1. Market Research
  2. > Construction
  3. > Building Products
  4. > HVAC Market Trends
Global HVAC Market Analysis & Trends - Industry Forecast to 2028

Global HVAC Market Analysis & Trends - Industry Forecast to 2028

  • July 2021
  • 173 pages
  • ID: 4169121
  • Format: PDF
  • Accuray Research LLP


Table of Contents

HVAC: Market Size

From $193.93 billion in 2020, the global HVAC market is projected to reach $320.96 billion by 2028. Based on our analysis the market is expected to grow at a CAGR of 6.5% from 2020 - 2028 timeframe.

Some of the prominent trends that the market is witnessing includes increasing evolution of the current energy smart grid, growing solar methods of HVAC in the field of sustainable energy and growing trend of smart homes.

Global HVAC Market: Market Dynamics

The heating ventilation and air conditioning market are growing tremendously and rapidly due to its benefits in controlling indoor temperature. People, owing to the growing population as well as organizations required ample additional facilities than before. Also as technology is developing and people are getting better at lifestyle and income it is very casual for people to find comfort. Similarly, due to global warming and temperature variations every year, indoor temperature control is essential. Henceforth in all this HVAC adds its value and benefits the people.

For instance, the government introduced the smart cities mission in 2015 to create energy-efficient infrastructure in metropolitan spaces and endorses green technologies in the construction industry. HVAC systems play an instrumental role in reducing the carbon footprint of reducing pollution levels, urban sprawls, and achieving far-reaching sustainability targets. Simultaneously, these aspects are possibly to fuel the heating, ventilation, and cooling system market progress shortly.

On the other hand, the higher installation cost of energy-efficient HVAC is likely to obstruct the profit boundaries. In addition, the rising insistence for energy-efficient solutions will further boost the HVAC market.

Impact of COVID-19 on HVAC

The outbreak of COVID-19 has had a significant impact on the HVAC Market. The outspread of the novel coronavirus in 2020 caused the closing down of production plants across the globe in the first quarter. Thereby, numerous major players recorded extensive revenue drop in the first part of 2020. Though, pent-up demand and growing consciousness about disinfected surroundings have resulted in higher product sales in recent times and are predictable to remain in the following years in the form of huge downfall in sales besides manufacturing activities. The drop in the customer expenditure on non-essential goods during the pandemic has resulted in additional deepening of market growth as HVAC businesses have seen a prominent decrease in business. But, some commercial HVAC businesses have seen a rise in service calls coming from “essential” buildings, such as grocery stores and healthcare facilities, for regular servicing, maintenance, and replacement of their HVAC systems.

By End User

Commercial Segment, Dominate the Market in 2020

The commercial segment made huge revenue in 2020 and growing its prominence during the forecast period. The demand for heating, ventilation, and air conditioning appliances and fixture generates largely in advanced economies as there are growing offices and commercial construction projects. Moreover, housing building projects with a need for heating, ventilation, and air conditioning appliances unit fixtures are estimated to grow in near future.

By Geography

Asia Pacific Region is Leading in the Global Market Place

Asia Pacific is likely to have a huge demand in the forecast period, owing to the account of a rising population, climatic situations, growing urbanization, and demographic changes in the province. The province possesses the major industry market share of heating, ventilation, and air conditioning appliances HVAC, and the demand is anticipated to upsurge, even more, making more opportunities for industry expansion over the coming years.

List of the Key Players Profiled in the Market Include:

• Carrier Global Corporation
• Daikin Industries, Ltd
• Emerson Electric Co.
• Fujitsu Limited
• Haier Group
• Honeywell International Inc.
• Johnson Controls, Inc
• Lennox International Inc.
• LG Electronics, Inc.
• Midea Group Co., Ltd.
• Samsung Electronics Co. Ltd.
• Trane
• Zamil Industrial

List of the Regions/Countries Profiled in the Market Include:

North America
• US
• Canada
• Mexico
• Germany
• U.K
• Italy
• France
• Spain
• Rest of Europe
Asia Pacific
• China
• Japan
• India
• Australia
• New Zealand
• Rest of Asia Pacific
Middle East
• Saudi Arabia
• Rest of Middle East
Latin America
• Argentina
• Brazil
• Rest of Latin America
Rest of the World (RoW)
• South Africa
• Others

Get Industry Insights. Simply.

  • Latest reports & slideshows with insights from top research analysts
  • 150+ Million searchable statistics with tables, figures & datasets
  • More than 25,000 trusted sources
  • Single User License — provides access to the report by one individual.
  • Department License — allows you to share the report with up to 5 users
  • Site License — allows the report to be shared amongst all employees in a defined country
  • Corporate License — allows for complete access, globally.

ReportLinker may already be registered as a supplier with your company. If you want to Order by PO, check with us first and we'll let you know if we are a registered supplier and what the vendor number is. Otherwise, we'll provide you with the necessary information to register ReportLinker as a vendor.

Ahmad helps you find the right report:

The research specialist advised us on the best content for our needs and provided a great report and follow-up, thanks very much we shall look at ReportLinker in the future.

Kate Merrick

Global Marketing Manager at
Eurotherm by Schneider Electric

We were impressed with the support that ReportLinker’s research specialists’ team provided. The report we purchased was useful and provided exactly what we want.

Category Manager at

ReportLinker gave access to reliable and useful data while avoiding dispersing resources and spending too much time on unnecessary research.

Executive Director at
PwC Advisory

The customer service was fast, responsive, and 100% professional in all my dealings (...) If we have more research needs, I'll certainly prioritize working with ReportLinker!

Scott Griffith

Vice President Marketing at
Maurice Sporting Goods

The research specialist provided prompt, helpful instructions for accessing ReportLinker's product. He also followed up to make sure everything went smoothly and to ensure an easy transition to the next stage of my research

Jessica P Huffman

Research Associate at
American Transportation Research Institute

Excellent customer service. Very responsive and fast.

Director, Corporate Strategy at

I reached out to ReportLinker for a detailed market study on the Air Treatment industry. The quality of the report, the research specialist’s willingness to solve my queries exceeded my expectations. I would definitely recommend ReportLinker for in-depth industry information.

Mariana Mendoza

Global Platform Senior Manager at
Whirlpool Corporation

Thanks! I like what you've provided and will certainly come back if I need to do further research works.

Bee Hin Png

CEO at
LDR Pte Ltd

The research specialist advised us on the best content for our needs and provided a great report and follow-up, thanks very much we shall look at ReportLinker in the future.

Kate Merrick

Global Marketing Manager at
Eurotherm by Schneider Electric

  • How we can help
    • I am not sure if the report I am interested in will fulfill my needs. Can you help me?
    • Yes, of course. You can call us at +33(0) 4 37 65 17 03 or drop us an email at [email protected] to let us know more about your requirements.
    • We buy reports often - can ReportLinker get me any benefits?
    • Yes. Set up a call with a Senior Research Advisor to learn more - [email protected] or +33(0) 4 37 65 17 03.
    • I have had negative experiences with market research reports before. How can you avoid this from happening again?
    • We advise all clients to read the TOC and Summary and list your questions so that we can get more insight for you before you make any purchase decision. A research advisor will accompany you so that you can compare samples and reports from different sources, and choose the study that is right for you.

  • Report Delivery
    • How and when I will receive my Report?
    • Most reports are delivered right away in a pdf format, while others are accessed via a secure link and access codes. Do note that sometimes reports are sent within a 12 hour period, depending on the time zones. However, you can contact us to escalate this. Should you need a hard copy, you can check if this option is offered for the particular report, and pay the related fees.
  • Payment conditions
    • What payment methods do you accept?
      1. Credit card : VISA, American Express, Mastercard, or
      2. You can download an invoice to pay by wire transfer, check, or via a Purchase Order from your company, or
      3. You can pay via a Check made out in US Dollars, Euros, or British Pounds for the full amount made payable to ReportLinker
    • What are ReportLinker’s Payment Terms?
    • All payments must normally be submitted within 30 days. However, you can let us know if you need extended time.
    • Are Taxes and duties included?
    • All companies based in France must pay a 20% tax per report. The same applies to all individuals based in the EU. All EU companies must supply their VAT number when purchasing to avoid this charge.
    • I’m not satisfied. Can I be refunded?
    • No. Once your order has been processed and the publisher has received a notification to send you the report, we cannot issue any refund or cancel any order. As these are not ‘traditional’ products that can be returned, reports that are dispatched are considered to be ‘consumed’.
  • User license
    • The license that you should acquire depends on the number of persons that need to access the report. This can range from Single User (only one person will have the right to read or access the report), or Department License (up to 5 persons), to Site License (a group of persons based in the same company location), or Corporate License (the entire company personnel based worldwide). However, as publishers have different terms and conditions, we can look into this for you.


Reportlinker.com © Copyright 2021. All rights reserved.

ReportLinker simplifies how Analysts and Decision Makers get industry data for their business.

Make sure you don’t miss any news and follow us on