The global HVAC systems market size was estimated at USD 233.55 billion in 2023 and is projected to grow at a compound annual growth rate (CAGR) of 7.4% from 2024 to 2030. The market growth is driven by the rising need for cost-effective and energy-efficient space cooling and heating applications in the commercial and industrial sectors. Furthermore, rising demand for the high seasonal coefficient of performance (SCOP) heating equipment, which can be efficient in both winter and summer, is expected to fuel the product demand. Moreover, the growing global population is increasing the requirements for affordable housing units and enhanced commercial infrastructure.

According to the United Nations, the global population is expected to reach 9.7 billion in 2050, exhibiting a growth of 2 billion in the next 30 years. This significant increase in the global population is facilitated by the improving standard of living of the masses, increasing lifespan, decreasing mortality rate, and ongoing advancements in medical technologies and medicines. As such, new housing projects are being launched worldwide. This is expected to positively impact market growth. Rapid urbanization coupled with increasing demand for energy-efficient products is expected to drive the demand for heat pumps in the residential sector. Favorable government initiatives and tax rebates offered on the installation of energy-saving products are expected to propel product demand.

Gather more insights about the market drivers, restrains and growth of the Global HVAC systems market

HVAC Systems Market Segments Highlights:

1. The heat pump equipment segment led the market and accounted for a share of 37.8% in 2023. The demand for heat pumps is experiencing a notable surge driven by a growing emphasis on energy efficiency, environmental sustainability, and a shift toward renewable heating solutions.

2. The demand for air purifiers is witnessing a robust increase as concerns about indoor air quality and respiratory health grow worldwide.

3. The residential segment registered lucrative growth from 2024 to 2030. An increase in multi-family and individual homeowners is creating avenues for the residential HVAC segment.

4. Asia Pacific led the market and accounted for a share of 46.5% in 2023. Factors, such as improving economic conditions, rapid industrialization, and commercialization, are anticipated to have a positive impact on the market growth.

5. The growth of the construction industry in Canada can be attributed to the increasing demand for residential, commercial, and industrial spaces. The Government of Canada intends to spend USD 22.1 billion on social infrastructure development projects and residential building construction activities until 2027.

6. The market in France is expected to witness growth in the coming years owing to increasing emphasis on energy efficiency.

7. The market in China is expected to witness growth in the coming years owing to government initiatives and subsidiary plans. For instance, in China, subsidies under the Air Pollution Prevention and Control Action Plan are helping reduce the upfront installation and equipment costs.

8. The market growth in Brazil is driven by rising investments in the technology and IT sector.

9. The market in Saudi Arabia is experiencing significant growth driven by factors, such as rapid urbanization, increased construction activities, and a focus on energy-efficient solutions.

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HVAC Systems Market Segmentation

Grand View Research has segmented the global HVAC Systems market on the basis of equipment, end-use, and region:

HVAC Systems Equipment Outlook (Revenue, USD Billion, 2018 - 2030)

1. Heat Pump

2. Furnace

3. Unitary Heaters

4. Boilers

5. Air Purifier

6. Dehumidifier

7. Air Handling Units

8. Ventilation Fans

9. Air Conditioning

10. Chillers

11. Cooling Towers

12. Others

HVAC Systems End-use Outlook (Revenue, USD Billion, 2018 - 2030)

1. Residential

2. Commercial

3. Industrial

HVAC Systems Region Outlook (Revenue, USD Billion, 2018 - 2030)

1. North America

2. Europe

3. Asia Pacific

4. Central & South America

5. Middle East & Africa

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