Authored By: Sarah
11 Jul 2024

 Heating, Ventilation And Air Conditioning (Hvac) Aftermarket Market to grow by USD 39.64 billion between 2024-2028

According to a research report “ Heating, Ventilation And Air Conditioning (Hvac) Aftermarket Market” by Product (Air conditioning equipment, Heating equipment, Ventilation equipment) End-user (Non-residential, Residential) Geography (APAC, North America, Europe, South America, Middle East and Africa)- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 39.64 billion at a CAGR of  8.57% during the forecast period. The construction industry's growth significantly contributes to the expansion of the global Heating, Ventilation and Air Conditioning (HVAC) aftermarket. New residential, commercial, and industrial projects drive the demand for HVAC systems, enhancing building efficiency and generating substantial revenue. As HVAC system demand rises, so does the need for maintenance services. Innovative building designs and energy efficiency regulations create lucrative opportunities for HVAC service providers. Compliance with industry standards, mandated by governments worldwide, is essential for HVAC system vendors..

Browse market data tables, figures, and in-depth TOC on “Heating, Ventilation And Air Conditioning (Hvac) Aftermarket Market” by Product (Air conditioning equipment, Heating equipment, Ventilation equipment) End-user (Non-residential, Residential) Geography (APAC, North America, Europe, South America, Middle East and Africa) Global Forecast to 2028.

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By Product, the Air conditioning equipment segment is projected to dominate the market size in 2024.

The HVAC aftermarket sector experiences robust growth, driven by increasing demand for energy efficiency and system upgrades. Businesses invest in HVAC aftermarket solutions to enhance operational efficiency, reduce energy consumption, and ensure regulatory compliance. Market trends include the adoption of smart technologies, modular systems, and sustainable solutions. This dynamic industry continues to evolve, offering significant opportunities for growth and innovation.

By End-user, Non-residential  segment is expected to hold the largest market size for the year 2024.

The HVAC aftermarket sector experiences robust growth, driven by increasing demand for energy efficiency and system upgrades. Businesses invest in HVAC aftermarket solutions to enhance operational efficiency, reduce energy consumption, and ensure regulatory compliance. Market trends include the adoption of smart technologies, modular systems, and sustainable solutions. This dynamic industry continues to evolve, offering significant opportunities for growth and innovation.

APAC is forecasted to hold the largest market size by region in 2024.

The HVAC aftermarket sector experiences robust growth, driven by increasing demand for energy efficiency and system upgrades. Businesses invest in HVAC aftermarket solutions to enhance operational efficiency, reduce energy consumption, and ensure regulatory compliance. Market trends include the adoption of smart technologies, modular systems, and sustainable solutions. This dynamic industry continues to evolve, offering significant opportunities for growth and innovation.

The Heating, Ventilation And Air Conditioning (Hvac) Aftermarket Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:

  • Carrier Global Corp.
  • Daikin Industries Ltd.
  • Danfoss AS
  • Electrolux AB
  • Emerson Electric Co.
  • Fujitsu Ltd.
  • Gree Electric Appliances Inc. of Zhuhai
  • Haier Smart Home Co. Ltd.
  • Hitachi Ltd.
  • Johnson Controls International Plc.
  • Lennox International Inc.
  • LG Electronics Inc.
  • MIDEA Group Co. Ltd.
  • Nortek
  • Robert Bosch GmbH
  • Samsung Electronics Co. Ltd.
  • Siemens AG
  • Swegon Group AB
  • Trane Technologies Plc
  • Vaillant GmbH
.

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Research Analysis Overview

The Heating, Ventilation and Air Conditioning (HVAC) aftermarket encompasses a wide range of products and services related to solar, geothermal, and other renewable energy sources for climate control in industrial, commercial, and residential properties. These systems include energy-efficient heating systems, such as heat pumps, furnaces, and boilers, as well as cooling systems, like refrigerators and air conditioners. Humidifiers and dehumidifiers are essential components for maintaining optimal indoor air quality, which is crucial for sustainable buildings and the health of occupants. Control systems and IoT integration are increasingly important in the HVAC aftermarket, enabling smart HVAC systems to optimize energy usage, improve climate control, and monitor air quality in real-time. The market for HVAC-R systems and their components continues to grow as the world transitions towards more environmentally friendly solutions to mitigate climate change and enhance overall sustainability.

Market Research Overview

The Heating, Ventilation and Air Conditioning (HVAC) aftermarket encompasses a wide range of products and services for Industrial, Commercial, and Residential applications. Key players in this market include Nortek Air Management, Mitsubishi Electric Corporation, Emerson Electric Co, LG Electronics, Trane Technologies plc, Carrier, and various other Equipment manufacturers. The aftermarket sector caters to various application types, such as Data centers, Retrofit buildings, and New construction buildings. Consumers increasingly demand energy-efficient and environmentally friendly solutions, leading to a growing focus on Energy efficiency incentives, renewable energy sources like wind power, solar, and geothermal, and energy management initiatives. These trends are driving the demand for smart HVAC systems, including VRF systems, intelligent vents, motion-triggered AC units, and ice-powered air conditioning. The HVAC-R system market is segmented by Region, Refrigeration segment, Air Conditioning segment, Ventilation segment, Heating segment, Product Type segmentation, and Industry segment. The regulatory landscape, including concerns over carbon emissions and harmful refrigerants, is shaping the market. System integrators, Control providers, and Bosch Thermotechnology play crucial roles in the market. The aging infrastructure and growing awareness of indoor air quality, climate control, and sustainability are key challenges and opportunities for the HVAC aftermarket. IoT technology and data-driven analytics are transforming the industry, enabling smart systems, heating systems, cooling systems, and climate control for Industrial, Commercial, and Residential properties.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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