NEW YORK, Dec. 13, 2024 /PRNewswire/ --The global industrial hvac market size is estimated to grow by USD 7.01 billion from 2024 to 2028, according to Technavio. The market is estimated to grow at a CAGR of 8.63% during the forecast period. The report provides a comprehensive forecast of key segments below- 

Segmentation Overview

1. End-user 
• 1.1 Process industry
• 1.2 Discrete industry
2. Type 
• 2.1 HVAC equipment
• 2.2 HVAC services
3. Geography 
• 3.1 APAC
• 3.2 Europe
• 3.3 North America
• 3.4 South America
• 3.5 Middle East and Africa

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1.1 Fastest growing segment:

The process industry segment, which includes oil and gas, power, pulp and paper, water and wastewater treatment, chemical and petrochemical, mining and metal, pharmaceutical, and food and beverages industries, dominates the global industrial HVAC market. This is due to increasing government regulations and rising energy costs, which are encouraging these industries to minimize energy usage in their manufacturing processes. Additionally, there is growing awareness among end-users regarding energy efficiency and environmental sustainability, leading in demand for energy-efficient industrial HVAC systems in the process industry. Furthermore, in industrial settings, the risk of explosion due to dust, chemical, or vapor leaks during operations is a constant concern, particularly in the oil and gas, chemical and petrochemical, and mining industries. These industries are classified as highly explosive industrial environments. The escalating number of accidents in such process industries has heightened safety concerns, leading to a significant increase in demand for explosion-proof HVAC systems. In the pharmaceutical industry, solid ingredients used in the formulation of pharmaceutical oral solid dosage forms can be combustible. Flammable solvents such as isopropyl alcohol, methanol, and acetone, which are used as tablet coatings, must be processed in a controlled environment. These requirements have led to the widespread use of cleanrooms in the pharmaceutical industry, which necessitates the installation of HVAC systems designed to meet these stringent standards. The stable growth of the process industry segment in the global industrial HVAC market can be attributed to increasing investments in the chemical and petrochemical and food and beverages industries. Moreover, the need to prevent dust-related explosions will further fuel the demand for explosion-proof HVAC systems from the food and beverages and pharmaceutical industries during the forecast period.

Analyst Review

The Industrial HVAC market is witnessing significant growth due to the increasing demand for energy-efficient climate control technologies in industrial buildings. Sustainable buildings, including residential and commercial structures, are prioritizing HVAC systems to ensure thermal comfort and indoor air quality. Space cooling and heating applications are essential for industrial buildings to maintain optimal working conditions and enhance the standard of living for workers. Climate control technologies, including thermostats, dampers, condenser fans, compressors, and evaporators, play a crucial role in regulating temperature, humidity levels, and indoor air quality. The commercial sector's infrastructure development and the construction of affordable housing units further boost product demand. The lifespan and mortality rate of HVAC systems significantly impact the overall cost-effectiveness and sustainability of industrial buildings.

Market Overview

The Industrial HVAC market encompasses energy-efficient climate control technologies for industrial buildings, focusing on heating, cooling, and thermal comfort in various structures. These include residential, commercial, and industrial buildings, each with unique humidity and ambient temperature requirements. Climatic changes and long-term climate change influence energy consumption, necessitating sustainable solutions. HVAC systems are essential for maintaining comfortable indoor environments, ensuring good indoor air quality, and adapting to construction activities driven by rapid urbanization and housing unit development. Key factors shaping the market include energy efficiency, consumer groups, HVAC industry consultants, maintenance, repair, and installation costs, system failures, replacement parts, and the Internet of Things (IoT) enabling smart HVAC systems. Real-time data collection and analysis enable cost savings, operator efficiency, and environmental considerations. The construction sector, residential sector, and industrial sector are significant markets for HVAC infrastructure. Rapid urbanization and the need for affordable housing units, commercial infrastructure, and maintaining a standard of living drive product demand. Energy-efficient products, such as heat pumps and programmable thermostats, are increasingly popular due to tax rebates, federal tax credits, and energy-saving incentives. HVAC systems include various components, such as air conditioners, dampers, condenser fans, compressors, evaporators, blowers, data centers, and cooling systems. Operating expenses, heating type, furnaces, boilers, ventilation type, humidifiers, dehumidifiers, air purifiers, ventilation fans, air handling units, implementation type, room air conditioners, unitary air conditioners, chillers, coolers, cooling towers, VRF systems, cooling equipment, and new construction or retrofit projects are all part of the HVAC industry. Industries such as hospitals, shopping malls, restaurants, commercial construction, and defense, electronics, automotive, and mobility sectors rely on HVAC systems for their operations. Energy-efficient cooling systems, product lines, and new product launches are essential for meeting the evolving needs of these industries. Additionally, chemicals, oil hydraulics, natural gas, petroleum and chemicals, mineral resources, and industrial infrastructure are significant markets for HVAC systems and related components. The HVAC industry faces challenges such as a lack of awareness, education, and affordability, particularly in emerging markets. Training programs, financing options, and cost-effective solutions are essential for addressing these challenges and driving growth in the market. HVAC regulations, environmental hazards, and carbon footprints are also important considerations for the industry.

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Key Topics Covered:

 1 Executive Summary
 2 Market Landscape
 3 Market Sizing
 4 Historic Market Size
 5 Five Forces Analysis
 6 Market Segmentation
 7 Customer Landscape
 8 Geographic Landscape
 9 Drivers, Challenges, and Trends
10 Venodr Landscape
11 Vendor Analysis
11.1 Daikin Industries
11.2 Johnson Controls
11.3 LG Electronics
11.4 Midea
11.5 Carrier
11.6 Trane Technologies plc
11.7 Honeywell International Inc.
11.8 Mitsubishi Electric Corporation
11.9 Samsung Electronics Co., Ltd.
11.10 Madison Air
11.11 Danfoss
11.12 FUJITSU General Group
11.13 Gree, Electric Appliances, Inc. of Zhuhai
11.14 Haier Group
11.15 Havells India Ltd.
11.16 Hitachi Ltd.
11.17 Lennox International Inc.
11.18 Rheem Manufacturing Company
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio