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Heating, Ventilation, and Cooling (HVAC) System Market Worth USD 202.14 Billion at 5.1% CAGR by 2028 Backed by Increasing Consumer Spending Capacity in Asia-Pacific

·8-min read

Key Companies Covered in HVAC System Market Research Report are Johnson Controls, DAIKIN INDUSTRIES, Ltd., Mitsubishi Electric Corporation, Carrier, GREE ELECTRIC APPLIANCES, INC., Schneider Electric, Lennox International Inc., Haier Inc., LG Electronics, SAMSUNG, Panasonic Corporation, AB Electrolux, Nortek Global HVAC LLC, Emerson Electric Co., Danfoss A/S, FERROLI S.p.A. C.F. epVA., Vaillant Group, Armstrong Fluid Technology, Robert Bosch LLC, Evapco, Inc.

Pune, India, Sept. 20, 2021 (GLOBE NEWSWIRE) -- The global HVAC system market size is expected to showcase exponential growth by reaching USD 202.14 billion by 2028 while exhibiting a CAGR of 5.1% between 2021 and 2028. This information is published by Fortune Business Insights in its latest report, titled “Heating, Ventilation, and Cooling (HVAC) System Market, 2021-2028”. The report further mentions that the market stood at USD 136.15 billion in 2020. According to the World Health Organization (WHO), around 4 million people die prematurely from illnesses such as lung cancer and ischemic heart disease, developed due to household pollutants. Heating, ventilation, and cooling systems provide an optimal solution to this problem as these systems can mechanically pull outdoor air into the home and purifies the indoor air, removing pollutants in an efficient manner. This is likely to boost the product’s demand worldwide.

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List of the Companies Operating in the Global Market:

  • Johnson Controls (Cork, Ireland)

  • DAIKIN INDUSTRIES, Ltd. (Osaka, Japan)

  • Mitsubishi Electric Corporation (Tokyo, Japan)

  • Carrier (Florida, U.S.)


  • Schneider Electric (Paris, France)

  • Lennox International Inc. (Texas, U.S.)

  • Haier Inc. (Qingdao, China)

  • LG Electronics (Seoul, South Korea)

  • SAMSUNG (Seoul, South Korea)

  • Panasonic Corporation (Osaka, Japan)

  • AB Electrolux (Stockholm, Sweden)

  • Nortek Global HVAC LLC (Missouri, U.S.)

  • Emerson Electric Co. (Missouri, U.S.)

  • Danfoss A/S (Syddanmark, Denmark)

  • FERROLI S.p.A. C.F. epVA. (San Bonifacio, Italy)

  • Vaillant Group (North Rhine-Westphalia, Germany)

  • Armstrong Fluid Technology (Ontario, Canada)

  • Robert Bosch LLC (Baden-Württemberg, Germany)

  • Evapco, Inc. (Maryland, U.S.)


Report Coverage


Forecast Period

2021 to 2028

Forecast Period 2021 to 2028 CAGR


2028 Value Projection

USD 202.14 Billion

Base Year


Market Size in 2020

USD 136.15 Billion

Historical Data for

2017 to 2019

No. of Pages


Tables, Charts & Figures


Segments covered

Type; Application; and Region

Growth Drivers

Technological Advancements Systems to Propel the Market

Growing Threat of Airborne Spread of COVID-19 May Lead to High Demand for HVAC Systems

Increasing Intelligent Variable Refrigerant Flow (VRF) Systems Evolution is Propelling the Market

Pitfalls & Challenges

Shortage of Skilled Labor to Impact the Market Growth

Shutdown of Manufacturing Processes Leads to Market Exhibiting a Sluggish Growth Rate of 4.6% in 2020

The lockdown announced by the government agencies led to the halting and postponement of several industrial activities. This led to a complete disruption in the supply chain leading to the sluggish growth of the market. Owing to this, the market exhibited a slower growth rate of 4.6% in 2020. However, the increasing demand for air filters amid COVID-19 across residential and commercial sectors will boost the growth of the market in the forthcoming years.

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Market Segmentation:

Based on type, the market is segregated into single split, variable refrigerant flow (VRF) systems, chillers, and others.

  • On the basis of type, the single split systems segment held a global heating, ventilation, and cooling (HVAC) system market share of about 52.1% in 2020 and is expected to showcase significant growth during the forecast period. This is due to the increasing demand for these types of systems that provide several benefits to the consumers such as cost-effectiveness, improved add-on heating capacity, and others.

Based on application, the market is trifurcated into residential, commercial, and industrial. Lastly, on the basis of region, the market is categorized into North America, Europe, Asia Pacific, the Middle East and Africa, and Latin America.

What does the Report Provide?

  • Valuable insights into the various trends and drivers shaping the growth trajectory of the market;

  • Thorough analysis of the different hindrances obstructing market growth;

  • Critical evaluation of the regional prospects and competitive dynamics of the market; and

  • Exhaustive study of all the market segments.


Growing Threat of Airborne Spread of COVID-19 May Lead to High Demand for HVAC Systems

In July 2020, the WHO acknowledged the threat that the coronavirus can spread through the air. This has brought to light the role of traditional heating, ventilation, and cooling systems in spreading the virus in enclosed spaces. The main argument in this context is that poor ventilation of energy-inefficient air conditioners is the primary cause of transmission of the virus. For instance, according to a study conducted by the University of Oregon, the virus was present in 25% of the HVAC systems in hospitals with COVID-19 patients. Therefore, many experts recommend installing these systems that let in 20% fresh air from outside. As a result, several building owners and managers are upgrading their ventilation systems with more advanced units.

In response to the sudden demand spike, companies such as Carrier and Honeywell offer portable filter machines and air-monitoring sensors to provide improved ventilation. This is expected to contribute to the global heating, ventilation, and cooling (HVAC) system market growth during the forecast period.

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Asia Pacific to Remain Dominant; Increasing Consumer Spending Capacity to Aid Growth

Among all the regions, Asia-Pacific is expected to remain at the forefront and hold the highest position in the market in the forthcoming years. This is attributable to the increasing spending capacity of the consumers, which is pushing them to opt for advanced global HVAC systems. Additionally, the growing awareness regarding indoor pollution and stringent governmental regulations for urban sustainability will favor regional growth.

The market in North America is expected to showcase exponential growth backed by the escalating demand for HVAC systems from the residential sector between 2021 and 2028.


Product Launch by Key Players to Intensify Industry Competition

The dynamics governing this market have widened its scope and spawned exciting opportunities for key players to innovate and introduce advanced global HVAC systems. Moreover, various market companies are raising their R&D capacities and collaborating with different entities to expand their portfolio and broaden their business footprint.

Industry Development:

  • January 2020 - Daikin Industries, Ltd. announced the launch of Fit Heat Pump Systems for dual-fuel applications. The company reports that the system focuses on residential applications equipped with high-performing inverter compressors.

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Detailed Table of Content

  • Introduction

    • Definition, By Segment

    • Research Methodology/Approach

    • Data Sources

  • Executive Summary

  • Market Dynamics

    • Macro and Micro Economic Indicators

    • Drivers, Restraints, Opportunities and Trends

    • Impact of COVID-19 on Heating, Ventilation, and Cooling (HVAC) System Market

      • Short-term Impact

      • Long-term Impact

  • Competition Landscape

    • Business Strategies Adopted by Key Players

    • Consolidated SWOT Analysis of Key Players

    • Porter’s Five Forces Analysis

    • Global Heating, Ventilation, and Cooling (HVAC) System Market Share Analysis and Matrix, 2020

  • Key Market Insights and Strategic Recommendations

  • Profiles of Key Players (Would be provided for 10 players only)

  • 6.1. Overview

      • Key Management

      • Headquarters etc.

    • Offerings/Business Segments

    • Key Details (Key details are subjected to data availability in public domain and/or on paid databases)

      • Employee Size

      • Past and Current Revenue

      • Geographical Share

      • Business Segment Share

    • Recent Developments

  • Primary Interview Responses

TOC Continued

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