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Meticulous Research®—a leading global market research firm—has published a detailed report entitled, ‘HVAC Market by Offering, System, Distribution Mode, Type (Split System, Packaged System), Portability, Sales Channel, Application (Cooling, Heating, Filtering), End User (Industrial, Residential, Commercial), and Geography - Global Forecast to 2031.’
The report predicts that the global HVAC market will reach $456.6 billion by 2031, growing at a CAGR of 7.8% from 2024 to 2031. This growth is driven by urbanization, rising indoor air pollution, a focus on comfort and convenience, the growth of the e-commerce industry, and governmental efforts to enhance air quality. However, the market faces challenges from high product and maintenance costs and reluctance towards new technologies.
Technological advancements and the adoption of advanced air conditioners are anticipated to create substantial growth opportunities. Conversely, expanding market presence in developing regions remains a challenge.
The HVAC market is segmented based on various criteria, including offering, system, distribution mode, type, portability, sales channel, application, end user, and geography. Offerings include components such as air conditioners, heat pumps, furnaces, chillers, and various other components, as well as services like installation and maintenance. Systems are categorized into primary and secondary HVAC systems, while distribution modes are classified as centralized and decentralized. Types include split systems, dual fuel heat pump systems, ductless mini-split systems, and packaged systems. Portability is segmented into standalone/portable and in-duct/fixed. Sales channels are divided into online and offline. Applications cover cooling, heating, ventilation, filtering, humidification, and air purification. End users range from residential to commercial (retail, healthcare, office spaces, hospitality, and educational institutions) to industrial sectors (food & beverage, electronics, pharmaceuticals, and more).
The component segment is projected to hold over 84% of the market share in 2024, driven by the growing adoption of ventilation systems and HVAC components. The services segment is expected to grow at the highest CAGR, fueled by increasing needs for productivity and regulatory compliance.
In terms of systems, secondary HVAC systems are expected to dominate with over 66% of the market share in 2024. This segment is also anticipated to grow the fastest.
For distribution mode, decentralized systems are expected to account for over 72% of the market share in 2024, with the highest growth rate during the forecast period.
By type, split systems are projected to hold the largest share of over 28% in 2024, while ductless mini-split systems are expected to grow the fastest due to their efficiency and ease of installation.
Regarding portability, the in-duct/fixed segment is expected to capture over 59% of the market share in 2024. However, the standalone/portable segment is anticipated to grow at the highest CAGR, driven by residential demand for versatile solutions.
For sales channels, the offline segment is projected to hold over 73% of the market share in 2024, while the online segment is expected to grow the fastest due to the rise of e-commerce.
In applications, cooling is expected to lead with over 32% of the market share in 2024, driven by technological advancements and government initiatives.
The residential segment is expected to dominate with over 26% of the market share in 2024, while the commercial segment is projected to grow the fastest due to regulatory changes and increased public awareness.
Geographically, Asia-Pacific is expected to hold over 45% of the global market share in 2024, driven by rapid industrialization and technological advancements. This region is also expected to have the highest CAGR of more than 9% during the forecast period.
Key Players
The key players operating in the global HVAC market are Daikin Industries, Ltd. (Japan), Atlas Copco AB (Sweden), Lennox International Inc. (U.S.), LG Electronics Inc. (South Korea), Johnson Controls Inc. (U.S.), ABB Ltd. (Switzerland), Trane Technologies Company, LLC (Ireland), Carrier Global Corporation (U.S.), Mitsubishi Electric Corporation (Japan), Samsung Electronics Co., Ltd. (South Korea), Siemens AG (Germany), Toshiba Corporation (Japan), Rheem Manufacturing Company (U.S.), Blue Star Limited (India), and Emerson Electric Co. (U.S.).
Download Sample Report Here @ https://www.meticulousresearch.com/download-sample-report/cp_id=5968
Key Questions Answered in the Report:
• What are the high-growth market segments in terms of the offering, system, distribution mode, type, portability, sales channel, application, and end user?
• What is the historical market size for the global HVAC market?
• What are the market forecasts and estimates for 2024–2031?
• What are the major drivers, restraints, opportunities, challenges, and trends in the global HVAC market?
• Who are the major players in the global HVAC market, and what are their market shares?
• What is the competitive landscape like?
• What are the recent developments in the global HVAC market?
• What are the different strategies adopted by major market players?
• What are the trends and high-growth countries?
• Who are the local emerging players in the global HVAC market, and how do they compete with other players?
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