Global HVAC system market is expected to reach USD 302.49 billion by 2028, at a CAGR of 5.27% from 2021 to 2028. The rising demand for HVAC systems in commercial and residential buildings, along with the growth in the construction industry, is the major factor driving the growth of the global HVAC systems market. The increasing energy efficiency standards, stringent government regulations to reduce carbon emissions, and rising demand for energy-efficient heating and cooling systems are further contributing to the growth of the market.
Moreover, the increasing number of smart buildings and the growing adoption of advanced automation systems are expected to create new opportunities for the HVAC system market. The increasing awareness among consumers about the advantages of using HVAC systems is further expected to drive the growth of the market.
However, the high cost of these systems and their installation is expected to hinder the growth of the market. The increasing number of counterfeit products available in the market is also expected to hamper the growth of the market.
The global HVAC system market is segmented based on type, application, and region. By type, the market is divided into split AC, VRF, chillers, packaged AC, and others. The application segment is classified into residential, commercial, and industrial.
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Regionally, the market is analyzed across North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific region is anticipated to continue its dominant share in the HVAC System market with around 36% of the total market share in 2020. The increasing adoption of energy-efficient systems in the region is expected to drive the growth of the market in Asia Pacific.
The major players operating in the global HVAC system market are Daikin Industries Ltd., LG Electronics Inc., Johnson Controls International PLC, Ingersoll-Rand PLC, Hitachi Ltd., Mitsubishi Electric Corporation, Honeywell International Inc., Fujitsu General Ltd., United Technologies Corporation, and Samsung Electronics Co. Ltd.
These players are increasingly adopting strategies such as product launches, mergers & acquisitions, collaborations, and partnerships to gain a competitive edge in the market.