The North America Commercial HVAC Equipment Market report segments the industry into By Equipment (Air Conditioning/Ventilation Equipment, Heating Equipment), By End User (Public Utilities, Office Spaces, Retail Spaces, Education, Healthcare, Hospitality, Other End Users), and By Country (United States, Canada). Get five years of historical data alongside five-year market forecasts.

The North America Commercial Heating, Ventilation, and Air Conditioning (HVAC) Equipment Market is projected to reach a value of 10.86 Million by 2033, expanding at a CAGR of 5.10% during the forecast period (2025-2033). The growth of the market is attributed to various factors such as the increasing demand for energy-efficient HVAC systems, rising construction activities, and government initiatives to promote green buildings. Key drivers of the market include the growing demand for energy-efficient HVAC systems in commercial buildings, the increasing construction activities in the region, and the government initiatives to promote green buildings. The rising demand for energy-efficient HVAC systems is driven by the need to reduce operating costs and meet sustainability targets. Additionally, the increasing construction activities in the region are expected to create new opportunities for the market. The government initiatives to promote green buildings are also driving the growth of the market, as these initiatives encourage the use of energy-efficient HVAC systems. Recent developments include: January 2024: Carrier Global Corporation agreed with Montana Technologies LLC to develop and commercialize Montana's transformational AirJoule dehumidification and cooling technology. In addition, Carrier has conditionally committed USD 10 million in growth equity into Montana to foster commercialization of AirJoule., March 2024: Mitsubishi Electric Trane HVAC US LLC (METUS) announced the introduction of Premier Wall-mounted Indoor Units (MSZ-GS/MSY-GS), an update to the former models (MSZ-GS/MSY-GL). Meanwhile, Premier MSZ-GS Indoor Units are compatible with single-zone and multi-zone heat pump outdoor units, including single- and multi-zone Hyper-Heating INVERTER (H2i) units. The Premier MSY-GS is a single-zone, cooling-only air conditioner for climates with unnecessary heating.. Key drivers for this market are: Growing Construction Activities, Aging Commercial Building with Obsolete HVAC Systems and Supporting Policies. Potential restraints include: Growing Construction Activities, Aging Commercial Building with Obsolete HVAC Systems and Supporting Policies. Notable trends are: Air Conditioning Equipment is Expected to Witness Remarkable Growth During Forecast Period.

The global heating, ventilation, and air conditioning (HVAC) market is projected to reach about ***** billion U.S. dollars by 2030, based on a compound annual growth rate (CAGR) of *** percent between 2020 and 2030. A more recent projection estimates that the market volume of the HVAC market will reach ***** million units by 2024. Growth in the HVAC market is likely due to continued growth in construction sector revenues, from both publicly and privately funded projects. Air conditioning Mini split air conditioners generate over half of the HVAC market sales revenue, likely due to its early and widespread adoption within the residential sector. Split air conditioner systems have an outdoor and indoor unit. Installation for split air conditioners tend to be much easier as it does not require ductwork and instead, just uses electric wires and tubing to connect the indoor and outdoor units. The demand for air conditioning is increasing worldwide as global temperatures increase. HVAC systems promote improved quality within indoor environments through thermal comfort and acceptable air quality.

The US HVAC equipment market, a significant segment of the global market, exhibits robust growth potential. With a global market size of $45.46 billion in 2025 and a Compound Annual Growth Rate (CAGR) of 5.76%, the US market likely commands a substantial share, considering its large residential and commercial building stock. Growth is driven by several key factors: increasing urbanization and construction activity leading to higher demand for new HVAC installations, rising disposable incomes boosting consumer spending on energy-efficient home upgrades, and stringent government regulations promoting energy conservation and reducing carbon emissions. These regulations are driving the adoption of high-efficiency equipment like heat pumps and smart thermostats. Furthermore, technological advancements leading to the development of more efficient and sustainable HVAC systems, such as those integrating renewable energy sources, are contributing to market expansion. However, challenges remain, including supply chain disruptions impacting equipment availability and price fluctuations, increased material costs, and potential labor shortages impacting installation timelines. The market segmentation reveals strong demand across residential, commercial, and industrial sectors. Within equipment types, air conditioning units, particularly unitary and room air conditioners, dominate due to rising temperatures and increased reliance on climate control. However, the growing awareness of energy efficiency and sustainability is driving increased adoption of heating equipment like heat pumps, offering both heating and cooling capabilities, representing a significant growth opportunity. The competitive landscape is characterized by established players like Daikin, Lennox, Rheem, Trane, and Carrier, alongside emerging companies focusing on innovative technologies. The US market's projected growth trajectory for the next decade reflects a positive outlook, although fluctuations due to economic conditions and technological disruptions should be considered. The forecast period (2025-2033) is expected to witness substantial growth, fueled by the aforementioned drivers, positioning the US HVAC market as a lucrative investment opportunity. Recent developments include: August 2024 - Daikin Applied unveiled its latest self-contained HVAC system, the SWP J-Vintage. This cost-effective and highly efficient unit is upgraded with the low-global warming potential (GWP) R-32 refrigerant. Tailored for floor-by-floor applications, the SWP J-Vintage is packed with features that empower customers to shrink their carbon footprint, all while ensuring top-notch performance at reduced costs., May 2024 - Lennox and Samsung, a globally trusted brand with 40 years of pioneering HVAC technology, inked a deal to form a joint venture. This venture is expected to focus on selling ductless AC and heat pump products (including mini-split, multi-split, and VRF) across the United States and Canada. The newly minted entity is expected to operate under the name Samsung Lennox HVAC North America.. Key drivers for this market are: Growing Adoption of Home and Building Automation Systems, Increasing Demand for Energy-efficient Devices. Potential restraints include: Growing Adoption of Home and Building Automation Systems, Increasing Demand for Energy-efficient Devices. Notable trends are: Residential Sector to be the Largest End User.

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HVAC Aftermarket Market Size 2025-2029

The hvac aftermarket market size is forecast to increase by USD 45.47 billion, at a CAGR of 9% between 2024 and 2029.

The HVAC aftermarket is driven by the expansion of the construction industry, which in turn fuels the demand for heating, ventilation, and air conditioning systems. This growth is further bolstered by the increasing adoption of cogeneration equipment, which offers energy efficiency and cost savings. However, the market faces challenges due to the volatile prices of raw materials, particularly metals and energy sources, which can impact the cost structure of HVAC components and systems. Companies in the HVAC aftermarket must navigate these price fluctuations and ensure their supply chains remain resilient to maintain competitiveness. To capitalize on opportunities, they can focus on offering energy-efficient solutions and expanding their services portfolio, including installation, maintenance, and repair, to cater to the evolving needs of customers. Additionally, partnerships and collaborations with key industry players can help companies access innovative technologies and expand their market reach.

What will be the Size of the HVAC Aftermarket Market during the forecast period?

Explore in-depth regional segment analysis with market size data - historical 2019-2023 and forecasts 2025-2029 - in the full report.
Request Free SampleThe HVAC aftermarket continues to evolve, driven by advancements in technology and shifting market dynamics. IoT sensors play a pivotal role in optimizing system performance and enhancing indoor air quality. Heat pumps, with their energy-efficient HSPF ratings, are increasingly adopted for residential and commercial applications. Refrigerant management solutions ensure compliance with safety standards, while variable speed drives and air handlers contribute to improved energy efficiency. Air purifiers and packaged units offer enhanced comfort and safety, integrating seamlessly with zoning systems and cloud-based platforms for remote monitoring and predictive maintenance. Heat exchangers and ductless systems enable more efficient heating and cooling solutions. Control systems, including smart thermostats and air conditioners, are integrated into smart home systems, offering convenience and energy savings. Water heaters, outdoor units, and rooftop units also undergo continuous innovation, with SEER, EER, and AFUE ratings driving efficiency improvements. UV lamps and parts distribution networks ensure optimal system performance, while service contracts provide peace of mind for building owners and operators. The ongoing integration of these technologies and applications shapes the evolving HVAC aftermarket landscape.

How is this HVAC Aftermarket Industry segmented?

The hvac aftermarket 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. ProductAir conditioning equipmentHeating equipmentVentilation equipmentEnd-userNon-residentialResidentialGeographyNorth AmericaUSCanadaEuropeFranceGermanyUKAPACAustraliaChinaIndiaJapanSouth KoreaRest of World (ROW)

By Product Insights

The air conditioning equipment segment is estimated to witness significant growth during the forecast period.The HVAC aftermarket is experiencing significant growth due to the increasing demand for indoor air quality solutions and adherence to safety standards. Air conditioning equipment, including heat pumps, air handlers, and air conditioners, is a key driver of this market. The rising temperature and humidity levels worldwide necessitate the use of energy-efficient equipment, such as those with high HSPF ratings and SEER or EER ratings. Additionally, the increasing preference for zoning systems and smart home integration, enabled by IoT sensors and cloud-based platforms, is fueling market expansion. The data analytics capabilities of these systems provide valuable insights for predictive maintenance and energy optimization. Water heaters, outdoor units, and heat exchangers are also essential components of HVAC systems, with energy efficiency and AFUE ratings being critical factors. The market is further propelled by the growing popularity of ductless systems, refrigerant management, and variable speed drives. Air purifiers and UV lamps are also gaining traction as consumers prioritize indoor air quality. The HVAC aftermarket is expected to continue its growth trajectory, driven by the expanding data center industry and the increasing importance of energy efficiency and safety standards.

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The Air conditioning equipment segment was valued at USD 28.87 billion in 2019 and showed a gradual increase during the forecast period.

Regional Analysis

APAC is estimated to contribute 32% t

The North American commercial HVAC equipment market, valued at $10.86 billion in 2025, is projected to experience robust growth, driven by several key factors. The increasing focus on energy efficiency and sustainability within commercial buildings is a major catalyst, pushing demand for high-performance HVAC systems like VRF and heat pumps. Stringent building codes and regulations aimed at reducing carbon emissions further propel market expansion. Moreover, the ongoing renovation and construction of commercial spaces, particularly in sectors like healthcare and hospitality, contribute significantly to market growth. Technological advancements, such as the integration of smart building technologies and IoT-enabled HVAC systems, are enhancing operational efficiency and creating new opportunities for market players. Growth is also fueled by rising disposable income and increased urbanization in major North American cities. However, market growth is not without its challenges. Fluctuations in raw material prices, particularly for metals and components, can impact manufacturing costs and profitability. Supply chain disruptions, experienced in recent years, continue to pose a risk to timely project completion and market expansion. Furthermore, the high initial investment cost associated with advanced HVAC systems can act as a barrier to entry for some businesses, particularly smaller companies. Despite these restraints, the long-term outlook for the North American commercial HVAC equipment market remains positive, with a projected Compound Annual Growth Rate (CAGR) of 5.10% from 2025 to 2033. This sustained growth will be fueled by the confluence of technological innovation, rising environmental awareness, and the enduring need for comfortable and efficient indoor environments across diverse commercial sectors. The market's segmentation by equipment type (air conditioning, heating) and end-user (public utilities, office spaces, etc.) provides a detailed understanding of specific growth drivers and market dynamics within each segment. Recent developments include: January 2024: Carrier Global Corporation agreed with Montana Technologies LLC to develop and commercialize Montana's transformational AirJoule dehumidification and cooling technology. In addition, Carrier has conditionally committed USD 10 million in growth equity into Montana to foster commercialization of AirJoule., March 2024: Mitsubishi Electric Trane HVAC US LLC (METUS) announced the introduction of Premier Wall-mounted Indoor Units (MSZ-GS/MSY-GS), an update to the former models (MSZ-GS/MSY-GL). Meanwhile, Premier MSZ-GS Indoor Units are compatible with single-zone and multi-zone heat pump outdoor units, including single- and multi-zone Hyper-Heating INVERTER (H2i) units. The Premier MSY-GS is a single-zone, cooling-only air conditioner for climates with unnecessary heating.. Key drivers for this market are: Growing Construction Activities, Aging Commercial Building with Obsolete HVAC Systems and Supporting Policies. Potential restraints include: Growing Construction Activities, Aging Commercial Building with Obsolete HVAC Systems and Supporting Policies. Notable trends are: Air Conditioning Equipment is Expected to Witness Remarkable Growth During Forecast Period.

In 2021, the size of the automotive heating, ventilation, and air conditioning (HVAC) market in the United States (U.S.) reached a value of 7.07 billion U.S. dollars. It is projected that the market size will increase with a compound annual growth rate (CAGR) of 5.07 percent from 2022 to 2027, reaching a value of 9.72 billion U.S. dollars in 2027.

The North American HVAC equipment market is projected to reach a value of $43.56 million by 2033, growing at a CAGR of 7.10% from 2025 to 2033. The market growth is attributed to the increasing demand for energy-efficient HVAC systems, rising construction activities, and growing awareness of indoor air quality. Additionally, government regulations and incentives promoting sustainability and energy conservation are expected to fuel market expansion. The market is segmented by equipment type, end-user, and region. In terms of equipment type, air conditioning equipment holds the largest market share due to the rising demand for cooling systems in residential and commercial buildings. By end-user, the residential segment is the primary consumer of HVAC equipment, followed by the commercial and industrial sectors. Geographically, the United States dominates the North American HVAC equipment market, followed by Canada and Mexico. Key market players include Rheem Manufacturing Company Inc, Johnson Controls International PLC, Daikin Industries Ltd, Ingersoll Rand Inc (Trane Inc), Lennox International Inc, Nortek Global HVAC LL, Emerson Electric Co, Carrier Corporation, Electrolux AB, and Uponor Corp. The North America HVAC (Heating, Ventilation, and Air Conditioning) Equipment Market is a thriving industry, valued at approximately $45.64 billion in 2022, with a projected growth rate of 5.86% over the forecast period of 2023-2028. Recent developments include: February 2023 - LG Electronics USA showcased its robust 2023 lineup of commercial,residential HVAC and light commercial, and solutions at the 2023 AHR Expo in Atlanta. Throughout the show, the company demonstrated its Variable Refrigerant Flow (VRF) technology, energy-efficient heat pump options, indoor air quality solutions, along with flexible building automation and connectivity products., January 2023 - Carrier introduced the AquaSnap 30RC air-cooled scroll chiller with Greenspeed intelligence and R-32 refrigerant, which complies with January 1, 2024, low global warming potential (GWP) requirements that deliver quieter operation within a tiered design for a broader operating range and design flexibility.. Key drivers for this market are: Rise in Residential and Non-residential Users. Potential restraints include: High Energy Consumption of HVAC Equipment. Notable trends are: Heat Pumps to Witness Significant Growth.

The North American commercial HVAC market, valued at approximately $10.36 billion in 2025, is projected to experience robust growth, driven by several key factors. Increasing urbanization and the expansion of commercial real estate, particularly in major metropolitan areas, fuel the demand for efficient and reliable HVAC systems. Stringent government regulations aimed at improving energy efficiency and reducing carbon emissions are further propelling market growth. Furthermore, the rising adoption of smart building technologies, including building automation systems (BAS) and Internet of Things (IoT) devices integrated with HVAC systems, presents significant opportunities for market expansion. These smart systems allow for optimized energy consumption, improved indoor air quality, and enhanced operational efficiency, making them attractive to building owners and managers. The market is segmented by component type (HVAC equipment including heating and air conditioning/ventilation, and HVAC services) and end-user industry (hospitality, commercial buildings, public buildings, and others). Within the equipment segment, the demand for energy-efficient units, such as heat pumps and variable refrigerant flow (VRF) systems, is expected to increase substantially. The services segment is experiencing growth due to increasing demand for preventative maintenance and repair services, reflecting a focus on extending the lifespan of existing HVAC infrastructure. The market's growth trajectory, however, is subject to certain restraints. Fluctuations in raw material prices, particularly for metals and other key components, can impact manufacturing costs and affect pricing. Economic downturns and reduced construction activity can also moderate market expansion. Supply chain disruptions, as experienced in recent years, pose a considerable challenge, impacting the timely delivery of HVAC equipment and services. Nonetheless, the long-term outlook for the North American commercial HVAC market remains positive, fueled by sustained demand for reliable climate control solutions in commercial spaces and a growing emphasis on sustainable building practices. This growth is expected to be steady, reflecting the CAGR of 8.70% provided, leading to considerable market expansion throughout the forecast period. Recent developments include: May 2024: Lennox International announced the launch of a new HVAC line that reduces global warming potential ‘by up to 78%’. The new Lennox heating, ventilation, and air conditioning products will offer a comprehensive range of products and will use the environmentally responsible refrigerant R454B, which reduces global warming potential by as much as 78%., April 2024: XNRGY, a North American player providing sustainable HVAC solutions, announced the groundbreaking of its new manufacturing facility in Mesa, Arizona. This groundbreaking ceremony marks the beginning of a four-phase development plan, which will ultimately create an enormous 1 million sq. ft sustainability manufacturing hub in the area.. Key drivers for this market are: Increasing Demand for Retrofitting HVAC in Aging Commercial Buildings, Increase in Construction of Office is Expected to Increase the Demand for Air Conditioning/ Ventillation Equipment. Potential restraints include: Increasing Demand for Retrofitting HVAC in Aging Commercial Buildings, Increase in Construction of Office is Expected to Increase the Demand for Air Conditioning/ Ventillation Equipment. Notable trends are: Increasing Demand for Heating Equipment in Commercial Buildings Will Drive Market Growth.

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

Having seen growth through the end of 2025, revenue for the heating and air-conditioning contractors industry is influenced by changes in per capita disposable income, interest rates, consumer spending and a host of other drivers. HVAC contractors operate a steady business thanks to the necessity of their services and regular repair and maintenance work. Government support, including Qualified Improvement Property (QIP) tax write-offs, has aided revenue growth. Coming off the heels of historically low rates, interest rate hikes weakened residential and nonresidential markets since 2022. The elevated cost of borrowing particularly reduced residential construction activity, while nonresidential construction managed to continue expanding amid a hot reopened economy. Manufacturing construction spending, in particular, saw strong growth amid supportive federal policies. Interest rate cuts, which began in 2024 and have continued into 2025, provide a bright spot for contractors. Overall, revenue for heating and air-conditioning contractors is expected to expand at a CAGR of 2.5% during the current period, reaching $156.2 billion in 2025, when revenue is set to climb 2.4%. As interest rate cuts are set to continue and construction activity continues to expand along with the broader US economy, HVAC contractors will see expanding opportunities. High wages and corporate profit will hike spending from the residential and nonresidential sectors, aiding revenue growth. Contractors will see new opportunities as consumers seek newer and environmentally friendly systems. Tax credits and grants for energy-efficient heating and cooling equipment under the Inflation Reduction Act (IRA) will provide an avenue of growth for the industry. However, some of the second Trump administration's policies could threaten HVAC contractors; the administration paused certain funding included in the IRA, which could threaten rebates for heat pumps. A potentially escalating trade war also stands to drive up prices. Still, revenue for heating and air-conditioning contractors is forecast to rise at a CAGR of 2.6% during the outlook period, reaching $177.7 billion in 2030, while profit is set to see tepid growth amid continued labor shortages.

The US HVAC (Heating, Ventilation, and Air Conditioning) industry, a significant segment of the global market, is experiencing robust growth fueled by several key factors. The increasing demand for energy-efficient systems, driven by rising energy costs and environmental concerns, is a primary driver. Furthermore, the aging housing stock in the US necessitates significant retrofitting projects, contributing substantially to market expansion. Stringent building codes and regulations promoting energy efficiency are also pushing adoption of advanced HVAC technologies. The commercial sector, encompassing office buildings, retail spaces, and industrial facilities, is a significant contributor to the market size, with ongoing construction and renovation activities driving demand for new installations and upgrades. Residential installations, while a large segment, show growth influenced by new home construction rates and homeowner investments in home comfort and energy efficiency. Technological advancements, such as smart thermostats, inverter technology, and the integration of renewable energy sources, are reshaping the industry, creating opportunities for innovative products and services. Competition is intense, with established players like Lennox International and Carrier Corporation vying for market share alongside numerous regional and specialized HVAC companies. The market’s growth trajectory, currently estimated at a CAGR of 6.60%, points towards a substantial increase in market value over the forecast period (2025-2033). The US HVAC market's segmentation reveals key trends. While the residential sector remains large, the industrial and commercial sectors demonstrate higher growth potential due to large-scale projects and infrastructure development. New installations dominate in commercial construction, while retrofitting activities are substantial in the residential and industrial sectors. The geographical distribution reflects high concentration in densely populated areas and regions with extreme climates requiring effective heating and cooling solutions. Future growth is projected to be influenced by government policies supporting energy efficiency, technological innovation in areas like heat pump technology and smart home integration, and shifts in consumer preferences towards sustainability and energy conservation. The industry’s future hinges on its ability to innovate, adapt to evolving regulatory landscapes, and meet the rising demand for sustainable, efficient, and technologically advanced HVAC solutions. This includes a potential expansion in the adoption of geothermal systems and other renewable-energy-integrated HVAC solutions. Recent developments include: May 2022: NearU Services announced its partnership with Bullman Heating and Air, an HVAC service provider in North Carolina. The collaboration with Bullman and NearU's May partnership with Mountain Air Mechanical Contractors will boost NearU's service capabilities in the rapidly-growing Asheville area., January 2022: Marcone, a home appliance, HVAC, and plumbing repair parts distributor across North America, announced the acquisition of Munch, a distributor of HVAC equipment, parts, and supplies. The acquisition established Marcone as one of the leaders in the HVAC sector.. Key drivers for this market are: Growth in Construction Activity, Higher Awareness on Energy Awareness Systems; Large Installed Base of HVAC Equipment in the Country. Potential restraints include: Growth in Construction Activity, Higher Awareness on Energy Awareness Systems; Large Installed Base of HVAC Equipment in the Country. Notable trends are: Industrial and Commercial Segment to Grow Significantly.

The global commercial HVAC market, valued at $41.79 billion in 2025, is projected to experience robust growth, driven by increasing urbanization, rising construction activities in commercial sectors, and stringent government regulations promoting energy efficiency. The market's compound annual growth rate (CAGR) of 8.80% from 2025 to 2033 indicates significant expansion potential. Key drivers include the escalating demand for energy-efficient HVAC systems in commercial buildings like offices, hotels, and retail spaces, coupled with technological advancements such as smart HVAC solutions and the integration of IoT devices for improved control and monitoring. Growth is further propelled by the expanding hospitality and public building sectors, creating a strong demand for sophisticated climate control solutions. While the market faces some restraints, such as fluctuating raw material prices and potential supply chain disruptions, these are expected to be offset by the overall positive market trends and the continuous innovations in the industry. The market segmentation reveals a significant share held by HVAC equipment (heating and air conditioning/ventilation), followed by HVAC services. Geographically, North America and Europe currently dominate the market, but Asia is projected to witness substantial growth due to rapid infrastructural development and economic expansion. Major players like Johnson Controls, Daikin, Lennox, and Carrier are aggressively investing in research and development, strengthening their market positions through technological innovation and strategic partnerships. The forecast period (2025-2033) indicates a continued upward trajectory for the commercial HVAC market, with a projected market size exceeding $80 billion by 2033. This growth will be influenced by a number of factors. Increased focus on sustainable building practices and reduced carbon footprint are driving the adoption of green HVAC technologies. The ongoing development of energy-efficient solutions, such as heat pumps and variable refrigerant flow (VRF) systems, along with improved building automation systems, will further contribute to market expansion. Furthermore, the growing awareness of indoor air quality (IAQ) and the need for improved ventilation in commercial spaces are expected to fuel the demand for advanced HVAC systems with enhanced filtration and air purification capabilities. Competition among key players will likely intensify, driving innovation and offering diverse product choices to consumers. Commercial HVAC Market: A Comprehensive Analysis (2019-2033) This in-depth report provides a comprehensive analysis of the global commercial HVAC market, encompassing the period from 2019 to 2033. It offers invaluable insights into market size, growth drivers, challenges, and key trends, enabling businesses to make informed strategic decisions in this dynamic sector. The report utilizes data from the historical period (2019-2024), with 2025 serving as the base and estimated year, and projecting the forecast period (2025-2033). The market is segmented by type of component (HVAC equipment – including heating and air conditioning/ventilation equipment – and HVAC services), end-user industry (hospitality, commercial buildings, public buildings, and other end-user industries), and key players including Johnson Controls International PLC, Daikin Industries Ltd, Lennox International Inc, LG Electronics Inc, Danfoss A/S, Carrier Corporation, Midea Group Co Ltd, Robert Bosch GmbH, BDR Thermea Group, and Panasonic Corporation. Recent developments include: March 2024: Daikin announced the acquisition of BKF Klima in Denmark to drive Europe's carbon reduction efforts and expand installer upskilling opportunities. At Daikin's new offices in Brondby, Denmark, the company will also open two new facilities, including a Daikin Installer Training Center and a Daikin Experience Center for consumers. This strategic acquisition will enable Daikin to leverage its extensive research and development expertise in low-carbon HVAC solutions further., February 2024: Voltas announced the introduction of a new line of commercial air conditioning products for business space. A cooling capacity of 12-72 TR with eco-friendly refrigerants is available for the new Scroll Inverter Chillers. The product is enabled by the Internet of Things, is BMS-compatible, has silent operation, and is user-friendly as it can be used via a cell phone application. The company aims to further enhance its objective of promoting commercial spaces and the use of cutting-edge scroll technology to integrate energy-efficient solutions into its operations by means of this new line of inverter chillers.. Key drivers for this market are: Growing Commercial Construction in Major Emerging Economies, Increasing Demand For Energy Efficient Devices. Potential restraints include: Data privacy and security concerns, High installation and maintenance costs. Notable trends are: Air Conditioning /Ventilation Equipment Witnessed Increasing Demand.

The United States HVAC Equipment & Services Market is valued at XX million in 2025, and is projected to grow at a CAGR of 6.21% from 2025 to 2033. The growth of the market is primarily driven by increasing urbanization, rising disposable income, and the adoption of energy-efficient technologies. Additionally, government regulations and incentives for the adoption of energy-efficient HVAC systems are also contributing to the market growth. The major players in the market include Johnson Controls International PLC, Daikin Industries Ltd, Lennox International Inc, EMCOR Group, and Carrier Corporation, among others. The market is segmented by equipment type, end-user, and type of installation. The equipment segment is further sub-segmented into split systems (ducted and ductless), indoor packaged and roof tops, chillers, air handling units, furnaces, fain coils, window/through the wall, moveable and PTAC, boilers, heat pumps, humidifiers and dehumidifiers, and other equipment types. The end-user segment is classified into residential, industrial, and commercial. The type of installation segment is bifurcated into new installations and retrofits. The residential segment is expected to hold the largest market share during the forecast period due to the increasing number of residential construction projects. The commercial segment is also expected to witness significant growth due to the rising demand for energy-efficient HVAC systems in commercial buildings. Recent developments include: November 2021 - Partners Group, a leading global private markets firm, agreed to acquire DiversiTech, a manufacturer and supplier of parts and accessories for heating, ventilation, and air conditioning ("HVAC") equipment in the US, from funds advised by global private equity firm Permira., July 2021 - Audax Private Equity announced that it had signed a definitive agreement to sell Reedy Industries, commercial heating, ventilation, and air conditioning (HVAC) provider, to Partners Group.. Key drivers for this market are: Rise in Residential and Non-residential Users. Potential restraints include: Security Concerns Related to IoT and Smart Devices, Higher Costs of Refurbishment of Old Buildings. Notable trends are: New Installations to Drive the Growth.

North America HVAC Equipment Market size was valued at USD 29.05 Billion in 2024 and is projected to reach USD 50.24 Billion by 2032, growing at a CAGR of 7.10% from 2026 to 2032.

North America HVAC Equipment Market Drivers

Demand for Energy-Efficient Systems: The adoption of energy-efficient HVAC solutions is being driven by stringent government regulations and sustainability initiatives. The market is anticipated to expand as businesses and homeowners focus on reducing energy consumption and operational costs.

Construction Activities: The demand for HVAC equipment is anticipated to rise due to expanding residential, commercial, and industrial infrastructure. A 10% increase in U.S. construction spending, reaching an estimated $2,099 billion in April 2024, is projected to drive the adoption of advanced HVAC solutions, particularly in energy-efficient buildings.

Integration of Smart Technologies: The adoption of IoT-enabled HVAC systems and AI-driven automation is being accelerated by the need for enhanced energy management. The market is projected to witness growth as smart monitoring and predictive maintenance solutions become increasingly utilized.

Replacement and Retrofitting Demand: Aging HVAC systems in existing buildings are being replaced with modern, energy-efficient alternatives to comply with evolving energy standards. The market is estimated to benefit from rising retrofitting activities in commercial and industrial sectors.

Focus on Indoor Air Quality: The emphasis on improving indoor air quality (IAQ) is being strengthened by concerns related to health and workplace productivity. The market is anticipated to grow as advanced filtration and ventilation technologies are increasingly incorporated into HVAC systems.

The HVAC (Heating, Ventilation, and Air Conditioning) equipment market is experiencing robust growth, with a market size of $145.05 billion in 2025 and a projected Compound Annual Growth Rate (CAGR) of 6.33% from 2025 to 2033. This expansion is fueled by several key drivers. Increasing urbanization and construction activity globally, particularly in developing economies like India and China, are significantly boosting demand for HVAC systems in both residential and commercial buildings. Furthermore, rising disposable incomes and a growing awareness of indoor air quality are leading to increased adoption of advanced HVAC technologies offering energy efficiency and improved comfort. Stringent government regulations aimed at reducing carbon emissions are also pushing the market toward more sustainable and energy-efficient solutions, creating opportunities for manufacturers of green HVAC technologies. The market segmentation reveals strong growth potential across various product categories, with air conditioning equipment likely holding the largest share, followed by heating and ventilation equipment. Geographically, North America and Asia Pacific (APAC) are expected to dominate the market due to high infrastructure development and a growing preference for climate-controlled environments. However, significant opportunities also exist in other regions as developing economies continue to modernize their infrastructure and improve living standards. Competition within the HVAC equipment market is intense, with numerous established players and emerging competitors vying for market share. Key players such as Daikin, Trane, Carrier, and LG are leveraging their established brand reputation and extensive distribution networks to maintain their dominance. However, smaller, specialized companies are focusing on niche markets and innovative technologies to gain a competitive edge. Successful strategies include focusing on technological innovation, particularly in areas such as smart home integration and energy efficiency, developing strong distribution channels, and building robust customer relationships. Despite the positive outlook, challenges remain, including fluctuating raw material prices, supply chain disruptions, and the increasing complexity of regulatory compliance. Nevertheless, the long-term growth prospects for the HVAC equipment market remain extremely favorable, driven by global urbanization, economic development, and the growing need for comfortable and energy-efficient building environments.

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HVAC Test Instruments Market Size 2025-2029

The HVAC test instruments market size is forecast to increase by USD 237.9 million at a CAGR of 7% between 2024 and 2029.

The market is experiencing significant growth due to the increasing demand for HVAC systems in both residential and commercial sectors. This trend is driven by the need for energy efficiency and indoor air quality, leading to the adoption of advanced HVAC technologies and energy-efficient HVAC systems. Another key trend is the growing popularity of wireless HVAC test instruments, which offer convenience and ease of use, along with the rising integration of HVAC control systems for improved performance and automation. However, the market faces challenges as well. China's heavy reliance on manufacturing and exporting low-cost HVAC test instruments puts pressure on pricing and profit margins for other market players. As a result, companies must focus on innovation and value-added services to differentiate themselves and maintain competitiveness.
To capitalize on market opportunities, businesses should consider expanding their product offerings to cater to the growing demand for wireless and advanced testing solutions. Navigating pricing pressures from China will require strategic partnerships, cost optimization, and a focus on delivering high-quality products and services.

What will be the Size of the HVAC Test Instruments Market during the forecast period?

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The market continues to evolve, driven by the constant demand for energy conservation and efficiency in various sectors. HVAC systems, including heating and industrial applications, require regular testing and maintenance to ensure optimal performance and compliance with industry standards. Flow meters and pressure gauges play crucial roles in measuring system performance, while energy audits and data logging help identify areas for improvement. Refrigerant analysis and recovery tanks are essential for refrigeration systems, ensuring efficient operation and reducing emissions. Non-destructive testing and advanced diagnostics enable early detection of potential issues, reducing downtime and maintenance costs. Maintenance professionals rely on digital multimeters, infrared thermometers, and vacuum pumps for precise measurements and leak detection.
Building services and automation systems integrate these instruments with wireless technology, cloud-based platforms, and the Internet of Things for remote monitoring and predictive maintenance. Compliance testing, system commissioning, and quality control are integral parts of the HVAC industry, ensuring adherence to building codes and industry standards. Air conditioning systems, ventilation systems, and charging stations also benefit from these testing instruments and techniques. Continuous innovation in HVAC test instruments includes advanced diagnostics, smart HVAC systems, and thermal imaging technology, enabling more efficient and cost-effective solutions for heating, cooling, and ventilation applications.

How is this HVAC Test Instruments Industry segmented?

The hvac test instruments 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.

Application

  Installation
  Maintenance
  Troubleshooting
  Energy Auditing


Product Type

  Dye injector kit
  Refrigerant measuring and monitoring
  Gauges


Instrument Type

  Airflow Meters
  Refrigerant Gauges
  Temperature and Humidity Meters
  Pressure Meters


End-User

  Residential
  Commercial
  Industrial


Geography

  North America

    US
    Canada


  Europe

    France
    Germany
    Italy
    UK


  Middle East and Africa

    Egypt
    Oman
    UAE


  APAC

    China
    India
    Japan


  South America

    Argentina
    Brazil


  Rest of World (ROW)

By Application Insights

The installation segment is estimated to witness significant growth during the forecast period.

The HVAC testing market encompasses various instruments, including flow meters, pressure gauges, digital multimeters, refrigerant leak detectors, thermal imaging devices, and humidity measurement tools. Flow meters hold significant market share due to their role in assessing airflow and ensuring energy efficiency in HVAC systems. This is particularly crucial for maintenance professionals, who rely on these instruments for energy audits, system commissioning, and compliance testing. Airflow measurement is essential for optimizing system performance and maintaining indoor air quality (IAQ) standards. Regulations, such as the IAQ standard and the Association of Home Appliance Manufacturers (AHAM) AC-1-2013 standard, mandate regular testing and maintenance of HVAC systems.

Consequently, companies like Fortive and TSI

According to Cognitive Market Research, the global HVAC Services market size was USD 72.5 billion in 2022 and will grow at a compound annual growth rate (CAGR) of 6.50% from 2023 to 2030. What Are The Main Drivers Influencing The HVAC Services Market?

Government Tax Credits And Rebate Programs Boost Market Expansion

The availability of tax credit and rebate schemes, as well as other monetary incentives connected with adopting energy-efficient systems, is likely to boost sales of HVAC systems. Various levels of government, including the federal and state governments, have created guidelines to enhance the operation of HVAC systems. Proactive government efforts will also emerge as market growth drivers over the predicted period.

For instance, Customers can apply for the Federal Energy Tax Credit under the Taxpayer Relief Act of 2012 (U.S.)-2017. The credit is not available for all HVAC units. HVAC systems that qualify for tax credits can claim 25C tax credits, which are 10% of the total installation expenses (up to USD 500 or a specified sum ranging from USD 50 to USD 300).

(Source: http://www.energystar.gov/about/federal_tax_credits/central_air_conditioning)

Similarly, Australia's Department of Environment and Energy has launched the 'discounted energy efficient air conditioners for household programs,' which offer a discount ranging from USD 200 to USD 1,000 to New South Wales residents who purchase high-efficiency air conditioners for household use. Similar programs would be critical in driving market expansion throughout the projection period.

(Source:http://www.energy.gov/energysaver/central-air-conditioning)

The Factors Limiting The Growth Of The HVAC Services Market

High Cost of Installation And Maintenance Limit Market Growth

HVAC systems have an average life of roughly 13 years with regular maintenance. This maintenance involves cleaning the filters on a regular basis to remove any silt and dust that has collected on them in order to minimize damage, which might result in the failure of the entire system. Furthermore, because to their limited lifespan and working life cycle, numerous HVAC unit components or parts, such as filters, motors, refrigerant, coolant, and so on, must be changed or serviced on a regular basis. These parts range in price from $50 to $200 or more.

According to consumer organizations and HVAC industry analysts, 90% of air conditioners and furnaces are inappropriately designed and installed. According to the study, ventilation is critical in creating pleasant interior spaces. Rarely, especially in new buildings, does a contractor install enough return air vents to support the system they install.

(Source: http://www.theyesmancan.com/blog/90-are-wrong/)

Impact of the COVID-19 Pandemic on the HVAC Services market:

During the early phases of the worldwide health crisis, official limitations imposed to prevent the spread of COVID-19 had an impact on the day-to-day operations of several vehicle manufacturers. Strict limitations and supply chain interruptions caused a scarcity of semiconductor chips, threatening the majority of market participants. Several Asia-Pacific economies witnessed dramatic drops in GDP in 2020, as many of the countries' economic activity came to a standstill. Machinery exports from China, Japan, and ASEAN countries fell. Travel restrictions, the appearance of the delta strain of COVID-19, and other challenges all had an influence on the global value chain (GVC) in 2021. Car exports to the Association of Southeast Asian Nations (ASEAN) were erratic, with the majority of items being electrical and equipment Introduction of HVAC Services:

The heating, ventilation, and air conditioning (HVAC) system moves air between interior and outdoor locations. They filter the interior air to keep the atmosphere healthy and humidity at a comfortable level. HVAC equipment is employed in a variety of settings, including retail malls, industrial buildings, and warehouses. It may be used to many locations and building types, such as proper air conditioning through heating and cooling, air pressure, and air supply. A feature that helps the building's residents feel comfortable and secure. Because of the increasing integration of HVAC goods with Internet of Things (loT) technology, the worldwide market is witnessing huge changes, making HVAC products more creative and inexpensive.

The focu...

The United States HVAC Market Report is Segmented by Product Type (Heating Equipment [Heat Pumps, Furnaces, and More], Ventilation Equipment [Air Handling Units, Energy Recovery Ventilators/Heat Recovery Ventilators, and More], Air Conditioning Equipment [Unitary Air Conditioners, Variable Refrigerant Flow System, and More] and End User Industry (Residential, Commercial, and Industrial).

The global HVAC (Heating, Ventilation, and Air Conditioning) systems market is experiencing robust growth, projected to reach a market size of $178,760 million in 2025, exhibiting a Compound Annual Growth Rate (CAGR) of 6.4% from 2019 to 2033. This expansion is driven by several key factors. Increasing urbanization and industrialization in developing economies are fueling demand for climate control solutions in residential, commercial, and industrial sectors. Stringent government regulations aimed at improving energy efficiency and reducing carbon emissions are also significantly impacting market growth, encouraging the adoption of energy-efficient HVAC systems. Furthermore, technological advancements, such as the integration of smart technology and IoT capabilities, are enhancing system performance, user convenience, and overall energy savings, further driving market expansion. The market is segmented by type (decentralized and centralized) and application (residential, industrial, and commercial), with the commercial sector expected to dominate due to the high density of buildings requiring climate control. The competitive landscape is characterized by a mix of established global players and regional manufacturers. Major players such as Gree, Daikin, Midea, Johnson Controls, Carrier, and others are investing heavily in research and development to offer innovative products and expand their market share. The ongoing trend towards sustainable and energy-efficient solutions is creating opportunities for manufacturers who can offer products with reduced environmental impact. Growth within regional markets will vary, with North America and Asia Pacific expected to maintain significant shares due to robust construction activity and a growing focus on energy efficiency. However, emerging economies in other regions will also witness substantial growth as disposable incomes rise and infrastructure development accelerates. Challenges remain, such as fluctuating raw material prices and supply chain disruptions, but the overall outlook for the HVAC systems market remains positive, with continued expansion expected throughout the forecast period. This report provides a detailed analysis of the global HVAC systems market, projected to reach $200 billion by 2028. It delves into market dynamics, key players, emerging trends, and future growth prospects, incorporating data on decentralized, centralized, residential, commercial, and industrial segments. The report is ideal for HVAC manufacturers, investors, and industry professionals seeking a comprehensive understanding of this dynamic market. Keywords: HVAC systems market, HVAC market size, HVAC trends, HVAC industry, HVAC regulations, HVAC manufacturers, HVAC technology, residential HVAC, commercial HVAC, industrial HVAC, decentralized HVAC, centralized HVAC, HVAC market analysis, HVAC market growth.