Heating, Ventilation and Air Conditioning: Global Markets

Report Highlights

The global market for heating, ventilation, and air conditioning (HVAC) is expected to grow from $263.6 billion in 2023 and is projected to reach $346.7 billion by the end of 2028, at a compound annual growth rate (CAGR) of 5.6% during the forecast period of 2023 to 2028.

Report Includes

• 35 data tables and 45 additional tables
• An overview of the global markets for the heating, ventilation, and air conditioning (HVAC) systems
• Analyses of the global market trends, with historical market revenue data (sales figures) for 2022, 2023, estimates for 2024, forecasts for 2026 and projections of compound annual growth rates (CAGRs) through 2028
• Estimate of the market size and revenue forecast for the global HVAC market, and a corresponding market share analysis based on heating equipment, ventilation equipment, cooling equipment, Installation type, application and region
• An analysis of the drivers and challenges that affect the global market
• Review of the technological and regulatory issues, along with macroeconomic trends and variables that may influence market demand
• Discussion of the importance of ESG in the HVAC industry, including consumer attitudes, impact of ESG on company performance, an analysis of companies’ ESG scores and the future of ESG, and ESG practices of leading companies
• An analysis of the competitive landscape, including company market shares, recent M&A activity, and the outlook for venture funding
• Profiles of the leading market players, including Daikin Industries Ltd., Carrier Corp., Johnson Controls, Lennox International Inc., and Hitachi Ltd.

Report Scope

This report analyzes segments of the HVAC market, including product type, installation type, application, and regional development. The product type segment is divided into heating equipment, ventilation equipment and cooling equipment. The global market is broken down into North America, Europe, Asia-Pacific and Rest of the World (RoW). The study looks at leading companies’ business footprints, product types and revenue, as well as a patent analysis for the HVAC industry. The study also includes chapters on ESG (environment, social and governance), emerging technologies, and the competitive landscape. The report also analyzes the impact of the Russia-Ukraine war on the global and regional markets.

In this study, 2022 is the base year for the market analysis, estimated values are provided for 2023, and market values are forecast from 2023 to 2028. Compound annual growth rates (CAGRs) are provided for 2023 to 2028. All market values are provided in millions of dollars.

Analyst Credentials

BCC Research Team possesses expertise and experience in life and physical science domains. They specialize in offering valuable business insights, including industry analysis, competitor intelligence, strategic and financial analysis, and opportunity assessment. The team has in-depth knowledge of various sectors, including healthcare, biotechnology, pharmaceuticals, IT, automation, advanced materials, and energy. They are proficient in qualitative and quantitative market intelligence providing clients with actionable insights. With a vast understanding of the competitive landscape, the team can support clients in making data-driven decisions to help them achieve a competitive edge in their respective markets.

Consulting Editor’s Credentials

Andrew McWilliams has over 40 years’ experience in marketing strategy and research with top consulting firms like Kearney and EY, and as an independent consultant. He has been a BCC Research contributor for over 20 years. Mr. McWilliams has a BA from Princeton University and an MA from Harvard University. He resides in the greater Boston area.