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

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

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 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