Increasing expenditure on modern infrastructure and construction activities coupled with growing focus on the adoption of energy-efficient HVAC systems, drives the demand for HVAC system across the globe. The global HVAC market is likely to ascend from USD 182.1 billion in 2019 to USD 243.5 billion by 2027, at a CAGR of 4.5% over the forecast period (2020-2027) according to QuantAlign Research.
The world has been witnessing a significant growth in the residential and commercial construction activities which is anticipated to fuel the market demand over the coming years. Moreover, governments across the world are implementing new rules and policies to promote energy efficiency for HVAC systems which is accounted to hold major share of electricity consumption. Thus, there is growing demand for better and efficient cooling solutions in the construction industry prompting the replacement of old cooling systems. As a result, the global HVAC industry is set to expand at healthy rate especially in the coming years.

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Key insights:
 The Central HVAC segment dominated the market in 2019, and the trend is likely to continue over the coming years
 Air conditioning segment held the major share of the market in 2019, and is expected to grow at the highest CAGR during 2020 – 2027

 By End Use, the commercial segment accounted for the largest share of the HVAC market, in terms of value, in 2019.The commercial market for HVAC is expected to grow highest CAGR over the forecast period

 Heat pumps and warm air furnaces are expected to see the highest levels of total growth in the HVAC industry

 Regionally, Asia-Pacific is accounted to hold the largest market share of the global HVAC market in 2019 owing to infrastructural and industrial developments in the region

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Segment overview
On the basis of Component, “Air Conditioning” segment held the largest share of the global HVAC market in 2019. Usage of air conditioning is concentrated in a small number of countries, however, AC sales are rising rapidly in emerging economies. As disposable incomes rises and population grows, primarily in the world’s hotter and developing regions, the use of air conditioners is becoming increasingly common. The use of air conditioners and electric fans accounts for about a fifth of the total electricity in buildings around the world – or 10% of all global electricity consumption. Energy demand for space cooling is expected to get more than triple by 2050.
On the basis of application, the Commercial segment accounted for the largest share of the global market in 2019 and the trend is expected to continue over the coming years. Increasing office and commercial construction projects primarily in developing economies of Asia-Pacific region would generate more demand for HVAC equipment and installation. Furthermore, lodging construction projects with a need for HVAC unit installations is expected to rise over the forecast period.
On the basis of region, Asia-Pacific dominated the global market for HVAC in 2019 on account of growing population, climatic conditions, increasing urbanization, and demographic changes in the region. APAC owns the largest industry market share of HVAC systems, and the demand is expected to increase even more, creating more opportunities for business expansion over the coming years.
Key players operating in the market include Daikin Industries, Jhonson Controls, Westaflex, Hitachi, FUJITSU GENERAL, Dwyer Instruments, Inc., Honeywell WEBs, Carrier Corp., INGERSOLL RAND, Lennox International, Rheem Manufacturing, Mitsubishi Electric Corporation among others.

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