Dublin, Feb. 09, 2023 (GLOBE NEWSWIRE) -- The "HVAC Systems & Services Market Analysis by Offering, End User - Global Industry Trends and Growth Forecast to 2030" report has been added to ResearchAndMarkets.com's offering.
According to the recent study, in 2021, the HVAC systems & services market was worth around $206.6 billion, which is predicted to touch $319.9 billion revenue by 2030, progressing at a compound annual growth rate of 5.0% from 2021 to 2030.
The key factors that will have a positive influence on the market are the significant demand for an ambient atmosphere in a building and the diverse worldwide climatic conditions.
As per NASA's GISS, the global temperature has risen by 0.5 degrees Celsius annually since 1980, due to global warming.
Important Findings in HVAC Systems & Services Market Report
Over the next few years, the sales of VRF systems are expected to increase at a CAGR of over 10%, due to the increasing need for energy-efficient temperature-control solutions. The commercial sector is predicted to have the largest revenue share in 2030, of over 40%, due to the growing construction in this sector. For example, hotel transaction volume in Europe has already reached more than $6.87 billion in the first half of 2022.
The need for heating equipment has increased significantly owing to the cold weather in most of Europe, particularly in Eastern Europe, where the average wintertime temperature ranges between -6 and 3 degrees Celsius. The German government is actively encouraging the adoption of effective heating and cooling systems powered by green energy sources. This has created a significant shift in the customer perception, which is driving the country's heating and cooling business.
Moreover, Germany is one of Europe's biggest investors in hotels, with around $730 million in transaction value in H1 2022. Moreover, the top five hospitality hubs (Spain, the U.K., France, Italy, and Germany) together accounted for nearly 81% of the transacted value, up from 68% in H1 2021.
IoT integration in HVAC systems is the most-significant opportunity for appliance makers. IoT aids in the management of control systems, collection and storage of data in the cloud, updation of temperature control procedures for greater efficiency, and execution of a predictive maintenance plan.
APAC Has Highest Sales of HVAC
By 2030, APAC's sales revenue is expected to hit $170 billion. This is due to the rising average temperature, particularly in China, India, South Korea, Japan, and Indonesia. Compared to North America and Europe, APAC has a hotter climate; thus, there is a higher requirement for air conditioning equipment.
Further, China had 1.45 billion people as of October 2022, followed by India, which had 1.38 billion people. The need for these appliances is, thus, being driven by the increase in the population, apart from the rise in the average temperature.
Key Metrics
| Report Attribute | Details |
| No. of Pages | 302 |
| Forecast Period | 2021 - 2030 |
| Estimated Market Value (USD) in 2021 | $206.6 Billion |
| Forecasted Market Value (USD) by 2030 | $319.9 Billion |
| Compound Annual Growth Rate | 5.0% |
| Regions Covered | Global |
Company Profiles
- Johnson Controls International plc
- Trane Technologies plc
- Carrier Global Corporation
- Daikin Industries Ltd.
- Samsung Electronics Co. Ltd.
- LG Electronics Inc.
- Gree Electric Appliances Inc. of Zhuhai
- Midea Group Co. Ltd.
- Danfoss A/S
- Lennox International Inc.
- FUJITSU GENERAL LIMITED
- Mitsubishi Electric Corporation
Market Dynamics
Trends
- Increasing preference toward VRF technology
- Growing preference toward smart HVAC systems
Drivers
- Growing construction sector
- Growing hospitality industry
- Impact analysis of drivers on market forecast
Restraints
- High upfront cost
- Impact analysis of restraints on market forecast
Opportunities
- Increasing energy efficiency of HVAC systems
- Growing opportunity from manufacturing industry
- Growing demand for annual maintenance contract (AMC) services
Key Topics Covered:
Chapter 1. Research Background
1.1 Research Objectives
1.2 Market Definition
1.3 Research Scope
1.4 Key Stakeholders
Chapter 2. Research Methodology
2.1 Secondary Research
2.2 Primary Research
2.3 Market Size Estimation
2.4 Data Triangulation
2.5 Assumptions for the Study
Chapter 3. Executive Summary
Chapter 4. Introduction
4.1 Definition of Market Segments
4.1.1 By Offering
4.1.1.1 Equipment
4.1.1.1.1 By type
4.1.1.1.1.1 Heating
4.1.1.1.1.1.1 Heat pumps
4.1.1.1.1.1.2 Furnaces
4.1.1.1.1.1.3 Boilers
4.1.1.1.1.1.4 Unitary heaters
4.1.1.1.1.2 Ventilation
4.1.1.1.1.2.1 Ventilation fans
4.1.1.1.1.2.2 Air handling units and fan coil units
4.1.1.1.1.2.3 Humidifiers/dehumidifiers
4.1.1.1.1.2.4 Air cleaners
4.1.1.1.1.3 Air conditioning
4.1.1.1.1.3.1 Room ACs
4.1.1.1.1.3.2 Split units
4.1.1.1.1.3.3 Ducted splits/packaged units
4.1.1.1.1.3.4 Variable refrigerant flow
4.1.1.1.1.3.5 Chillers
4.1.1.1.2 By Component
4.1.1.1.2.1 HVAC machine controllers
4.1.1.1.2.2 Energy meters
4.1.1.1.2.3 Drives
4.1.1.1.2.4 Contactors
4.1.1.1.2.5 HMIs/displays
4.1.1.1.2.6 Others
4.1.1.2 Services
4.1.1.2.1 Installation
4.1.1.2.2 Upgradation/replacement
4.1.1.2.3 Maintenance and repair
4.1.1.2.4 Consulting
4.1.2 By End User
4.1.2.1 Commercial
4.1.2.1.1 Office buildings
4.1.2.1.2 Supermarkets/hypermarkets
4.1.2.1.3 Government
4.1.2.1.4 Healthcare
4.1.2.1.5 Hospitality
4.1.2.1.6 Transportation
4.1.2.1.7 Others
4.1.2.2 Industrial
4.1.2.2.1 Oil and gas
4.1.2.2.2 Food and beverage
4.1.2.2.3 Automotive
4.1.2.2.4 Energy and utilities
4.1.2.2.5 Others
4.1.2.3 Residential
4.2 Value Chain Analysis
Chapter 5. Global Market Size and Forecast
5.1 By Offering
5.1.1 By Equipment
5.1.1.1 By component
5.1.1.2 By type
5.1.1.2.1 Heating, by equipment type
5.1.1.2.2 Ventilation, by equipment type
5.1.1.2.3 Air conditioning, by equipment type
5.1.2 By Service
5.2 By End User
5.2.1 Commercial, by Type
5.2.2 Industrial, by Type
5.3 By Region
For more information about this report visit https://www.researchandmarkets.com/r/n407gl-systems-and?w=12
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