Global HVAC Market Projected to Reach USD 292.20 Billion by 2031

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Summary · why it matters

The global HVAC market was valued at USD 215 billion in 2025 and is projected to reach USD 292.20 billion by 2031, expanding at a 5.25% CAGR, according to a new report added to ResearchAndMarkets.com's offering. Air conditioning represented approximately 45% of global HVAC market revenue in 2025, while heat pumps generated around 40% of heating equipment revenue and air handling units held more than 38% of the ventilation equipment market. The commercial end-user segment is forecast to record the fastest CAGR of 6.13% through 2031, and Asia-Pacific accounted for more than 44% of global market revenue, making it the leading regional market. Consolidation continues to reshape the competitive landscape: Bosch Group completed its approximately USD 8 billion acquisition of Johnson Controls' residential and light commercial HVAC business on July 31, 2025, and Samsung Electronics expanded its commercial cooling position through the approximately USD 1.7 billion acquisition of European HVAC solutions provider FlaktGroup from Triton. In 2025, Daikin introduced its EWYK-QZ modular air-to-water heat pump for commercial and industrial facilities, using low-global-warming-potential R-290 refrigerant. Leading companies in the fragmented market include Lennox International, Midea Group, Gree Electric Appliances, Carrier Global, Bosch, Daikin, LG Electronics, Mitsubishi Electric, Panasonic, Samsung, Trane Technologies, and Vaillant Group.

Impact on assets 12

Climate Adaptation & Water▲
DAIKIN INDUSTRIES, LTD.
6367
▲ PositiveTechnologyrelevance

Daikin introduced its EWYK-QZ modular air-to-water heat pump using low-GWP R-290 refrigerant for commercial/industrial facilities.

Smart City / Autonomous Infrastructure▲
Johnson Controls International PLC
JCI
▲ PositiveCapitalrelevance

Bosch completed its ~$8B acquisition of Johnson Controls' residential and light commercial HVAC business, a major divestiture/M&A event for JCI.

Electrification & Mobility▲
Artificial Intelligence▲
Samsung Electronics Co Ltd
005930
▲ PositiveCapitalrelevance

Samsung expanded its commercial cooling position via the ~USD 1.7 billion acquisition of European HVAC provider FlaktGroup.

Robotics & Physical AI▲
Consumer Discretionary▲
Others▲

Off-coverage companies 3

Boschi
Private▲ PositiveCapitalrelevance

Bosch completed its ~$8 billion acquisition of Johnson Controls' residential and light commercial HVAC business.

FlaktGroupi
Private± MixedCapitalrelevance

FlaktGroup is the target of Samsung's ~$1.7 billion acquisition, changing its ownership.

Vaillant Groupi
Private± Mixedrelevance