Table of Content

1 INTRODUCTION 31
1.1 STUDY OBJECTIVES 31
1.2 MARKET DEFINITION AND SCOPE 31
1.2.1 INCLUSIONS AND EXCLUSIONS 32
1.3 STUDY SCOPE 32
1.3.1 MARKETS COVERED 32
1.3.2 REGIONAL SCOPE 33
1.3.3 YEARS CONSIDERED 33
1.4 CURRENCY 33
1.5 MARKET STAKEHOLDERS 34
1.6 SUMMARY OF CHANGES 34
1.7 RECESSION ANALYSIS 35
FIGURE 1 GDP GROWTH PROJECTION UNTIL 2023 FOR MAJOR ECONOMIES 35
FIGURE 2 MARKET PROJECTIONS FOR HVAC SYSTEM MARKET 36
2 RESEARCH METHODOLOGY 37
2.1 RESEARCH DATA 37
FIGURE 3 HVAC SYSTEM MARKET: RESEARCH DESIGN 37
2.1.1 SECONDARY DATA 38
2.1.1.1 List of major secondary sources 38
2.1.1.2 Key data from secondary sources 38
2.1.2 PRIMARY DATA 39
2.1.2.1 Key data from primary sources 39
2.1.2.2 Breakdown of primaries 39
2.1.3 SECONDARY AND PRIMARY RESEARCH 40
2.1.3.1 Key industry insights 41
2.2 MARKET SIZE ESTIMATION 41
FIGURE 4 MARKET SIZE ESTIMATION METHODOLOGY: SUPPLY-SIDE ANALYSIS 42
FIGURE 5 MARKET SIZE ESTIMATION METHODOLOGY: APPROACH 2 (SUPPLY-SIDE)?IDENTIFICATION OF REVENUE GENERATED BY COMPANIES FROM HVAC SYSTEM MARKET 42
2.2.1 BOTTOM-UP APPROACH 43
2.2.1.1 Approach for arriving at market size using bottom-up analysis 43
FIGURE 6 MARKET SIZE ESTIMATION METHODOLOGY: BOTTOM-UP APPROACH 44
FIGURE 7 MARKET SIZE ESTIMATION METHODOLOGY: BOTTOM-UP APPROACH FOR ESTIMATING SIZE OF HVAC SYSTEM MARKET 44
2.2.2 TOP-DOWN APPROACH 45
2.2.2.1 Approach for arriving at market size using top-down analysis 45
FIGURE 8 MARKET SIZE ESTIMATION METHODOLOGY: TOP-DOWN APPROACH 45
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2.3 MARKET BREAKDOWN AND DATA TRIANGULATION 46
FIGURE 9 MARKET BREAKDOWN AND DATA TRIANGULATION 46
2.4 RESEARCH ASSUMPTIONS 47
2.5 RISK ASSESSMENT 47
TABLE 1 LIMITATIONS AND ASSOCIATED RISKS 47
2.6 ASSUMPTIONS: RECESSION 48
TABLE 2 ASSUMPTIONS: RECESSION 48
2.7 STUDY LIMITATIONS 48
3 EXECUTIVE SUMMARY 49
3.1 GROWTH RATE ASSUMPTIONS/FORECAST 49
FIGURE 10 UNITARY AIR CONDITIONERS TO HOLD LARGEST SHARE OF HVAC SYSTEM MARKET DURING FORECAST PERIOD 50
FIGURE 11 HVAC SYSTEM MARKET FOR FURNACES TO GROW AT HIGHEST CAGR DURING FORECAST PERIOD 51
FIGURE 12 HVAC SYSTEM MARKET FOR AHUS TO RECORD MAXIMUM CAGR DURING FORECAST PERIOD 51
FIGURE 13 HVAC SYSTEM MARKET FOR NEW CONSTRUCTION TO SECURE HIGHEST MARKET SHARE DURING FORECAST PERIOD 52
FIGURE 14 HVAC SYSTEM MARKET FOR COMMERCIAL APPLICATIONS TO DISPLAY HIGHER CAGR DURING FORECAST PERIOD 52
FIGURE 15 ASIA PACIFIC TO EXHIBIT HIGHEST CAGR DURING FORECAST PERIOD 53
4 PREMIUM INSIGHTS 54
4.1 ATTRACTIVE OPPORTUNITIES FOR PLAYERS IN HVAC SYSTEM MARKET 54
FIGURE 16 IMPLEMENTATION OF IOT ACROSS HVAC SYSTEMS TRANSFORMED SCENARIO OF COMMERCIAL AND RESIDENTIAL APPLICATIONS 54
4.2 HVAC SYSTEM MARKET IN NORTH AMERICA, BY COUNTRY AND EQUIPMENT TYPE 55
FIGURE 17 US AND HEATING EQUIPMENT EXPECTED TO HOLD LARGEST SHARE OF NORTH AMERICAN HVAC SYSTEM MARKET IN 2023 55
4.3 HVAC SYSTEM MARKET FOR COMMERCIAL APPLICATIONS, BY TYPE 55
FIGURE 18 OFFICES TO HOLD LARGEST SHARE OF HVAC SYSTEM MARKET IN COMMERCIAL APPLICATION DURING FORECAST PERIOD 55
4.4 HVAC SYSTEM MARKET, BY COUNTRY 56
FIGURE 19 HVAC SYSTEM MARKET IN INDIA TO GROW AT HIGHEST CAGR FROM 2023 TO 2028 56
5 MARKET OVERVIEW 57
5.1 INTRODUCTION 57
5.2 MARKET DYNAMICS 57
FIGURE 20 MARKET DYNAMICS: HVAC SYSTEM MARKET 57
5.2.1 DRIVERS 58
FIGURE 21 DRIVERS AND THEIR IMPACT ON HVAC SYSTEM MARKET 58
5.2.1.1 Increasing demand for energy-efficient HVAC systems 58
5.2.1.2 Rising constructions activities in residential and industrial sectors 59
5.2.1.3 Government regulatory policies and incentives to ensure energy saving and conservation of natural resources 60
5.2.1.4 Growing demand for indoor and outdoor air quality 60
5.2.1.5 Technological advancements in HVAC systems 61
5.2.2 RESTRAINTS 61
FIGURE 22 RESTRAINTS AND THEIR IMPACT ON HVAC SYSTEM MARKET 61
5.2.2.1 High maintenance, repair, and installation costs of HVAC systems 62
5.2.2.2 Limited space in commercial and residential buildings for large HVAC systems 62
5.2.2.3 Lack of technical knowledge and shortage of skilled labor 63
5.2.3 OPPORTUNITIES 63
FIGURE 23 OPPORTUNITIES AND THEIR IMPACT ON HVAC SYSTEM MARKET 63
5.2.3.1 Rapid transformation of IoT within HVAC industry 64
5.2.3.2 High penetration of VRF systems in residential and commercial applications 64
5.2.3.3 Efforts to develop next-generation low global warming potential refrigerants for HVAC systems 65
5.2.4 CHALLENGES 65
FIGURE 24 CHALLENGES AND THEIR IMPACT ON HVAC SYSTEM MARKET 65
5.2.4.1 Lack of awareness about benefits of HVAC systems in developing countries 65
5.2.4.2 Increase in environmental concerns and aging infrastructure 66
5.3 VALUE CHAIN ANALYSIS 66
FIGURE 25 VALUE CHAIN ANALYSIS: HVAC SYSTEM MARKET 67
5.4 ECOSYSTEM ANALYSIS 68
FIGURE 26 KEY PLAYERS IN HVAC SYSTEM MARKET 68
TABLE 3 ROLE OF HVAC COMPANIES IN ECOSYSTEM 69
5.5 PORTER’S FIVE FORCES ANALYSIS 70
TABLE 4 HVAC SYSTEM MARKET: PORTER’S FIVE FORCES ANALYSIS 70
FIGURE 27 PORTER’S FIVE FORCES ANALYSIS: HVAC SYSTEM MARKET 70
5.5.1 DEGREE OF COMPETITION 71
5.5.2 BARGAINING POWER OF SUPPLIERS 71
5.5.3 BARGAINING POWER OF BUYERS 71
5.5.4 THREAT OF SUBSTITUTES 71
5.5.5 THREAT OF NEW ENTRANTS 71
5.6 KEY STAKEHOLDERS AND BUYING CRITERIA 72
5.6.1 KEY STAKEHOLDERS IN BUYING PROCESS 72
FIGURE 28 INFLUENCE OF STAKEHOLDERS ON BUYING PROCESS FOR TOP THREE APPLICATIONS 72
TABLE 5 INFLUENCE OF STAKEHOLDERS ON BUYING PROCESS FOR TOP THREE APPLICATIONS 72
5.6.2 BUYING CRITERIA 73
FIGURE 29 KEY BUYING CRITERIA FOR TOP THREE APPLICATIONS 73
TABLE 6 KEY BUYING CRITERIA FOR TOP THREE APPLICATIONS 73
5.7 TRENDS/DISRUPTIONS IMPACTING CUSTOMER BUSINESS 73
FIGURE 30 REVENUE SHIFT FOR PLAYERS IN HVAC SYSTEM MARKET 74
5.8 CASE STUDY ANALYSIS 74
5.8.1 TOWER OF LONDON INSTALLS HVAC SYSTEMS FROM AIREDALE 74
5.8.2 THE EBELL OF LOS ANGELES AND WILSHIRE EBELL THEATER HOUSE REPLACE OLD AND INEFFICIENT HVAC SYSTEMS 75
5.8.3 GEORGIA SCHOOL DISTRICT UPGRADES HVAC SYSTEMS AND LOWERS ENERGY COSTS 75
5.8.4 VIRGINIA DATA CENTER INSTALLATION IN MODULAR HVAC SYSTEMS 76
5.8.5 ALACHUA COUNTY LIBRARY DISTRICT IN GAINESVILLE, FLORIDA, IMPLEMENTS INNOVATIVE HVAC SOLUTIONS USING ICEBANK ENERGY STORAGE SYSTEM OF CALMAC 76
5.9 TECHNOLOGY ANALYSIS 77
5.9.1 KEY TECHNOLOGIES 77
5.9.1.1 Air conditioning units 77
5.9.1.2 Heating units 77
5.9.1.3 Ventilation systems 78
5.9.2 COMPLEMENTARY TECHNOLOGIES 78
5.9.2.1 Sensors 78
5.9.2.2 Building automation systems 78
5.9.3 ADJACENT TECHNOLOGIES 79
5.9.3.1 Software technologies 79
5.10 AVERAGE SELLING PRICE ANALYSIS 79
FIGURE 31 AVERAGE SELLING PRICE OF HVAC SYSTEM EQUIPMENT, BY APPLICATION 79
5.10.1 AVERAGE SELLING PRICES OF HVAC SYSTEM EQUIPMENT, BY APPLICATION (USD) 80
TABLE 7 AVERAGE SELLING PRICES OF HVAC SYSTEM EQUIPMENT, BY APPLICATION (USD) 80
5.10.2 AVERAGE SELLING PRICE TRENDS 80
FIGURE 32 AVERAGE SELLING PRICES OF DIFFERENT COOLING EQUIPMENT USED IN HVAC SYSTEMS (USD) 80
FIGURE 33 AVERAGE SELLING PRICES OF DIFFERENT HEATING EQUIPMENT USED IN HVAC SYSTEMS (USD) 81
FIGURE 34 AVERAGE SELLING PRICES OF DIFFERENT VENTILATION EQUIPMENT USED IN HVAC SYSTEMS (USD) 81
TABLE 8 HVAC INSTALLATION COSTS, BY TYPE, 2022 81
5.11 PATENT ANALYSIS 82
FIGURE 35 NUMBER OF PATENTS GRANTED IN HVAC SYSTEM MARKET, 2012–2023 82
TABLE 9 LIST OF PATENTS IN HVAC SYSTEM MARKET, 2021–2023 83
5.12 TRADE ANALYSIS 87
TABLE 10 IMPORT DATA, BY COUNTRY, 2018–2022 (USD MILLION) 87
FIGURE 36 IMPORT DATA, BY COUNTRY, 2018–2022 (USD MILLION) 88
TABLE 11 EXPORT DATA, BY COUNTRY, 2018–2022 (USD MILLION) 88
FIGURE 37 EXPORT DATA, BY COUNTRY, 2018–2022 (USD MILLION) 89
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5.13 TARIFF ANALYSIS 89
TABLE 12 MFN TARIFFS FOR HS CODE: 8415 EXPORTED BY US (2022) 89
TABLE 13 MFN TARIFFS FOR HS CODE: 8415 EXPORTED BY CHINA (2022) 90
TABLE 14 MFN TARIFF FOR HS CODE: 8415 EXPORTED BY INDIA (2022) 90
5.14 STANDARDS AND REGULATORY LANDSCAPE 91
5.14.1 REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS 91
5.14.1.1 North America: List of regulatory bodies, government agencies, and other organizations 91
TABLE 15 NORTH AMERICA: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS 91
5.14.1.2 Europe: List of regulatory bodies, government agencies, and other organizations 92
TABLE 16 EUROPE: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS 92
5.14.1.3 Asia Pacific: List of regulatory bodies, government agencies, and other organizations 93
TABLE 17 ASIA PACIFIC: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS 93
5.14.1.4 RoW: List of regulatory bodies, government agencies, and other organizations 94
TABLE 18 ROW: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS 94
5.14.2 STANDARDS & REGULATIONS RELATED TO HVAC SYSTEM MARKET 95
5.14.2.1 Environmental HVAC requirements 96
5.14.2.1.1 Current HCFC regulations 96
5.14.2.1.2 New HFC regulations 96
5.14.2.1.3 US regulations 96
5.14.2.1.4 Canadian regulations 96
5.14.2.2 HVAC efficiency standards 96
5.14.2.3 HVAC tech certifications 96
5.15 KEY CONFERENCES AND EVENTS, 2023–2024 97
TABLE 19 HVAC SYSTEM MARKET: DETAILED LIST OF CONFERENCES AND EVENTS 97
5.16 COMPANY INFORMATION FOR TOP HVAC SYSTEM MANUFACTURERS 98
5.17 TIER 2 AND TIER 3 SUPPLIERS OF HVAC SYSTEM MARKET 102
6 HVAC SYSTEM MARKET, BY COOLING EQUIPMENT 104
6.1 INTRODUCTION 105
FIGURE 38 UNITARY AIR CONDITIONERS TO HOLD LARGEST SHARE OF HVAC SYSTEM MARKET FOR COOLING EQUIPMENT IN 2028 105
TABLE 20 HVAC SYSTEM MARKET, BY COOLING EQUIPMENT, 2019–2022 (USD BILLION) 105
TABLE 21 HVAC SYSTEM MARKET, BY COOLING EQUIPMENT, 2023–2028 (USD BILLION) 106
TABLE 22 HVAC SYSTEM MARKET, BY COOLING EQUIPMENT, 2019–2022 (THOUSAND UNITS) 106
TABLE 23 HVAC SYSTEM MARKET, BY COOLING EQUIPMENT, 2023–2028 (THOUSAND UNITS) 106
6.2 UNITARY AIR CONDITIONERS 107
6.2.1 COMMERCIAL SEGMENT TO ACCOUNT FOR LARGEST SHARE OF COOLING EQUIPMENT MARKET FOR UNITARY AIR CONDITIONERS 107
6.2.1.1 Split air conditioners 107
6.2.1.2 Packaged air conditioners 108
TABLE 24 UNITARY AIR CONDITIONERS: HVAC SYSTEM MARKET, BY APPLICATION, 2019–2022 (USD MILLION) 109
TABLE 25 UNITARY AIR CONDITIONERS: HVAC SYSTEM MARKET, BY APPLICATION, 2023–2028 (USD MILLION) 109
TABLE 26 UNITARY AIR CONDITIONERS: HVAC SYSTEM MARKET, BY REGION, 2019–2022 (USD BILLION) 109
TABLE 27 UNITARY AIR CONDITIONERS: HVAC SYSTEM MARKET, BY REGION, 2023–2028 (USD BILLION) 110
6.3 VRF SYSTEMS 110
6.3.1 GROWING POPULARITY DUE TO ENERGY EFFICIENCY, FLEXIBILITY, AND ZONING CAPABILITIES 110
TABLE 28 VRF SYSTEMS: HVAC SYSTEM MARKET, BY APPLICATION, 2019–2022 (USD MILLION) 111
TABLE 29 VRF SYSTEMS: HVAC SYSTEM MARKET, BY APPLICATION, 2023–2028 (USD MILLION) 111
TABLE 30 VRF SYSTEMS: HVAC SYSTEM MARKET, BY REGION, 2019–2022 (USD MILLION) 111
TABLE 31 VRF SYSTEMS: HVAC SYSTEM MARKET, BY REGION, 2023–2028 (USD MILLION) 111
6.4 CHILLERS 112
6.4.1 DRIVES REFRIGERATION CYCLE OF COOLING EQUIPMENT 112
6.4.1.1 Scroll chillers 112
6.4.1.2 Screw chillers 113
6.4.1.3 Centrifugal chillers 113
6.4.1.4 Reciprocating chillers 114
6.4.1.5 Absorption chillers 115
TABLE 32 CHILLERS: HVAC SYSTEM MARKET, BY APPLICATION, 2019–2022 (USD BILLION) 115
TABLE 33 CHILLERS: HVAC SYSTEM MARKET, BY APPLICATION, 2023–2028 (USD BILLION) 115
TABLE 34 CHILLERS: HVAC SYSTEM MARKET, BY REGION, 2019–2022 (USD MILLION) 116
TABLE 35 CHILLERS: HVAC SYSTEM MARKET, BY REGION, 2023–2028 (USD MILLION) 116
6.5 ROOM AIR CONDITIONERS 116
6.5.1 RESIDENTIAL SEGMENT TO HOLD LARGEST SHARE OF ROOM AIR CONDITIONERS MARKET 116
TABLE 36 ROOM AIR CONDITIONERS: HVAC SYSTEM MARKET, BY APPLICATION, 2019–2022 (USD MILLION) 117
TABLE 37 ROOM AIR CONDITIONERS: HVAC SYSTEM MARKET, BY APPLICATION, 2023–2028 (USD MILLION) 118
TABLE 38 ROOM AIR CONDITIONERS: HVAC SYSTEM MARKET, BY REGION, 2019–2022 (USD MILLION) 118
TABLE 39 ROOM AIR CONDITIONERS: HVAC SYSTEM MARKET, BY REGION, 2023–2028 (USD MILLION) 118
6.6 COOLERS 119
6.6.1 RESIDENTIAL SEGMENT TO ACCOUNT FOR LARGEST SHARE OF COOLERS MARKET 119
6.6.1.1 Ducted coolers 119
6.6.1.2 Window coolers 120
TABLE 40 COOLERS: HVAC SYSTEM MARKET, BY APPLICATION, 2019–2022 (USD MILLION) 120
TABLE 41 COOLERS: HVAC SYSTEM MARKET, BY APPLICATION, 2023–2028 (USD MILLION) 120
TABLE 42 COOLERS: HVAC SYSTEM MARKET, BY REGION, 2019–2022 (USD MILLION) 121
TABLE 43 COOLERS: HVAC SYSTEM MARKET, BY REGION, 2023–2028 (USD MILLION) 121
6.7 COOLING TOWERS 121
6.7.1 ASIA PACIFIC TO HOLD LARGEST SHARE OF COOLING TOWERS MARKET 121
6.7.1.1 Evaporative cooling towers 122
6.7.1.2 Dry cooling towers 122
6.7.1.3 Hybrid cooling towers 123
TABLE 44 COOLING TOWERS: HVAC SYSTEM MARKET, BY APPLICATION, 2019–2022 (USD MILLION) 124
TABLE 45 COOLING TOWERS: HVAC SYSTEM MARKET, BY APPLICATION, 2023–2028 (USD MILLION) 124
TABLE 46 COOLING TOWERS: HVAC SYSTEM MARKET, BY REGION, 2019–2022 (USD MILLION) 124
TABLE 47 COOLING TOWERS: HVAC SYSTEM MARKET, BY REGION, 2023–2028 (USD MILLION) 124
7 HVAC SYSTEM MARKET, BY HEATING EQUIPMENT 125
7.1 INTRODUCTION 126
FIGURE 39 HEAT PUMPS TO HOLD LARGEST SHARE OF HVAC SYSTEM MARKET DURING FORECAST PERIOD 126
TABLE 48 HVAC SYSTEM MARKET, BY HEATING EQUIPMENT, 2019–2022 (USD BILLION) 126
TABLE 49 HVAC SYSTEM MARKET, BY HEATING EQUIPMENT, 2023–2028 (USD BILLION) 127
TABLE 50 HVAC SYSTEM MARKET, BY HEATING EQUIPMENT, 2019–2022 (MILLION UNITS) 127
TABLE 51 HVAC SYSTEM MARKET, BY HEATING EQUIPMENT, 2023–2028 (MILLION UNITS) 127
7.2 HEAT PUMPS 128
7.2.1 INCREASING ADOPTION OF COST-EFFECTIVE HEAT PUMPS 128
7.2.2 CASE STUDY: KING EDWARD VII HIGH SCHOOL INSTALLS HEAT PUMPS TO UTILIZE RENEWABLE ENERGY WITHIN BUDGET 129
7.2.2.1 Air-to-air heat pumps 129
7.2.2.2 Air-to-water heat pumps 129
7.2.2.3 Water-to-water heat pumps 129
TABLE 52 HEAT PUMPS: HVAC SYSTEM MARKET, BY APPLICATION, 2019–2022 (USD BILLION) 130
TABLE 53 HEAT PUMPS: HVAC SYSTEM MARKET, BY APPLICATION, 2023–2028 (USD BILLION) 130
TABLE 54 HEAT PUMPS: HVAC SYSTEM MARKET, BY REGION, 2019–2022 (USD BILLION) 130
TABLE 55 HEAT PUMPS: HVAC SYSTEM MARKET, BY REGION, 2023–2028 (USD BILLION) 130
7.3 FURNACES 131
7.3.1 LOW COST AND HIGH EFFICIENCY TO FUEL DEMAND FOR FURNACES 131
7.3.2 CASE STUDY: FURNACE REPLACEMENT FOR COLONIAL HOME INCREASES EFFICIENCY 131
7.3.2.1 Oil furnaces 131
7.3.2.2 Gas furnaces 132
7.3.2.3 Electric furnaces 132
TABLE 56 FURNACES: HVAC SYSTEM MARKET, BY APPLICATION, 2019–2022 (USD BILLION) 132
TABLE 57 FURNACES: HVAC SYSTEM MARKET, BY APPLICATION, 2023–2028 (USD BILLION) 132
TABLE 58 FURNACES: HVAC SYSTEM MARKET, BY REGION, 2019–2022 (USD MILLION) 132
TABLE 59 FURNACES: HVAC SYSTEM MARKET, BY REGION, 2023–2028 (USD MILLION) 133
7.4 UNITARY HEATERS 133
7.4.1 HIGH EFFICIENCY AND COST-EFFECTIVENESS OF UNITARY HEATERS TO BOOST MARKET GROWTH 133
7.4.1.1 Gas unit heaters 134
7.4.1.2 Oil-fired unit heaters 134
7.4.1.3 Electric unit heaters 134
TABLE 60 UNITARY HEATERS: HVAC SYSTEM MARKET, BY APPLICATION, 2019–2022 (USD BILLION) 134
TABLE 61 UNITARY HEATERS: HVAC SYSTEM MARKET, BY APPLICATION, 2023–2028 (USD BILLION) 135
TABLE 62 UNITARY HEATERS: HVAC SYSTEM MARKET, BY REGION, 2019–2022 (USD MILLION) 135
TABLE 63 UNITARY HEATERS: HVAC SYSTEM MARKET, BY REGION, 2023–2028 (USD MILLION) 135
7.5 BOILERS 135
7.5.1 RESIDENTIAL SEGMENT TO HOLD LARGEST SHARE OF HVAC SYSTEM MARKET FOR BOILERS 135
7.5.1.1 Steam boilers 136
7.5.1.2 Hot water boilers 136
TABLE 64 BOILERS: HVAC SYSTEM MARKET, BY APPLICATION, 2019–2022 (USD BILLION) 137
TABLE 65 BOILERS: HVAC SYSTEM MARKET, BY APPLICATION, 2023–2028 (USD BILLION) 137
TABLE 66 BOILERS: HVAC SYSTEM MARKET, BY REGION, 2019–2022 (USD MILLION) 137
TABLE 67 BOILERS: HVAC SYSTEM MARKET, BY REGION, 2023–2028 (USD MILLION) 137
8 HVAC SYSTEM MARKET, BY VENTILATION EQUIPMENT 138
8.1 INTRODUCTION 139
FIGURE 40 AIR-HANDLING UNITS SEGMENT TO HOLD LARGEST SHARE OF HVAC SYSTEM MARKET DURING FORECAST PERIOD 139
TABLE 68 HVAC SYSTEM MARKET, BY VENTILATION EQUIPMENT, 2019–2022 (USD BILLION) 139
TABLE 69 HVAC SYSTEM MARKET, BY VENTILATION EQUIPMENT, 2023–2028 (USD BILLION) 140
TABLE 70 HVAC SYSTEM MARKET, BY VENTILATION EQUIPMENT, 2019–2022 (MILLION UNITS) 140
TABLE 71 HVAC SYSTEM MARKET, BY VENTILATION EQUIPMENT, 2023–2028 (MILLION UNITS) 140
8.2 AIR-HANDLING UNITS 141
8.2.1 VARIABLE FREQUENCY DRIVES USED IN AIR-HANDLING UNIT TO CONTROL MOTOR SPEED 141
TABLE 72 AIR-HANDLING UNITS: HVAC SYSTEM MARKET, BY APPLICATION, 2019–2022 (USD BILLION) 142
TABLE 73 AIR-HANDLING UNITS: HVAC SYSTEM MARKET, BY APPLICATION, 2023–2028 (USD BILLION) 142
TABLE 74 AIR-HANDLING UNITS: HVAC SYSTEM MARKET, BY REGION, 2019–2022 (USD BILLION) 142
TABLE 75 AIR-HANDLING UNITS: HVAC SYSTEM MARKET, BY REGION, 2023–2028 (USD BILLION) 143
8.3 AIR FILTERS 143
8.3.1 ASIA PACIFIC TO HOLD LARGEST SHARE OF AIR FILTERS MARKET 143
TABLE 76 AIR FILTERS: HVAC SYSTEM MARKET, BY APPLICATION, 2019–2022 (USD BILLION) 144
TABLE 77 AIR FILTERS: HVAC SYSTEM MARKET, BY APPLICATION, 2023–2028 (USD BILLION) 144
TABLE 78 AIR FILTERS: HVAC SYSTEM MARKET, BY REGION, 2019–2022 (USD MILLION) 144
TABLE 79 AIR FILTERS: HVAC SYSTEM MARKET, BY REGION, 2023–2028 (USD MILLION) 144
8.4 DEHUMIDIFIERS 145
8.4.1 INDUSTRIAL SEGMENT TO ACCOUNT FOR LARGEST SHARE OF HVAC SYSTEM MARKET FOR DEHUMIDIFIERS 145
8.4.1.1 Refrigeration dehumidifiers 145
8.4.1.2 Absorption dehumidifiers 146
TABLE 80 DEHUMIDIFIERS: HVAC SYSTEM MARKET, BY APPLICATION, 2019–2022 (USD BILLION) 146
TABLE 81 DEHUMIDIFIERS: HVAC SYSTEM MARKET, BY APPLICATION, 2023–2028 (USD BILLION) 147
TABLE 82 DEHUMIDIFIERS: HVAC SYSTEM MARKET, BY REGION, 2019–2022 (USD MILLION) 147
TABLE 83 DEHUMIDIFIERS: HVAC SYSTEM MARKET, BY REGION, 2023–2028 (USD MILLION) 147
8.5 VENTILATION FANS 147
8.5.1 ASIA PACIFIC TO HOLD LARGEST SHARE OF VENTILATION FANS MARKET 147
8.5.1.1 Crossflow fans 148
8.5.1.2 Axial fans 149
8.5.1.3 Centrifugal fans 149
8.5.1.4 Domestic fans 149
8.5.1.5 Range hood fans 149
8.5.1.6 Power roof fans 150
TABLE 84 VENTILATION FANS: HVAC SYSTEM MARKET, BY APPLICATION, 2019–2022 (USD BILLION) 150
TABLE 85 VENTILATION FANS: HVAC SYSTEM MARKET, BY APPLICATION, 2023–2028 (USD BILLION) 150
TABLE 86 VENTILATION FANS: HVAC SYSTEM MARKET, BY REGION, 2019–2022 (USD MILLION) 151
TABLE 87 VENTILATION FANS: HVAC SYSTEM MARKET, BY REGION, 2023–2028 (USD MILLION) 151
8.6 HUMIDIFIERS 151
8.6.1 CHANGING WEATHER PATTERNS AND INCREASING INDOOR AIR POLLUTION 151
8.6.1.1 Warm-mist humidifiers 152
8.6.1.2 Ultrasonic humidifiers 152
8.6.1.3 Cool-mist humidifiers 153
TABLE 88 HUMIDIFIERS: HVAC SYSTEM MARKET, BY APPLICATION, 2019–2022 (USD MILLION) 153
TABLE 89 HUMIDIFIERS: HVAC SYSTEM MARKET, BY APPLICATION, 2023–2028 (USD MILLION) 153
TABLE 90 HUMIDIFIERS: HVAC SYSTEM MARKET, BY REGION, 2019–2022 (USD MILLION) 153
TABLE 91 HUMIDIFIERS: HVAC SYSTEM MARKET, BY REGION, 2023–2028 (USD MILLION) 154
8.7 AIR PURIFIERS 154
8.7.1 USED IN HOMES AND WORKPLACES TO IMPROVE INDOOR AIR QUALITY AND CONTROL SYMPTOMS OF ALLERGIES AND ASTHMA 154
8.7.1.1 HEPA air purifiers 155
8.7.1.2 Activated carbon air purifiers 155
8.7.1.3 Electrostatic air purifiers 155
8.7.1.4 Ionic air purifiers 155
TABLE 92 AIR PURIFIERS: HVAC SYSTEM MARKET, BY APPLICATION, 2019–2022 (USD MILLION) 156
TABLE 93 AIR PURIFIERS: HVAC SYSTEM MARKET, BY APPLICATION, 2023–2028 (USD MILLION) 156
TABLE 94 AIR PURIFIERS: HVAC SYSTEM MARKET, BY REGION, 2019–2022 (USD MILLION) 156
TABLE 95 AIR PURIFIERS: HVAC SYSTEM MARKET, BY REGION, 2023–2028 (USD MILLION) 157
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9 HVAC SYSTEM MARKET, BY IMPLEMENTATION TYPE 158
9.1 INTRODUCTION 159
FIGURE 41 HVAC SYSTEM MARKET FOR NEW CONSTRUCTIONS TO WITNESS HIGHEST CAGR DURING FORECAST PERIOD 159
TABLE 96 HVAC SYSTEM MARKET, BY IMPLEMENTATION TYPE, 2019–2022 (USD BILLION) 159
TABLE 97 HVAC SYSTEM MARKET, BY IMPLEMENTATION TYPE, 2023–2028 (USD BILLION) 159
9.2 NEW CONSTRUCTION 160
9.2.1 GROWING URBANIZATION TO BENEFIT MARKET 160
9.3 RETROFIT 161
9.3.1 GOVERNMENT REGULATIONS FOR GREEN BUILDINGS 161
10 HVAC SYSTEM MARKET, BY APPLICATION 163
10.1 INTRODUCTION 164
FIGURE 42 HVAC SYSTEM MARKET FOR COMMERCIAL APPLICATIONS TO ATTAIN HIGHEST MARKET SHARE DURING FORECAST PERIOD 164
TABLE 98 HVAC SYSTEM MARKET, BY APPLICATION, 2019–2022 (USD BILLION) 164
TABLE 99 HVAC SYSTEM MARKET, BY APPLICATION, 2023–2028 (USD BILLION) 164
10.2 COMMERCIAL 165
10.2.1 GROWING ADOPTION OF ENERGY-EFFICIENT EQUIPMENT TO BOOST HVAC SYSTEM MARKET FOR COMMERCIAL SPACES 165
TABLE 100 COMMERCIAL: HVAC SYSTEM MARKET, BY TYPE, 2019–2022 (USD BILLION) 166
TABLE 101 COMMERCIAL: HVAC SYSTEM MARKET, BY TYPE, 2023–2028 (USD BILLION) 166
TABLE 102 COMMERCIAL: HVAC SYSTEM MARKET, BY COOLING EQUIPMENT, 2019–2022 (USD MILLION) 166
TABLE 103 COMMERCIAL: HVAC SYSTEM MARKET, BY COOLING EQUIPMENT, 2023–2028 (USD MILLION) 167
TABLE 104 COMMERCIAL: HVAC SYSTEM MARKET, BY HEATING EQUIPMENT, 2019–2022 (USD BILLION) 167
TABLE 105 COMMERCIAL: HVAC SYSTEM MARKET, BY HEATING EQUIPMENT, 2023–2028 (USD BILLION) 167
TABLE 106 COMMERCIAL: HVAC SYSTEM MARKET, BY VENTILATION EQUIPMENT, 2019–2022 (USD MILLION) 168
TABLE 107 COMMERCIAL: HVAC SYSTEM MARKET, BY VENTILATION EQUIPMENT, 2023–2028 (USD MILLION) 168
10.2.1.1 Offices 168
10.2.1.2 Governments 169
10.2.1.3 Healthcare 169
10.2.1.4 Education 170
10.2.1.5 Retail 170
10.2.1.6 Airports 171
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10.3 RESIDENTIAL 171
10.3.1 GOVERNMENT REGULATIONS AND TAX CREDIT PROGRAMS TO PROMOTE USE OF HVAC SYSTEMS IN RESIDENTIAL APPLICATIONS 171
TABLE 108 RESIDENTIAL: HVAC SYSTEM MARKET, BY COOLING EQUIPMENT, 2019–2022 (USD MILLION) 172
TABLE 109 RESIDENTIAL: HVAC SYSTEM MARKET, BY COOLING EQUIPMENT, 2023–2028 (USD MILLION) 172
TABLE 110 RESIDENTIAL: HVAC SYSTEM MARKET, BY HEATING EQUIPMENT, 2019–2022 (USD BILLION) 173
TABLE 111 RESIDENTIAL: HVAC SYSTEM MARKET, BY HEATING EQUIPMENT, 2023–2028 (USD BILLION) 173
TABLE 112 RESIDENTIAL: HVAC SYSTEM MARKET, BY VENTILATION EQUIPMENT, 2019–2022 (USD MILLION) 173
TABLE 113 RESIDENTIAL: HVAC SYSTEM MARKET, BY VENTILATION EQUIPMENT, 2023–2028 (USD MILLION) 174
10.4 INDUSTRIAL 174
10.4.1 GROWING USE OF ENERGY-EFFICIENT HVAC SYSTEMS IN INDUSTRIAL SPACES TO REDUCE OPERATIONAL COSTS AND SAVE ENERGY 174
TABLE 114 INDUSTRIAL: HVAC SYSTEM MARKET, BY COOLING EQUIPMENT, 2019–2022 (USD MILLION) 175
TABLE 115 INDUSTRIAL: HVAC SYSTEM MARKET, BY COOLING EQUIPMENT, 2023–2028 (USD MILLION) 175
TABLE 116 INDUSTRIAL: HVAC SYSTEM MARKET, BY HEATING EQUIPMENT, 2019–2022 (USD BILLION) 175
TABLE 117 INDUSTRIAL: HVAC SYSTEM MARKET, BY HEATING EQUIPMENT, 2023–2028 (USD BILLION) 176
TABLE 118 INDUSTRIAL: HVAC SYSTEM MARKET, BY VENTILATION EQUIPMENT, 2019–2022 (USD MILLION) 176
TABLE 119 INDUSTRIAL: HVAC SYSTEM MARKET, BY VENTILATION EQUIPMENT, 2023–2028 (USD MILLION) 176
11 HVAC SYSTEM MARKET, BY REGION 177
11.1 INTRODUCTION 178
FIGURE 43 ASIA PACIFIC REGION TO HOLD LARGEST SHARE IN HVAC SYSTEM MARKET DURING FORECAST PERIOD 178
TABLE 120 HVAC SYSTEM MARKET, BY REGION, 2019–2022 (USD BILLION) 178
TABLE 121 HVAC SYSTEM MARKET, BY REGION, 2023–2028 (USD BILLION) 179
TABLE 122 COOLING EQUIPMENT: HVAC SYSTEM MARKET, BY REGION, 2019–2022 (MILLION UNITS) 179
TABLE 123 COOLING EQUIPMENT: HVAC SYSTEM MARKET, BY REGION, 2023–2028 (MILLION UNITS) 179
TABLE 124 HEATING EQUIPMENT: HVAC SYSTEM MARKET, BY REGION, 2019–2022 (MILLION UNITS) 180
TABLE 125 HEATING EQUIPMENT: HVAC SYSTEM MARKET, BY REGION, 2023–2028 (MILLION UNITS) 180
TABLE 126 VENTILATION EQUIPMENT: HVAC SYSTEM MARKET, BY REGION, 2019–2022 (MILLION UNITS) 180
TABLE 127 VENTILATION EQUIPMENT: HVAC SYSTEM MARKET, BY REGION, 2023–2028 (MILLION UNITS) 181
11.2 NORTH AMERICA 181
11.2.1 NORTH AMERICA: IMPACT OF RECESSION 182
FIGURE 44 NORTH AMERICA: HVAC SYSTEM MARKET SNAPSHOT 183
TABLE 128 NORTH AMERICA: HVAC SYSTEM MARKET, BY EQUIPMENT TYPE, 2019–2022 (USD BILLION) 184
TABLE 129 NORTH AMERICA: HVAC SYSTEM MARKET, BY EQUIPMENT TYPE, 2023–2028 (USD BILLION) 184
TABLE 130 NORTH AMERICA: HVAC SYSTEM MARKET, BY COUNTRY, 2019–2022 (USD BILLION) 184
TABLE 131 NORTH AMERICA: HVAC SYSTEM MARKET, BY COUNTRY, 2023–2028 (USD BILLION) 184
11.2.2 US 185
11.2.2.1 Increasing number of construction projects 185
11.2.3 CANADA 186
11.2.3.1 Government initiatives to save energy 186
11.2.4 MEXICO 186
11.2.4.1 Increasing focus on promoting use of energy-efficient HVAC systems 186
11.3 EUROPE 187
11.3.1 EUROPE: IMPACT OF RECESSION 188
FIGURE 45 EUROPE: HVAC SYSTEM MARKET SNAPSHOT 189
TABLE 132 EUROPE: HVAC SYSTEM MARKET, BY EQUIPMENT TYPE, 2019–2022 (USD BILLION) 189
TABLE 133 EUROPE: HVAC SYSTEM MARKET, BY EQUIPMENT TYPE, 2023–2028 (USD BILLION) 190
TABLE 134 EUROPE: HVAC SYSTEM MARKET, BY COUNTRY, 2019–2022 (USD BILLION) 190
TABLE 135 EUROPE: HVAC SYSTEM MARKET, BY COUNTRY, 2023–2028 (USD BILLION) 190
11.3.2 UK 190
11.3.2.1 High demand for energy-efficient devices from commercial and residential users 190
11.3.3 GERMANY 191
11.3.3.1 Increasing innovations in software solutions for HVAC professionals 191
TABLE 136 GERMAN GREENHOUSE GAS EMISSIONS REDUCTION TARGETS, 2030 192
11.3.4 FRANCE 192
11.3.4.1 Rising focus on reducing greenhouse gases 192
11.3.5 REST OF EUROPE 193
11.4 ASIA PACIFIC 194
11.4.1 ASIA PACIFIC: IMPACT OF RECESSION 194
FIGURE 46 ASIA PACIFIC: HVAC SYSTEM MARKET SNAPSHOT 195
TABLE 137 ASIA PACIFIC: HVAC SYSTEM MARKET, BY EQUIPMENT TYPE, 2019–2022 (USD BILLION) 195
TABLE 138 ASIA PACIFIC: HVAC SYSTEM MARKET, BY EQUIPMENT TYPE, 2023–2028 (USD BILLION) 196
TABLE 139 ASIA PACIFIC: HVAC SYSTEM MARKET, BY COUNTRY, 2019–2022 (USD BILLION) 196
TABLE 140 ASIA PACIFIC: HVAC SYSTEM MARKET, BY COUNTRY, 2023–2028 (USD BILLION) 196
11.4.2 CHINA 196
11.4.2.1 Growing industrialization and urbanization 196
11.4.3 JAPAN 198
11.4.3.1 Strict regulations for energy conservation 198
11.4.4 INDIA 198
11.4.4.1 Surging need to save energy to boost demand 198
11.4.5 REST OF ASIA PACIFIC 199
11.5 ROW 200
11.5.1 ROW: IMPACT OF RECESSION 200
TABLE 141 ROW: HVAC SYSTEM MARKET, BY EQUIPMENT TYPE, 2019–2022 (USD BILLION) 200
TABLE 142 ROW: HVAC SYSTEM MARKET, BY EQUIPMENT TYPE, 2023–2028 (USD BILLION) 200
TABLE 143 ROW: HVAC SYSTEM MARKET, BY COUNTRY, 2019–2022 (USD BILLION) 201
TABLE 144 ROW: HVAC SYSTEM MARKET, BY COUNTRY, 2023–2028 (USD BILLION) 201
11.5.2 SOUTH AMERICA 201
11.5.2.1 Strong focus on infrastructure development 201
11.5.3 MIDDLE EAST & AFRICA 202
11.5.3.1 Stringent regulations for enhancing energy performance of buildings 202
12 COMPETITIVE LANDSCAPE 203
12.1 OVERVIEW 203
12.2 KEY PLAYER STRATEGIES 203
TABLE 145 OVERVIEW OF STRATEGIES DEPLOYED BY HVAC SYSTEM OEMS 203
12.3 COMPANY REVENUE ANALYSIS, 2020–2022 206
FIGURE 47 THREE-YEAR REVENUE ANALYSIS OF TOP FIVE PLAYERS, 2020–2022 206
12.4 MARKET SHARE ANALYSIS, 2022 206
FIGURE 48 SHARE OF MAJOR PLAYERS IN HVAC SYSTEM MARKET, 2022 206
TABLE 146 HVAC SYSTEM MARKET: DEGREE OF COMPETITION 207
12.5 COMPANY EVALUATION QUADRANT 208
12.5.1 STARS 208
12.5.2 PERVASIVE PLAYERS 208
12.5.3 EMERGING LEADERS 208
12.5.4 PARTICIPANTS 209