The global revenue in the 'Heating & Cooling' segment of the diy & hardware store market was forecast to continuously increase between 2025 and 2029 by in total **** billion U.S. dollars (+***** percent). After the seventh consecutive increasing year, the revenue is estimated to reach ****** billion U.S. dollars and therefore a new peak in 2029. Find further information concerning the average revenue per capita in the diy & hardware store market in Sweden and the revenue in the diy & hardware store market in Nicaragua.The Statista Market Insights cover a broad range of additional markets.

The revenue is forecast to experience significant growth in all regions in 2029. From the selected regions, the ranking by revenue in the 'Heating & Cooling' segment of the diy & hardware store market is forecast to be lead by the United States with ***** billion U.S. dollars. In contrast, the ranking is trailed by Canada with *** billion U.S. dollars, recording a difference of ***** billion U.S. dollars to the United States. Find further statistics on other topics such as a comparison of the revenue in Indonesia and a comparison of the revenue in China.The Statista Market Insights cover a broad range of additional markets.

Underfloor Heating and Cooling System Market Outlook

The global underfloor heating and cooling system market size was valued at approximately USD 6.1 billion in 2023 and is projected to reach USD 10.8 billion by 2032, growing at a compound annual growth rate (CAGR) of 6.5% over the forecast period. This market is witnessing steady growth driven by an increasing demand for energy-efficient heating and cooling solutions, along with advancements in smart home technologies. As consumers and businesses alike become more environmentally conscious, the need for sustainable and efficient heating and cooling systems has spurred interest in underfloor systems, which offer even temperature distribution and energy savings over traditional HVAC systems.

The growth of the underfloor heating and cooling system market is significantly influenced by the global trend towards reducing carbon footprints and improving energy efficiency in buildings. Government regulations and incentives aimed at promoting green building standards are encouraging the adoption of underfloor systems as they align with the goals of reducing energy consumption and greenhouse gas emissions. Additionally, the integration of smart home technologies and IoT in these systems allows for better control and monitoring, further enhancing their appeal to consumers looking for both comfort and efficiency. The increasing construction of green buildings and retrofitting of existing structures with energy-efficient solutions are also contributing to market growth.

Urbanization and rising disposable incomes, particularly in emerging economies, are also key drivers of the underfloor heating and cooling system market. As more people move to urban areas, the demand for modern, efficient residential and commercial buildings equipped with advanced heating and cooling technologies is on the rise. This trend is further accelerated by the growing middle-class population who are willing to invest in home comfort and energy-saving technologies. Furthermore, the development of smart cities is anticipated to drive the demand for integrated heating and cooling solutions, providing a substantial boost to the market.

Another significant growth factor is the technological advancements in underfloor systems, which have led to improved product designs and enhanced functionality. Manufacturers are continuously innovating to produce systems that are not only more efficient but also easier to install and maintain. The emergence of hybrid systems that combine electric and hydronic technologies to offer greater flexibility and efficiency is an example of such innovation. These advancements are making underfloor heating and cooling systems more accessible to a broader range of users, thus expanding the market.

Regionally, Europe is expected to maintain its dominance in the underfloor heating and cooling system market, holding the largest market share due to stringent environmental regulations and widespread adoption of energy-efficient buildings. However, the Asia Pacific region is projected to witness the fastest growth during the forecast period. The rapid urbanization, increasing construction activities, and government initiatives aimed at energy conservation are key factors driving the market in this region. North America also represents a significant market, spurred by technological advancements and consumer preference for comfort and efficiency in residential and commercial spaces.

Component Analysis

The underfloor heating and cooling system market is segmented by components into heating systems, cooling systems, and control systems. Heating systems are a predominant component, owing to their widespread application in residential and commercial buildings where maintaining a uniform and comfortable temperature is essential. The hydronic heating system segment, which uses water to convey heat, is particularly popular in regions with colder climates due to its efficiency and compatibility with renewable energy sources. These systems are praised for their ability to provide comfortable warmth with lower energy consumption compared to traditional heating methods.

Cooling systems, on the other hand, are gaining traction in regions with warmer climates or in applications where year-round temperature control is necessary. The focus on providing a holistic climate control solution has led to the development of integrated systems that can seamlessly switch between heating and cooling modes. Advances in materials and system designs have enabled more efficient cooling solutions that are less disruptive and more cost-effective over the long term, appe

The HVAC (Heating, Ventilation, and Air Conditioning) market is experiencing robust growth, projected to reach a market size of $65.72 billion in 2025 and exhibiting a Compound Annual Growth Rate (CAGR) of 6.28% from 2025 to 2033. This expansion is driven by several key factors. Increasing urbanization and rising disposable incomes in developing economies fuel demand for comfortable indoor environments, particularly in residential and commercial sectors. Furthermore, stringent government regulations aimed at improving energy efficiency and reducing carbon emissions are prompting the adoption of advanced HVAC systems with lower environmental impact. Technological advancements, such as smart thermostats, improved refrigerants, and IoT integration, are enhancing efficiency and user experience, further driving market growth. The market is segmented by product type (e.g., chillers, air conditioners, heat pumps), application (residential, commercial, industrial), and geography. Key players like Siemens AG, Honeywell International Inc., and Daikin Industries Ltd. are investing heavily in research and development and strategic partnerships to maintain their competitive edge in this dynamic landscape. Despite the positive outlook, the market faces some challenges. Fluctuations in raw material prices, particularly for key components like copper and aluminum, can impact manufacturing costs and profitability. Moreover, the high initial investment associated with advanced HVAC systems, especially in emerging markets, can hinder wider adoption. However, the long-term benefits of improved energy efficiency and reduced operational costs are gradually offsetting this initial barrier. The increasing focus on sustainable and environmentally friendly solutions is expected to reshape the market landscape in the coming years, creating opportunities for manufacturers offering innovative and energy-efficient products. Competitive pressures, particularly from new entrants offering cost-effective solutions, necessitate continuous innovation and strategic adaptations for established players to maintain their market share. Recent developments include: October 2023: Panasonic, a leader in innovative solutions, announced an advancement in residential heat pump technology that promises to change how Canadians affordably heat and cool their homes. INTERIOS, the latest addition to Panasonic's Breathe Well lineup that improves indoor air quality, is a flexible central heat pump system for heating and cooling residential spaces., September 2023: Building material solutions provider KOVA launched KOVA Comfort Intelligent HVAC. This AI-powered HVAC system flawlessly integrates into building projects, creating more comfortable and healthier environments based on various inputs, including users' daily routines. KOVA Comfort Intelligent HVAC system uses behavioral, environmental, and unit-specific inputs to revolutionize comfort and energy efficiency.. Key drivers for this market are: Growing Construction Business in Major Emerging Economies, Growing Data Center Market. Potential restraints include: Growing Construction Business in Major Emerging Economies, Growing Data Center Market. Notable trends are: Residential Segment Holds Major Market Share.

The Commercial HVAC Market report segments the industry into By Type Of Component (HVAC Equipment, HVAC Services), By End-User Industry (Hospitality, Commercial Buildings, Public Buildings, Other End-User Industries), and By Geography (North America, Europe, Asia, Australia And New Zealand, Latin America, Middle East And Africa). It provides historical data for five years and forecasts for the next five years.

The Europe Commercial HVAC Market Report is Segmented by Type of Component (HVAC Equipment [Heating Equipment, Air Conditioning/Ventilation Equipment], HVAC Services), End-User Industry (Hospitality, Commercial Building, Public Building, Other End-User Industries), and Country (United Kingdom, Germany, France, Italy). The Market Sizes and Forecasts are Provided in Terms of Value (USD) for all the Above Segments.

The global ductless heating & cooling systems market was valued at USD 98.88 billion in 2021 and is expected to grow at a CAGR of 8.1% during the forecast period.

The global heating and cooling systems market is experiencing robust growth, driven by increasing urbanization, rising disposable incomes, and a growing awareness of indoor climate control's impact on comfort and productivity. The market, estimated at $250 billion in 2025, is projected to exhibit a Compound Annual Growth Rate (CAGR) of 7% from 2025 to 2033. This expansion is fueled by several key trends, including the rising adoption of energy-efficient technologies like smart thermostats and heat pumps, the increasing demand for sustainable and eco-friendly solutions, and the growing integration of building automation systems. Significant growth is anticipated in the residential sector due to increasing housing construction and renovation activities globally. Commercial and industrial segments are also expected to contribute substantially, driven by the need for improved climate control in offices, retail spaces, and manufacturing facilities. However, market growth might be constrained by fluctuating raw material prices, stringent regulatory compliance requirements, and potential economic downturns impacting construction activities. The market is segmented by product type (air conditioners, floor, wall, and ceiling heating and cooling systems) and application (residential, commercial, and industrial). Air conditioners currently dominate the market share, owing to their widespread use in residential and commercial settings. However, the adoption of floor, wall, and ceiling heating and cooling systems is increasing due to their energy efficiency and aesthetic benefits. Geographically, North America and Europe currently hold significant market shares, driven by high consumer spending and established infrastructure. However, rapidly developing economies in Asia-Pacific, particularly China and India, are emerging as promising markets with significant growth potential due to rising urbanization and increasing disposable incomes. Major players in the market, including Nexans, Gentherm, Uponor, Emerson, Danfoss A/S, and others, are constantly innovating to meet the evolving needs of consumers and businesses, which further fuels market growth.

The global indoor heating and cooling market is experiencing steady growth, projected to reach $2140.2 million in 2025, with a Compound Annual Growth Rate (CAGR) of 3.3% from 2025 to 2033. This expansion is driven by several factors. Rising urbanization and increasing disposable incomes in developing economies are fueling demand for comfortable indoor environments, particularly in residential settings. Furthermore, advancements in energy-efficient technologies, such as smart thermostats and heat pumps, are contributing to market growth. The shift towards sustainable and eco-friendly solutions is also a key driver, leading to increased adoption of systems with lower carbon footprints. The market is segmented by type (hydronic heating and cooling, electric heating and cooling) and application (residential, commercial), with the residential sector currently dominating due to the widespread need for comfortable home environments. Government initiatives promoting energy efficiency and stricter building codes in various regions are further bolstering market expansion. The competitive landscape is characterized by a mix of established players and emerging companies. Key players like Resideo Technologies Inc., Uponor, Danfoss, Daikin, and others are investing heavily in research and development to offer innovative solutions and expand their market share. Geographic distribution shows significant growth potential across various regions. North America and Europe currently hold substantial market shares, but Asia-Pacific is poised for significant growth due to rapid urbanization and rising living standards in countries like China and India. However, challenges such as high initial investment costs for advanced systems and fluctuating energy prices could potentially restrain market growth to some extent. Nevertheless, the long-term outlook for the indoor heating and cooling market remains positive, driven by consistent technological innovation and increasing consumer demand for improved indoor comfort and energy efficiency. This report provides a detailed analysis of the global indoor heating and cooling market, valued at approximately $250 billion in 2023 and projected to reach $350 billion by 2028. It delves into market dynamics, key players, emerging trends, and future growth prospects, offering invaluable insights for industry stakeholders. The report utilizes extensive data analysis and incorporates information from leading companies like Resideo, Uponor, Danfoss, Daikin, and others to provide a comprehensive and accurate overview.

The radiant heating and cooling systems market size was over USD 2.11 billion in 2024 and is projected to reach USD 3.6 billion by 2037, growing at around 4.2% CAGR during the forecast period i.e., between 2025-2037. North America industry is set to dominate majority revenue share of 35% by 2037, due to increasing focus of government on bringing clean cooling and heating system in the region.

Residential HVAC Market Outlook

The global residential HVAC market size was valued at approximately USD 38 billion in 2023, and it is projected to reach a staggering USD 55 billion by 2032, growing at a compound annual growth rate (CAGR) of 4.2%. This growth trajectory is largely driven by increasing urbanization, rising global temperatures, and growing consumer preference for energy-efficient HVAC solutions. As the demand for comfortable living environments intensifies across various climatic regions, the HVAC industry is witnessing a significant upsurge in technological advancements and product innovations. These developments are essential in addressing the challenges posed by environmental concerns and stringent government regulations aimed at reducing carbon footprints.

A major growth factor in the residential HVAC market is the rapid pace of urbanization, particularly in emerging economies where there is a growing middle class with disposable incomes. As more people migrate to cities, the construction of residential buildings is booming, thereby driving the demand for HVAC systems. Moreover, urban residents are increasingly seeking HVAC solutions that offer comfort and convenience, spurring technological advancements in the industry. The integration of smart technologies with HVAC systems, such as smart thermostats and IoT-enabled devices, is revolutionizing the market by offering enhanced control and efficiency. These smart solutions are particularly appealing to tech-savvy consumers who prioritize sustainability and cost savings.

Another significant driver of the residential HVAC market is the global trend towards energy efficiency and sustainability. With rising awareness about climate change and environmental degradation, consumers are becoming more conscious of their energy consumption patterns. Governments around the world are also implementing policies and incentives to promote the adoption of energy-efficient HVAC systems. This has led to an increased demand for products like heat pumps, which are known for their high efficiency and lower environmental impact compared to conventional systems. Manufacturers are responding to this demand by innovating and offering a range of eco-friendly HVAC solutions that comply with regulatory standards, thereby stimulating market growth.

Technological advancements in the HVAC industry are also fueling market expansion. The development of advanced technologies such as variable refrigerant flow (VRF) systems, geothermal heating, and cooling systems, and high-efficiency compressor systems are enhancing the performance and efficiency of residential HVAC units. These innovations not only improve the energy efficiency of HVAC systems but also enhance user comfort and control. The proliferation of smart HVAC systems, which allow homeowners to remotely control and optimize their HVAC systems via smartphones and other smart devices, is gaining popularity. This trend is anticipated to continue driving the market as consumers seek more convenient and efficient ways to manage their home environments.

Regionally, the Asia Pacific market is projected to lead the residential HVAC market, driven by rapid urbanization and industrialization in countries like China and India. The growing construction industry in these regions, coupled with rising disposable incomes and changing consumer lifestyles, is contributing to the heightened demand for HVAC systems. North America and Europe are also expected to witness steady growth, driven by the replacement of older, less efficient systems with modern, energy-efficient models. Stringent energy efficiency regulations in these regions are also encouraging the adoption of advanced HVAC technologies. Meanwhile, the Middle East & Africa and Latin America are anticipated to show moderate growth due to increasing awareness and adoption of HVAC systems in residential applications.

Product Type Analysis

The residential HVAC market is segmented by product type into central air conditioning, ductless systems, heat pumps, furnaces, boilers, and others. Central air conditioning systems are a staple in many residential settings, especially in regions with hot and humid climates. These systems are preferred for their ability to cool entire homes uniformly and efficiently. Advances in central air conditioning technology have led to the development of units with enhanced energy efficiency, reducing both electricity consumption and utility bills for homeowners. The demand for central air conditioning is expected to remain robust, particularly in urban areas where new housing developments are on the rise.

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Residential HVAC Market Size 2025-2029

The residential HVAC market size is forecast to increase by USD 48.82 billion at a CAGR of 8.8% between 2024 and 2029. The market is experiencing significant growth, driven primarily by the increasing demand for energy-efficient heating and cooling systems in the construction industry.

Major Market Trends & Insights

APAC dominated the market and accounted for a 49% share in 2023.
The market is expected to grow significantly in Europe region as well over the forecast period.
Based on the Type, the HVAC euipment segment led the market and was valued at USD 58.79 billion of the global revenue in 2023.
Based on the Product, the air conditioning system segment accounted for the largest market revenue share in 2023.

Market Size & Forecast

2024 Market Size: USD 92.84 Billion
Future Opportunities: USD 48.82 Billion
CAGR (2024-2029): 8.8%
APAC: Largest market in 2023

The market is experiencing significant advancements, driven by the integration of smart grids and HVAC automation. Data analytics plays a crucial role in optimizing HVAC systems, enabling energy savings and improved customer satisfaction. HVAC innovation continues to evolve, with sustainable design and LEED certification gaining prominence in the industry. HVAC troubleshooting and repair techniques are being enhanced through remote monitoring and predictive maintenance. Building codes and regulations mandate higher energy efficiency standards, driving the demand for HVAC optimization software and commissioning services.

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The market is experiencing significant growth, driven primarily by the increasing demand for heating, ventilation, and air conditioning systems in the construction industry. HVAC financing, incentives, rebates, and warranties facilitate the adoption of advanced technologies. HVAC engineering and research are at the forefront of developing new solutions, while building automation systems and demand response programs enable better energy management. HVAC education and training programs ensure a skilled workforce, ensuring the industry remains at the forefront of technological advancements. The HVAC services segment is the second largest segment of the type and was valued at USD 27.24 billion in 2023.

This trend is particularly notable as new homes and renovations prioritize sustainable and technologically advanced HVAC solutions. Furthermore, the integration of power evaluation software in HVAC systems is revolutionizing energy management and efficiency, offering substantial cost savings for homeowners and property developers. However, market expansion is not without challenges. Regulatory hurdles impact adoption, as stringent energy efficiency standards and certifications necessitate considerable investment in research and development for manufacturers.

Additionally, inconsistencies in the supply chain, particularly regarding raw materials and component availability, can temper growth potential and necessitate effective risk management strategies for market participants. Companies seeking to capitalize on market opportunities must navigate these challenges while staying abreast of evolving consumer preferences and technological advancements to maintain a competitive edge. Smart home integration and home automation are transforming the industry, enabling efficiency optimization and allergen removal.

How is this Residential HVAC Industry segmented?

The residential HVAC industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD million' for the period 2025-2029, as well as historical data from 2019-2023 for the following segments.

Type

  HVAC equipment
  HVAC services


Product

  Air conditioning system
  Heating system
  Ventilating system


Geography

  North America

    US
    Canada


  Europe

    France
    Germany
    UK


  APAC

    Australia
    China
    India
    Japan
    South Korea


  Rest of World (ROW)

By Type Insights

The HVAC equipment segment is estimated to witness significant growth during the forecast period. The segment was valued at USD 58.79 billion in 2023. It continued to the largest segment at a CAGR of 7.02%. In the realm of residential and industrial HVAC systems, there is a growing emphasis on energy efficiency and sustainability. New home construction and home remodeling projects are integrating advanced HVAC technologies, such as energy-star certified heat pumps, air conditioning units with high SEER and HSPF ratings, and mini-split systems. These systems not only provide optimal temperature control but also contribute to energy savings. Addi

Greenhouse Heating and Cooling Systems Market Outlook

The global market size of greenhouse heating and cooling systems was valued at approximately USD 3.5 billion in 2023 and is projected to surpass USD 6.8 billion by 2032, growing at a compound annual growth rate (CAGR) of 7.2% from 2024 to 2032. This growth is driven by factors such as the rising demand for year-round crop production, advancements in greenhouse technologies, and increasing awareness about sustainable agricultural practices.

The primary growth factor for the greenhouse heating and cooling systems market is the rising demand for year-round crop production, which is pushing growers to adopt advanced greenhouse solutions. As climate change affects traditional farming, greenhouses provide a controlled environment that mitigates the impact of adverse weather conditions. This necessity for continuous production is critical, especially in regions with extreme climates, where conventional farming is becoming increasingly challenging. Moreover, the increasing global population is necessitating higher food production, thereby driving the adoption of greenhouse technologies.

Technological advancements are another significant factor contributing to market growth. Innovations in heating and cooling systems, such as energy-efficient heaters, advanced cooling mechanisms, and automated environmental controls, are enhancing the efficiency and productivity of greenhouses. These technologies not only ensure optimal growing conditions but also reduce energy consumption, thereby cutting down operational costs. The integration of Internet of Things (IoT) and artificial intelligence in greenhouse systems is further optimizing resource utilization, providing real-time data, and enabling predictive maintenance, which collectively boost the market.

Government initiatives and subsidies aimed at promoting sustainable agricultural practices are also playing a crucial role in the market's expansion. Many governments across the world are offering financial incentives and subsidies to farmers to adopt greenhouse technologies. These initiatives are aimed at enhancing food security and promoting the use of environmentally friendly farming practices. Additionally, the rising trend of urban farming and vertical farming in metropolitan areas is creating new opportunities for market growth, as these farming methods heavily rely on advanced greenhouse systems.

The integration of innovative tools like the Greenhouse Transport Cart is transforming the operational efficiency within greenhouses. These carts are designed to facilitate the easy movement of plants and materials, significantly reducing the labor required for daily operations. By streamlining the transportation process, greenhouse operators can focus more on optimizing plant growth conditions and less on logistical challenges. The use of transport carts also minimizes the risk of plant damage during handling, ensuring that crops maintain their quality from cultivation to harvest. As greenhouses continue to expand in size and complexity, the role of transport solutions becomes increasingly vital in maintaining productivity and operational efficiency. The Greenhouse Transport Cart exemplifies the kind of practical innovation that supports the sustainable growth of greenhouse agriculture.

Regionally, North America and Europe are leading the market, owing to the high adoption rate of advanced agricultural technologies and the presence of numerous greenhouse farms. However, the Asia Pacific region is expected to witness the highest growth rate during the forecast period. This growth can be attributed to the increasing investments in agricultural infrastructure, growing awareness about sustainable farming practices, and government initiatives supporting greenhouse farming. Countries like China and India are rapidly adopting greenhouse technologies to meet their growing food demand and counter the challenges posed by climate change.

Type Analysis

Heating systems dominate the type segment of the greenhouse heating and cooling systems market, primarily because maintaining optimal temperatures is crucial for plant growth, especially in colder regions. Heating systems include a variety of solutions such as boilers, unit heaters, and radiant heating systems. Boilers are particularly popular in large commercial greenhouses due to their efficiency in heating large volumes of space. Unit heaters, on the other hand, are more suited for smaller greenhouses. Radiant

Global Ductless Heating And Cooling Systems market size is expected to reach $135.4 billion by 2029 at 9.6%, rising prevalence of intelligent or connected homes

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Ductless HVAC System Market Size 2024-2028

The ductless HVAC system market size is forecast to increase by USD 14.2 billion at a CAGR of 7.1% between 2023 and 2028. The market is experiencing significant growth due to several key drivers. The global construction sector is witnessing growth, leading to increased demand for energy-efficient heating and cooling solutions. The integration of Internet of Things (IoT) technology in HVAC systems is another major trend, enabling real-time performance data analysis and improved energy savings. Additionally, governments worldwide are implementing stringent regulations to phase out high-global-warming-potential (GWP) refrigerants such as hydrofluorocarbons (HFCs) and hydrochlorofluorocarbons (HCFCs), driving the adoption of eco-friendly, low GWP alternatives. Sensors and control valves are essential components of ductless HVAC systems, ensuring optimal performance and energy efficiency. These factors collectively contribute to the market's growth and innovation.

What will be the Size of the Market During the Forecast Period?

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The market is witnessing significant growth due to the increasing demand for energy-efficient and eco-friendly cooling solutions. These systems, also known as mini-split systems, have gained popularity in both residential and non-residential infrastructure due to their energy savings and sustainability benefits. The integration of the Internet of Things (IoT) in HVAC systems is a major trend driving the market's growth. Smart homes and commercial buildings are increasingly adopting ductless HVAC systems equipped with sensors, control valves, and smart thermostats to optimize energy consumption and enhance overall performance.

Additionally, real-time performance data from these systems allows users to monitor and manage energy usage efficiently, leading to power savings and reduced environmental impact. The use of low global warming potential (GWP) refrigerants, such as hydrofluorocarbons (HFCs) and hydrochlorofluorocarbons (HCFCs), is another factor contributing to the market's growth. The demand for energy-efficient technologies and sustainable buildings is on the rise, with climate change concerns becoming a significant factor. Ductless HVAC systems offer a viable solution to these concerns, as they provide cooling without contributing to greenhouse gas emissions. The market is expected to experience continued growth due to the increasing focus on energy efficiency and the adoption of IoT in HVAC systems.

Moreover, HVAC professionals play a crucial role in the market's growth, as they are responsible for installing and maintaining these systems. In conclusion, the market in the United States is poised for growth due to the increasing demand for energy-efficient and eco-friendly cooling solutions, the integration of IoT, and the focus on sustainability and energy savings. The market offers significant opportunities for businesses involved in the manufacturing, installation, and maintenance of these systems.

Market Segmentation

The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD billion' for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.

Type

  Single-zoned
  Multi-zoned


Geography

  APAC

    China
    Japan
    South Korea


  Europe

    Germany


  North America

    US


  Middle East and Africa



  South America

By Type Insights

The single-zoned segment is estimated to witness significant growth during the forecast period. Ductless single zone heating and cooling systems consist of an outdoor compressor unit connected to an indoor air handling unit via a small pipe. This setup allows for easy installation with minimal disruption to a building's aesthetic. These systems are widely used in various sectors, including education, retail, and commercial spaces, due to their cost-effective initial investment and simplified installation process. The energy efficiency of ductless single zone HVAC systems is a significant advantage, making them an eco-friendly cooling solution. Moreover, the increasing focus on energy savings and reducing carbon footprints is driving the demand for these systems. Hydrofluorocarbons (HFCs) and Hydrochlorofluorocarbons (HCFCs) are commonly used refrigerants in these systems, but the shift towards low Global Warming Potential (GWP) refrigerants is gaining momentum.

Also, the Internet of Things (IoT) is transforming the HVAC industry, allowing for real-time performance data collection and analysis. This data can be used to optimize system performance and reduce energy consumption. As the world continues to construct new buildings, the need for energy-efficient and cost-effective cooling solutions like single zone ductless HVAC systems will only increase. In conclusion, ductless s

The India district heating and cooling market size reached USD 6.42 Billion in 2024. Looking forward, IMARC Group expects the market to reach USD 8.02 Billion by 2033, exhibiting a growth rate (CAGR) of 2.50% during 2025-2033. The market is expanding due to increasing urbanization, energy efficiency initiatives, and the growing demand for sustainable solutions in residential and commercial sectors. Additionally, government policies promoting renewable energy and energy-efficient technologies are driving the market, with a focus on reducing carbon emissions and improving energy security.

IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the region level for 2025-2033. Our report has categorized the market based on heat source and application.

The size of the Residential HVAC market was valued at USD XX Million in 2023 and is projected to reach USD XXX Million by 2032, with an expected CAGR of 6.32% during the forecast period.The Residential HVAC market comprises the systems and equipment that have been put up to regulate home temperatures, humidities, and air quality. HVAC is a general term that has an acronym as Heating, Ventilation, and Air Conditioning, which means warming the space up for the colder seasons, cooling for the warmer ones, and appropriate ventilation.The different types of residential HVAC include furnaces, boilers, heat pumps, air conditioners, and ventilation systems. These may be separate units or integral parts of a central unit that controls the climate throughout a residence.Several factors are making the utility of residential air conditioning systems grow. The primary reason is due to the higher efficiency and a more environmentally safe technology. Increasing awareness of good indoor air, which is significant for health as well, escalates the call for better-ventilated as well as filters. Climate with extreme hot temperatures and extreme cold temperatures has really increased the utility of reliable heat and cooling equipment.Due to multiple factors such as increased urbanization, growth in disposable incomes, and a growing energy efficiency and sustainability focus, the residential HVAC market is likely to continue to grow in the coming years. Recent developments include: September 2023 - Johnson Controls-Hitachi Air Conditioning introduced the Hitachi air365 Hybrid dual fuel system, which combines a heat pump and furnace to provide efficient, economical home comfort year-round while reducing carbon emissions. The air365 Hybrid system features an electric Hitachi Mini VRF heat pump as the primary heating and cooling source and an innovative dual fuel module that attaches to a home's new or existing gas furnace., April 2023 - The Government of India announced a plan to increase renewable energy capacity by adding 70 GW annually for the next five years, aiming to achieve the goal of 500 GW by 2030. HVACs are in high demand in the area due to the country's numerous households installing modern air conditioning equipment to comply with laws and cut energy usage.. Key drivers for this market are: Growing demand for energy efficient systems, Government incentives and programs for sustainability; Rapid development of smart HVAC systems with cutting edge technologies. Potential restraints include: Rising Competition among key vendors to limit margins. Notable trends are: Air Conditioning/Ventilation Segment to Hold Significant Market Share.

The HVAC systems market reached approximately USD 229.50 Billion in 2024. The market is projected to grow at a CAGR of 5.60% between 2025 and 2034, reaching a value of around USD 395.75 Billion by 2034. The global HVAC systems market size is expanding due to rising demand for energy-efficient and cost-effective solutions in commercial and industrial sectors. Increasing urbanisation, extreme climate conditions, and a growing focus on sustainable buildings drive adoption. Innovations in space cooling and heating technologies enhance performance, while regulatory policies emphasise SCOP standards for efficiency. The market is expected to grow at a significant CAGR, supported by technological advancements and smart automation. The shift towards eco-friendly refrigerants and IoT-enabled systems further boosts industry expansion, ensuring improved comfort and optimised energy consumption.

Energy Efficient HVAC Systems Market size is growing at a faster pace with substantial growth rates over the last few years and is estimated that the market will grow significantly in the forecasted period i.e. 2024 to 2031.

Energy Efficient HVAC Systems Market Drivers

Increasing Demand for Energy Efficiency: As energy costs rise and environmental concerns intensify, there is a growing demand for energy-efficient HVAC (Heating, Ventilation, and Air Conditioning) systems. These systems reduce energy consumption and lower utility bills, making them attractive to both residential and commercial customers.

Stringent Government Regulations and Incentives: Governments worldwide are implementing stringent energy efficiency regulations and building codes, pushing the adoption of energy-efficient HVAC systems. Additionally, incentives such as tax rebates and subsidies for energy-efficient upgrades are encouraging consumers and businesses to invest in these systems.

Growing Awareness of Environmental Impact: The rising awareness of the environmental impact of energy consumption is driving demand for sustainable solutions. Energy-efficient HVAC systems contribute to reducing carbon footprints, aligning with the growing emphasis on green building practices and sustainable development.

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HVAC Market Size 2025-2029

The HVAC market size is forecast to increase by USD 90.5 billion, at a CAGR of 7% between 2024 and 2029. The market is experiencing significant growth, driven primarily by the expanding construction sector. With the increasing number of infrastructure projects and new building developments, the demand for heating, ventilation, and air conditioning systems is on the rise.

Major Market Trends & Insights

APAC dominated the market and accounted for a 56% share in 2023. The market is expected to grow significantly in Europe region as well over the forecast period. Based on the Type, the HVAC equipment segment led the market and was valued at USD 145.10 billion of the global revenue in 2023. Based on the End-user, the non-residential segment accounted for the largest market revenue share in 2023.

Market Size & Forecast

Market Opportunities: USD 224.90 Billion Future Opportunities: USD 90.5 Billion CAGR (2024-2029): 7% APAC: Largest market in 2023

There is a trend towards the integration of building automation systems, which not only enhances energy efficiency but also offers improved comfort and convenience for occupants. However, the market faces challenges as well. The failure issues with HVAC equipment pose a significant threat, leading to increased maintenance costs and potential downtime. Companies must focus on addressing these challenges by investing in robust design and manufacturing processes, as well as implementing effective maintenance strategies to ensure the reliability and longevity of their systems.

To capitalize on the opportunities presented by this dynamic market, businesses must stay informed of the latest trends and be prepared to adapt quickly to changing customer needs and regulatory requirements.

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The market continues to evolve, driven by advancements in technology and the growing demand for energy efficiency and improved indoor air quality. System efficiency improvements, such as air conditioning systems with variable refrigerant flow and demand-controlled ventilation, are gaining popularity. Air quality monitoring, thermal imaging analysis, and sensor network integration are also crucial components of modern HVAC system design. Control system integration and building energy modeling are essential for optimizing energy performance. For instance, a leading retailer reported a 15% energy savings by implementing predictive maintenance and smart HVAC controls in their stores. The HVAC industry is expected to grow by 4% annually, with a focus on heat recovery systems, airflow management, and building automation systems. The HVAC services segment is the second largest segment of the type and was valued at USD 66.70 billion in 2023.

HVAC equipment lifespan is another critical factor, with fan energy consumption and refrigerant leak detection being key areas of concern. Thermal comfort analysis and heating system controls ensure optimal temperature and humidity levels, while chiller plant operation and cooling tower maintenance are crucial for large-scale commercial applications. Advanced technologies like heat pump technology, refrigerant efficiency, and thermal imaging analysis contribute to the continuous unfolding of market activities. HVAC system commissioning, zoning strategies, energy performance contracts, and ventilation optimization are also essential elements of the evolving HVAC landscape.

How is this HVAC Industry segmented?

The hvac industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD billion' for the period 2025-2029, as well as historical data from 2019-2023 for the following segments.

Type

HVAC equipment HVAC services

End-user

Non-residential Residential

Heating Equipment

Heat pumps Furnaces Unitary heaters Boilers

Ventilation Equipment

Air handling units Air filters Dehumidifiers Ventilation fans Humidifiers Air purifiers

Cooling Equipment

Unitary air conditioners VRF systems Chillers Room air conditioners Coolers Cooling towers

Geography

North America

US

Europe

France Germany Italy Spain UK

APAC

China India Japan South Korea

Rest of World (ROW)

By Type Insights

The HVAC equipment segment is estimated to witness significant growth during the forecast period. The segment was valued at USD 145.10 billion in 2023. It continued to the largest segment at a CAGR of 5.31%.

The market is experiencing significant growth due to the increasing population, industrialization, and rising construction expenditure. This trend is driving the demand for heating, ventilation, and air conditioning (HVAC) systems in both residential and commercial sectors. Air conditio