About Heating, Ventilation and Air Conditioning (HVAC)
Central comfort and air conditioning systems, commonly known as heating, ventilation, and air conditioning (HVAC) systems, are very important for comfort and good-quality air within residential, business, and even industrial areas. HVAC systems encompass three primary functions: Heating, which is the process of increasing the internal air temperature using heaters, heat pumps, and boilers, Ventilation that allows the introduction of fresh air and removal of indoor contaminants through ducts, fans, and air conditioning units, and air conditioning, which is used to cool and dehumidify the air inside the structures through the use of compression and expansion devices and cooling coils. Contemporary HVAC systems are constructed to be energy-preserving in nature and contain sophisticated features, including programmable thermostats, variable-speed fans, and smart controls for efficient working and minimum business expenses. Also, new technologies like heat recovery ventilators (HRVs), including energy recovery ventilators (ERVs), improve energy efficacy in that they help recover heat from the used air. Sustainability and environmental concerns are also becoming a concern among HVAC industries. This ranges from innovation in the utilization of environmentally friendly refrigerants to creating systems that include solar energy in their workings, for instance, solar-aided HVAC systems.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
The sectors are divided based on the kind of services provided, namely installation, maintenance, and repair services with general maintenance services leading because systems require constant maintenance for their durability. The use of the technology solution like the IoT now is improving operation’s functionality and is selling well among the tech-savvy buyer market. However, there is also the issue of competition that define the environment within which the operations take place hence putting into consideration factors, the shortage of labor force, and high cost of skilled labor which may affect the delivery of services and overall functionality. Established and emerging Vendors should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Bosch Group (Germany), Rheem (United States), CaptiveAire (United States), Voltas (India), Frigidaire (United States), LG (South Korea), Addison HVAC (United States), Hitachi (Japan), LUX (United States), Carrier (United States), Seeley International - Adelaide, South Australia, Australia, Lennox (United States), Amana - (Japan), Allied Commercial (United States), EnviroMaster International Corp (United States), SPX Cooling Technologies, Inc. (United States), Nortek Global HVAC (United States) and AAON Heating and Cooling Products (United States) are some of the key players that are part of study coverage. Additionally, the Vendors which are also part of the research coverage are Bryant (United States), Mitsubishi Electric (Japan), DiversiTech (United States) and Smiths Group plc (United Kingdom).
Segmentation Overview
AMA Research has segmented the market of Global Heating, Ventilation and Air Conditioning (HVAC) market by Type (Furnaces, Air Handlers, Packaged Units, Heat Pumps, Air Conditioners, and Others), Application (Residential, Commercial and Industrial) and Region.
On the basis of geography, the market of Heating, Ventilation and Air Conditioning (HVAC) has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
If we see Market by , the sub-segment i.e. will boost the Heating, Ventilation and Air Conditioning (HVAC) market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.Influencing Trend:
Regulations are mandating the phasing out of certain high global warming potential refrigerants, driving the adoption of systems using low-GWP alternatives.
Market Growth Drivers:
Rising construction in both residential and commercial sectors, driven by urbanization and industrial development, is fueling demand for HVAC systems.
Challenges:
The global supply chain is more layered, complex, and far-reaching than ever
Restraints:
Inflated heating and cooling costs for consumers and Customer demand for HVAC services is constantly changing as people become more aware of the importance of energy efficiency and sustainability.
Opportunities:
Systems integrated with the building’s HVAC solution and Growing demand for smart thermostats that can be controlled remotely or from smartphones
Market Leaders and their expansionary development strategies
In AUGUST 2023, Smiths Group plc, a leading industrial technology company, has acquired Heating & Cooling Products (HCP), a US-based manufacturer of Heating, Ventilation & Air Conditioning (HVAC) solutions. The addition of HCP will further expand Smiths Group’s presence in the North American HVAC market, enabling Smiths to serve customers with an even broader product range, including HCP’s patented axial and radial seal duct technology which improves energy efficiency.
In April 2024, Voltas has launched its new commercial AC product line-up for commercial spaces at the ACREX India 2024 in Noida. The new Inverter Scroll Chillers have a cooling capacity ranging from 12-72 TR with eco-friendly refrigerants. The product is IoT enabled, BMS compatible, silent in operation and convenient for the user, as it can be operated through a mobile app. Through this new line of Inverter Scroll Chillers, the company aims to further enhance its goal of encouraging commercial spaces, to use cutting-edge technology, for incorporating energy efficient solutions into their operations.
Key Target Audience
End User Industry, Research Organization and Government Regulatory
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.