The market is buoyed by several factors, predominantly increasing government initiative across the globe, coupled with overall growth in the construction sector.

New York City, NY -- (SBWire) -- 05/03/2019 --Increasing focus toward the adoption of environment-friendly refrigerants, and overall progress in the construction sector are driving the growth of the hvac market across the globe. The market generated a revenue of $108.1 billion in 2018, and it is expected to advance at a CAGR of 3.9% during the forecast period (2019–2024). Heating, ventilation and air conditioning (HVAC) are standalone or all-in-one equipment used for heating and cooling residential, commercial, and industrial buildings.

On the basis of HVAC type, the market is categorized into heating, ventilation, and cooling systems. Among these, the cooling systems category dominated the HVAC market in 2018, both in terms of the revenue generated and total units sold. During the historical period (2014–2018), the reasons for the dominance of cooling systems were rising temperature and increasing disposable income. According to the Institute of Civil Engineers (ICE), the global construction market will grow to $8 trillion by 2030, primarily driven by India, the U.S., and China, taking the market forward.

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Now, the heating category of the HVAC market is further divided into heat pumps, furnaces, boilers, and unitary heaters, among which the boilers division held the largest revenue share in 2018. The increasing demand for boilers for keeping the area warm in the extreme cold climate of Northern Europe was considered the primary reason behind this. However, in the coming years, the heat pumps category is predicted to witness massive growth in terms of value, due to the heavy sales in European countries, such as Germany, Serbia, Austria, and Russia.

Based on the region, in 2018, Asia-Pacific (APAC) generated the highest revenue in the HVAC market. This is due to the surging urban population as well as the increasing disposable income. According to the World Bank, since 2011, urban population in India has increased from 27.8% to 34.0% in 2017. Furthermore, rising disposable income in developing countries, such as China and India, are driving the growth of the market, as customers are ready to spend more on appliances, including air conditioning systems and refrigerators.

Now, the growth of the construction sector has been observed to be the key driver of the HVAC market. In 2017, the total spending on the global construction sector amounted to nearly $11 trillion, and is further predicted to cross $13.5 trillion by the end of 2024, advancing at a CAGR of 3.0% between 2019–2024.

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India, Saudi Arabia, China, the U.S., the U.A.E., and Qatar are the major spenders in the construction industry. These countries have various ongoing or planned construction projects, including those for upcoming events, such as 2022 FIFA World Cup and 2020 World Expo, which would bring tourists in huge amount. To cater to them, countries are further investing in the construction of hotels and shopping complexes, all of which require HVACs in some or the other form.

Therefore, it is clear that the growing construction sector is expected to push the demand for HVACs, resulting in significant market growth in the near future.