HVAC Equipment Market Size, Share, Competitive Landscape and Trend Analysis Report
The global HVAC equipment market, valued at $171.8 billion in 2020, is projected to reach $290.8 billion by 2030, growing at a CAGR of 5.3% from 2021 to 2030. HVAC systems, encompassing heating, ventilation, and air conditioning, enhance indoor air quality by removing pollutants, controlling temperature, and replenishing oxygen in residential, commercial, and industrial settings. Market growth is driven by urbanization, industrialization, and rising demand for energy-efficient cooling and heating systems due to climate change. New regulatory requirements are promoting smart HVAC control systems, further boosting the market.
The market is segmented by system type (central, decentralized), business type (new construction, retrofits), end-user (residential, commercial, industrial), and region. The decentralized segment is expected to grow significantly, while the commercial segment dominated in 2020. Asia-Pacific led the market in 2020, with LAMEA anticipated to grow rapidly.
The COVID-19 pandemic disrupted production due to lockdowns, but recovery is expected by 2022 following vaccine rollouts. Companies like Johnson Controls are innovating, launching products like the Quantech QWC4 Water-Cooled System in 2021, which reduces energy costs and emissions. Key players, including Daikin, LG Electronics, and Honeywell, are expanding portfolios to strengthen market presence, despite challenges like supply chain disruptions and rising costs.