Meticulous Research® recently released a comprehensive report titled “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.” According to the report, the global HVAC market is projected to reach $456.6 billion by 2031, growing at a CAGR of 7.8% during the forecast period of 2024–2031.

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Key factors contributing to the market's growth include increased urbanization, rising levels of indoor air pollution, and the growing demand for comfort and convenience among consumers. Additionally, the rapid growth of e-commerce platforms and government initiatives to improve air quality are driving the market forward. However, the high cost of HVAC systems and reluctance among consumers to adopt new technologies could hinder growth.

Despite these challenges, advancements in HVAC technologies—particularly in air conditioners with inverter and air purification features—are expected to present lucrative opportunities for market stakeholders. However, penetrating developing regions remains a major challenge due to infrastructure limitations and cost concerns.

The HVAC market is categorized by offering into components and services. Components are expected to dominate the market in 2024, with over 84% of the market share. This is driven by the increasing use of air conditioning and ventilation systems to manage indoor air quality, reduce humidity, and optimize airflow.

In contrast, the services segment is forecast to experience the highest growth rate, driven by the increasing demand for installation, repair, and maintenance services to enhance productivity and indoor air quality. Compliance with stringent building codes and air quality regulations will further drive demand in this sector.

When segmented by system, secondary HVAC systems are expected to account for a majority share of over 66% by 2024. The widespread use of secondary systems such as air handlers and ventilation units to improve air quality and reduce energy consumption is a key driver of this trend.

The distribution mode of HVAC systems is divided into centralized and decentralized systems. Decentralized systems are projected to hold a larger market share, with 72% in 2024, as they offer greater energy efficiency, lower costs, and enhanced flexibility in smaller areas. Their redundancy features make maintenance and repairs more manageable.

In terms of system types, split systems are anticipated to capture the largest share of the market, at over 28%, due to their ability to provide efficient zoning for different areas of a building. However, ductless mini-split systems are expected to register the highest growth rate during the forecast period, driven by the demand for energy-efficient solutions in both residential and commercial spaces.

When considering portability, in-duct/fixed systems are expected to lead the market with a 59% share in 2024. However, portable systems are set to witness the highest CAGR as consumers seek more versatile and easily installable HVAC units, particularly in residential applications.

Geographically, Asia-Pacific is poised to dominate the global HVAC market, accounting for more than 45% of the market by 2024. Rapid urbanization, increasing disposable incomes, and significant investments in infrastructure are driving demand for advanced HVAC systems across the region.

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.).

To gain more insights into the market with a detailed table of content and figures, click here: https://www.meticulousresearch.com/product/hvac-market-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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