According to the new market research report "HVAC System Market by Heating Equipment (Heat Pumps, Furnaces), Ventilation Equipment (Humidifiers, Dehumidifiers), Cooling Type (VRF Systems, Unitary Air Conditioners), Implementation Type, Application, and Geography - Global Forecast to 2023", the HVAC system market was valued at USD 181.00 Billion in 2018 and is expected to reach USD 251.60 Billion by 2023, at a CAGR of 6.80% between 2018 and 2023.

Factors that are driving the growth of the market include increasing demand for HVAC systems for reducing energy consumption, extreme weather conditions, government tax credit and rebate programs, and growing demand for HVAC systems to upgrade old systems.

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Heat pumps to hold the largest size of the HVAC system market for heating equipment throughout the forecast period

In the HVAC system, a heat pump transfers heat from one point to another. A heat pump is the vital part of cooling and heating processes, which use the air available outside and inside a particular space to perform these functions. The acceptance for heat pumps is increasing owing to their evolving capabilities; these capabilities include performing both space cooling and heating functions along with the ability to heat water. Furthermore, heat pumps have higher efficiency than many other cooling or space-heating units, which is expected to increase the demand for the same.

Air handling units held a major share of the HVAC system market for ventilation equipment in 2017

Air handling units held a major share of the HVAC system market for ventilation equipment in 2017. Increasing pollution levels have triggered a rise in the number of health issues among people. Hence, there is a high demand for air purifying systems, such as AHUs, which can provide clean and fresh air. Although, till date, the commercial application of AHUs accounts for a major share of the HVAC system market, the market share of the residential application of AHUs is also expected to increase in the near future.

New construction to hold the largest size of the HVAC system market during the forecast period

The increase in urbanization has led to the demand for smart buildings. These buildings require efficient HVAC equipment, leading to the growth of the HVAC system market. Smart buildings are not only green/sustainable but are also intelligent; these buildings are equipped with advanced technologies, which include HVAC systems. HVAC systems provide a comfortable standard living environment. Governments are relying on smart buildings, which ensure a lower carbon footprint, 40% reduction in the usage of water, and less electricity consumption. Thus, developers and owners of buildings are trying to meet energy-efficiency guidelines related to HVAC systems.

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HVAC system market in APAC to grow at the highest CAGR between 2018 and 2023

Major APAC countries such as China, Japan, and India are the major consumers of HVAC systems. The governments of these countries have taken various measures to ensure that energy-efficient HVAC systems are being installed in new buildings. The collaboration of HVAC companies with major regulatory bodies is required to create awareness regarding HVAC implementation. Awareness among real-estate developers, architects, and engineers would ensure effective installation of HVAC in buildings, right from the designing stage. This would support the market for HVAC equipment. Increased awareness among consumers regarding the adoption of the star-labelled HVAC products, high use of VRV, and invertor-based AC systems have boosted the growth of the HVAC equipment market

Major players operating in the HVAC system market are Daikin (Japan), United Technologies (US), Johnson Controls (US), Ingersoll-Rand (Ireland), LG Electronics (South Korea), Electrolux (Sweden), Emerson (US), Honeywell (US), Lennox (US), and Nortek (US)