Meticulous Research®—a prominent global market research firm—has released a new 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.’

The report projects that the global HVAC market will reach $456.6 billion by 2031, growing at a CAGR of 7.8% from 2024 to 2031. This growth is driven by factors such as increased urbanization, rising indoor air pollution levels, a focus on comfort and convenience, the expansion of e-commerce, and government initiatives aimed at improving air quality. Challenges include high costs and a slow rate of technology adoption.
Technological innovations and the growing popularity of advanced air conditioners are expected to drive significant growth opportunities. However, penetrating developing markets presents a challenge.

The HVAC market is segmented by offering, system, distribution mode, type, portability, sales channel, application, end user, and geography. Offerings include components like air conditioners, heat pumps, and air filters, as well as services including installation and maintenance. Systems are categorized into primary and secondary types. Distribution modes include centralized and decentralized systems. Types consist of split systems, dual fuel heat pumps, ductless mini-split systems, and packaged systems. Portability is segmented into standalone/portable and in-duct/fixed. Sales channels include online and offline. Applications cover cooling, heating, ventilation, filtering, humidification, and air purification. End users include residential, commercial, and industrial sectors.

In 2024, the component segment is anticipated to hold over 84% of the market share due to the rising adoption of ventilation systems and HVAC components. The services segment is projected to grow at the highest rate due to increasing needs for productivity and compliance with regulations.
Secondary HVAC systems are expected to dominate with over 66% of the market share in 2024, with this segment also anticipated to grow the fastest.

Decentralized systems are expected to capture over 72% of the market share in distribution modes in 2024, with the highest growth rate expected during the forecast period.
Split systems are projected to hold the largest share of over 28% in 2024, while ductless mini-split systems are expected to experience the highest growth rate due to their energy efficiency and ease of installation.
The in-duct/fixed segment is expected to hold over 59% of the market share in 2024, while the standalone/portable segment is anticipated to grow the fastest due to residential demand for versatile HVAC solutions.
Offline sales channels are expected to dominate with over 73% of the market share in 2024, with online channels expected to grow the fastest due to the rise of e-commerce.

Cooling is expected to lead with over 32% of the market share in 2024, supported by advancements in technology and government initiatives.

The residential sector is expected to dominate with over 26% of the market share in 2024, with the commercial segment anticipated to grow the fastest due to regulatory changes and increased public awareness.

Asia-Pacific is projected to lead geographically with over 45% of the global market share in 2024, driven by industrialization, urbanization, and technological advancements. This region is also expected to achieve the highest CAGR of more than 9% during the forecast period.

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.).

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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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