HVAC System Market Share

APAC Market Statistics

The Asia Pacific HVAC system market is set to gather the highest revenue share of 47.1% during the forecast period. The region's rising living standards, rapid urbanization, and an expanding building sector are likely to drive large investments in the HVAC industry from both domestic and foreign players. According to the Asian Development Bank, over 55% of Asia's population will live in cities by 2030. Moreover, people in the region will have greater access to air conditioning owing to the growing number of business buildings and offices, hotels, airports, and entertainment venues.

Also, in Japan, the data center (DC) market is expanding rapidly and is becoming increasingly attractive as a commercial prospect, led by the popularity of cloud computing and digital services. For instance, Japan's data center industry is expected to expand by around 7% between 2024 and 2029. Data centers require HVAC systems as a basic component to serve many functions outside just controlling the temperature, and keeping air quality under control.

China has become a global hub for the manufacturing of HVAC gear and components owing to its advantageous location, large pool of highly skilled workforce, and robust network of manufacturers, suppliers, and shipping firms. For instance, more than 230 million air conditioners were produced in China in 2023, roughly 21 million more than the year before.

South Korea HVAC system industry is positioned for ongoing expansion led by the increasing demand for smart homes in the country with the rapid integration of technology and digitalization. In 2020, more than 25% of households in South Korea used smart home applications.

North America Market Analysis

The North America HVAC system market is predicted to register a notable CAGR of 6.5% during the projected timeframe on account of the growth of the healthcare industry which has resulted in an increased need for hospital HVAC systems, as well as associated goods and services, to regulate air quality, ventilation, humidity, and temperature inside hospital buildings. HVAC systems are essential to hospitals as they help prevent the spread of illnesses including COVID-19, MERS, SARS, and tuberculosis.

The U.S. is constantly spending on maintenance and replacement of HVAC systems due to age, obsolete parts, or improper maintenance. As per statistics published by the U.S. Department of Energy, in the United States, USD 14 billion is spent on HVAC servicing and repairs, and three million heating and cooling systems are replaced annually.

Canada's severe climate makes the HVAC system crucial for households. The winter temperatures can drop significantly, so having a reliable HVAC system is necessary to maintain the warmth. In addition, in Canada's cold regions, heat pumps are a tried-and-true technology that may give the house year-round comfort control by providing heat in the winter.