The global HVAC system market is projected to grow by USD 56.3 billion from 2024-2028, with a CAGR of 6.78% during the forecast period. The increasing demand for inverter HVAC systems is a key driver of market growth, along with the rising popularity of smart HVAC systems. However, a lack of skilled labor poses a challenge for the market.
Key players in the market include Carrier Global Corp., Daikin Industries Ltd., Danfoss AS, Emerson Electric Co., and more. The HVAC system market is experiencing significant growth due to the need for energy-efficient solutions and increasing climatic changes. Air conditioners, smart HVAC systems, and energy consumption data are at the forefront of this trend. Indoor air quality is a major concern, leading to the demand for air filters, UV C sterilization, and ventilation solutions.
The HVAC system market faces challenges such as climatic changes and energy consumption concerns. Smart HVAC systems offer solutions to improve energy efficiency and indoor air quality, while green building strategies are being adopted to address sustainability concerns. The market is also focusing on addressing challenges such as moisture, smoke, heat, dust, bacteria, and carbon dioxide in buildings.
The market is segmented by end-user (non-residential and residential), type (split system, ductless system, and packaged system), and geography (APAC, Europe, North America, Middle East and Africa, and South America). The non-residential segment is the largest and is expected to continue dominating the market during the forecast period. The growth of the construction sector and increasing infrastructural investments are key drivers in this segment.
Overall, the HVAC system market is witnessing significant growth driven by the need for energy-efficient solutions, smart HVAC systems, and green building strategies. The market is evolving to address challenges related to energy consumption, indoor air quality, and sustainability. Key players in the market are focusing on innovation and technological advancements to meet the growing demand for climate control solutions in both residential and commercial sectors.
