Report : South & Central America HVAC System Market Forecast to 2030 - 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 7.0% CAGR, the South America HVAC System Market is speculated to be worth US$ 21,233.65 million by 2030, says Business Market Insights.
According to Business Market Insights' research, the South America HVAC system market was valued at US$ 12,344.61 million in 2022 and is expected to reach US$ 21,233.65 million by 2030, registering a CAGR of 7.0% from 2022 to 2030. Rise in demand for energy-efficient solutions is the critical factors attributed to the South America HVAC system market expansion.
Greenhouse gases are the primary sources of global warming and climate change. These gases absorb the infrared energy and re-emit it back into the space, half of which returns to the Earth as heat, consequently adding to the warmth emanating from the Earth’s surface. Small businesses and large industries emit various carbon compounds, such as carbon dioxide, because of using fossil fuels, which are known as “carbon footprint.” Since energy-efficient solutions emit fewer harmful greenhouse gas emissions into the environment, they can contribute to lowering the carbon footprint and controlling the adverse effects of global warming. To improve the quality-of-life usage of energy-efficient appliances has been growing in recent times. The reason behind the increase in energy-efficient solutions is not only because they save energy but also because they need less maintenance and have lesser replacement costs. These solutions contribute to a positive impact on the environment. Energy efficiency can offer long-term benefits by reducing overall electricity demand by lessening the need to invest in new infrastructure for electricity generation and transmission. It also contributes to the diversification of utility resource portfolios and can act as a buffer against the risk of volatile energy procurement costs. So, to achieve energy efficiency, many manufacturing industries and commercial manufacturing players are investing in high-efficiency HVAC systems. A highly efficient HVAC system uses less energy and performs more effectively than ordinary systems, lowering the carbon footprint on the environment. The seasonal energy efficiency ratio assesses how effectively air conditioning and heat pumps cool in an HVAC system. Thus, the high demand for energy-efficient solutions is driving the market for HVAC systems.
On the contrary, lack of skilled technical workforce hurdles the growth South America HVAC system market.
Based on component, the South America 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$ 6,528.07 million by 2030 to expand at 7.8% CAGR during 2022-2030.
based on type, the South America HVAC system market is categorized into split system, ductless system, and packaged system. the split system segment held 45.8% share of the South America HVAC system market in 2022, amassing US$ 5,647.94 million. It is projected to garner US$ 9,876.65 million by 2030 to expand at 7.2% CAGR during 2022–2030.
based on implementation, the South America HVAC system market is bifurcated into new installation and retrofit. the new installation segment held 58.8% share of South America HVAC system market in 2022, amassing US$ 7,262.05 million. It is projected to garner US$ 11,363.23 million by 2030 to expand at 5.8% CAGR during 2022–2030.
based on application, the South America HVAC system market is segmented into residential, commercial, and industrial. The residential segment held 43.4% share of South America HVAC system market in 2022, amassing US$ 5,351.68 million. It is projected to garner US$ 8,939.40 million by 2030 to expand at 6.6% CAGR during 2022–2030.
Based on country, the South America HVAC system market is segmented into Brazil, Argentina, Rest of South America. The Brazil segment held 76.2% share of South America HVAC system market in 2022, amassing US$ 9,404.88 million. It is projected to garner US$ 15,971.72 million by 2030 to expand at 6.8% CAGR during 2022–2030.
Key players operating in the South America HVAC system market are Mitsubishi Electric Corp, Hitachi Ltd, Daikin Industries Ltd, Emerson Electric Co, Honeywell International Inc, LG Electric Inc, Carrier Global Corp, and Johnson Controls Inc, among others.
- In Nov 2021, Honeywell announced its collaboration with DunAn Environment for the HVAC industry transition to Solstice® N41 (R-466A) by developing their product line of HVAC components as compatible.
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