HVAC market size | Insights, Trends & Growth Analysis 2025

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Code: MTA10062

Publication Date: Oct 2025

What is the size of HVAC Market?

According to 6Wresearch internal database and industry insights, the Global HVAC Market was valued at USD 241.5 Billion in 2024 and is expected to reach USD 387.6 Billion by 2031, growing at a compound annual growth rate of 5.60% during the forecast period (2025-2031).

This growth is primarily due to more urban infrastructure projects taking place, energy-efficient systems in development, increased disposability of income, and the innovation of technology in smart HVAC solutions that improve indoor air quality and comfort levels.

Growth Factors for HVAC Industry

Growth in the construction of residential and commercial buildings that need climate control
Increased focus on indoor air quality and energy conservation
IoT-enabled HVAC systems are being integrated for intelligent automation
Growing replacement market due to ageing infrastructure and ageing HVAC equipment
Government incentives to support energy-efficient and green HVAC equipment and technologies

HVAC Market Trends

The HVAC Market trends support the idea that the market is changing from traditional HVAC systems to sustainable and energy-efficient systems due to the focus on environmental awareness and regulatory standards. Smart HVAC technologies with capabilities powered by IoT and AI-based controls are gaining traction and allowing predictive maintenance and remote operation. There is a tremendous increase in demand for inverter-based systems that rely on eco-friendly refrigerants. Furthermore, the onset of modular and compact designs is improving installation flexibility across residential, industrial, and commercial applications and keeping pace with the technological expansion of the HVAC market.

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Emerging Developments in the HVAC Market

The HVAC Market developments include advancements in connected systems that provide real-time energy monitoring and fault diagnostics. Manufacturers are focusing on integrating AI, machine learning, and data analytics to improve energy optimization. Companies are developing variable refrigerant flow and hybrid heat pump technologies to cater to diverse climatic conditions. The growing adoption of renewable-powered HVAC systems and expansion of service-based maintenance models further strengthen market competitiveness and sustainability.