelling the growth of the smart home industry in the country. Initiatives such as Foreign Direct Investment (FDI), expansion of metro rail, smart city projects, and “Housing for All by 2020” are expected to boost the demand for HVAC systems in the country.

The study contains insights from various industry experts, ranging from component suppliers to Tier 1 companies and OEMs. The break-up of the primaries is as follows:
• By Company Type: Tier 1 – 40%, Tier 2 – 25%, and Tier 3 – 35%
• By Designation: C-level Executives – 33%, Directors – 48%, and Others – 19%
• By Region: North America – 18%, Europe – 35%, Asia Pacific – 40%, RoW – 7%

The key players operating in the HVAC system market are DAIKIN INDUSTRIES, Ltd. (Japan), Johnson Controls (US), Carrier (US), Trane Technologies plc (US), and LG Electronics (South Korea).
This research report categorizes the HVAC system market by cooling equipment (Unitary Air Conditioners, Variable Refrigerant Flow Systems (VRF), Chillers, Room Air Conditioners, Coolers, and Cooling Towers), by heating equipment (Heat Pumps, Furnaces, Unitary Heaters, and Boilers), by ventilation equipment (Air-handling Units (AHUs), Air Filters, Dehumidifiers, Ventilation Fans, Humidifiers, and Air Purifiers), by implementation type (New Constructions and Retrofits), by application (Residential, Commercial, and Industrial) and region (North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America). The scope of the report covers detailed information regarding the major factors, such as drivers, restraints, challenges, and opportunities, influencing the growth of the HVAC system market. A detailed analysis of the key industry players has been done to provide insights into their business overview, solutions, and services; key strategies; Contracts, partnerships, agreements. new product & service launches, mergers and acquisitions, and recent developments associated with the HVAC system market. Competitive analysis of upcoming startups in the HVAC system market ecosystem is covered in this report.
Research Coverage:
Key Benefits of Buying the Report

• Analysis of key drivers (Increasing demand for energy-efficient HVAC systems, Rising constructions activities in residential and industrial sectors, Government regulatory policies and incentives to ensure energy saving and conservation of natural resources, Growing demand for indoor and outdoor air quality, Technological advancements in HVAC systems), restraints (High maintenance, repair, and installation costs for HVAC systems, Limited space in commercial and residential buildings for large HVAC systems, Lack of technical knowledge and shortage of skilled labor), opportunities (Rapid transformation of IoT within HVAC industry, High penetration of VRF systems in residential and commercial applications, Efforts to develop next-generation low global warming potential refrigerants for HVAC systems), and challenges (Lack of awareness about benefits of HVAC systems in developing countries, Increase in environmental concerns and aging infrastructure) influencing the growth of the HVAC system market.

• Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product & service launches in the HVAC system market

• Market Development: Comprehensive information about lucrative markets – the report analyses the HVAC system market across varied regions.

• Market Diversification: Exhaustive information about new products & services, untapped geographies, recent developments, and investments in the HVAC system market

• Competitive Assessment: In-depth assessment of market shares, growth strategies and service offerings of leading players like DAIKIN INDUSTRIES, Ltd. (Japan), Johnson Controls (US), Carrier (US), Trane Technologies plc (US), and LG Electronics (South Korea), among others in the HVAC system market.



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Table of Contents

1 INTRODUCTION 31
1.1 STUDY OBJECTIVES 31
1.2 MARKET DEFINITION AND SCOPE 31
1.2.1 INCLUSIONS AND EXCLUSIONS 32
1.3 STUDY SCOPE 32
1.3.1 MARKETS COVERED 32
1.3.2 REGIONAL SCOPE 33
1.3.3 YEARS CONSIDERED 33
1.4 CURRENCY 33
1.5 MARKET STAKEHOLDERS 34
1.6 SUMMARY OF CHANGES 34
1.7 RECESSION ANALYSIS 35
FIGURE 1 GDP GROWTH PROJECTION UNTIL 2023 FOR MAJOR ECONOMIES 35
FIGURE 2 MARKET PROJECTIONS FOR HVAC SYSTEM MARKET 36
2 RESEARCH METHODOLOGY 37
2.1 RESEARCH DATA 37
FIGURE 3 HVAC SYSTEM MARKET: RESEARCH DESIGN 37
2.1.1 SECONDARY DATA 38
2.1.1.1 List of major secondary sources 38
2.1.1.2 Key data from secondary sources 38
2.1.2 PRIMARY DATA 39
2.1.2.1 Key data from primary sources 39
2.1.2.2 Breakdown of primaries 39
2.1.3 SECONDARY AND PRIMARY RESEARCH 40
2.1.3.1 Key industry insights 41
2.2 MARKET SIZE ESTIMATION 41
FIGURE 4 MARKET SIZE ESTIMATION METHODOLOGY: SUPPLY-SIDE ANALYSIS 42
FIGURE 5 MARKET SIZE ESTIMATION METHODOLOGY: APPROACH 2 (SUPPLY-SIDE)—IDENTIFICATION OF REVENUE GENERATED BY COMPANIES FROM HVAC SYSTEM MARKET 42
2.2.1 BOTTOM-UP APPROACH 43
2.2.1.1 Approach for arriving at market size using bottom-up analysis 43
FIGURE 6 MARKET SIZE ESTIMATION METHODOLOGY: BOTTOM-UP APPROACH 44
FIGURE 7 MARKET SIZE ESTIMATION METHODOLOGY: BOTTOM-UP APPROACH FOR ESTIMATING SIZE OF HVAC SYSTEM MARKET 44
2.2.2 TOP-DOWN APPROACH 45
2.2.2.1 Approach for arriving at market size using top-down analysis 45
FIGURE 8 MARKET SIZE ESTIMATION METHODOLOGY: TOP-DOWN APPROACH 45
 
2.3 MARKET BREAKDOWN AND DATA TRIANGULATION 46
FIGURE 9 MARKET BREAKDOWN AND DATA TRIANGULATION 46
2.4 RESEARCH ASSUMPTIONS 47
2.5 RISK ASSESSMENT 47
TABLE 1 LIMITATIONS AND ASSOCIATED RISKS 47
2.6 ASSUMPTIONS: RECESSION 48
TABLE 2 ASSUMPTIONS: RECESSION 48
2.7 STUDY LIMITATIONS 48
3 EXECUTIVE SUMMARY 49
3.1 GROWTH RATE ASSUMPTIONS/FORECAST 49
FIGURE 10 UNITARY AIR CONDITIONERS TO HOLD LARGEST SHARE OF HVAC SYSTEM MARKET DURING FORECAST PERIOD 50
FIGURE 11 HVAC SYSTEM MARKET FOR FURNACES TO GROW AT HIGHEST CAGR DURING FORECAST PERIOD 51
FIGURE 12 HVAC SYSTEM MARKET FOR AHUS TO RECORD MAXIMUM CAGR DURING FORECAST PERIOD 51
FIGURE 13 HVAC SYSTEM MARKET FOR NEW CONSTRUCTION TO SECURE HIGHEST MARKET SHARE DURING FORECAST PERIOD 52
FIGURE 14 HVAC SYSTEM MARKET FOR COMMERCIAL APPLICATIONS TO DISPLAY HIGHER CAGR DURING FORECAST PERIOD 52
FIGURE 15 ASIA PACIFIC TO EXHIBIT HIGHEST CAGR DURING FORECAST PERIOD 53
4 PREMIUM INSIGHTS 54
4.1 ATTRACTIVE OPPORTUNITIES FOR PLAYERS IN HVAC SYSTEM MARKET 54
FIGURE 16 IMPLEMENTATION OF IOT ACROSS HVAC SYSTEMS TRANSFORMED SCENARIO OF COMMERCIAL AND RESIDENTIAL APPLICATIONS 54
4.2 HVAC SYSTEM MARKET IN NORTH AMERICA, BY COUNTRY AND EQUIPMENT TYPE 55
FIGURE 17 US AND HEATING EQUIPMENT EXPECTED TO HOLD LARGEST SHARE OF NORTH AMERICAN HVAC SYSTEM MARKET IN 2023 55
4.3 HVAC SYSTEM MARKET FOR COMMERCIAL APPLICATIONS, BY TYPE 55
FIGURE 18 OFFICES TO HOLD LARGEST SHARE OF HVAC SYSTEM MARKET IN COMMERCIAL APPLICATION DURING FORECAST PERIOD 55
4.4 HVAC SYSTEM MARKET, BY COUNTRY 56
FIGURE 19 HVAC SYSTEM MARKET IN INDIA TO GROW AT HIGHEST CAGR FROM 2023 TO 2028 56
5 MARKET OVERVIEW 57
5.1 INTRODUCTION 57
5.2 MARKET DYNAMICS 57
FIGURE 20 MARKET DYNAMICS: HVAC SYSTEM MARKET 57
5.2.1 DRIVERS 58
FIGURE 21 DRIVERS AND THEIR IMPACT ON HVAC SYSTEM MARKET 58
5.2.1.1 Increasing demand for energy-efficient HVAC systems 58
5.2.1.2 Rising constructions activities in residential and industrial sectors 59
5.2.1.3 Government regulatory policies and incentives to ensure energy saving and conservation of natural resources 60
5.2.1.4 Growing demand for indoor and outdoor air quality 60
5.2.1.5 Technological advancements in HVAC systems 61
5.2.2 RESTRAINTS 61
FIGURE 22 RESTRAINTS AND THEIR IMPACT ON HVAC SYSTEM MARKET 61
5.2.2.1 High maintenance, repair, and installation costs of HVAC systems 62
5.2.2.2 Limited space in commercial and residential buildings for large HVAC systems 62
5.2.2.3 Lack of technical knowledge and shortage of skilled labor 63
5.2.3 OPPORTUNITIES 63
FIGURE 23 OPPORTUNITIES AND THEIR IMPACT ON HVAC SYSTEM MARKET 63
5.2.3.1 Rapid transformation of IoT within HVAC industry 64
5.2.3.2 High penetration of VRF systems in residential and commercial applications 64
5.2.3.3 Efforts to develop next-generation low global warming potential refrigerants for HVAC systems 65
5.2.4 CHALLENGES 65
FIGURE 24 CHALLENGES AND THEIR IMPACT ON HVAC SYSTEM MARKET 65
5.2.4.1 Lack of awareness about benefits of HVAC systems in developing countries 65
5.2.4.2 Increase in environmental concerns and aging infrastructure 66
5.3 VALUE CHAIN ANALYSIS 66
FIGURE 25 VALUE CHAIN ANALYSIS: HVAC SYSTEM MARKET 67
5.4 ECOSYSTEM ANALYSIS 68
FIGURE 26 KEY PLAYERS IN HVAC SYSTEM MARKET 68
TABLE 3 ROLE OF HVAC COMPANIES IN ECOSYSTEM 69
5.5 PORTER’S FIVE FORCES ANALYSIS 70
TABLE 4 HVAC SYSTEM MARKET: PORTER’S FIVE FORCES ANALYSIS 70
FIGURE 27 PORTER'S FIVE FORCES ANALYSIS: HVAC SYSTEM MARKET 70
5.5.1 DEGREE OF COMPETITION 71
5.5.2 BARGAINING POWER OF SUPPLIERS 71
5.5.3 BARGAINING POWER OF BUYERS 71
5.5.4 THREAT OF SUBSTITUTES 71
5.5.5 THREAT OF NEW ENTRANTS 71
5.6 KEY STAKEHOLDERS AND BUYING CRITERIA 72
5.6.1 KEY STAKEHOLDERS IN BUYING PROCESS 72
FIGURE 28 INFLUENCE OF STAKEHOLDERS ON BUYING PROCESS FOR TOP THREE APPLICATIONS 72
TABLE 5 INFLUENCE OF STAKEHOLDERS ON BUYING PROCESS FOR TOP THREE APPLICATIONS 72
5.6.2 BUYING CRITERIA 73
FIGURE 29 KEY BUYING CRITERIA FOR TOP THREE APPLICATIONS 73
TABLE 6 KEY BUYING CRITERIA FOR TOP THREE APPLICATIONS 73
5.7 TRENDS/DISRUPTIONS IMPACTING CUSTOMER BUSINESS 73
FIGURE 30 REVENUE SHIFT FOR PLAYERS IN HVAC SYSTEM MARKET 74
5.8 CASE STUDY ANALYSIS 74
5.8.1 TOWER OF LONDON INSTALLS HVAC SYSTEMS FROM AIREDALE 74
5.8.2 THE EBELL OF LOS ANGELES AND WILSHIRE EBELL THEATER HOUSE REPLACE OLD AND INEFFICIENT HVAC SYSTEMS 75
5.8.3 GEORGIA SCHOOL DISTRICT UPGRADES HVAC SYSTEMS AND LOWERS ENERGY COSTS 75
5.8.4 VIRGINIA DATA CENTER INSTALLATION IN MODULAR HVAC SYSTEMS 76
5.8.5 ALACHUA COUNTY LIBRARY DISTRICT IN GAINESVILLE, FLORIDA, IMPLEMENTS INNOVATIVE HVAC SOLUTIONS USING ICEBANK ENERGY STORAGE SYSTEM OF CALMAC 76
5.9 TECHNOLOGY ANALYSIS 77
5.9.1 KEY TECHNOLOGIES 77
5.9.1.1 Air conditioning units 77
5.9.1.2 Heating units 77
5.9.1.3 Ventilation systems 78
5.9.2 COMPLEMENTARY TECHNOLOGIES 78
5.9.2.1 Sensors 78
5.9.2.2 Building automation systems 78
5.9.3 ADJACENT TECHNOLOGIES 79
5.9.3.1 Software technologies 79
5.10 AVERAGE SELLING PRICE ANALYSIS 79
FIGURE 31 AVERAGE SELLING PRICE OF HVAC SYSTEM EQUIPMENT, BY APPLICATION 79
5.10.1 AVERAGE SELLING PRICES OF HVAC SYSTEM EQUIPMENT, BY APPLICATION (USD) 80
TABLE 7 AVERAGE SELLING PRICES OF HVAC SYSTEM EQUIPMENT, BY APPLICATION (USD) 80
5.10.2 AVERAGE SELLING PRICE TRENDS 80
FIGURE 32 AVERAGE SELLING PRICES OF DIFFERENT COOLING EQUIPMENT USED IN HVAC SYSTEMS (USD) 80
FIGURE 33 AVERAGE SELLING PRICES OF DIFFERENT HEATING EQUIPMENT USED IN HVAC SYSTEMS (USD) 81
FIGURE 34 AVERAGE SELLING PRICES OF DIFFERENT VENTILATION EQUIPMENT USED IN HVAC SYSTEMS (USD) 81
TABLE 8 HVAC INSTALLATION COSTS, BY TYPE, 2022 81
5.11 PATENT ANALYSIS 82
FIGURE 35 NUMBER OF PATENTS GRANTED IN HVAC SYSTEM MARKET, 2012–2023 82
TABLE 9 LIST OF PATENTS IN HVAC SYSTEM MARKET, 2021–2023 83
5.12 TRADE ANALYSIS 87
TABLE 10 IMPORT DATA, BY COUNTRY, 2018–2022 (USD MILLION) 87
FIGURE 36 IMPORT DATA, BY COUNTRY, 2018–2022 (USD MILLION) 88
TABLE 11 EXPORT DATA, BY COUNTRY, 2018–2022 (USD MILLION) 88
FIGURE 37 EXPORT DATA, BY COUNTRY, 2018–2022 (USD MILLION) 89
 
5.13 TARIFF ANALYSIS 89
TABLE 12 MFN TARIFFS FOR HS CODE: 8415 EXPORTED BY US (2022) 89
TABLE 13 MFN TARIFFS FOR HS CODE: 8415 EXPORTED BY CHINA (2022) 90
TABLE 14 MFN TARIFF FOR HS CODE: 8415 EXPORTED BY INDIA (2022) 90
5.14 STANDARDS AND REGULATORY LANDSCAPE 91
5.14.1 REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS 91
5.14.1.1 North America: List of regulatory bodies, government agencies, and other organizations 91
TABLE 15 NORTH AMERICA: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS 91
5.14.1.2 Europe: List of regulatory bodies, government agencies, and other organizations 92
TABLE 16 EUROPE: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS 92
5.14.1.3 Asia Pacific: List of regulatory bodies, government agencies, and other organizations 93
TABLE 17 ASIA PACIFIC: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS 93
5.14.1.4 RoW: List of regulatory bodies, government agencies, and other organizations 94
TABLE 18 ROW: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS 94
5.14.2 STANDARDS & REGULATIONS RELATED TO HVAC SYSTEM MARKET 95
5.14.2.1 Environmental HVAC requirements 96
5.14.2.1.1 Current HCFC regulations 96
5.14.2.1.2 New HFC regulations 96
5.14.2.1.3 US regulations 96
5.14.2.1.4 Canadian regulations 96
5.14.2.2 HVAC efficiency standards 96
5.14.2.3 HVAC tech certifications 96
5.15 KEY CONFERENCES AND EVENTS, 2023–2024 97
TABLE 19 HVAC SYSTEM MARKET: DETAILED LIST OF CONFERENCES AND EVENTS 97
5.16 COMPANY INFORMATION FOR TOP HVAC SYSTEM MANUFACTURERS 98
5.17 TIER 2 AND TIER 3 SUPPLIERS OF HVAC SYSTEM MARKET 102
6 HVAC SYSTEM MARKET, BY COOLING EQUIPMENT 104
6.1 INTRODUCTION 105
FIGURE 38 UNITARY AIR CONDITIONERS TO HOLD LARGEST SHARE OF HVAC SYSTEM MARKET FOR COOLING EQUIPMENT IN 2028 105
TABLE 20 HVAC SYSTEM MARKET, BY COOLING EQUIPMENT, 2019–2022 (USD BILLION) 105
TABLE 21 HVAC SYSTEM MARKET, BY COOLING EQUIPMENT, 2023–2028 (USD BILLION) 106
TABLE 22 HVAC SYSTEM MARKET, BY COOLING EQUIPMENT, 2019–2022 (THOUSAND UNITS) 106
TABLE 23 HVAC SYSTEM MARKET, BY COOLING EQUIPMENT, 2023–2028 (THOUSAND UNITS) 106
6.2 UNITARY AIR CONDITIONERS 107
6.2.1 COMMERCIAL SEGMENT TO ACCOUNT FOR LARGEST SHARE OF COOLING EQUIPMENT MARKET FOR UNITARY AIR CONDITIONERS 107
6.2.1.1 Split air conditioners 107
6.2.1.2 Packaged air conditioners 108
TABLE 24 UNITARY AIR CONDITIONERS: HVAC SYSTEM MARKET, BY APPLICATION, 2019–2022 (USD MILLION) 109
TABLE 25 UNITARY AIR CONDITIONERS: HVAC SYSTEM MARKET, BY APPLICATION, 2023–2028 (USD MILLION) 109
TABLE 26 UNITARY AIR CONDITIONERS: HVAC SYSTEM MARKET, BY REGION, 2019–2022 (USD BILLION) 109
TABLE 27 UNITARY AIR CONDITIONERS: HVAC SYSTEM MARKET, BY REGION, 2023–2028 (USD BILLION) 110
6.3 VRF SYSTEMS 110
6.3.1 GROWING POPULARITY DUE TO ENERGY EFFICIENCY, FLEXIBILITY, AND ZONING CAPABILITIES 110
TABLE 28 VRF SYSTEMS: HVAC SYSTEM MARKET, BY APPLICATION, 2019–2022 (USD MILLION) 111
TABLE 29 VRF SYSTEMS: HVAC SYSTEM MARKET, BY APPLICATION, 2023–2028 (USD MILLION) 111
TABLE 30 VRF SYSTEMS: HVAC SYSTEM MARKET, BY REGION, 2019–2022 (USD MILLION) 111
TABLE 31 VRF SYSTEMS: HVAC SYSTEM MARKET, BY REGION, 2023–2028 (USD MILLION) 111
6.4 CHILLERS 112
6.4.1 DRIVES REFRIGERATION CYCLE OF COOLING EQUIPMENT 112
6.4.1.1 Scroll chillers 112
6.4.1.2 Screw chillers 113
6.4.1.3 Centrifugal chillers 113
6.4.1.4 Reciprocating chillers 114
6.4.1.5 Absorption chillers 115
TABLE 32 CHILLERS: HVAC SYSTEM MARKET, BY APPLICATION, 2019–2022 (USD BILLION) 115
TABLE 33 CHILLERS: HVAC SYSTEM MARKET, BY APPLICATION, 2023–2028 (USD BILLION) 115
TABLE 34 CHILLERS: HVAC SYSTEM MARKET, BY REGION, 2019–2022 (USD MILLION) 116
TABLE 35 CHILLERS: HVAC SYSTEM MARKET, BY REGION, 2023–2028 (USD MILLION) 116
6.5 ROOM AIR CONDITIONERS 116
6.5.1 RESIDENTIAL SEGMENT TO HOLD LARGEST SHARE OF ROOM AIR CONDITIONERS MARKET 116
TABLE 36 ROOM AIR CONDITIONERS: HVAC SYSTEM MARKET, BY APPLICATION, 2019–2022 (USD MILLION) 117
TABLE 37 ROOM AIR CONDITIONERS: HVAC SYSTEM MARKET, BY APPLICATION, 2023–2028 (USD MILLION) 118
TABLE 38 ROOM AIR CONDITIONERS: HVAC SYSTEM MARKET, BY REGION, 2019–2022 (USD MILLION) 118
TABLE 39 ROOM AIR CONDITIONERS: HVAC SYSTEM MARKET, BY REGION, 2023–2028 (USD MILLION) 118
6.6 COOLERS 119
6.6.1 RESIDENTIAL SEGMENT TO ACCOUNT FOR LARGEST SHARE OF COOLERS MARKET 119
6.6.1.1 Ducted coolers 119
6.6.1.2 Window coolers 120
TABLE 40 COOLERS: HVAC SYSTEM MARKET, BY APPLICATION, 2019–2022 (USD MILLION) 120
TABLE 41 COOLERS: HVAC SYSTEM MARKET, BY APPLICATION, 2023–2028 (USD MILLION) 120
TABLE 42 COOLERS: HVAC SYSTEM MARKET, BY REGION, 2019–2022 (USD MILLION) 121
TABLE 43 COOLERS: HVAC SYSTEM MARKET, BY REGION, 2023–2028 (USD MILLION) 121
6.7 COOLING TOWERS 121
6.7.1 ASIA PACIFIC TO HOLD LARGEST SHARE OF COOLING TOWERS MARKET 121
6.7.1.1 Evaporative cooling towers 122
6.7.1.2 Dry cooling towers 122
6.7.1.3 Hybrid cooling towers 123
TABLE 44 COOLING TOWERS: HVAC SYSTEM MARKET, BY APPLICATION, 2019–2022 (USD MILLION) 124
TABLE 45 COOLING TOWERS: HVAC SYSTEM MARKET, BY APPLICATION, 2023–2028 (USD MILLION) 124
TABLE 46 COOLING TOWERS: HVAC SYSTEM MARKET, BY REGION, 2019–2022 (USD MILLION) 124
TABLE 47 COOLING TOWERS: HVAC SYSTEM MARKET, BY REGION, 2023–2028 (USD MILLION) 124
7 HVAC SYSTEM MARKET, BY HEATING EQUIPMENT 125
7.1 INTRODUCTION 126
FIGURE 39 HEAT PUMPS TO HOLD LARGEST SHARE OF HVAC SYSTEM MARKET DURING FORECAST PERIOD 126
TABLE 48 HVAC SYSTEM MARKET, BY HEATING EQUIPMENT, 2019–2022 (USD BILLION) 126
TABLE 49 HVAC SYSTEM MARKET, BY HEATING EQUIPMENT, 2023–2028 (USD BILLION) 127
TABLE 50 HVAC SYSTEM MARKET, BY HEATING EQUIPMENT, 2019–2022 (MILLION UNITS) 127
TABLE 51 HVAC SYSTEM MARKET, BY HEATING EQUIPMENT, 2023–2028 (MILLION UNITS) 127
7.2 HEAT PUMPS 128
7.2.1 INCREASING ADOPTION OF COST-EFFECTIVE HEAT PUMPS 128
7.2.2 CASE STUDY: KING EDWARD VII HIGH SCHOOL INSTALLS HEAT PUMPS TO UTILIZE RENEWABLE ENERGY WITHIN BUDGET 129
7.2.2.1 Air-to-air heat pumps 129
7.2.2.2 Air-to-water heat pumps 129
7.2.2.3 Water-to-water heat pumps 129
TABLE 52 HEAT PUMPS: HVAC SYSTEM MARKET, BY APPLICATION, 2019–2022 (USD BILLION) 130
TABLE 53 HEAT PUMPS: HVAC SYSTEM MARKET, BY APPLICATION, 2023–2028 (USD BILLION) 130
TABLE 54 HEAT PUMPS: HVAC SYSTEM MARKET, BY REGION, 2019–2022 (USD BILLION) 130
TABLE 55 HEAT PUMPS: HVAC SYSTEM MARKET, BY REGION, 2023–2028 (USD BILLION) 130
7.3 FURNACES 131
7.3.1 LOW COST AND HIGH EFFICIENCY TO FUEL DEMAND FOR FURNACES 131
7.3.2 CASE STUDY: FURNACE REPLACEMENT FOR COLONIAL HOME INCREASES EFFICIENCY 131
7.3.2.1 Oil furnaces 131
7.3.2.2 Gas furnaces 132
7.3.2.3 Electric furnaces 132
TABLE 56 FURNACES: HVAC SYSTEM MARKET, BY APPLICATION, 2019–2022 (USD BILLION) 132
TABLE 57 FURNACES: HVAC SYSTEM MARKET, BY APPLICATION, 2023–2028 (USD BILLION) 132
TABLE 58 FURNACES: HVAC SYSTEM MARKET, BY REGION, 2019–2022 (USD MILLION) 132
TABLE 59 FURNACES: HVAC SYSTEM MARKET, BY REGION, 2023–2028 (USD MILLION) 133
7.4 UNITARY HEATERS 133
7.4.1 HIGH EFFICIENCY AND COST-EFFECTIVENESS OF UNITARY HEATERS TO BOOST MARKET GROWTH 133
7.4.1.1 Gas unit heaters 134
7.4.1.2 Oil-fired unit heaters 134
7.4.1.3 Electric unit heaters 134
TABLE 60 UNITARY HEATERS: HVAC SYSTEM MARKET, BY APPLICATION, 2019–2022 (USD BILLION) 134
TABLE 61 UNITARY HEATERS: HVAC SYSTEM MARKET, BY APPLICATION, 2023–2028 (USD BILLION) 135
TABLE 62 UNITARY HEATERS: HVAC SYSTEM MARKET, BY REGION, 2019–2022 (USD MILLION) 135
TABLE 63 UNITARY HEATERS: HVAC SYSTEM MARKET, BY REGION, 2023–2028 (USD MILLION) 135
7.5 BOILERS 135
7.5.1 RESIDENTIAL SEGMENT TO HOLD LARGEST SHARE OF HVAC SYSTEM MARKET FOR BOILERS 135
7.5.1.1 Steam boilers 136
7.5.1.2 Hot water boilers 136
TABLE 64 BOILERS: HVAC SYSTEM MARKET, BY APPLICATION, 2019–2022 (USD BILLION) 137
TABLE 65 BOILERS: HVAC SYSTEM MARKET, BY APPLICATION, 2023–2028 (USD BILLION) 137
TABLE 66 BOILERS: HVAC SYSTEM MARKET, BY REGION, 2019–2022 (USD MILLION) 137
TABLE 67 BOILERS: HVAC SYSTEM MARKET, BY REGION, 2023–2028 (USD MILLION) 137
8 HVAC SYSTEM MARKET, BY VENTILATION EQUIPMENT 138
8.1 INTRODUCTION 139
FIGURE 40 AIR-HANDLING UNITS SEGMENT TO HOLD LARGEST SHARE OF HVAC SYSTEM MARKET DURING FORECAST PERIOD 139
TABLE 68 HVAC SYSTEM MARKET, BY VENTILATION EQUIPMENT, 2019–2022 (USD BILLION) 139
TABLE 69 HVAC SYSTEM MARKET, BY VENTILATION EQUIPMENT, 2023–2028 (USD BILLION) 140
TABLE 70 HVAC SYSTEM MARKET, BY VENTILATION EQUIPMENT, 2019–2022 (MILLION UNITS) 140
TABLE 71 HVAC SYSTEM MARKET, BY VENTILATION EQUIPMENT, 2023–2028 (MILLION UNITS) 140
8.2 AIR-HANDLING UNITS 141
8.2.1 VARIABLE FREQUENCY DRIVES USED IN AIR-HANDLING UNIT TO CONTROL MOTOR SPEED 141
TABLE 72 AIR-HANDLING UNITS: HVAC SYSTEM MARKET, BY APPLICATION, 2019–2022 (USD BILLION) 142
TABLE 73 AIR-HANDLING UNITS: HVAC SYSTEM MARKET, BY APPLICATION, 2023–2028 (USD BILLION) 142
TABLE 74 AIR-HANDLING UNITS: HVAC SYSTEM MARKET, BY REGION, 2019–2022 (USD BILLION) 142
TABLE 75 AIR-HANDLING UNITS: HVAC SYSTEM MARKET, BY REGION, 2023–2028 (USD BILLION) 143
8.3 AIR FILTERS 143
8.3.1 ASIA PACIFIC TO HOLD LARGEST SHARE OF AIR FILTERS MARKET 143
TABLE 76 AIR FILTERS: HVAC SYSTEM MARKET, BY APPLICATION, 2019–2022 (USD BILLION) 144
TABLE 77 AIR FILTERS: HVAC SYSTEM MARKET, BY APPLICATION, 2023–2028 (USD BILLION) 144
TABLE 78 AIR FILTERS: HVAC SYSTEM MARKET, BY REGION, 2019–2022 (USD MILLION) 144
TABLE 79 AIR FILTERS: HVAC SYSTEM MARKET, BY REGION, 2023–2028 (USD MILLION) 144
8.4 DEHUMIDIFIERS 145
8.4.1 INDUSTRIAL SEGMENT TO ACCOUNT FOR LARGEST SHARE OF HVAC SYSTEM MARKET FOR DEHUMIDIFIERS 145
8.4.1.1 Refrigeration dehumidifiers 145
8.4.1.2 Absorption dehumidifiers 146
TABLE 80 DEHUMIDIFIERS: HVAC SYSTEM MARKET, BY APPLICATION, 2019–2022 (USD BILLION) 146
TABLE 81 DEHUMIDIFIERS: HVAC SYSTEM MARKET, BY APPLICATION, 2023–2028 (USD BILLION) 147
TABLE 82 DEHUMIDIFIERS: HVAC SYSTEM MARKET, BY REGION, 2019–2022 (USD MILLION) 147
TABLE 83 DEHUMIDIFIERS: HVAC SYSTEM MARKET, BY REGION, 2023–2028 (USD MILLION) 147
8.5 VENTILATION FANS 147
8.5.1 ASIA PACIFIC TO HOLD LARGEST SHARE OF VENTILATION FANS MARKET 147
8.5.1.1 Crossflow fans 148
8.5.1.2 Axial fans 149
8.5.1.3 Centrifugal fans 149
8.5.1.4 Domestic fans 149
8.5.1.5 Range hood fans 149
8.5.1.6 Power roof fans 150
TABLE 84 VENTILATION FANS: HVAC SYSTEM MARKET, BY APPLICATION, 2019–2022 (USD BILLION) 150
TABLE 85 VENTILATION FANS: HVAC SYSTEM MARKET, BY APPLICATION, 2023–2028 (USD BILLION) 150
TABLE 86 VENTILATION FANS: HVAC SYSTEM MARKET, BY REGION, 2019–2022 (USD MILLION) 151
TABLE 87 VENTILATION FANS: HVAC SYSTEM MARKET, BY REGION, 2023–2028 (USD MILLION) 151
8.6 HUMIDIFIERS 151
8.6.1 CHANGING WEATHER PATTERNS AND INCREASING INDOOR AIR POLLUTION 151
8.6.1.1 Warm-mist humidifiers 152
8.6.1.2 Ultrasonic humidifiers 152
8.6.1.3 Cool-mist humidifiers 153
TABLE 88 HUMIDIFIERS: HVAC SYSTEM MARKET, BY APPLICATION, 2019–2022 (USD MILLION) 153
TABLE 89 HUMIDIFIERS: HVAC SYSTEM MARKET, BY APPLICATION, 2023–2028 (USD MILLION) 153
TABLE 90 HUMIDIFIERS: HVAC SYSTEM MARKET, BY REGION, 2019–2022 (USD MILLION) 153
TABLE 91 HUMIDIFIERS: HVAC SYSTEM MARKET, BY REGION, 2023–2028 (USD MILLION) 154
8.7 AIR PURIFIERS 154
8.7.1 USED IN HOMES AND WORKPLACES TO IMPROVE INDOOR AIR QUALITY AND CONTROL SYMPTOMS OF ALLERGIES AND ASTHMA 154
8.7.1.1 HEPA air purifiers 155
8.7.1.2 Activated carbon air purifiers 155
8.7.1.3 Electrostatic air purifiers 155
8.7.1.4 Ionic air purifiers 155
TABLE 92 AIR PURIFIERS: HVAC SYSTEM MARKET, BY APPLICATION, 2019–2022 (USD MILLION) 156
TABLE 93 AIR PURIFIERS: HVAC SYSTEM MARKET, BY APPLICATION, 2023–2028 (USD MILLION) 156
TABLE 94 AIR PURIFIERS: HVAC SYSTEM MARKET, BY REGION, 2019–2022 (USD MILLION) 156
TABLE 95 AIR PURIFIERS: HVAC SYSTEM MARKET, BY REGION, 2023–2028 (USD MILLION) 157
 
9 HVAC SYSTEM MARKET, BY IMPLEMENTATION TYPE 158
9.1 INTRODUCTION 159
FIGURE 41 HVAC SYSTEM MARKET FOR NEW CONSTRUCTIONS TO WITNESS HIGHEST CAGR DURING FORECAST PERIOD 159
TABLE 96 HVAC SYSTEM MARKET, BY IMPLEMENTATION TYPE, 2019–2022 (USD BILLION) 159
TABLE 97 HVAC SYSTEM MARKET, BY IMPLEMENTATION TYPE, 2023–2028 (USD BILLION) 159
9.2 NEW CONSTRUCTION 160
9.2.1 GROWING URBANIZATION TO BENEFIT MARKET 160
9.3 RETROFIT 161
9.3.1 GOVERNMENT REGULATIONS FOR GREEN BUILDINGS 161
10 HVAC SYSTEM MARKET, BY APPLICATION 163
10.1 INTRODUCTION 164
FIGURE 42 HVAC SYSTEM MARKET FOR COMMERCIAL APPLICATIONS TO ATTAIN HIGHEST MARKET SHARE DURING FORECAST PERIOD 164
TABLE 98 HVAC SYSTEM MARKET, BY APPLICATION, 2019–2022 (USD BILLION) 164
TABLE 99 HVAC SYSTEM MARKET, BY APPLICATION, 2023–2028 (USD BILLION) 164
10.2 COMMERCIAL 165
10.2.1 GROWING ADOPTION OF ENERGY-EFFICIENT EQUIPMENT TO BOOST HVAC SYSTEM MARKET FOR COMMERCIAL SPACES 165
TABLE 100 COMMERCIAL: HVAC SYSTEM MARKET, BY TYPE, 2019–2022 (USD BILLION) 166
TABLE 101 COMMERCIAL: HVAC SYSTEM MARKET, BY TYPE, 2023–2028 (USD BILLION) 166
TABLE 102 COMMERCIAL: HVAC SYSTEM MARKET, BY COOLING EQUIPMENT, 2019–2022 (USD MILLION) 166
TABLE 103 COMMERCIAL: HVAC SYSTEM MARKET, BY COOLING EQUIPMENT, 2023–2028 (USD MILLION) 167
TABLE 104 COMMERCIAL: HVAC SYSTEM MARKET, BY HEATING EQUIPMENT, 2019–2022 (USD BILLION) 167
TABLE 105 COMMERCIAL: HVAC SYSTEM MARKET, BY HEATING EQUIPMENT, 2023–2028 (USD BILLION) 167
TABLE 106 COMMERCIAL: HVAC SYSTEM MARKET, BY VENTILATION EQUIPMENT, 2019–2022 (USD MILLION) 168
TABLE 107 COMMERCIAL: HVAC SYSTEM MARKET, BY VENTILATION EQUIPMENT, 2023–2028 (USD MILLION) 168
10.2.1.1 Offices 168
10.2.1.2 Governments 169
10.2.1.3 Healthcare 169
10.2.1.4 Education 170
10.2.1.5 Retail 170
10.2.1.6 Airports 171
 
10.3 RESIDENTIAL 171
10.3.1 GOVERNMENT REGULATIONS AND TAX CREDIT PROGRAMS TO PROMOTE USE OF HVAC SYSTEMS IN RESIDENTIAL APPLICATIONS 171
TABLE 108 RESIDENTIAL: HVAC SYSTEM MARKET, BY COOLING EQUIPMENT, 2019–2022 (USD MILLION) 172
TABLE 109 RESIDENTIAL: HVAC SYSTEM MARKET, BY COOLING EQUIPMENT, 2023–2028 (USD MILLION) 172
TABLE 110 RESIDENTIAL: HVAC SYSTEM MARKET, BY HEATING EQUIPMENT, 2019–2022 (USD BILLION) 173
TABLE 111 RESIDENTIAL: HVAC SYSTEM MARKET, BY HEATING EQUIPMENT, 2023–2028 (USD BILLION) 173
TABLE 112 RESIDENTIAL: HVAC SYSTEM MARKET, BY VENTILATION EQUIPMENT, 2019–2022 (USD MILLION) 173
TABLE 113 RESIDENTIAL: HVAC SYSTEM MARKET, BY VENTILATION EQUIPMENT, 2023–2028 (USD MILLION) 174
10.4 INDUSTRIAL 174
10.4.1 GROWING USE OF ENERGY-EFFICIENT HVAC SYSTEMS IN INDUSTRIAL SPACES TO REDUCE OPERATIONAL COSTS AND SAVE ENERGY 174
TABLE 114 INDUSTRIAL: HVAC SYSTEM MARKET, BY COOLING EQUIPMENT, 2019–2022 (USD MILLION) 175
TABLE 115 INDUSTRIAL: HVAC SYSTEM MARKET, BY COOLING EQUIPMENT, 2023–2028 (USD MILLION) 175
TABLE 116 INDUSTRIAL: HVAC SYSTEM MARKET, BY HEATING EQUIPMENT, 2019–2022 (USD BILLION) 175
TABLE 117 INDUSTRIAL: HVAC SYSTEM MARKET, BY HEATING EQUIPMENT, 2023–2028 (USD BILLION) 176
TABLE 118 INDUSTRIAL: HVAC SYSTEM MARKET, BY VENTILATION EQUIPMENT, 2019–2022 (USD MILLION) 176
TABLE 119 INDUSTRIAL: HVAC SYSTEM MARKET, BY VENTILATION EQUIPMENT, 2023–2028 (USD MILLION) 176
11 HVAC SYSTEM MARKET, BY REGION 177
11.1 INTRODUCTION 178
FIGURE 43 ASIA PACIFIC REGION TO HOLD LARGEST SHARE IN HVAC SYSTEM MARKET DURING FORECAST PERIOD 178
TABLE 120 HVAC SYSTEM MARKET, BY REGION, 2019–2022 (USD BILLION) 178
TABLE 121 HVAC SYSTEM MARKET, BY REGION, 2023–2028 (USD BILLION) 179
TABLE 122 COOLING EQUIPMENT: HVAC SYSTEM MARKET, BY REGION, 2019–2022 (MILLION UNITS) 179
TABLE 123 COOLING EQUIPMENT: HVAC SYSTEM MARKET, BY REGION, 2023–2028 (MILLION UNITS) 179
TABLE 124 HEATING EQUIPMENT: HVAC SYSTEM MARKET, BY REGION, 2019–2022 (MILLION UNITS) 180
TABLE 125 HEATING EQUIPMENT: HVAC SYSTEM MARKET, BY REGION, 2023–2028 (MILLION UNITS) 180
TABLE 126 VENTILATION EQUIPMENT: HVAC SYSTEM MARKET, BY REGION, 2019–2022 (MILLION UNITS) 180
TABLE 127 VENTILATION EQUIPMENT: HVAC SYSTEM MARKET, BY REGION, 2023–2028 (MILLION UNITS) 181
11.2 NORTH AMERICA 181
11.2.1 NORTH AMERICA: IMPACT OF RECESSION 182
FIGURE 44 NORTH AMERICA: HVAC SYSTEM MARKET SNAPSHOT 183
TABLE 128 NORTH AMERICA: HVAC SYSTEM MARKET, BY EQUIPMENT TYPE, 2019–2022 (USD BILLION) 184
TABLE 129 NORTH AMERICA: HVAC SYSTEM MARKET, BY EQUIPMENT TYPE, 2023–2028 (USD BILLION) 184
TABLE 130 NORTH AMERICA: HVAC SYSTEM MARKET, BY COUNTRY, 2019–2022 (USD BILLION) 184
TABLE 131 NORTH AMERICA: HVAC SYSTEM MARKET, BY COUNTRY, 2023–2028 (USD BILLION) 184
11.2.2 US 185
11.2.2.1 Increasing number of construction projects 185
11.2.3 CANADA 186
11.2.3.1 Government initiatives to save energy 186
11.2.4 MEXICO 186
11.2.4.1 Increasing focus on promoting use of energy-efficient HVAC systems 186
11.3 EUROPE 187
11.3.1 EUROPE: IMPACT OF RECESSION 188
FIGURE 45 EUROPE: HVAC SYSTEM MARKET SNAPSHOT 189
TABLE 132 EUROPE: HVAC SYSTEM MARKET, BY EQUIPMENT TYPE, 2019–2022 (USD BILLION) 189
TABLE 133 EUROPE: HVAC SYSTEM MARKET, BY EQUIPMENT TYPE, 2023–2028 (USD BILLION) 190
TABLE 134 EUROPE: HVAC SYSTEM MARKET, BY COUNTRY, 2019–2022 (USD BILLION) 190
TABLE 135 EUROPE: HVAC SYSTEM MARKET, BY COUNTRY, 2023–2028 (USD BILLION) 190
11.3.2 UK 190
11.3.2.1 High demand for energy-efficient devices from commercial and residential users 190
11.3.3 GERMANY 191
11.3.3.1 Increasing innovations in software solutions for HVAC professionals 191
TABLE 136 GERMAN GREENHOUSE GAS EMISSIONS REDUCTION TARGETS, 2030 192
11.3.4 FRANCE 192
11.3.4.1 Rising focus on reducing greenhouse gases 192
11.3.5 REST OF EUROPE 193
11.4 ASIA PACIFIC 194
11.4.1 ASIA PACIFIC: IMPACT OF RECESSION 194
FIGURE 46 ASIA PACIFIC: HVAC SYSTEM MARKET SNAPSHOT 195
TABLE 137 ASIA PACIFIC: HVAC SYSTEM MARKET, BY EQUIPMENT TYPE, 2019–2022 (USD BILLION) 195
TABLE 138 ASIA PACIFIC: HVAC SYSTEM MARKET, BY EQUIPMENT TYPE, 2023–2028 (USD BILLION) 196
TABLE 139 ASIA PACIFIC: HVAC SYSTEM MARKET, BY COUNTRY, 2019–2022 (USD BILLION) 196
TABLE 140 ASIA PACIFIC: HVAC SYSTEM MARKET, BY COUNTRY, 2023–2028 (USD BILLION) 196
11.4.2 CHINA 196
11.4.2.1 Growing industrialization and urbanization 196
11.4.3 JAPAN 198
11.4.3.1 Strict regulations for energy conservation 198
11.4.4 INDIA 198
11.4.4.1 Surging need to save energy to boost demand 198
11.4.5 REST OF ASIA PACIFIC 199
11.5 ROW 200
11.5.1 ROW: IMPACT OF RECESSION 200
TABLE 141 ROW: HVAC SYSTEM MARKET, BY EQUIPMENT TYPE, 2019–2022 (USD BILLION) 200
TABLE 142 ROW: HVAC SYSTEM MARKET, BY EQUIPMENT TYPE, 2023–2028 (USD BILLION) 200
TABLE 143 ROW: HVAC SYSTEM MARKET, BY COUNTRY, 2019–2022 (USD BILLION) 201
TABLE 144 ROW: HVAC SYSTEM MARKET, BY COUNTRY, 2023–2028 (USD BILLION) 201
11.5.2 SOUTH AMERICA 201
11.5.2.1 Strong focus on infrastructure development 201
11.5.3 MIDDLE EAST & AFRICA 202
11.5.3.1 Stringent regulations for enhancing energy performance of buildings 202
12 COMPETITIVE LANDSCAPE 203
12.1 OVERVIEW 203
12.2 KEY PLAYER STRATEGIES 203
TABLE 145 OVERVIEW OF STRATEGIES DEPLOYED BY HVAC SYSTEM OEMS 203
12.3 COMPANY REVENUE ANALYSIS, 2020–2022 206
FIGURE 47 THREE-YEAR REVENUE ANALYSIS OF TOP FIVE PLAYERS, 2020–2022 206
12.4 MARKET SHARE ANALYSIS, 2022 206
FIGURE 48 SHARE OF MAJOR PLAYERS IN HVAC SYSTEM MARKET, 2022 206
TABLE 146 HVAC SYSTEM MARKET: DEGREE OF COMPETITION 207
12.5 COMPANY EVALUATION QUADRANT 208
12.5.1 STARS 208
12.5.2 PERVASIVE PLAYERS 208
12.5.3 EMERGING LEADERS 208
12.5.4 PARTICIPANTS 209
FIGURE 49 HVAC SYSTEM MARKET: COMPANY EVALUATION QUADRANT, 2022 209
12.6 STARTUP/SME EVALUATION QUADRANT 210
12.6.1 PROGRESSIVE COMPANIES 210
12.6.2 RESPONSIVE COMPANIES 210
12.6.3 DYNAMIC COMPANIES 210
12.6.4 STARTING BLOCKS 210
FIGURE 50 HVAC SYSTEM MARKET: STARTUP/SME EVALUATION QUADRANT, 2022 211
12.7 HVAC SYSTEM MARKET: COMPANY FOOTPRINT 212
TABLE 147 FOOTPRINT OF COMPANIES 212
TABLE 148 APPLICATION FOOTPRINT OF COMPANIES 213
TABLE 149 PRODUCT FOOTPRINT OF COMPANIES 214
TABLE 150 REGIONAL FOOTPRINT OF COMPANIES 215
12.8 STARTUP/SME EVALUATION MATRIX 216
12.8.1 LIST OF STARTUPS/SMES: HVAC SYSTEM MARKET 216
TABLE 151 LIST OF STARTUPS/SMES: HVAC SYSTEM MARKET 216
12.8.2 STARTUP/SME MATRIX: DETAILED LIST OF KEY STARTUPS/SMES 217
TABLE 152 STARTUP/SME MATRIX: DETAILED LIST OF KEY STARTUPS/SMES 217
TABLE 153 HVAC SYSTEM MARKET: COMPETITIVE BENCHMARKING OF KEY STARTUPS/SMES, BY PRODUCT 218
TABLE 154 HVAC SYSTEM MARKET: COMPETITIVE BENCHMARKING OF KEY STARTUPS/SMES, BY REGION 218
12.9 COMPETITIVE SCENARIO AND TRENDS 219
12.9.1 DEALS 219
TABLE 155 HVAC SYSTEM MARKET: DEALS, 2021–2023 219
12.9.2 PRODUCT LAUNCHES 223
TABLE 156 HVAC SYSTEM MARKET: PRODUCT LAUNCHES, 2021–2023 223
13 COMPANY PROFILES 231
(Business Overview, Products/Solutions/Services Offered, Recent Developments, and MnM View (Key strengths/Right to Win, Strategic Choices Made, and Weaknesses and Competitive Threats))*
13.1 KEY PLAYERS 231
13.1.1 DAIKIN 231
TABLE 157 DAIKIN: BUSINESS OVERVIEW 231
FIGURE 51 DAIKIN: COMPANY SNAPSHOT 232
TABLE 158 DAIKIN: PRODUCTS/SOLUTIONS/SERVICES OFFERED 232
TABLE 159 DAIKIN: PRODUCT LAUNCHES 233
TABLE 160 DAIKIN: DEALS 234
TABLE 161 DAIKIN: OTHERS 234
13.1.2 JOHNSON CONTROLS INTERNATIONAL PLC 237
TABLE 162 JOHNSON CONTROLS INTERNATIONAL PLC: BUSINESS OVERVIEW 237
FIGURE 52 JOHNSON CONTROLS INTERNATIONAL PLC: COMPANY SNAPSHOT 238
TABLE 163 JOHNSON CONTROLS INTERNATIONAL PLC: PRODUCTS/SOLUTIONS/SERVICES OFFERED 238
TABLE 164 JOHNSON CONTROLS INTERNATIONAL PLC: PRODUCT LAUNCHES 239
TABLE 165 JOHNSON CONTROLS: DEALS 239
13.1.3 LG ELECTRONICS 242
TABLE 166 LG ELECTRONICS: BUSINESS OVERVIEW 242
FIGURE 53 LG ELECTRONICS: COMPANY SNAPSHOT 243
TABLE 167 LG ELECTRONICS: PRODUCTS/SOLUTIONS/SERVICES OFFERED 243
TABLE 168 LG ELECTRONICS: PRODUCT LAUNCHES 244
13.1.4 CARRIER GLOBAL CORPORATION 246
TABLE 169 CARRIER GLOBAL CORPORATION: BUSINESS OVERVIEW 246
FIGURE 54 CARRIER GLOBAL CORPORATION: COMPANY SNAPSHOT 247
TABLE 170 CARRIER GLOBAL CORPORATION:
PRODUCTS/SOLUTIONS/SERVICES OFFERED 247
TABLE 171 CARRIER GLOBAL CORPORATION: PRODUCT LAUNCHES 248
TABLE 172 CARRIER GLOBAL CORPORATION: DEALS 253
13.1.5 TRANE TECHNOLOGIES PLC 256
TABLE 173 TRANE TECHNOLOGIES PLC: BUSINESS OVERVIEW 256
FIGURE 55 TRANE TECHNOLOGIES PLC: COMPANY SNAPSHOT 256
TABLE 174 TRANE TECHNOLOGIES PLC: PRODUCTS/SOLUTIONS/SERVICES OFFERED 257
TABLE 175 TRANE TECHNOLOGIES PLC: PRODUCT LAUNCHES 257
TABLE 176 TRANE TECHNOLOGIES PLC: DEALS 259
13.1.6 EMERSON ELECTRIC CO. 261
TABLE 177 EMERSON ELECTRIC CO.: BUSINESS OVERVIEW 261
FIGURE 56 EMERSON ELECTRIC CO.: COMPANY SNAPSHOT 262
TABLE 178 EMERSON ELECTRIC CO.: PRODUCTS/SOLUTIONS/SERVICES OFFERED 262
TABLE 179 EMERSON ELECTRIC CO.: DEALS 263
TABLE 180 EMERSON ELECTRIC CO.: OTHERS 263
13.1.7 HONEYWELL INTERNATIONAL INC. 264
TABLE 181 HONEYWELL INTERNATIONAL INC.: BUSINESS OVERVIEW 264
FIGURE 57 HONEYWELL INTERNATIONAL INC.: COMPANY SNAPSHOT 265
TABLE 182 HONEYWELL INTERNATIONAL INC.:
PRODUCTS/SOLUTIONS/SERVICES OFFERED 265
TABLE 183 HONEYWELL INTERNATIONAL INC.: PRODUCT LAUNCHES 266
TABLE 184 HONEYWELL INTERNATIONAL INC.: DEALS 267
TABLE 185 HONEYWELL INTERNATIONAL INC.: OTHERS 268
13.1.8 MITSUBISHI ELECTRIC CORPORATION 269
TABLE 186 MITSUBISHI ELECTRIC CORPORATION: BUSINESS OVERVIEW 269
FIGURE 58 MITSUBISHI ELECTRIC CORPORATION: COMPANY SNAPSHOT 270
TABLE 187 MITSUBISHI ELECTRIC CORPORATION:
PRODUCTS/SOLUTIONS/SERVICES OFFERED 270
TABLE 188 MITSUBISHI ELECTRIC CORPORATION: PRODUCT LAUNCHES 271
TABLE 189 MITSUBISHI ELECTRIC CORPORATION: DEALS 272
TABLE 190 MITSUBISHI ELECTRIC CORPORATION: OTHERS 272
13.1.9 SAMSUNG ELECTRONICS CO., LTD. 274
TABLE 191 SAMSUNG ELECTRONICS CO., LTD.: BUSINESS OVERVIEW 274
FIGURE 59 SAMSUNG ELECTRONICS CO., LTD.: COMPANY SNAPSHOT 275
TABLE 192 SAMSUNG ELECTRONICS CO., LTD.:
PRODUCTS/SOLUTIONS/SERVICES OFFERED 275
TABLE 193 SAMSUNG ELECTRONICS CO., LTD.: PRODUCT LAUNCHES 276
TABLE 194 SAMSUNG ELECTRONICS CO., LTD.: OTHERS 276
13.1.10 NORTEK AIR MANAGEMENT 277
TABLE 195 NORTEK AIR MANAGEMENT: BUSINESS OVERVIEW 277
TABLE 196 NORTEK AIR MANAGEMENT: PRODUCTS/SOLUTIONS/SERVICES OFFERED 277
TABLE 197 NORTEK AIR MANAGEMENT: PRODUCT LAUNCHES 278
TABLE 198 NORTEK AIR MANAGEMENT: DEALS 279
TABLE 199 NORTEK AIR MANAGEMENT: OTHERS 279
13.2 OTHER KEY PLAYERS 280
13.2.1 DANFOSS 280
13.2.2 FUJITSU 281
13.2.3 GREE 282
13.2.4 HITACHI 283
13.2.5 MIDEA 283
13.2.6 PANASONIC HOLDINGS CORP 284
13.2.7 HAIER SMART HOME 285
13.2.8 TOSHIBA 286
13.2.9 WHIRLPOOL 286
13.2.10 SIEMENS AG 287
13.2.11 ELECTROLUX 287
13.2.12 LENNOX 288
13.2.13 SCHNEIDER ELECTRIC 289
13.2.14 FERROLI 289
13.2.15 BOSCH THERMOTECHNIK 290
*Details on Business Overview, Products/Solutions/Services Offered, Recent Developments, and MnM View (Key strengths/Right to Win, Strategic Choices Made, and Weaknesses and Competitive Threats) might not be captured in case of unlisted companies.
14 APPENDIX 291
14.1 DISCUSSION GUIDE 291
14.2 KNOWLEDGE STORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL 294
14.3 CUSTOMIZATION OPTIONS 296
14.4 RELATED REPORTS 296
14.5 AUTHOR DETAILS 297

　

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