Technology
HVAC Equipment Market Set to Soar to $409.6 Billion by 2031, Driven by Energy-Efficiency Demands: Market Research Intellect
Published
2 years agoon
By
The HVAC Equipment Market is poised for substantial growth from 2024 to 2031, driven by several key factors. One of the primary drivers is the increasing demand for energy-efficient HVAC systems, fueled by global efforts to reduce carbon emissions and enhance energy sustainability. Technological advancements, such as the integration of smart technologies and IoT in HVAC systems, are further propelling market growth by offering improved energy management and system optimization.
LEWES, Del., Sept. 2, 2024 /PRNewswire/ — The global HVAC Equipment Market is expected to grow significantly between 2024 and 2031. The market was valued at approximately $234.63 billion in 2023, and it is projected to reach around $409.6 billion by 2031, with a compound annual growth rate (CAGR) of 7.5% during this forecast period.
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202 – Pages
126 – Tables
37 – Figures
Scope Of The Report
REPORT ATTRIBUTES
DETAILS
STUDY PERIOD
2020-2031
BASE YEAR
2023
FORECAST PERIOD
2024-2031
HISTORICAL PERIOD
2020-2023
UNIT
Value (USD Billion)
KEY COMPANIES PROFILED
Carrier Global Corporation, Daikin Industries Ltd., Johnson Controls International plc, Trane Technologies plc, Mitsubishi Electric Corporation, and LG Electronics Inc
SEGMENTS COVERED
By Product Type, By End-User Sector And By Geography
CUSTOMIZATION SCOPE
Free report customization (equivalent to up to 4 analyst working days) with purchase. Addition or alteration to country, regional & segment scope
HVAC Equipment Market Overview
Market Size and Growth
The global HVAC equipment market has been experiencing robust growth, driven by increased urbanization, industrial expansion, and rising consumer awareness about energy efficiency. global HVAC Equipment Market is expected to grow significantly between 2024 and 2031. The market was valued at approximately $234.63 billion in 2023, and it is projected to reach around $409.6 billion by 2031, with a compound annual growth rate (CAGR) of 7.5% during this forecast period. This growth is propelled by the need for advanced climate control systems in both residential and commercial sectors.Technological Advancements
Innovations in HVAC technology are central to market expansion. Smart HVAC systems, integrating IoT for remote monitoring and control, are gaining traction due to their energy-saving capabilities and enhanced user convenience. The adoption of variable refrigerant flow (VRF) systems and advanced heat pump technologies also contributes significantly to market growth, offering improved efficiency and performance.Energy Efficiency and Regulations
Energy efficiency is a major driver for the HVAC market, influenced by stringent regulations and standards aimed at reducing carbon footprints. Governments worldwide are implementing policies to encourage the use of energy-efficient HVAC systems, such as higher SEER (Seasonal Energy Efficiency Ratio) ratings and improved refrigerants. These regulations are pushing manufacturers to innovate and offer more sustainable solutions.Commercial Sector Demand
The commercial sector, including office buildings, retail spaces, and industrial facilities, constitutes a significant portion of the HVAC market. Increasing demand for climate control solutions in these spaces, driven by enhanced focus on employee comfort and productivity, is fueling market growth. Large-scale projects and retrofitting of existing buildings are also contributing to the increased demand for HVAC equipment.
Download Sample Report Now: https://www.marketresearchintellect.com/download-sample/?rid=1052370Residential Sector Growth
In the residential sector, the demand for HVAC systems is rising due to growing consumer expectations for comfort and energy efficiency. The increasing adoption of smart home technologies and the desire for advanced climate control systems are driving growth in this segment. Additionally, rising disposable incomes and homeownership rates are supporting the demand for high-quality HVAC solutions.Emerging Markets
Emerging markets, particularly in Asia-Pacific and Latin America, are experiencing rapid growth in the HVAC sector. Urbanization, economic development, and increasing infrastructure projects in these regions are driving the demand for HVAC equipment. As these markets continue to develop, they present significant opportunities for growth and expansion for HVAC manufacturers and suppliers.Challenges and Barriers
Despite the positive outlook, the HVAC equipment market faces challenges, including high initial costs and maintenance expenses. The complexity of installation and the need for skilled labor can also pose barriers to market growth. Additionally, fluctuating raw material prices and supply chain disruptions can impact the cost and availability of HVAC equipment.Competitive Landscape
The HVAC equipment market is highly competitive, with major players including Carrier, Trane Technologies, Lennox International, and Daikin Industries. Companies are focusing on product innovation, strategic mergers and acquisitions, and expanding their global presence to gain a competitive edge. The market is characterized by continuous technological advancements and efforts to meet evolving consumer and regulatory demands.
Geographic Dominance:
The HVAC equipment market exhibits notable geographic dominance, with North America and Asia-Pacific leading in market share. North America, driven by the United States and Canada, benefits from advanced infrastructure, stringent energy efficiency regulations, and high consumer demand for smart HVAC systems.
The region’s mature market and technological innovation contribute significantly to its dominance. Conversely, Asia-Pacific is experiencing rapid growth due to urbanization, increasing industrial activities, and rising disposable incomes, particularly in countries like China and India.
The region’s expanding construction sector and infrastructure development drive substantial demand for HVAC equipment. Europe also maintains a significant presence, bolstered by strong environmental regulations and a focus on energy-efficient systems. Meanwhile, Latin America and the Middle East show emerging potential, with growing investments in commercial and residential sectors contributing to gradual market expansion.
HVAC Equipment Market Key Players Shaping the Future
The HVAC Equipment market is significantly influenced by several key players, including Carrier Global Corporation, Daikin Industries Ltd., Johnson Controls International plc, Trane Technologies plc, Mitsubishi Electric Corporation, and LG Electronics Inc. These companies are known for their innovative technologies, energy-efficient solutions, and strong global presence, driving advancements and meeting diverse consumer needs across residential and commercial sectors.
HVAC Equipment Market Segment Analysis
The HVAC Equipment market is segmented based on By Product Type, By End-User Sector and Geography, offering a comprehensive analysis of the industry.
By Product Type
Heating Systems: Includes furnaces, heat pumps, and boilers, catering to various heating needs in residential and commercial spaces. Growth in this segment is driven by innovations in energy efficiency and smart controls.Cooling Systems: Encompasses air conditioners, chillers, and cooling towers. This segment benefits from rising temperatures and increased demand for air conditioning in both new constructions and retrofits.Ventilation Systems: Covers products like air handlers, duct systems, and ventilation fans. The focus here is on improving indoor air quality and energy recovery.
By End-User Sector
Residential: Includes single-family homes, apartments, and multi-family units. Growth is driven by increasing consumer demand for comfort, energy efficiency, and smart home integration.Commercial: Encompasses office buildings, retail spaces, and hospitality. The demand is influenced by factors such as building size, occupancy levels, and energy regulations.Industrial: Involves manufacturing facilities, warehouses, and large-scale production sites. This segment requires robust HVAC systems to manage large-scale climate control and ventilation needs.
By Geography:
North America: Dominated by the U.S. and Canada, with a focus on advanced HVAC technologies, energy efficiency, and regulatory compliance.Europe: Includes Western and Eastern Europe, with emphasis on energy efficiency standards and sustainability.Asia-Pacific: Features rapid growth driven by urbanization, industrial expansion, and increasing consumer demand in countries like China and India.Latin America: Emerging market with growing investments in infrastructure and residential construction driving HVAC demand.Middle East & Africa: Growing demand due to climate conditions and increasing infrastructure development.
Internet, Communication, and Technology (ICT):
The HVAC equipment market involves a complex interplay of manufacturing and construction processes that ensure the delivery of high-performance climate control systems. Manufacturing begins with design and engineering, focusing on creating innovative and efficient HVAC solutions. Key components such as compressors and fans are produced with precision, followed by assembly into complete systems. Modern HVAC units integrate advanced technologies, including smart controls and energy-efficient components, which are developed through ongoing research and innovation.
In construction, the process starts with site preparation and planning, followed by the installation of HVAC systems, including ductwork and electrical connections. Proper installation is critical to system performance and regulatory compliance. Quality control measures ensure that products meet performance and safety standards, and systems are tested to confirm they operate as intended. The supply chain and logistics play a crucial role, involving component sourcing, efficient distribution, and cost management. Additionally, the industry is increasingly focusing on sustainability, adopting eco-friendly practices and integrating renewable energy technologies.
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Best AI Design Tools (2026): CapCut Named a Top Choice for Creating Images and Marketing Assets by Software Experts
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NEW YORK, July 18, 2026 /PRNewswire/ — Software Experts has recognized CapCut as a top choice among AI design tools for 2026, citing its AI Design Studio as a standout resource for creating images and marketing assets. The recognition points to the platform’s combination of automated layout generation, image editing, and campaign focused features built for marketers, e-commerce sellers, and content creators.
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CapCut AI Design Studio – a web based design workspace that uses AI to help users create ads, product visuals, and branded content without prior design experience.
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The AI Design Studio is built around a conversational, infinite canvas that allows users to work with an AI design agent in real time. Instead of starting from a blank template, users type a prompt, upload reference images, and receive layout options generated automatically.
The latest version, Design 2.0, brings references, drafts, assets, and edits into a single workspace. Features include pencil prompting for visual editing, smart layer split for separating subjects and backgrounds, and a One More function that generates new creative directions from an existing design. Users can circle, brush, or mark up an image directly to guide how the AI adjusts a design, rather than relying only on written prompts.
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The process is designed to move from prompt to a finished, ready to use asset without requiring separate design software. For teams producing large volumes of seasonal or promotional content, this can reduce the number of tools involved in a single campaign.
Why AI Design Tools Matter for Small Teams
AI design tools are becoming useful because many teams need more visual content than traditional workflows can comfortably support. The Software Experts review notes that marketers, creators, and small businesses often need product images, social graphics, banners, email headers, event posters, and campaign visuals on tight timelines.
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About CapCut
CapCut is an AI-powered photo and video editing platform designed to make high-quality video creation accessible across devices. The platform supports creators, businesses, and everyday users with tools for video editing, AI video generation, captions, templates, audio, and visual editing. CapCut is available across mobile, web, desktop, and iPad experiences, helping users create, edit, and prepare video content for social media, marketing, education, and personal projects.
About Software Experts: Software Experts delivers in-depth news on the digital tools shaping today’s consumer experience. As an affiliate, Software Experts may earn commissions from sales generated using links provided.
View original content:https://www.prnewswire.com/news-releases/best-ai-design-tools-2026-capcut-named-a-top-choice-for-creating-images-and-marketing-assets-by-software-experts-302828625.html
SOURCE SoftwareExperts.org
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Best AI Design Tools (2026): CapCut Named a Top Choice for Creating Images and Marketing Assets by Software Experts
Published
19 minutes agoon
July 18, 2026By
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Best AI Design Tools
CapCut AI Design Studio – a web based design workspace that uses AI to help users create ads, product visuals, and branded content without prior design experience.
Core Capabilities of the AI Design Studio
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The latest version, Design 2.0, brings references, drafts, assets, and edits into a single workspace. Features include pencil prompting for visual editing, smart layer split for separating subjects and backgrounds, and a One More function that generates new creative directions from an existing design. Users can circle, brush, or mark up an image directly to guide how the AI adjusts a design, rather than relying only on written prompts.
An inspiration hub with built in assets and license free images is also part of the workspace, helping users start projects without sourcing outside materials. Layers for text, subjects, and backgrounds remain editable throughout the process, which allows for adjustments without regenerating an entire design from scratch.
Applications for E-Commerce and Marketing Teams
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Why AI Design Tools Matter for Small Teams
AI design tools are becoming useful because many teams need more visual content than traditional workflows can comfortably support. The Software Experts review notes that marketers, creators, and small businesses often need product images, social graphics, banners, email headers, event posters, and campaign visuals on tight timelines.
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Readers can find the full review at Software Experts.
About CapCut
CapCut is an AI-powered photo and video editing platform designed to make high-quality video creation accessible across devices. The platform supports creators, businesses, and everyday users with tools for video editing, AI video generation, captions, templates, audio, and visual editing. CapCut is available across mobile, web, desktop, and iPad experiences, helping users create, edit, and prepare video content for social media, marketing, education, and personal projects.
About Software Experts: Software Experts delivers in-depth news on the digital tools shaping today’s consumer experience. As an affiliate, Software Experts may earn commissions from sales generated using links provided.
View original content:https://www.prnewswire.com/news-releases/best-ai-design-tools-2026-capcut-named-a-top-choice-for-creating-images-and-marketing-assets-by-software-experts-302828625.html
SOURCE SoftwareExperts.org
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Samsung Selects Chandigarh University Student as ‘Punjab AI State Topper’
Published
1 hour agoon
July 18, 2026By
CU Student Devesh Panwar Wins Rs 1 Lakh Award for Developing AI-Based Document Search System
CHANDIGARH, India, July 18, 2026 /PRNewswire/ — A Bachelor of Computer Applications (BCA) student of Chandigarh University, Devesh Panwar, has been named the “Punjab State Topper” in the Artificial Intelligence (AI) under the Samsung Innovation Campus (SIC) AI Program organised by Samsung in collaboration with Telecom Sector Skill Council (TSSC) and training partner Focal Skill Development (Focalyt) to equip Indian youth with industry-relevant in-demand skills in AI, loT, Big Data, and Coding & Programming, preparing them for future careers.
A final-year student of Bachelor of Computer Applications (BCA) at University Institute of Computing (UIC) of Chandigarh University, Devesh Panwar also won a cash award of Rs 1 lakh along with a laptop, and exclusive Samsung rewards for achieving this remarkable milestone under the Samsung Innovation Campus AI Program.
“Being named ‘AI State Topper’ was a moment of profound pride and validation for me. Hard work, intense technical training and a passion for AI culminated in the immense honor of the Punjab State Topper title. Besides getting access to state-of-the-art tools to fuel my future research and development endeavor, I gained world-class knowledge during the Samsung Innovation Campus (SIC) AI Program. It helped me in gaining hands-on experience and applied AI to solve real-world challenges, especially in aeronautical and technical domains,”
During Samsung Innovation Campus (SIC) AI Program, Devesh and his team worked on innovative AI capstone project which was presented before the jury panel as part of the final assessment.
“Our team developed the advanced AI-powered system AI Research Agent, a Retrieval-Augmented Generation (RAG) platform designed for intelligent querying of private document collections. Organizations, researchers, legal professionals, and HR teams often work with large collections of documents. Traditional search methods rely heavily on keyword matching and require significant manual effort to locate relevant information. The project was developed to address the limitations of traditional document search systems, which often struggle with contextual understanding, retrieval accuracy, learning adaptability, and response speed,” said Devesh.
“The developed system demonstrated significant improvements over traditional document retrieval approaches with faster response generation with integration of modern AI techniques, full-stack development, database systems, and intelligent automation into a single practical solution. By combining modern RAG architecture with innovative retrieval and reasoning mechanisms, this system provides a fast, intelligent, and user-friendly solution for knowledge discovery and resume evaluation. This project not only enhanced our technical expertise in Artificial Intelligence and Full-Stack Development but also strengthened our problem-solving, teamwork, and professional communication skills. It stands as a significant achievement of our Samsung Innovation Campus 2025 journey and reflects our commitment to building impactful AI solutions for real-world challenges,” he added.
Congratulating Devesh Panwar for being named “Punjab State Topper” AI under the Samsung Innovation Campus Samsung Innovation Program, Deepinder Singh Sandhu, Senior Managing Director, Chandigarh University, said, “Devesh’s achievement reflects Chandigarh University’s focus on experiential learning and industry-academia collaboration. Through the Samsung Innovation Campus AI Program, CU students gain practical exposure to AI and building solutions for real-world challenges. This accomplishment reflects not only Devesh’s commitment to excellence but also the growing culture of innovation and industry-oriented learning at Chandigarh University,”.
“Since its inception, Chandigarh University has set benchmarks for world-class education with its dynamic hands-on experiential learning model, industry-aligned programs, dynamic fraternity, state-of-the-art infrastructure facilities and impeccable placements. Samsung Innovation Program is also part of our initiatives to develop a future-ready talent pool equipped with advanced capabilities in AI, loT, Big Data, and Coding and Programming. By bridging the gap between theoretical learning and real-world application, this collaboration helps in providing CU’s computer science and computing students exposure to cutting-edge and emerging technologies. CU’s this partnership with Samsung is focused on building future-ready talent equipped with industry-relevant skills in AI and emerging technologies,” Sandhu said.
He said Chandigarh University’s Institute of Computing (UIC) prepares students for a successful career in computing, to create and disseminate computing knowledge and technology. “Chandigarh University carries a vision of crafting next-gen IT professionals who can take up industry challenges effectively and our Institute of Computing (UIC) prepares students for a successful career in computing, to create and disseminate computing knowledge and technology. UIC’s hands-on approach paves the way for a smooth transition to the workforce after graduation. Our students are equipped with the best knowledge, skills and passion to succeed in any number of computing careers. CU’s Institute of Computing renders cutting-edge education ranging from the expertise in traditional software development -to- modern computing technologies. Fully-equipped industry-sponsored labs, industry-aligned curriculum, and accreditations and validations by top companies such as Intel, Microsoft, Google Android, Red Hat etc. give our students an exclusive edge over others,” the Chandigarh University CMD said.
Sandhu said the latest edition of QS World University Rankings has yet again reaffirmed Chandigarh University global standing as a top educational institution. “Continuing its remarkable rise among the world’s leading higher education institutions, Chandigarh University (CU) has made impressive strides in the latest edition of prestigious QS World University Rankings 2027 by securing an overall world rank of 526, an increase of 49 ranks as compared to 575th rank in QS’ 2026 Rankings. This is for the fifth consecutive year that Chandigarh University’s global rankings have witnessed an impressive surge with CU’s world rank going up by an impressive 274 ranks — from the 800th rank in 2023 to 526th in 2027’s Rankings,”.
“As per the latest QS World University Rankings, with All India Rank of 13 among all universities in the country as compared to 16th rank in 2026’s rankings, Chandigarh University now ranks among the top 1% of universities in India and the top 2% of universities in the World, underscoring its growing reputation as a leading institution of higher learning, both in India and globally,” he added.
About Chandigarh University
Chandigarh University is a NAAC A+ Grade University and QS World Ranked University. This autonomous educational institution is approved by UGC and is located near Chandigarh in the state of Punjab. It is the youngest university in India and the only private university in Punjab to be honoured with A+ Grade by NAAC (National Assessment and Accreditation Council). CU offers more than 109 UG and PG programs in the field of engineering, management, pharmacy, law, architecture, journalism, animation, hotel management, commerce, and others. It has been awarded as The University with Best Placements by WCRC.
Website address: https://www.cuchd.in/
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