HVAC System Market SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024 - 2031)
HVAC System Market is segmented By Cooling Equipment (Unitary Air Conditioners, Variable Refrigerant Flow Systems (VRF), Chillers, Room Air Conditione....
HVAC System Market Size
Market Size in USD
CAGR8.7%
| Study Period | 2024 - 2031 |
| Base Year of Estimation | 2023 |
| CAGR | 8.7% |
| Market Concentration | Medium |
| Major Players | Daikin Industries, Ltd., Carrier Corporation, Mitsubishi Electric Corporation, Johnson Controls, LG Electronics |
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HVAC System Market Analysis
The Global HVAC System Market is estimated to be valued at USD 206.3 bn in 2024 and is expected to reach USD 403.1 bn by 2031, growing at a compound annual growth rate (CAGR) of 8.7% from 2024 to 2031. With increasing construction of commercial buildings and homes across major economies, particularly in developing nations in Asia and Africa, the demand for centralized and unitary heating, ventilation, and air conditioning systems is on the rise.
The market is expected to witness positive trends over the forecast period supported by rising global temperatures due to climate change which is increasing the requirement for cooling solutions. Additionally, growth in disposable incomes is allowing more households to invest in HVAC systems for thermal comfort. Stringent regulations regarding energy-efficiency and indoor air quality are also compelling the replacement of older HVAC technologies with modern efficient systems.