The global HVAC (heating, ventilation, and air conditioning) sector plays a critical role in providing heating and cooling systems to residential, commercial, and industrial spaces worldwide. Proper heating, cooling, and ventilation are essential for a comfortable and healthy indoor environment.
The factors that play a major role in the growth of this industry are increasing urbanization, a growing interest in energy efficiency, and the expansion of the real estate market worldwide. The market is experiencing steady growth currently, driven by demand from both residential and commercial sectors. The integration of IoT technology has led to a higher demand for automated HVAC systems. Smart thermostats, connected HVAC devices, and building automation systems are more popular now, allowing users to optimize energy consumption and remotely control their HVAC systems.
Asia is the biggest market in the HVAC (heating, ventilation, and air conditioning) sector with a higher demand for air conditioners than in any other region. Around 10 million units were recorded to be sold in Japan, 41 million units in China, 17.98 million units in other Asian countries, 16.52 million units in North America, and 8.89 million units in Europe in 2021. The demand for air conditioners in China was the highest than in any other region in 2021. The demand for air conditioners reached a new high point of 8.8 million units in Europe in 2021.
The total market size value of the global HVAC market was estimated at $246 billion in 2022. The market is expected to grow at a rate of 10.8% between 2022 and 2028. There is a growing trend of IoT-enabled devices across the global residential, industrial, and commercial sectors. IoT devices in the HVAC sector refer to smart devices that can be connected to the internet and allow easy monitoring of the HVAC systems. Smart HVAC devices include smart thermostats, sensors, and actuators, cloud-based HVAC management, building automation systems, etc.
The global heating, ventilation, and air conditioning sector is one of the world’s fastest-growing industries. The market has seen steady growth over the past few years, driven by demand from both residential and commercial sectors. Some of the most important trade exhibitions in the HVAC industry include:
ISH Chine & CIHE: China International Trade Fair for heating, ventilation, air-conditioning, sanitation, and home comfort systems presents a wide range of diverse HVAC solutions. The event brings the most advanced and cutting-edge HVAC energy-saving products, technologies, and solutions. It is the most ideal avenue to discover the major players in the Chinese and global markets. It is held in Beijing, China at the China International Exhibition Center.
E-World: A global meeting place for the European energy industry where the main exhibition themes are sustainable technologies, energy generation, energy trading, and supply. The latest HVAC technologies are always a special highlight at the event presented by the world’s leading brands. The event is held in Essen, Germany at Messe Essen.
MCE Mostra Convegno Expocomfort: A global business platform to promote and showcase the latest technologies in the HVAC sector. It is an ideal platform to discover industrial, residential, and commercial HVAC systems. The innovative and technologically advanced event takes place in Milan, Italy, and attracts exhibitors from all around the world.
The heating, ventilation, and air conditioning sector is a fast-evolving and diverse sector with a wide range of sub-sectors in the food and beverage, medical industry, etc. New technologies and advancements every year contributes to the diversification and growth of the industry. Some of the major sub-sectors in the HVAC industry include heating systems (boilers, furnaces, heat pumps), air conditioning systems (central cooling, ductless mini-split, window/portable air conditioners), ventilation systems (mechanical system and exhaust fans), smart systems (building automation systems and smart thermostats), HVAC contractors and HVAC maintenance services.