HVAC system market to grow by USD 48.34 billion from 2022 to 2027|The growing demand for inverter HVAC systems drives growth - Technavio
NEW YORK, Aug. 3, 2023 /PRNewswire/ -- The global HVAC system market size is estimated to increase by USD 48.34 billion from 2022 to 2027. The market's growth momentum will progress at a CAGR of 6.22%. Discover some insights on market size historic period (2017 to 2021) and Forecast (2023 to 2027) before buying the full report -Request a sample report
HVAC system market – Company Analysis
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HVAC system market - Segmentation Assessment
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HVAC system market – Market Dynamics
Leading Drivers -
The growing demand for inverter HVAC systems drives the HVAC system market. Factors such as increasing disposable income and improving consumer living standards contribute to the growing demand for inverter heating, ventilation, and air conditioning systems.
Furthermore, the residential segment witnesses higher adoption of split ACs compared to window ACs. Split ACs may be classified into two categories, namely fixed-speed split ACs and inverter split ACs, based on the type of compressors. Hence, such factors boost the growth of the HVAC system market during the forecast period.
Key Trends -
The increasing popularity of smart HVAC systems is an emerging HVAC system market trend. The growth in the global air conditioning and refrigeration equipment market is due to the increasing trend in the adoption of smart and interconnected HVAC systems.
IoT-enabled devices such as smart thermostats equipped with sensors and Wi-Fi capabilities aid to adjust the temperature in industrial premises remotely using smartphones or personal computers. Hence, such trends fuel the growth of the HVAC system market during the forecast period.
Major challenges -
The lack of skilled labor challenges the growth of the HVAC system market. While installing or handling any type of HVAC system, there is a requirement for technical skills and knowledge. Furthermore, the shortage of labor is going to have an impact on the profit margins of manufacturers, as replacement services will be affected.
But a massive shortage of skilled manpower has plagued contractors for several years and is expected to continue during the forecast period. Hence, such challenges impede the market growth of the HVAC systems during the forecast period.
What are the key data covered in this HVAC system market report?
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The energy-efficient HVAC systems market size is expected to increase by USD 24.37 billion from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 11.02%. Furthermore, this report extensively covers energy-efficient HVAC systems market segmentations by product (air Conditioning, heating, and ventilation) and geography (APAC, North America, Europe, South America, and Middle East and Africa). The demand for reducing energy consumption and operating costs is notably driving the energy-efficient HVAC systems market growth.
The HVAC Control Systems Market size is estimated to grow at a CAGR of 7.7% between 2022 and 2027 and the size of the market is forecast to increase by USD 9335.64 million. This report extensively covers market segmentation by product (sensors, controlled devices, and controllers), end-user (automotive, residential, commercial, and industrial), and geography (APAC, North America, Europe, Middle East and Africa, and South America). The advent of smart HVAC systems is a major driving factor for the growth of the HVAC control systems market during the forecast period.
Table of Contents
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by End-user
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
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SOURCE Infiniti Research, Inc.
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