Latest News- Heating, Ventilation And Air Conditioning (HVAC) Aftermarket Market: Air conditioning equipment is expected to lead the Product segment during 2025-2029

The Heating, Ventilation And Air Conditioning (HVAC) Aftermarket Market is being driven by Robust growth of construction industry

The Heating, Ventilation And Air Conditioning (HVAC) Aftermarket Market is expected to grow at a CAGR of 9% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 45470.1 million. The HVAC aftermarket market faces a significant challenge with energy consumption and subsequent emissions from HVAC systems. Although these emissions are non-toxic, they contribute to the depletion of the ozone layer upon reaching the stratosphere. To mitigate this issue, there is a growing emphasis on integrating energy-conserving systems, such as cogeneration or combined heat and power (CHP), into HVAC infrastructure. CHP technology enables the simultaneous production of heat and electricity from a single source, thereby reducing the overall energy consumption and associated emissions. This approach not only contributes to environmental sustainability but also enhances the efficiency and cost-effectiveness of HVAC systems. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Product
  • Air conditioning equipment
  • Heating equipment
  • Ventilation equipment
• End-user
  • Non-residential
  • Residential
• Geography
  • APAC
    • China
    • India
    • Japan
    • South Korea
  • North America
    • Canada
    • US
  • Europe
    • Germany
    • UK
    • France
  • South America
  • Middle East and Africa

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Robust growth of construction industry
• Growing industrialization in developing economies
• Long life of HVAC systems

However, the market also witnesses some limitations, which are as follows:

• Fluctuating prices of raw materials
• Rising environmental pollution and stringent government policies on HVAC systems
• Demand-supply gap of skilled workforce

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Market Scope in Heating, Ventilation And Air Conditioning (HVAC) Aftermarket Market Research Report

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Research Analysis Overview

The Heating, Ventilation and Air Conditioning (HVAC) Aftermarket is witnessing significant growth due to the integration of smart systems and IoT technology into control systems for HVAC-R, including boilers, furnaces, refrigerators, humidifiers, heat pumps, and climate control solutions. Energy efficiency, indoor air quality, and climate change mitigation are key drivers. Residential, commercial, and industrial properties are adopting sustainable, environmentally friendly HVAC systems, such as energy-efficient heating systems, cooling systems, and renewable energy sources like geothermal and solar. Temperature, humidity, and air quality management are essential aspects of these systems, with a focus on sustainability and reducing carbon emissions. Smart HVAC systems offer enhanced temperature, humidity, and air quality control, contributing to improved energy efficiency and overall system performance.

Market Research Overview

The Heating, Ventilation and Air Conditioning (HVAC) Aftermarket is a significant segment of the global building products market, encompassing manufacturers of smart systems, IoT-integrated control systems, HVAC-R systems, boilers, furnaces, refrigerators, humidifiers, heat pumps, and outdoor units. According to Technavio, the global building products market, which includes the revenue generated by manufacturers of these HVAC components and equipment, is experiencing growth due to the expansion of the construction sector. In both developed and developing economies, the construction industry is experiencing significant traction, driven by the pressing need to address urbanization and public healthcare infrastructure development. This trend is fueling the demand for HVAC systems and components in both residential, commercial, and industrial applications. Product type segmentation includes smart systems, control systems, boilers, furnaces, refrigerators, humidifiers, heat pumps, and outdoor units.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

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