Report : South America HVAC System Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Component (Thermostat, Air Handling Units, Central ACs, Furnace, Heat Pump, Compressor, and Others), Type (Split System, Ductless System, and Packaged System), Implementation (New Installation and Retrofit), and Application (Residential, Commercial, and Industrial) 

At 6.8% CAGR, the SAM HVAC System Market is speculated to be worth US$ 18,345.59 million by 2028, says Business Market Insights           

According to Business Market Insights’ research, the SAM HVAC system market was valued at US$ 12,344.61 million in 2022 and is expected to reach US$ 18,345.59 million by 2028, registering an annual growth rate of 6.8% from 2022 to 2028. Integration of IoT into HVAC systems and need for replacement of traditional HVAC systems with newer HVAC Systems are the critical factors attributed to the market expansion.                  

Energy efficiency can be hard to monitor and improve with older HVAC systems. Generally, energy usage data is only discovered after it has been used, making it challenging to rectify or make up for. Additionally, if a system has a developing issue, it could struggle for days or weeks before failing entirely, wasting additional energy. IoT sensors installed on HVAC equipment can increase energy efficiency by monitoring usage trends and even considering weather predictions as they provide access to real-time data. The end effect is improved interior climate management with little electricity use. HVAC systems can be a significant component of IoT-enabled smart grid connectivity. IoT technology makes remote system monitoring possible, allowing users to identify issues from a distance by consulting a smartphone app or online portal. For Instance, some sensors track vital information, such as pressure, vibration, flow, temperature, humidity, on-off cycles, and fault tolerance for providing leak detection information. Technicians can easily access the insights they need to get into systems’ status and accordingly provide the solution to fix any malfunction. Most HVAC companies have a compulsory requirement for regulatory compliance, frequently requiring a field agent to inspect equipment regularly. It is challenging to accomplish and record such compliance with disconnected systems with no integration of IoT, which needs lots of paperwork and physical system checks to prove the adherence to compliance standards. Thus, the integration of IoT into HVAC systems is the key trend in the market, which is likely to boost the demand for HVAC systems.    

On the contrary, lack of skilled technical workforce hurdles the growth of SAM HVAC system market. 

Based on component, the SAM HVAC system market is segmented into thermostat, air handling units, central ACs, furnace, heat pump, compressor, and others. The central ACs segment held 29.1% market share in 2022, amassing US$ 3,587.91 million. It is projected to garner US$ 5,561.93 million by 2028 to expand at 7.6% CAGR during 2022–2028.       

Based on type, the SAM HVAC system market is segmented into split system, ductless system, and packaged system. The split system segment held 45.8% market share in 2022, amassing US$ 5,647.94 million. It is projected to garner US$ 8,498.20 million by 2028 to expand at 7.0% CAGR during 2022–2028. 

Based on implementation, the SAM HVAC system market is bifurcated into new installation and retrofit. The new installation segment held 58.8% market share in 2022, amassing US$ 7,262.05 million. It is projected to garner US$ 10,055.57 million by 2028 to expand at 5.6% CAGR during 2022–2028.                 

Based on application, the SAM HVAC system market is segmented into residential, commercial, and industrial. The residential segment held 43.4% market share in 2022, amassing US$ 5,351.68 million. It is projected to garner US$ 7,780.79 million by 2028 to expand at 6.4% CAGR during 2022–2028.                 

Based on country, the SAM HVAC system market has been categorized into Brazil, Argentina, and rest of SAM. Our regional analysis states that Brazil captured 76.2% market share in 2022. It was assessed at US$ 9,404.88 million in 2022 and is likely to hit US$ 13,843.58 million by 2028, exhibiting a CAGR of 6.7% during the forecast period.                     

Key players dominating the SAM HVAC system market are Carrier Global Corporation; Daikin Industries, Ltd.; Emerson Electric Co.; EVAPCO, Inc.; Honeywell International Inc.; Johnson Controls, Inc.; Lennox International Inc.; LG Electronics; Rheem Manufacturing Company; and Trane Biomet among others. 

  • In 2021, Emerson announced the launch of its HVACR Educator Resource platform. The platform is designed to offer industry educators access to tools, training, and educational materials.
  • In 2022, Carrier announced the launch of its new line of single stage split system air conditioners that follow the upcoming 2023 Department of Energy (DOE) minimum efficiency requirements.

Contact Us
Contact Person: Sameer Joshi
Phone: +1- 646- 491- 9876
Email id: sam@businessmarketinsights.com

Download Free PDF Brochure