Global market for HVAC systems in 2019, with a forecast for 2030

The global heating, ventilation, and air conditioning (HVAC) market is projected to reach about 367.5 billion U.S. dollars by 2030, based on a compound annual growth rate (CAGR) of 3.9 percent between 2020 and 2030. A more recent projection estimates that the market volume of the HVAC market will reach 151.1 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.