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HVACシステム市場規模、セグメント分析、2030年までの世界予測

HVAC System Market - Global Forecast To 2030

HVAC システム市場 - 冷房（ユニットエアコン、VRF、チラー、冷却塔、クーラー）、暖房（ヒートポンプ、ボイラー、ユニットヒーター、炉）、換気（AHU、エアフィルター、加湿器、清浄器）、テクノロジー（スマート、サステナブル）、サービス - 2030年までの世界予測
HVAC System Market by Cooling (Unitary AC, VRF, Chiller, Cooling Tower, Cooler), Heating (Heat Pump, Boiler, Unitary Heater, Furnace), Ventilation (AHU, Air Filter, Humidifier, Purifier), Technology (Smart, Sustainable), Service - Global Forecast to 2030

商品番号 : SMB-9741

出版社MarketsandMarkets
出版年月2025年8月
ページ数335
図表数311
価格タイプ シングルユーザライセンス
価格USD 4,950
種別英文調査報告書

本レポートでは、冷却機器（ユニットエアコン、VRFシステム、チラー、ルームエアコン、クーラー、冷却塔）、暖房機器（ヒートポンプ、炉、ボイラー、ユニットヒーター）、換気機器（エアハンドリングユニット、エアフィルター、除湿器、換気ファン、加湿器、空気清浄機）、技術（従来のHVACシステム、スマートHVACシステム、持続可能/グリーンHVACシステム）、実装タイプ（新築ビル、改修ビル）、サービスタイプ（設置サービス、保守・修理サービス、アップグレード/交換サービス、コンサルティングサービス）、エンドユーザー（商業用、住宅用、産業用）、および地域（北米、ヨーロッパ、アジア太平洋地域、その他の地域）に基づいて、HVACシステム市場を定義、説明、予測しています。市場の成長に影響を与える推進要因、制約、機会、課題に関する詳細な情報を提供します。また、市場で成長するために主要企業が実施した買収、製品発売、拡張、行動などの競合状況も分析しています。

本レポートは、HVACシステム市場全体および各サブセグメントの収益に関する近似値に関する情報を提供し、市場リーダー企業および新規参入企業にとって役立ちます。また、ステークホルダーが競争環境を理解し、自社のポジショニングを改善し、適切な市場開拓戦略を策定するための洞察を深めるのに役立ちます。さらに、市場の動向を把握し、主要な推進要因、制約要因、機会、課題に関する情報も提供します。

HVACシステム市場は、2025年の2,992億8,000万米ドルから2030年には4,077億7,000万米ドルに拡大し、2025年から2030年にかけて6.4%の年平均成長率（CAGR）で成長すると予測されています。HVAC業界は近年、大きな進歩を遂げており、革新的なHVACシステムへの需要が急増しています。こうした進歩を牽引した要因としては、エネルギー効率の向上、室内空気質の改善、よりスマートで接続性の高いシステムへのニーズなどが挙げられます。スマートHVACシステムは、センサーと高度なアルゴリズムを用いて屋内外の状況を監視し、システム設定をリアルタイムで調整し、エネルギー使用量とシステムパフォーマンスに関する詳細な分析情報をユーザーに提供します。

The HVAC system market is projected to grow from USD 299.28 billion in 2025 to USD 407.77 billion by 2030, growing at a CAGR of 6.4% from 2025 to 2030. The HVAC industry has experienced significant advancements in recent years, leading to a surge in demand for innovative HVAC systems. Several factors have driven these advancements, including the growing need for energy efficiency, improved indoor air quality, and the desire for smarter, more connected systems. Smart HVAC systems use sensors and advanced algorithms to monitor indoor and outdoor conditions, adjust system settings in real time, and provide users with detailed analytics on energy usage and system performance.

HVACシステム市場規模、セグメント分析、2030年までの世界予測
hvac-system-market

“The new construction buildings segment accounts for the largest market share during the forecast period.”

Government involvement is pivotal in the HVAC market, as it encourages the adoption of HVAC systems to support urbanization while enforcing regulatory compliance. The growing emphasis on energy efficiency and environmentally friendly building practices, such as deployment of high-efficiency HVAC equipment, adoption of VRF systems, integration of smart thermostats and building automation controls, use of advanced air filtration, and incorporation of renewable energy-powered heating and cooling, has resulted in stricter standards, including ASHRAE Standard 90.1, which defines energy efficiency requirements for US buildings.

“The air handling unit segment is projected to register the highest CAGR during the forecast period.”

The air handling unit (AHU) segment is projected to record the highest CAGR in the overall HVAC system market due to rising demand for improved indoor air quality, energy-efficient ventilation, and compliance with stricter air quality standards. Increasing construction of commercial spaces and healthcare facilities further drives the adoption of AHUs for effective air distribution and filtration.

HVACシステム市場規模、セグメント分析、2030年までの世界予測 - 地域
hvac-system-market-region

“China is estimated to account for the largest share of the Asia Pacific HVAC system market in 2025.”

China is the largest market for HVAC system in Asia Pacific. The market in the country is driven by rapid urbanization, massive infrastructure and residential construction projects, and a growing middle-class population demanding modern comfort solutions. Supportive government policies promoting energy-efficient technologies, along with rising temperatures and increased adoption of air conditioning systems, are further fueling the robust growth of China’s HVAC market.

  • By Company Type: Tier 1–35%, Tier 2–30%, and Tier 3–35%
  • By Designation: C-level Executives–35%, D-level Executives–40%, and Others–25%
  • By Region: North America–25%, Europe–35%, Asia Pacific–30%, and RoW–10%

Prominent players profiled in this report include Carrier (US), DAIKIN INDUSTRIES, Ltd. (Japan), LG Electronics (South Korea), Lennox International Inc. (US), Midea (China), Johnson Controls (Ireland), Trane Technologies plc (Ireland), Honeywell International Inc. (US), Mitsubishi Electric Corporation (Japan), SAMSUNG (South Korea), GREE ELECTRIC APPLIANCES, INC. OF ZHUHAI (China), Fujitsu General (Japan), Panasonic Holdings Corporation (Japan), Robert Bosch Group (Germany), and Modine (US).

HVACシステム市場規模、セグメント分析、2030年までの世界予測 - 対象となる企業
hvac-system-market-ecosystem

Research Coverage:

The report defines, describes, and forecasts the HVAC system market based on cooling equipment (unitary air conditioners, VRF systems, chillers, room air conditioners, coolers, and cooling towers), heating equipment (heat pumps, furnaces, boilers, and unitary heaters), ventilation equipment (air-handling units, air filters, dehumidifiers, ventilation fans, humidifiers, air purifiers), technology (traditional HVAC systems, smart HVAC systems, and sustainable/green HVAC systems), implementation type (new construction buildings, retrofit buildings), service type (installation services, maintenance & repair services, upgradation/replacement services, and consulting services),  end user (commercial, residential, and industrial), and region (North America, Europe, Asia Pacific, and RoW). It provides detailed information regarding drivers, restraints, opportunities, and challenges influencing the market’s growth. It also analyzes competitive developments such as acquisitions, product launches, expansions, and actions carried out by the key players to grow in the market.

Reasons to Buy This Report

The report will help the market leaders/new entrants with information on the closest approximations of the revenue for the overall HVAC system market and the subsegments. The report will help stakeholders understand the competitive landscape and gain more insight to position their business better and plan suitable go-to-market strategies. The report also helps stakeholders understand the market’s pulse and provides information on key drivers, restraints, opportunities, and challenges.

The report will provide insights into the following points:

  • Analysis of key drivers (Increasing demand for energy-efficient HVAC systems), restraints (Rising expenses for installing, servicing, and maintaining HVAC systems), opportunities (Swift evolution of IoT within HVAC industry), and challenges (Lack of awareness about benefits of HVAC systems in developing countries) of the HVAC system market
  • Product development /innovation: Detailed insights into upcoming technologies, research & development activities, and new product launches in the HVAC system market
  • Market development: Comprehensive information about lucrative markets; the report analyses the HVAC system market across various regions
  • Market diversification: Exhaustive information about new products launched, untapped geographies, recent developments, and investments in the HVAC system market
  • Competitive Assessment: In-depth assessment of market share, growth strategies, and offering of leading players, including Carrier (US), DAIKIN INDUSTRIES, Ltd. (Japan), LG Electronics (South Korea), Midea (China), and Trane Technologies plc (Ireland) in the HVAC system market.

Table of Contents

1               INTRODUCTION              29

1.1           STUDY OBJECTIVES       29

1.2           MARKET DEFINITION   29

1.3           STUDY SCOPE   30

1.3.1        MARKETS COVERED       30

1.3.2        INCLUSIONS AND EXCLUSIONS 31

1.3.3        YEARS CONSIDERED      31

1.4           CURRENCY          31

1.5           UNITS CONSIDERED      32

1.6           STAKEHOLDERS               32

1.7           SUMMARY OF CHANGES               32

2               RESEARCH METHODOLOGY       33

2.1           RESEARCH DATA              33

2.1.1        SECONDARY DATA          34

2.1.1.1    List of major secondary sources         35

2.1.1.2    Key data from secondary sources       35

2.1.2        PRIMARY DATA 35

2.1.2.1    List of major participants in primary interviews              36

2.1.2.2    Key data from primary sources           36

2.1.2.3    Breakdown of primaries      37

2.1.2.4    Key industry insights           37

2.1.3        SECONDARY AND PRIMARY RESEARCH 38

2.2           MARKET SIZE ESTIMATION         38

2.2.1        MARKET SIZE ESTIMATION METHODOLOGY: SUPPLY-SIDE ANALYSIS 39

2.2.2        BOTTOM-UP APPROACH              39

2.2.2.1    Approach for arriving at market size using bottom-up analysis                 39

2.2.3        TOP-DOWN APPROACH                40

2.2.3.1    Approach for arriving at market size using top-down analysis                 41

2.3           DATA TRIANGULATION                42

2.4           RESEARCH ASSUMPTIONS           43

2.5           RISK ASSESSMENT           44

2.6           LIMITATIONS OF RESEARCH      44

3               EXECUTIVE SUMMARY  45

4               PREMIUM INSIGHTS       50

4.1           ATTRACTIVE OPPORTUNITIES FOR PLAYERS IN HVAC SYSTEM (EQUIPMENT + SERVICE) MARKET         50

4.2           NORTH AMERICA: HVAC SYSTEM MARKET, BY COUNTRY  AND EQUIPMENT TYPE       50

4.3           HVAC SYSTEM MARKET IN COMMERCIAL END USER, BY TYPE     51

4.4           HVAC SYSTEM MARKET, BY REGION       51

5               MARKET OVERVIEW       52

5.1           INTRODUCTION              52

5.2           MARKET DYNAMICS       52

5.2.1        DRIVERS               53

5.2.1.1    Increasing demand for energy-efficient HVAC systems                 53

5.2.1.2    Increased construction activities in residential and industrial sectors    54

5.2.1.3    Government policies and incentives promoting energy efficiency and natural resource conservation     54

5.2.1.4    Growing demand for indoor and outdoor air quality      55

5.2.1.5    Advancements in HVAC systems      55

5.2.2        RESTRAINTS      56

5.2.2.1    Rising expenses for installing, servicing, and maintaining HVAC systems  57

5.2.2.2    Limited space for large HVAC installations in commercial and residential buildings             57

5.2.2.3    Insufficient technical expertise and shortage of skilled labor                 58

5.2.3        OPPORTUNITIES              58

5.2.3.1    Swift evolution of IoT within HVAC industry 58

5.2.3.2    Significant traction of VRF systems in residential and commercial applications           59

5.2.3.3    Growing emphasis on next-generation low-GWP refrigerants for HVAC systems      60

5.2.4        CHALLENGES    60

5.2.4.1    Lack of awareness about benefits of HVAC systems in developing countries                 60

5.2.4.2    Increasing environmental concerns and aging infrastructure                 61

5.3           VALUE CHAIN ANALYSIS               61

5.4           ECOSYSTEM ANALYSIS  62

5.5           TRENDS/DISRUPTIONS IMPACTING CUSTOMER BUSINESS            64

5.6           PRICING ANALYSIS          65

5.6.1        AVERAGE SELLING PRICE OF HVAC SYSTEM EQUIPMENT,  BY KEY END USERS           65

5.6.2        AVERAGE SELLING PRICE TREND OF HVAC SYSTEM EQUIPMENT,  BY REGION          66

5.7           TECHNOLOGY ANALYSIS             68

5.7.1        KEY TECHNOLOGIES     68

5.7.1.1    Air conditioning units          68

5.7.1.2    Heating units        68

5.7.1.3    Ventilation systems              69

5.7.2        COMPLEMENTARY TECHNOLOGIES       69

5.7.2.1    Sensors   69

5.7.2.2    Building automation systems              69

5.7.3        ADJACENT TECHNOLOGIES       70

5.7.3.1    Software technologies          70

5.7.3.2    HVAC systems running on renewable energy 70

5.8           PORTER’S FIVE FORCES ANALYSIS           70

5.8.1        INTENSITY OF COMPETITIVE RIVALRY 71

5.8.2        BARGAINING POWER OF SUPPLIERS       72

5.8.3        BARGAINING POWER OF BUYERS             72

5.8.4        THREAT OF SUBSTITUTES          72

5.8.5        THREAT OF NEW ENTRANTS      72

5.9           KEY STAKEHOLDERS AND BUYING CRITERIA     73

5.9.1        KEY STAKEHOLDERS IN BUYING PROCESS           73

5.9.2        BUYING CRITERIA           73

5.10         CASE STUDY ANALYSIS 74

5.10.1      ERIKS ADVANCES ENERGY EFFICIENCY WITH LG ELECTRONICS AI-DRIVEN VRF SOLUTION           74

5.10.2      MITSUBISHI ELECTRIC CORPORATION ADVANCES CITY MULTI VRF ZONING SYSTEMS, HEAT2O HEAT PUMP WATER HEATER SYSTEMS, AND INTEGRATED CONTROLS           74

5.10.3      AC CONDENSER REPLACEMENT BY TOWNSEND ENERGY                74

5.10.4      INSTALLATION OF DUCTLESS MINI-SPLIT SYSTEM FOR SUPPLEMENTAL HEATING AND COOLING BY NETR.      75

5.10.5      TEMPERATURE CONTROL SOLUTION FOR RAILWAY CONTROL SYSTEM BY DAIKIN   75

5.10.6      MULTIPLE LG HIGH STATIC DUCTED SINGLE-ZONE UNITS PROVIDE EVEN TEMPERATURE YEAR-ROUND IN LARGE OPEN WAREHOUSE IN SOUTH GEORGIA               75

5.11         INVESTMENT AND FUNDING SCENARIO               76

5.12         TRADE ANALYSIS             76

5.12.1      IMPORT SCENARIO         76

5.12.2      EXPORT SCENARIO         77

5.13         PATENT ANALYSIS          78

5.14         KEY CONFERENCES AND EVENTS             80

5.15         REGULATORY LANDSCAPE         81

5.15.1      REGULATORY BODIES, GOVERNMENT AGENCIES,  AND OTHER ORGANIZATIONS  81

5.15.2      STANDARDS AND REGULATIONS             84

5.15.2.1  Standards               84

5.15.2.2  Regulations            85

5.16         IMPACT OF GEN AI ON HVAC SYSTEM MARKET 86

5.16.1      INTRODUCTION              86

5.17         IMPACT OF 2025 US TARIFFS ON HVAC SYSTEM MARKET                 87

5.17.1      INTRODUCTION              87

5.17.2      KEY TARIFF RATES          88

5.17.3      PRICE IMPACT ANALYSIS             88

5.17.4      IMPACT ON COUNTRIES/REGIONS         89

5.17.4.1  US           89

5.17.4.2  Europe   91

5.17.4.3  Asia Pacific            91

5.17.5      IMPACT ON END-USE INDUSTRIES          92

6               HVAC SYSTEM MARKET, BY COOLING EQUIPMENT                 93

6.1           INTRODUCTION              94

6.2           UNITARY AIR CONDITIONERS   100

6.2.1        LOW INITIAL COST AND EASE OF INSTALLATION TO DRIVE DEMAND               100

6.2.2        DIFFERENCES IN AIR CONDITIONER STYLES, BY REGION                101

6.2.2.1    Split air conditioners            101

6.2.2.2    Packaged air conditioners   102

6.3           VRF SYSTEMS    104

6.3.1        GROWING DEMAND FOR ENERGY-EFFICIENT AND FLEXIBLE HVAC SOLUTIONS TO DRIVE MARKET              104

6.4           CHILLERS            106

6.4.1        INCREASING INFRASTRUCTURE DEVELOPMENT AND RAPID EXPANSION OF DATA CENTERS FUELING DEMAND                 106

6.4.1.1    Scroll chillers         106

6.4.1.2    Screw chillers        107

6.4.1.3    Centrifugal chillers               107

6.4.1.4    Reciprocating chillers          108

6.4.1.5    Absorption chillers               109

6.5           ROOM AIR CONDITIONERS         110

6.5.1        INCREASING RESIDENTIAL COOLING NEEDS TO DRIVE STRONG DEMAND          110

6.6           COOLERS             112

6.6.1        DEMAND FOR LOW-COST, ENERGY-EFFICIENT, AND ECO-FRIENDLY COOLING SOLUTIONS TO FUEL GROWTH                 112

6.6.1.1    Ducted coolers      113

6.6.1.2    Window coolers    113

6.7           COOLING TOWERS         115

6.7.1        RISING NEED FOR EFFICIENT COOLING IN INDUSTRIAL PROCESSES TO DRIVE DEMAND               115

6.7.1.1    Evaporative cooling towers 115

6.7.1.2    Dry cooling towers                116

6.7.1.3    Hybrid cooling towers          117

7               HVAC SYSTEM MARKET, BY HEATING EQUIPMENT                 119

7.1           INTRODUCTION              120

7.2           HEAT PUMPS     126

7.2.1        RISING DEMAND FOR LOW-CARBON HEATING SOLUTIONS TO PROPEL MARKET GROWTH        126

7.2.2        AIR-SOURCE HEAT PUMPS          126

7.2.2.1    Ducted   127

7.2.2.2    Ductless/Minisplit               127

7.2.3        WATER-SOURCE HEAT PUMPS  127

7.2.4        GROUND-SOURCE/GEOTHERMAL HEAT PUMPS                 127

7.2.5        ADVANCED HEAT PUMP TECHNOLOGIES            128

7.2.5.1    Staged/Multi-speed compressors      128

7.2.5.2    Dual-speed motors               128

7.2.5.3    Desuperheater      128

7.2.5.4    Dual fuel/hybrid systems    128

7.2.5.5    Cold climate heat pumps    128

7.3           FURNACES          130

7.3.1        GROWING DEMAND FOR ENERGY-EFFICIENT HEATING SOLUTIONS TO FUEL ADOPTION            130

7.3.1.1    Oil furnaces           130

7.3.1.2    Gas furnaces          130

7.3.1.3    Electric furnaces   131

7.4           UNITARY HEATERS         132

7.4.1        ENERGY EFFICIENCY AND COST-EFFECTIVENESS TO BOOST DEMAND             132

7.4.1.1    Gas unit heaters    133

7.4.1.2    Oil-fired unit heaters           133

7.4.1.3    Electric unit heaters             133

7.5           BOILERS               134

7.5.1        GROWING FOCUS ON SUSTAINABILITY TO BOOST MARKET GROWTH          134

7.5.1.1    Steam boilers         135

7.5.1.2    Hot water boilers  135

8               HVAC SYSTEM MARKET, BY VENTILATION EQUIPMENT                 137

8.1           INTRODUCTION              138

8.2           AIR-HANDLING UNITS  144

8.2.1        USE OF VARIABLE FREQUENCY DRIVES IN AIR-HANDLING UNITS FOR MOTOR SPEED CONTROL TO DRIVE DEMAND             144

8.3           AIR FILTERS       146

8.3.1        RISING DEMAND FOR CLEANER INDOOR ENVIRONMENTS TO BOOST MARKET    146

8.4           DEHUMIDIFIERS              148

8.4.1        STRINGENT GOVERNMENT REGULATIONS PROMOTING ENERGY-EFFICIENT APPLIANCES TO PROPEL MARKET GROWTH          148

8.4.1.1    Refrigeration dehumidifiers                149

8.4.1.2    Absorption dehumidifiers   149

8.5           VENTILATION FANS       151

8.5.1        INCREASING TEMPERATURES AND HUMIDITY LEVELS TO BOOST DEMAND FOR VENTILATION FANS  151

8.5.1.1    Crossflow fans       151

8.5.1.2    Axial fans                152

8.5.1.3    Centrifugal fans    152

8.5.1.4    Domestic fans       152

8.5.1.5    Range hood fans   152

8.5.1.6    Power roof fans     153

8.6           HUMIDIFIERS    154

8.6.1        RISING INDOOR AIR POLLUTION AND CHANGING CLIMATE CONDITIONS TO ACCELERATE MARKET GROWTH                 154

8.6.1.1    Warm-mist humidifiers       155

8.6.1.2    Ultrasonic humidifiers         155

8.6.1.3    Cool-mist humidifiers          155

8.7           AIR PURIFIERS  157

8.7.1        RISING CONCERNS OVER INDOOR AIR POLLUTION AND HEALTH SAFETY TO DRIVE MARKET      157

8.7.1.1    HEPA air purifiers                157

8.7.1.2    Activated carbon air purifiers             158

8.7.1.3    Electrostatic air purifiers     158

8.7.1.4    Ionic air purifiers  158

9               HVAC SYSTEM MARKET, BY TECHNOLOGY          161

9.1           INTRODUCTION              162

9.2           TRADITIONAL HVAC SYSTEMS  163

9.2.1        GROWING DEMAND FOR ZONE-SPECIFIC COMFORT SOLUTIONS TO DRIVE ADOPTION          163

9.3           SMART HVAC SYSTEMS 164

9.3.1        INTEGRATION OF IOT AND ENERGY REGULATIONS TO DRIVE MARKET GROWTH            164

9.3.2        SMART HEATING & COOLING: FUTURE OUTLOOK                 164

9.3.2.1    Remote monitoring & control             164

9.3.2.2    Smart zoning systems          165

9.3.2.3    Occupancy-based heating & cooling 165

9.3.2.4    Energy optimization             165

9.3.2.5    Heating & cooling system diagnostics               166

9.3.2.6    AI/ML integration                166

9.3.3        SMART VENTILATION: FUTURE OUTLOOK         166

9.3.3.1    Automated air-flow control 166

9.3.3.2    Demand-controlled ventilation          167

9.3.3.3    Integration with building automation systems 167

9.4           SUSTAINABLE/GREEN HVAC SYSTEM     167

9.4.1        INCREASING DEMAND FOR LOW-CARBON BUILDINGS TO ACCELERATE DEMAND         167

9.4.2        SUSTAINABLE HEATING SYSTEMS: FUTURE OUTLOOK                 168

9.4.2.1    Solar-based heating              168

9.4.2.2    Geothermal heat pumps      168

9.4.2.3    Biomass heating systems     168

9.4.2.4    Low-emission furnaces        169

9.4.2.5    Electric heating systems      169

9.4.2.6    Hydronic heating systems   169

9.4.2.7    Dual fuel heat pump            169

9.4.3        SUSTAINABLE COOLING SYSTEMS: FUTURE OUTLOOK                 170

9.4.3.1    Inverter-based air conditioning          170

9.4.3.2    Cooling using waste heat     170

9.4.3.3    VRF systems with low-GWP refrigerants         170

9.4.3.4    Solar-based cooling              171

9.4.4        SUSTAINABLE VENTILATION SYSTEMS: FUTURE OUTLOOK           171

9.4.4.1    Energy recovery ventilators 171

9.4.4.2    Low-energy DC ventilation fans        171

9.4.4.3    Eco-friendly air purifiers     172

9.4.4.4    HEPA & reusable air filters 172

9.4.4.5    Airflow optimization systems              172

10            HVAC SYSTEM MARKET, BY IMPLEMENTATION TYPE                 173

10.1         INTRODUCTION              174

10.2         NEW CONSTRUCTION BUILDINGS          175

10.2.1      GOVERNMENT INITIATIVES FOR ECO-FRIENDLY BUILDINGS TO DRIVE MARKET GROWTH             175

10.3         RETROFIT BUILDINGS  176

10.3.1      GREEN BUILDING INITIATIVE TO BOOST MARKET GROWTH             176

11            HVAC SYSTEM MARKET, BY SERVICE TYPE           178

11.1         INTRODUCTION              179

11.2         INSTALLATION SERVICES            180

11.2.1      RISING DEMAND FOR ENERGY-EFFICIENT SYSTEMS AND PROFESSIONAL INSTALLATION SERVICES TO DRIVE DEMAND             180

11.3         MAINTENANCE & REPAIR SERVICES        181

11.3.1      NEED FOR TIMELY MAINTENANCE AND REPAIRS TO GUARANTEE RELIABLE COMFORT AND PERFORMANCE TO DRIVE GROWTH               181

11.4         UPGRADATION/REPLACEMENT SERVICES           181

11.4.1      INCREASING NEED FOR ENERGY-EFFICIENT BUILDINGS TO PROPEL ADOPTION                181

11.5         CONSULTING SERVICES                181

11.5.1      INCREASING DEMAND FOR CUSTOMIZED HVAC DESIGN SOLUTIONS TO FUEL GROWTH                181

12            HVAC SYSTEM MARKET, BY END USER  182

12.1         INTRODUCTION              183

12.2         COMMERCIAL   184

12.2.1      INCREASING ADOPTION OF ENERGY-EFFICIENT EQUIPMENT TO ACCELERATE GROWTH               184

12.2.1.1  Offices   187

12.2.1.2  Government buildings         188

12.2.1.3  Healthcare              188

12.2.1.4  Education               189

12.2.1.5  Retail      189

12.2.1.6  Airports  190

12.2.1.7  Data centers          190

12.3         RESIDENTIAL    190

12.3.1      GOVERNMENT INCENTIVES AND ENERGY EFFICIENCY REGULATIONS DRIVING ADOPTION OF RESIDENTIAL HVAC SYSTEMS              190

12.4         INDUSTRIAL      193

12.4.1      DEMAND FOR ENERGY-EFFICIENT HVAC SYSTEMS INCREASING IN INDUSTRIAL SPACES TO REDUCE OPERATIONAL COSTS   193

12.4.1.1  Manufacturing facilities      196

12.4.1.2  Warehouses           197

12.4.1.3  Power plants          197

13            HVAC SYSTEM MARKET, BY REGION       198

13.1         INTRODUCTION              199

13.2         NORTH AMERICA             201

13.2.1      MACROECONOMIC OUTLOOK FOR NORTH AMERICA                 202

13.2.2      US           204

13.2.2.1  Increasing government initiatives and construction of energy-efficient buildings to drive market     204

13.2.3      CANADA               205

13.2.3.1  Government incentives for renewable heating and cooling to boost market          205

13.2.4      MEXICO                205

13.2.4.1  Increasing government rebates to propel market growth                 205

13.3         EUROPE               206

13.3.1      MACROECONOMIC OUTLOOK FOR EUROPE      207

13.3.2      UK          208

13.3.2.1  Government-backed net-zero emission targets to accelerate market growth       208

13.3.3      GERMANY           209

13.3.3.1  Government-funded energy research and renovation incentives to bolster market growth     209

13.3.4      FRANCE                210

13.3.4.1  Rising focus on reducing greenhouse gases to drive market                 210

13.3.5      SPAIN    210

13.3.5.1  Regulatory reforms to drive market growth      210

13.3.6      ITALY    211

13.3.6.1  Government-backed retrofit incentives to drive market                 211

13.3.7      POLAND               211

13.3.7.1  EU-aligned clean energy targets to drive market             211

13.3.8      NORDICS             212

13.3.8.1  Rising consumer demand for sustainable home heating technologies to propel market growth               212

13.3.9      REST OF EUROPE             212

13.4         ASIA PACIFIC     213

13.4.1      MACROECONOMIC OUTLOOK FOR ASIA PACIFIC                 213

13.4.2      CHINA  215

13.4.2.1  Rising industrialization and urbanization to drive market growth                 215

13.4.3      JAPAN   216

13.4.3.1  Stricter energy efficiency standards to foster market growth                 216

13.4.4      INDIA    217

13.4.4.1  Rising focus on energy conservation to bolster market growth                 217

13.4.5      SOUTH KOREA  217

13.4.5.1  Increasing awareness about energy conservation to bolster adoption 217

13.4.6      AUSTRALIA         218

13.4.6.1  Increasing sustainable construction practices to drive market demand  218

13.4.7      INDONESIA        218

13.4.7.1  Rising industrialization fueling market growth                218

13.4.8      MALAYSIA           219

13.4.8.1  Increasing government incentives to support market growth                 219

13.4.9      THAILAND          219

13.4.9.1  Strong export capacity to increase demand during forecast period                 219

13.4.10   VIETNAM             220

13.4.10.1                 Growing hospitality and tourism sectors to drive market growth    220

13.4.11   REST OF ASIA PACIFIC   220

13.5         REST OF THE WORLD (ROW)      220

13.5.1      MACROECONOMIC OUTLOOK FOR REST OF THE WORLD 220

13.5.2      SOUTH AMERICA             222

13.5.2.1  Rising infrastructure investment to propel market growth                 222

13.5.3      MIDDLE EAST   222

13.5.3.1  Stringent regulations for enhancing energy performance of buildings to drive market    222

13.5.3.2  Bahrain  222

13.5.3.3  Kuwait    223

13.5.3.4  Oman     223

13.5.3.5  Qatar      223

13.5.3.6  Saudi Arabia          223

13.5.3.7  United Arab Emirates (UAE)             224

13.5.3.8  Rest of Middle East              224

13.5.4      AFRICA 224

13.5.4.1  Rapid urbanization to drive market growth      224

13.5.4.2  South Africa           225

13.5.4.3  Other African countries      225

14            COMPETITIVE LANDSCAPE         226

14.1         OVERVIEW          226

14.2         KEY PLAYER STRATEGIES/RIGHT TO WIN, JUNE 2022–JULY 2025             226

14.3         REVENUE ANALYSIS, 2020–2024  229

14.4         MARKET SHARE ANALYSIS, 2024                 229

14.5         COMPANY VALUATION AND FINANCIAL METRICS, 2024                 232

14.6         BRAND/PRODUCT COMPARISON             233

14.7         COMPANY EVALUATION MATRIX: KEY PLAYERS, 2024                 233

14.7.1      STARS   233

14.7.2      EMERGING LEADERS     233

14.7.3      PERVASIVE PLAYERS      234

14.7.4      PARTICIPANTS 234

14.7.5      COMPANY FOOTPRINT: KEY PLAYERS, 2024         235

14.7.5.1  Company footprint               235

14.7.5.2  Region footprint   236

14.7.5.3  Equipment footprint             237

14.7.5.4  Implementation type footprint           238

14.7.5.5  Service type footprint           239

14.7.5.6  End user footprint                 240

14.8         COMPANY EVALUATION MATRIX: STARTUPS/SMES, 2024        241

14.8.1      PROGRESSIVE COMPANIES         241

14.8.2      RESPONSIVE COMPANIES            241

14.8.3      DYNAMIC COMPANIES  241

14.8.4      STARTING BLOCKS         241

14.8.5      COMPETITIVE BENCHMARKING: KEY STARTUPS/SMES, 2024        242

14.8.5.1  Detailed list of startups/SMEs           242

14.8.5.2  Competitive benchmarking of key startups/SMEs          243

14.9         COMPETITIVE SCENARIO             244

14.9.1      PRODUCT LAUNCHES   244

14.9.2      DEALS  251

15            COMPANY PROFILES      255

15.1         KEY PLAYERS     255

15.1.1      CARRIER               255

15.1.1.1  Business overview 255

15.1.1.2  Products/Solutions/Services offered 256

15.1.1.3  Recent developments           259

15.1.1.3.1                Product/Service launches   259

15.1.1.3.2                Deals      260

15.1.1.4  MnM view              260

15.1.1.4.1                Key strengths        260

15.1.1.4.2                Strategic choices   261

15.1.1.4.3                Weaknesses and competitive threats 261

15.1.2      DAIKIN INDUSTRIES, LTD.           262

15.1.2.1  Business overview 262

15.1.2.2  Products/Solutions/Services offered 263

15.1.2.3  Recent developments           265

15.1.2.3.1                Product launches  265

15.1.2.3.2                Deals      265

15.1.2.4  MnM view              266

15.1.2.4.1                Key strengths        266

15.1.2.4.2                Strategic choices   266

15.1.2.4.3                Weaknesses and competitive threats 267

15.1.3      LG ELECTRONICS            268

15.1.3.1  Business overview 268

15.1.3.2  Products/Solutions/Services offered 269

15.1.3.3  Recent developments           271

15.1.3.3.1                Product/Service launches   271

15.1.3.4  MnM view              272

15.1.3.4.1                Key strengths        272

15.1.3.4.2                Strategic choices   272

15.1.3.4.3                Weaknesses and competitive threats 272

15.1.4      MIDEA  273

15.1.4.1  Business overview 273

15.1.4.2  Products/Solutions/Services offered 274

15.1.4.3  Recent developments           275

15.1.4.3.1                Product/Service launches   275

15.1.4.3.2                Deals      276

15.1.4.4  MnM view              276

15.1.4.4.1                Key strengths        276

15.1.4.4.2                Strategic choices   277

15.1.4.4.3                Weaknesses and competitive threats 277

15.1.5      TRANE TECHNOLOGIES PLC      278

15.1.5.1  Business overview 278

15.1.5.2  Products/Solutions/Services offered 279

15.1.5.3  Recent developments           281

15.1.5.3.1                Product/Service launches   281

15.1.5.3.2                Deals      282

15.1.5.4  MnM view              282

15.1.5.4.1                Key strengths        282

15.1.5.4.2                Strategic choices   283

15.1.5.4.3                Weaknesses and competitive threats 283

15.1.6      LENNOX INTERNATIONAL INC. 284

15.1.6.1  Business overview 284

15.1.6.2  Products/Solutions/Services offered 285

15.1.6.3  Recent developments           287

15.1.6.3.1                Product/Service launches   287

15.1.6.3.2                Deals      288

15.1.7      JOHNSON CONTROLS    289

15.1.7.1  Business overview 289

15.1.7.2  Products/Solutions/Services offered 290

15.1.7.3  Recent developments           292

15.1.7.3.1                Product/Service launches   292

15.1.7.3.2                Deals      293

15.1.8      HONEYWELL INTERNATIONAL INC.        294

15.1.8.1  Business overview 294

15.1.8.2  Products/Solutions/Services offered 295

15.1.8.3  Recent developments           297

15.1.8.3.1                Deals      297

15.1.9      MITSUBISHI ELECTRIC CORPORATION 298

15.1.9.1  Business overview 298

15.1.9.2  Products/Solutions/Services offered 299

15.1.9.3  Recent developments           301

15.1.9.3.1                Product/Service launches   301

15.1.9.3.2                Deals      302

15.1.10   SAMSUNG            303

15.1.10.1                 Business overview 303

15.1.10.2                 Products/Solutions/Services offered 304

15.1.10.3                 Recent developments           305

15.1.10.3.1             Product/Service launches   305

15.1.11   GREE ELECTRIC APPLIANCES, INC. OF ZHUHAI 306

15.1.11.1                 Business overview 306

15.1.11.2                 Products/Solutions/Services offered 306

15.1.12   FUJITSU GENERAL           308

15.1.12.1                 Business overview 308

15.1.12.2                 Products/Solutions/Services offered 309

15.1.12.3                 Recent developments           310

15.1.12.3.1             Product/Service launches   310

15.1.13   PANASONIC HOLDINGS CORPORATION                312

15.1.13.1                 Business overview 312

15.1.13.2                 Products/Solutions/Services offered 313

15.1.13.3                 Recent developments           314

15.1.13.3.1             Product/Service launches   314

15.1.13.3.2             Deals      315

15.1.14   ROBERT BOSCH GMBH 316

15.1.14.1                 Business overview 316

15.1.14.2                 Products/Solutions/Services offered 317

15.1.14.3                 Recent developments           318

15.1.14.3.1             Product/Service launches   318

15.1.14.3.2             Deals      319

15.1.15   MODINE               320

15.1.15.1                 Business overview 320

15.1.15.2                 Products/Solutions/Services offered 321

15.1.15.3                 Recent developments           322

15.1.15.3.1             Deals      322

15.2         OTHER PLAYERS              323

15.2.1      HAIER GROUP   323

15.2.2      SYSTEMAIR AB  323

15.2.3      AAON    324

15.2.4      WHIRLPOOL CORPORATION      324

15.2.5      ELECTROLUX    325

15.2.6      FERROLI               325

15.2.7      VAILLANT GROUP           326

15.2.8      RHEEM MANUFACTURING COMPANY    326

15.2.9      AMERICAN STANDARD HEATING AND AIR CONDITIONING               327

15.2.10   WM TECHNOLOGIES LLC             327

16            APPENDIX           328

16.1         DISCUSSION GUIDE        328

16.2         KNOWLEDGESTORE: MARKETSANDMARKETS’  SUBSCRIPTION PORTAL                331

16.3         CUSTOMIZATION OPTIONS        333

16.4         RELATED REPORTS         333

16.5         AUTHOR DETAILS           334

LIST OF TABLES

TABLE 1                RISK FACTOR ANALYSIS                44

TABLE 2                HVAC SYSTEM MARKET: ROLE OF PLAYERS IN ECOSYSTEM       63

TABLE 3                AVERAGE SELLING PRICES OF HVAC SYSTEM EQUIPMENT, BY END USER (USD)            65

TABLE 4                AVERAGE SELLING PRICES OF COOLING EQUIPMENT, BY REGION, 2021–2024        66

TABLE 5                AVERAGE SELLING PRICES OF HEATING EQUIPMENT, BY REGION, 2021–2024        67

TABLE 6                AVERAGE SELLING PRICES OF VENTILATION EQUIPMENT, BY REGION, 2021–2024        68

TABLE 7                HVAC SYSTEM MARKET: PORTER’S FIVE FORCES ANALYSIS            71

TABLE 8                INFLUENCE OF STAKEHOLDERS ON BUYING PROCESS FOR END USERS            73

TABLE 9                KEY BUYING CRITERIA FOR END USERS                 74

TABLE 10              IMPORT DATA FOR HS CODE 8415-COMPLIANT PRODUCTS FOR TOP 10 COUNTRIES, 2020–2024 (USD MILLION)                 76

TABLE 11              EXPORT DATA FOR HS CODE 8415-COMPLIANT PRODUCTS FOR TOP 10 COUNTRIES,  2020–2024 (USD MILLION)            77

TABLE 12              HVAC SYSTEM MARKET: LIST OF PATENTS, 2024                 78

TABLE 13              HVAC SYSTEM MARKET: LIST OF CONFERENCES AND EVENTS, 2025–2026                 80

TABLE 14              NORTH AMERICA: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES,  AND OTHER ORGANIZATIONS             81

TABLE 15              EUROPE: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES,  AND OTHER ORGANIZATIONS                 82

TABLE 16              ASIA PACIFIC: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES,  AND OTHER ORGANIZATIONS                 83

TABLE 17              REST OF THE WORLD: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS             84

TABLE 18              US-ADJUSTED RECIPROCAL TARIFF RATES, 2024                 88

TABLE 19              EXPECTED CHANGE IN PRICES AND IMPACT ON END-USE MARKET DUE TO TARIFFS       89

TABLE 20              HVAC SYSTEM MARKET, BY COOLING EQUIPMENT, 2021–2024 (USD BILLION) 94

TABLE 21              HVAC SYSTEM MARKET, BY COOLING EQUIPMENT, 2025–2030 (USD BILLION) 95

TABLE 22              HVAC SYSTEM MARKET, BY COOLING EQUIPMENT, 2021–2024 (MILLION UNITS)            95

TABLE 23              HVAC SYSTEM MARKET, BY COOLING EQUIPMENT, 2025–2030 (MILLION UNITS)            95

TABLE 24             COOLING EQUIPMENT: HVAC SYSTEM MARKET, BY END USER,

2021–2024 (USD BILLION)             96

TABLE 25             COOLING EQUIPMENT: HVAC SYSTEM MARKET, BY END USER,

2025–2030 (USD BILLION)             96

TABLE 26             COOLING EQUIPMENT: HVAC SYSTEM MARKET, BY REGION,

2021–2024 (USD BILLION)             96

TABLE 27             COOLING EQUIPMENT: HVAC SYSTEM MARKET, BY REGION,

2025–2030 (USD BILLION)             97

TABLE 28              NORTH AMERICA: HVAC SYSTEM MARKET (COOLING EQUIPMENT), BY COUNTRY,  2021–2024 (USD BILLION)             97

TABLE 29              NORTH AMERICA: HVAC SYSTEM MARKET (COOLING EQUIPMENT), BY COUNTRY,  2025–2030 (USD BILLION)             97

TABLE 30              EUROPE: HVAC SYSTEM MARKET (COOLING EQUIPMENT), BY COUNTRY,

2021–2024 (USD BILLION)             98

TABLE 31              EUROPE: HVAC SYSTEM MARKET (COOLING EQUIPMENT), BY COUNTRY,

2025–2030 (USD BILLION)             98

TABLE 32              ASIA PACIFIC: HVAC SYSTEM MARKET (COOLING EQUIPMENT), BY COUNTRY,  2021–2024 (USD BILLION)             99

TABLE 33              ASIA PACIFIC: HVAC SYSTEM MARKET (COOLING EQUIPMENT), BY COUNTRY,  2025–2030 (USD BILLION)             99

TABLE 34              ROW: HVAC SYSTEM MARKET (COOLING EQUIPMENT), BY REGION,

2021–2024 (USD BILLION)             100

TABLE 35              ROW: HVAC SYSTEM MARKET (COOLING EQUIPMENT), BY REGION,

2025–2030 (USD BILLION)             100

TABLE 36              UNITARY AIR CONDITIONERS: HVAC SYSTEM MARKET, BY END USER,

2021–2024 (USD BILLION)           102

TABLE 37              UNITARY AIR CONDITIONERS: HVAC SYSTEM MARKET, BY END USER,

2025–2030 (USD BILLION)             103

TABLE 38              UNITARY AIR CONDITIONERS: HVAC SYSTEM MARKET, BY REGION,

2021–2024 (USD BILLION)             103

TABLE 39              UNITARY AIR CONDITIONERS: HVAC SYSTEM MARKET, BY REGION,

2025–2030 (USD BILLION)             103

TABLE 40              VRF SYSTEMS: HVAC SYSTEM MARKET, BY END USER, 2021–2024 (USD BILLION) 104

TABLE 41              VRF SYSTEMS: HVAC SYSTEM MARKET, BY END USER, 2025–2030 (USD BILLION) 105

TABLE 42              VRF SYSTEMS: HVAC SYSTEM MARKET, BY REGION, 2021–2024 (USD BILLION)           105

TABLE 43              VRF SYSTEMS: HVAC SYSTEM MARKET, BY REGION, 2025–2030 (USD BILLION)           105

TABLE 44              CHILLERS: HVAC SYSTEM MARKET, BY END USER, 2021–2024 (USD BILLION) 109

TABLE 45              CHILLERS: HVAC SYSTEM MARKET, BY END USER, 2025–2030 (USD BILLION) 109

TABLE 46              CHILLERS: HVAC SYSTEM MARKET, BY REGION, 2021–2024 (USD BILLION)             109

TABLE 47              CHILLERS: HVAC SYSTEM MARKET, BY REGION, 2025–2030 (USD BILLION)             110

TABLE 48              ROOM AIR CONDITIONERS: HVAC SYSTEM MARKET, BY END USER,

2021–2024 (USD BILLION)             111

TABLE 49              ROOM AIR CONDITIONERS: HVAC SYSTEM MARKET, BY END USER,

2025–2030 (USD BILLION)           111

TABLE 50              ROOM AIR CONDITIONERS: HVAC SYSTEM MARKET, BY REGION,

2021–2024 (USD BILLION)           112

TABLE 51              ROOM AIR CONDITIONERS: HVAC SYSTEM MARKET, BY REGION,

2025–2030 (USD BILLION)           112

TABLE 52              COOLERS: HVAC SYSTEM MARKET, BY END USER, 2021–2024 (USD BILLION) 114

TABLE 53              COOLERS: HVAC SYSTEM MARKET, BY END USER, 2025–2030 (USD BILLION) 114

TABLE 54              COOLERS: HVAC SYSTEM MARKET, BY REGION, 2021–2024 (USD BILLION)             114

TABLE 55              COOLERS: HVAC SYSTEM MARKET, BY REGION, 2025–2030 (USD BILLION)             114

TABLE 56              COOLING TOWERS: HVAC SYSTEM MARKET, BY END USER,

2021–2024 (USD BILLION)             117

TABLE 57              COOLING TOWERS: HVAC SYSTEM MARKET, BY END USER,

2025–2030 (USD BILLION)             117

TABLE 58              COOLING TOWERS: HVAC SYSTEM MARKET, BY REGION,

2021–2024 (USD BILLION)             118

TABLE 59              COOLING TOWERS: HVAC SYSTEM MARKET, BY REGION,

2025–2030 (USD BILLION)             118

TABLE 60              HVAC SYSTEM MARKET, BY HEATING EQUIPMENT, 2021–2024 (USD BILLION) 120

TABLE 61              HVAC SYSTEM MARKET, BY HEATING EQUIPMENT, 2025–2030 (USD BILLION) 120

TABLE 62              HVAC SYSTEM MARKET, BY HEATING EQUIPMENT, 2021–2024 (MILLION UNITS)            121

TABLE 63              HVAC SYSTEM MARKET, BY HEATING EQUIPMENT, 2025–2030 (MILLION UNITS)            121

TABLE 64              HEATING EQUIPMENT: HVAC SYSTEM MARKET, BY END USER,

2021–2024 (USD BILLION)             121

TABLE 65              HEATING EQUIPMENT: HVAC SYSTEM MARKET, BY END USER,

2025–2030 (USD BILLION)           122

TABLE 66              HEATING EQUIPMENT: HVAC SYSTEM MARKET, BY REGION,

2021–2024 (USD BILLION)             122

TABLE 67              HEATING EQUIPMENT: HVAC SYSTEM MARKET, BY REGION,

2025–2030 (USD BILLION)             122

TABLE 68              NORTH AMERICA: HVAC SYSTEM MARKET (HEATING EQUIPMENT), BY COUNTRY,  2021–2024 (USD BILLION)             123

TABLE 69              NORTH AMERICA: HVAC SYSTEM MARKET (HEATING EQUIPMENT), BY COUNTRY,  2025–2030 (USD BILLION)             123

TABLE 70              EUROPE: HVAC SYSTEM MARKET (HEATING EQUIPMENT), BY COUNTRY,

2021–2024 (USD BILLION)             123

TABLE 71              EUROPE: HVAC SYSTEM MARKET (HEATING EQUIPMENT), BY COUNTRY,

2025–2030 (USD BILLION)             124

TABLE 72              ASIA PACIFIC: HVAC SYSTEM MARKET (HEATING EQUIPMENT), BY COUNTRY,  2021–2024 (USD BILLION)             124

TABLE 73              ASIA PACIFIC: HVAC SYSTEM MARKET (HEATING EQUIPMENT), BY COUNTRY,  2025–2030 (USD BILLION)             125

TABLE 74              ROW: HVAC SYSTEM MARKET (HEATING EQUIPMENT), BY REGION

2021–2024 (USD BILLION)             125

TABLE 75              ROW: HVAC SYSTEM MARKET (HEATING EQUIPMENT), BY REGION,

2025–2030 (USD BILLION)             125

TABLE 76              HEAT PUMPS: HVAC SYSTEM MARKET, BY END USER, 2021–2024 (USD BILLION) 129

TABLE 77              HEAT PUMPS: HVAC SYSTEM MARKET, BY END USER, 2025–2030 (USD BILLION) 129

TABLE 78              HEAT PUMPS: HVAC SYSTEM MARKET, BY REGION, 2021–2024 (USD BILLION)           129

TABLE 79              HEAT PUMPS: HVAC SYSTEM MARKET, BY REGION, 2025–2030 (USD BILLION)           129

TABLE 80              FURNACES: HVAC SYSTEM MARKET, BY END USER, 2021–2024 (USD BILLION) 131

TABLE 81              FURNACES: HVAC SYSTEM MARKET, BY END USER, 2025–2030 (USD BILLION) 131

TABLE 82             FURNACES: HVAC SYSTEM MARKET, BY REGION, 2021–2024 (USD BILLION)             131

TABLE 83             FURNACES: HVAC SYSTEM MARKET, BY REGION, 2025–2030 (USD BILLION)             132

TABLE 84              UNITARY HEATERS: HVAC SYSTEM MARKET, BY END USER,

2021–2024 (USD BILLION)             133

TABLE 85              UNITARY HEATERS: HVAC SYSTEM MARKET, BY END USER,

2025–2030 (USD BILLION)             133

TABLE 86              UNITARY HEATERS: HVAC SYSTEM MARKET, BY REGION,

2021–2024 (USD BILLION)             134

TABLE 87              UNITARY HEATERS: HVAC SYSTEM MARKET, BY REGION,

2025–2030 (USD BILLION)             134

TABLE 88              BOILERS: HVAC SYSTEM MARKET, BY END USER, 2021–2024 (USD BILLION)             135

TABLE 89              BOILERS: HVAC SYSTEM MARKET, BY END USER, 2025–2030 (USD BILLION)             135

TABLE 90              BOILERS: HVAC SYSTEM MARKET, BY REGION, 2021–2024 (USD BILLION)             136

TABLE 91              BOILERS: HVAC SYSTEM MARKET, BY REGION, 2025–2030 (USD BILLION)             136

TABLE 92              HVAC SYSTEM MARKET, BY VENTILATION EQUIPMENT, 2021–2024 (USD BILLION) 138

TABLE 93              HVAC SYSTEM MARKET, BY VENTILATION EQUIPMENT, 2025–2030 (USD BILLION) 139

TABLE 94              HVAC SYSTEM MARKET, BY VENTILATION EQUIPMENT,

2021–2024 (MILLION UNITS)        139

TABLE 95              HVAC SYSTEM MARKET, BY VENTILATION EQUIPMENT,

2025–2030 (MILLION UNITS)        139

TABLE 96              VENTILATION EQUIPMENT: HVAC SYSTEM MARKET, BY END USER,

2021–2024 (USD BILLION)             140

TABLE 97              VENTILATION EQUIPMENT: HVAC SYSTEM MARKET, BY END USER,

2025–2030 (USD BILLION)             140

TABLE 98              VENTILATION EQUIPMENT: HVAC SYSTEM MARKET, BY REGION,

2021–2024 (USD BILLION)             140

TABLE 99              VENTILATION EQUIPMENT: HVAC SYSTEM MARKET, BY REGION,

2025–2030 (USD BILLION)             141

TABLE 100            NORTH AMERICA: HVAC SYSTEM MARKET (VENTILATION EQUIPMENT),

BY COUNTRY, 2021–2024 (USD BILLION)              141

TABLE 101            NORTH AMERICA: HVAC SYSTEM MARKET (VENTILATION EQUIPMENT),

BY COUNTRY, 2025–2030 (USD BILLION)                141

TABLE 102            EUROPE: HVAC SYSTEM MARKET (VENTILATION EQUIPMENT), BY COUNTRY,  2021–2024 (USD BILLION)             142

TABLE 103            EUROPE: HVAC SYSTEM MARKET (VENTILATION EQUIPMENT), BY COUNTRY,  2025–2030 (USD BILLION)             142

TABLE 104            ASIA PACIFIC: HVAC SYSTEM MARKET (VENTILATION EQUIPMENT), BY COUNTRY,  2021–2024 (USD BILLION)             143

TABLE 105            ASIA PACIFIC: HVAC SYSTEM MARKET (VENTILATION EQUIPMENT), BY COUNTRY,  2025–2030 (USD BILLION)             143

TABLE 106            ROW: HVAC SYSTEM MARKET (VENTILATION EQUIPMENT), BY REGION,

2021–2024 (USD BILLION)             144

TABLE 107            ROW: HVAC SYSTEM MARKET (VENTILATION EQUIPMENT), BY REGION,

2025–2030 (USD BILLION)             144

TABLE 108            AIR-HANDLING UNITS: HVAC SYSTEM MARKET, BY END USER,

2021–2024 (USD BILLION)             145

TABLE 109            AIR-HANDLING UNITS: HVAC SYSTEM MARKET, BY END USER,

2025–2030 (USD BILLION)             145

TABLE 110            AIR-HANDLING UNITS: HVAC SYSTEM MARKET, BY REGION,

2021–2024 (USD BILLION)             146

TABLE 111            AIR-HANDLING UNITS: HVAC SYSTEM MARKET, BY REGION,

2025–2030 (USD BILLION)             146

TABLE 112            AIR FILTERS: HVAC SYSTEM MARKET, BY END USER, 2021–2024 (USD BILLION) 147

TABLE 113            AIR FILTERS: HVAC SYSTEM MARKET, BY END USER, 2025–2030 (USD BILLION) 147

TABLE 114            AIR FILTERS: HVAC SYSTEM MARKET, BY REGION, 2021–2024 (USD BILLION)           147

TABLE 115            AIR FILTERS: HVAC SYSTEM MARKET, BY REGION, 2025–2030 (USD BILLION)           148

TABLE 116            DEHUMIDIFIERS: HVAC SYSTEM MARKET, BY END USER,

2021–2024 (USD BILLION)             150

TABLE 117            DEHUMIDIFIERS: HVAC SYSTEM MARKET, BY END USER,

2025–2030 (USD BILLION)             150

TABLE 118            DEHUMIDIFIERS: HVAC SYSTEM MARKET, BY REGION, 2021–2024 (USD BILLION)           150

TABLE 119            DEHUMIDIFIERS: HVAC SYSTEM MARKET, BY REGION, 2025–2030 (USD BILLION)           150

TABLE 120            VENTILATION FANS: HVAC SYSTEM MARKET, BY END USER,

2021–2024 (USD BILLION)             153

TABLE 121            VENTILATION FANS: HVAC SYSTEM MARKET, BY END USER,

2025–2030 (USD BILLION)             153

TABLE 122            VENTILATION FANS: HVAC SYSTEM MARKET, BY REGION,

2021–2024 (USD BILLION)             154

TABLE 123            VENTILATION FANS: HVAC SYSTEM MARKET, BY REGION,

2025–2030 (USD BILLION)             154

TABLE 124            HUMIDIFIERS: HVAC SYSTEM MARKET, BY END USER, 2021–2024 (USD BILLION) 156

TABLE 125            HUMIDIFIERS: HVAC SYSTEM MARKET, BY END USER, 2025–2030 (USD BILLION) 156

TABLE 126            HUMIDIFIERS: HVAC SYSTEM MARKET, BY REGION, 2021–2024 (USD BILLION)           156

TABLE 127            HUMIDIFIERS: HVAC SYSTEM MARKET, BY REGION, 2025–2030 (USD BILLION)           156

TABLE 128            AIR PURIFIERS: HVAC SYSTEM MARKET, BY END USER, 2021–2024 (USD BILLION) 159

TABLE 129            AIR PURIFIERS: HVAC SYSTEM MARKET, BY END USER, 2025–2030 (USD BILLION) 159

TABLE 130            AIR PURIFIERS: HVAC SYSTEM MARKET, BY REGION, 2021–2024 (USD BILLION)           159

TABLE 131            AIR PURIFIERS: HVAC SYSTEM MARKET, BY REGION, 2025–2030 (USD BILLION)           159

TABLE 132            HVAC SYSTEM (EQUIPMENT + SERVICE) MARKET, BY TECHNOLOGY,

2021–2024 (USD BILLION)             162

TABLE 133            HVAC SYSTEM (EQUIPMENT + SERVICE) MARKET, BY TECHNOLOGY,

2025–2030 (USD BILLION)             163

TABLE 134            HVAC SYSTEM (EQUIPMENT) MARKET, BY IMPLEMENTATION TYPE,

2021–2024 (USD BILLION)             174

TABLE 135            HVAC SYSTEM (EQUIPMENT) MARKET, BY IMPLEMENTATION TYPE,

2025–2030 (USD BILLION)             174

TABLE 136            HVAC SYSTEM MARKET, BY SERVICE TYPE, 2021–2024 (USD BILLION)        179

TABLE 137            HVAC SYSTEM MARKET, BY SERVICE TYPE, 2025–2030 (USD BILLION)        179

TABLE 138            SERVICE TYPE: HVAC SYSTEM MARKET, BY REGION, 2021–2024 (USD BILLION)           180

TABLE 139            SERVICE TYPE: HVAC SYSTEM MARKET, BY REGION, 2025–2030 (USD BILLION)           180

TABLE 140            HVAC SYSTEM MARKET, BY END USER, 2021–2024 (USD BILLION)        183

TABLE 141            HVAC SYSTEM MARKET, BY END USER, 2025–2030 (USD BILLION)        183

TABLE 142            COMMERCIAL: HVAC SYSTEM MARKET, BY TYPE, 2021–2024 (USD BILLION) 185

TABLE 143            COMMERCIAL: HVAC SYSTEM MARKET, BY TYPE, 2025–2030 (USD BILLION) 185

TABLE 144            COMMERCIAL: HVAC SYSTEM MARKET, BY COOLING EQUIPMENT,

2021–2024 (USD BILLION)           185

TABLE 145            COMMERCIAL: HVAC SYSTEM MARKET, BY COOLING EQUIPMENT,

2025–2030 (USD BILLION)             186

TABLE 146            COMMERCIAL: HVAC SYSTEM MARKET, BY HEATING EQUIPMENT,

2021–2024 (USD BILLION)           186

TABLE 147            COMMERCIAL: HVAC SYSTEM MARKET, BY HEATING EQUIPMENT,

2025–2030 (USD BILLION)             186

TABLE 148            COMMERCIAL: HVAC SYSTEM MARKET, BY VENTILATION EQUIPMENT,

2021–2024 (USD BILLION)             187

TABLE 149            COMMERCIAL: HVAC SYSTEM MARKET, BY VENTILATION EQUIPMENT,

2025–2030 (USD BILLION)             187

TABLE 150            RESIDENTIAL: HVAC SYSTEM MARKET, BY COOLING EQUIPMENT,

2021–2024 (USD BILLION)             191

TABLE 151            RESIDENTIAL: HVAC SYSTEM MARKET, BY COOLING EQUIPMENT,

2025–2030 (USD BILLION)           192

TABLE 152            RESIDENTIAL: HVAC SYSTEM MARKET, BY HEATING EQUIPMENT,

2021–2024 (USD BILLION)             192

TABLE 153            RESIDENTIAL: HVAC SYSTEM MARKET, BY HEATING EQUIPMENT,

2025–2030 (USD BILLION)             192

TABLE 154            RESIDENTIAL: HVAC SYSTEM MARKET, BY VENTILATION EQUIPMENT,

2021–2024 (USD BILLION)             193

TABLE 155            RESIDENTIAL: HVAC SYSTEM MARKET, BY VENTILATION EQUIPMENT,

2025–2030 (USD BILLION)             193

TABLE 156            INDUSTRIAL: HVAC SYSTEM MARKET, BY TYPE, 2021–2024 (USD BILLION)             194

TABLE 157            INDUSTRIAL: HVAC SYSTEM MARKET, BY TYPE, 2025–2030 (USD BILLION)             194

TABLE 158            INDUSTRIAL: HVAC SYSTEM MARKET, BY COOLING EQUIPMENT,

2021–2024 (USD BILLION)           195

TABLE 159            INDUSTRIAL: HVAC SYSTEM MARKET, BY COOLING EQUIPMENT,

2025–2030 (USD BILLION)             195

TABLE 160            INDUSTRIAL: HVAC SYSTEM MARKET, BY HEATING EQUIPMENT,

2021–2024 (USD BILLION)             195

TABLE 161            INDUSTRIAL: HVAC SYSTEM MARKET, BY HEATING EQUIPMENT,

2025–2030 (USD BILLION)             196

TABLE 162            INDUSTRIAL: HVAC SYSTEM MARKET, BY VENTILATION EQUIPMENT,

2021–2024 (USD BILLION)             196

TABLE 163            INDUSTRIAL: HVAC SYSTEM MARKET, BY VENTILATION EQUIPMENT,

2025–2030 (USD BILLION)             196

TABLE 164            HVAC SYSTEM (EQUIPMENT+SERVICE) MARKET, BY REGION,

2021–2024 (USD BILLION)             199

TABLE 165            HVAC SYSTEM (EQUIPMENT+SERVICE) MARKET, BY REGION,

2025–2030 (USD BILLION)             200

TABLE 166            HVAC SYSTEM (EQUIPMENT) MARKET, BY REGION, 2021–2024 (USD BILLION)           200

TABLE 167            HVAC SYSTEM (EQUIPMENT) MARKET, BY REGION, 2025–2030 (USD BILLION)           201

TABLE 168            NORTH AMERICA: HVAC SYSTEM MARKET, BY COUNTRY,

2021–2024 (USD BILLION)             203

TABLE 169            NORTH AMERICA: HVAC SYSTEM MARKET, BY COUNTRY,

2025–2030 (USD BILLION)             203

TABLE 170            EUROPE: HVAC SYSTEM MARKET, BY COUNTRY, 2021–2024 (USD BILLION)             208

TABLE 171            EUROPE: HVAC SYSTEM MARKET, BY COUNTRY, 2025–2030 (USD BILLION)             208

TABLE 172            ASIA PACIFIC: HVAC SYSTEM MARKET, BY COUNTRY, 2021–2024 (USD BILLION)      214

TABLE 173            ASIA PACIFIC: HVAC SYSTEM MARKET, BY COUNTRY, 2025–2030 (USD BILLION)      215

TABLE 174            ROW: HVAC SYSTEM MARKET, BY COUNTRY, 2021–2024 (USD BILLION)             221

TABLE 175            ROW: HVAC SYSTEM MARKET, BY COUNTRY, 2025–2030 (USD BILLION)             221

TABLE 176            OVERVIEW OF STRATEGIES ADOPTED BY KEY COMPANIES, JUNE 2022–JULY 2025            226

TABLE 177            HVAC SYSTEM MARKET: DEGREE OF COMPETITION, 2024       230

TABLE 178            HVAC SYSTEM MARKET: REGION FOOTPRINT                 236

TABLE 179            HVAC SYSTEM MARKET: EQUIPMENT FOOTPRINT       237

TABLE 180            HVAC SYSTEM MARKET: IMPLEMENTATION TYPE FOOTPRINT            238

TABLE 181            HVAC SYSTEM MARKET: SERVICE TYPE FOOTPRINT       239

TABLE 182            HVAC SYSTEM MARKET: END USER FOOTPRINT                 240

TABLE 183            HVAC SYSTEM MARKET: LIST OF KEY STARTUPS/SMES              242

TABLE 184            HVAC SYSTEM MARKET: COMPETITIVE BENCHMARKING OF KEY STARTUPS/SMES          243

TABLE 185            HVAC SYSTEM MARKET: PRODUCT LAUNCHES, JUNE 2022–JULY 2025       244

TABLE 186            HVAC SYSTEM MARKET: DEALS, JUNE 2022–JULY 2025        251

TABLE 187            CARRIER: COMPANY OVERVIEW               255

TABLE 188            CARRIER: PRODUCTS/SOLUTIONS/SERVICES OFFERED             256

TABLE 189            CARRIER: PRODUCT LAUNCHES                259

TABLE 190            CARRIER: DEALS               260

TABLE 191            DAIKIN INDUSTRIES, LTD.: COMPANY OVERVIEW          262

TABLE 192            DAIKIN INDUSTRIES, LTD.: PRODUCTS/SOLUTIONS/SERVICES OFFERED    263

TABLE 193            DAIKIN INDUSTRIES, LTD.: PRODUCT LAUNCHES          265

TABLE 194            DAIKIN INDUSTRIES, LTD.: DEALS           265

TABLE 195            LG ELECTRONICS: COMPANY OVERVIEW                 268

TABLE 196            LG ELECTRONICS: PRODUCTS/SOLUTIONS/SERVICES OFFERED    269

TABLE 197            LG ELECTRONICS: PRODUCT LAUNCHES                 271

TABLE 198            MIDEA: COMPANY OVERVIEW   273

TABLE 199            MIDEA: PRODUCTS/SOLUTIONS/SERVICES OFFERED             274

TABLE 200            MIDEA: PRODUCT LAUNCHES   275

TABLE 201            MIDEA: DEALS  276

TABLE 202            TRANE TECHNOLOGIES PLC: COMPANY OVERVIEW          278

TABLE 203            TRANE TECHNOLOGIES PLC: PRODUCTS/SOLUTIONS/SERVICES OFFERED    279

TABLE 204            TRANE TECHNOLOGIES PLC: PRODUCT LAUNCHES          281

TABLE 205            TRANE TECHNOLOGIES PLC: DEALS      282

TABLE 206            LENNOX INTERNATIONAL INC.: COMPANY OVERVIEW          284

TABLE 207            LENNOX INTERNATIONAL INC.: PRODUCTS/SOLUTIONS/SERVICES OFFERED    285

TABLE 208            LENNOX INTERNATIONAL INC.: PRODUCT LAUNCHES          287

TABLE 209            LENNOX INTERNATIONAL INC.: DEALS 288

TABLE 210            JOHNSON CONTROLS: COMPANY OVERVIEW                 289

TABLE 211            JOHNSON CONTROLS: PRODUCTS/SOLUTIONS/SERVICES OFFERED    290

TABLE 212            JOHNSON CONTROLS: PRODUCT LAUNCHES                 292

TABLE 213            JOHNSON CONTROLS: DEALS    293

TABLE 214            HONEYWELL INTERNATIONAL INC.: COMPANY OVERVIEW          294

TABLE 215            HONEYWELL INTERNATIONAL INC.: PRODUCTS/SOLUTIONS/SERVICES OFFERED    295

TABLE 216            HONEYWELL INTERNATIONAL INC.: DEALS                 297

TABLE 217            MITSUBISHI ELECTRIC CORPORATION: COMPANY OVERVIEW   298

TABLE 218            MITSUBISHI ELECTRIC CORPORATION: PRODUCTS/SOLUTIONS/SERVICES OFFERED    299

TABLE 219            MITSUBISHI ELECTRIC CORPORATION: PRODUCT LAUNCHES   301

TABLE 220            MITSUBISHI ELECTRIC CORPORATION: DEALS                 302

TABLE 221            SAMSUNG: COMPANY OVERVIEW            303

TABLE 222            SAMSUNG: PRODUCTS/SOLUTIONS/SERVICES OFFERED             304

TABLE 223            SAMSUNG: PRODUCT LAUNCHES             305

TABLE 224            GREE ELECTRIC APPLIANCES, INC. OF ZHUHAI: COMPANY OVERVIEW   306

TABLE 225            GREE ELECTRIC APPLIANCES, INC. OF ZHUHAI: PRODUCTS/SOLUTIONS/SERVICES OFFERED    306

TABLE 226            FUJITSU GENERAL: COMPANY OVERVIEW                 308

TABLE 227            FUJITSU GENERAL: PRODUCTS/SOLUTIONS/SERVICES OFFERED    309

TABLE 228            FUJITSU GENERAL: PRODUCT LAUNCHES                 310

TABLE 229            PANASONIC HOLDINGS CORPORATION: COMPANY OVERVIEW   312

TABLE 230            PANASONIC HOLDINGS CORPORATION: PRODUCTS/SOLUTIONS/SERVICES OFFERED    313

TABLE 231            PANASONIC HOLDINGS CORPORATION: PRODUCT LAUNCHES   314

TABLE 232            PANASONIC HOLDINGS CORPORATION: DEALS                 315

TABLE 233            ROBERT BOSCH GMBH: COMPANY OVERVIEW                 316

TABLE 234            ROBERT BOSCH GMBH: PRODUCTS/SOLUTIONS/SERVICES OFFERED    317

TABLE 235            ROBERT BOSCH GMBH: PRODUCT LAUNCHES                 318

TABLE 236            ROBERT BOSCH GMBH: DEALS 319

TABLE 237            MODINE: COMPANY OVERVIEW                320

TABLE 238            MODINE: PRODUCTS/SOLUTIONS/SERVICES OFFERED             321

TABLE 239            MODINE: DEALS               322

LIST OF FIGURES

FIGURE 1              HVAC SYSTEM MARKET SEGMENTATION AND REGIONAL SCOPE            30

FIGURE 2              HVAC SYSTEM MARKET: RESEARCH DESIGN                 34

FIGURE 3              RESEARCH FLOW OF MARKET SIZE ESTIMATION     39

FIGURE 4              MARKET SIZE ESTIMATION METHODOLOGY (SUPPLY SIDE): REVENUE FROM SALES OF HVAC SYSTEM PRODUCTS AND SOLUTIONS     39

FIGURE 5              MARKET SIZE ESTIMATION METHODOLOGY: BOTTOM-UP APPROACH              40

FIGURE 6              MARKET SIZE ESTIMATION METHODOLOGY: TOP-DOWN APPROACH                41

FIGURE 7              MARKET BREAKDOWN AND DATA TRIANGULATION             42

FIGURE 8              UNITARY AIR CONDITIONERS TO ACCOUNT FOR LARGEST SHARE OF HVAC SYSTEM MARKET DURING FORECAST PERIOD         45

FIGURE 9              HEAT PUMPS TO REGISTER HIGHEST CAGR DURING FORECAST PERIOD       46

FIGURE 10            AIR-HANDLING UNITS TO RECORD HIGHEST CAGR DURING FORECAST PERIOD          46

FIGURE 11            NEW CONSTRUCTION BUILDINGS TO SECURE LARGER SHARE OF HVAC SYSTEM MARKET DURING FORECAST PERIOD                47

FIGURE 12            INSTALLATION SERVICES TO ACCOUNT FOR LARGEST MARKET SHARE DURING FORECAST PERIOD 48

FIGURE 13            COMMERCIAL SEGMENT TO BE LARGEST END USER OF HVAC SYSTEMS DURING FORECAST PERIOD   48

FIGURE 14            ASIA PACIFIC TO BE LARGEST HVAC SYSTEM MARKET IN 2025                49

FIGURE 15            IMPLEMENTATION OF IOT ACROSS HVAC SYSTEMS (EQUIPMENT + SERVICE) TO TRANSFORM HVAC SYSTEMS IN COMMERCIAL AND RESIDENTIAL APPLICATIONS                 50

FIGURE 16            US TO DOMINATE NORTH AMERICAN HVAC SYSTEM MARKET IN 2025              50

FIGURE 17            OFFICES TO ACCOUNT FOR LARGEST SHARE OF HVAC SYSTEM MARKET IN COMMERCIAL SEGMENT DURING FORECAST PERIOD         51

FIGURE 18            ASIA PACIFIC TO REGISTER HIGHEST CAGR IN HVAC SYSTEM MARKET DURING FORECAST PERIOD     51

FIGURE 19            MARKET DYNAMICS: HVAC SYSTEM MARKET                 52

FIGURE 20            DRIVERS AND THEIR IMPACT ON HVAC SYSTEM MARKET               53

FIGURE 21            RESTRAINTS AND THEIR IMPACT ON HVAC SYSTEM MARKET             56

FIGURE 22            OPPORTUNITIES AND THEIR IMPACT ON HVAC SYSTEM MARKET             58

FIGURE 23            CHALLENGES AND THEIR IMPACT ON HVAC SYSTEM MARKET             60

FIGURE 24            VALUE CHAIN ANALYSIS: HVAC SYSTEM MARKET               61

FIGURE 25            HVAC SYSTEM MARKET: ECOSYSTEM ANALYSIS                 63

FIGURE 26            TRENDS/DISRUPTIONS IMPACTING CUSTOMER BUSINESS   64

FIGURE 27            AVERAGE SELLING PRICE OF HVAC SYSTEM EQUIPMENT,

BY KEY END USERS, 2024                65

FIGURE 28            AVERAGE SELLING PRICE TREND OF COOLING EQUIPMENT, BY REGION,

2021–2024              66

FIGURE 29            AVERAGE SELLING PRICE TREND OF HEATING EQUIPMENT, BY REGION,

2021–2024              67

FIGURE 30            AVERAGE SELLING PRICE TREND OF VENTILATION EQUIPMENT, BY REGION,

2021–2024              67

FIGURE 31            PORTER’S FIVE FORCES ANALYSIS: HVAC SYSTEM MARKET             71

FIGURE 32            INFLUENCE OF STAKEHOLDERS ON BUYING PROCESS FOR END USERS            73

FIGURE 33            KEY BUYING CRITERIA FOR END USERS                 73

FIGURE 34            FUNDS AUTHORIZED WORLDWIDE FOR ENERGY-EFFICIENT BUILDINGS               76

FIGURE 35            IMPORT SCENARIO FOR HS CODE 8415-COMPLIANT PRODUCTS FOR TOP 5 COUNTRIES, 2020–2024                 77

FIGURE 36            EXPORT SCENARIO FOR HS CODE 8415-COMPLIANT PRODUCTS FOR TOP 5 COUNTRIES, 2020–2024                 78

FIGURE 37            NUMBER OF PATENTS GRANTED IN HVAC SYSTEM MARKET, 2015–2024        80

FIGURE 38            IMPACT OF GEN AI ON HVAC SYSTEM MARKET                 87

FIGURE 39            UNITARY AIR CONDITIONERS TO ACCOUNT FOR LARGEST MARKET SHARE IN 2030   94

FIGURE 40            HEAT PUMPS TO ACCOUNT FOR LARGEST SHARE OF HVAC SYSTEM MARKET DURING FORECAST PERIOD                 120

FIGURE 41            AIR-HANDLING UNITS SEGMENT TO ACCOUNT FOR LARGEST MARKET SHARE DURING FORECAST PERIOD                 138

FIGURE 42            TRADITIONAL HVAC SYSTEMS TO ACCOUNT FOR LARGEST SHARE OF HVAC SYSTEM MARKET IN 2030                 162

FIGURE 43            NEW CONSTRUCTION BUILDINGS SEGMENT TO WITNESS HIGHER CAGR IN HVAC SYSTEM MARKET DURING FORECAST PERIOD         174

FIGURE 44            UPGRADATION/REPLACEMENT SERVICES TO WITNESS HIGHEST CAGR DURING FORECAST PERIOD  179

FIGURE 45            COMMERCIAL SEGMENT TO ACCOUNT FOR LARGEST MARKET SHARE DURING FORECAST PERIOD 183

FIGURE 46            ASIA PACIFIC TO ACCOUNT FOR LARGEST SHARE OF HVAC SYSTEM (EQUIPMENT+SERVICE) MARKET DURING FORECAST PERIOD       199

FIGURE 47            NORTH AMERICA: HVAC SYSTEM (EQUIPMENT + SERVICE) MARKET SNAPSHOT               203

FIGURE 48            EUROPE: HVAC SYSTEM (EQUIPMENT + SERVICE) MARKET SNAPSHOT  207

FIGURE 49            ASIA PACIFIC: HVAC SYSTEM (EQUIPMENT + SERVICE) MARKET SNAPSHOT  214

FIGURE 50            REST OF THE WORLD: HVAC SYSTEM (EQUIPMENT + SERVICE) MARKET SNAPSHOT  221

FIGURE 51            HVAC SYSTEM MARKET: REVENUE ANALYSIS OF KEY PLAYERS, 2020–2024                229

FIGURE 52            MARKET SHARE ANALYSIS OF KEY PLAYERS, 2024        229

FIGURE 53            COMPANY VALUATION, 2024      232

FIGURE 54            FINANCIAL METRICS (EV/EBITDA), 2024                 232

FIGURE 55            BRAND/PRODUCT COMPARISON             233

FIGURE 56            HVAC SYSTEM MARKET: COMPANY EVALUATION MATRIX (KEY PLAYERS), 2024         234

FIGURE 57            HVAC SYSTEM MARKET: COMPANY FOOTPRINT                 235

FIGURE 58            HVAC SYSTEM MARKET: COMPANY EVALUATION MATRIX (SMES/STARTUPS), 2024 242

FIGURE 59            CARRIER: COMPANY SNAPSHOT               256

FIGURE 60            DAIKIN INDUSTRIES, LTD.: COMPANY SNAPSHOT          263

FIGURE 61            LG ELECTRONICS: COMPANY SNAPSHOT                 269

FIGURE 62            MIDEA: COMPANY SNAPSHOT   274

FIGURE 63            TRANE TECHNOLOGIES PLC: COMPANY SNAPSHOT          279

FIGURE 64            LENNOX INTERNATIONAL INC.: COMPANY SNAPSHOT          285

FIGURE 65            JOHNSON CONTROLS: COMPANY SNAPSHOT                 290

FIGURE 66            HONEYWELL INTERNATIONAL INC.: COMPANY SNAPSHOT          295

FIGURE 67            MITSUBISHI ELECTRIC CORPORATION: COMPANY SNAPSHOT   299

FIGURE 68            SAMSUNG: COMPANY SNAPSHOT            304

FIGURE 69            FUJITSU GENERAL: COMPANY SNAPSHOT                 309

FIGURE 70            PANASONIC HOLDINGS CORPORATION: COMPANY SNAPSHOT   313

FIGURE 71            ROBERT BOSCH GMBH: COMPANY SNAPSHOT                 317

FIGURE 72            MODINE: COMPANY SNAPSHOT               321

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