주거용 HVAC : 시장 점유율 분석, 업계 동향과 통계, 성장 예측(2026-2031년)

According to Mordor Intelligence, the residential HVAC market size is expected to grow from USD 82.93 billion in 2025 to USD 88.11 billion in 2026 and is forecast to reach USD 119.26 billion by 2031 at 6.24% CAGR over 2026-2031.

This report is Segmented by Equipment (Cooling and Ventilation Equipment and Heating Equipment), Technology (Conventional, Low-GWP Refrigerants, and More), Installation Type (New Construction and Retrofit and Replacement), Housing Type (Single-Family Homes and Multi-Family Apartments and Condominiums), and Geography. The Market Forecasts are Provided in Terms of Value (USD).

Global Residential HVAC Market Trends and Insights

Decarbonization Mandates Accelerating Electric-Heat-Pump Adoption

Federal tax incentives and state-level building codes are pushing heat pumps into mainstream residential applications. California's 2024 Title 24 requirements and Washington's USD 14,000 rebates have slashed consumer payback periods, while the Inflation Reduction Act's 30% credit offsets up-front costs by as much as 60%. Technology enhancements now enable operation down to -20 °F, allowing deployment in historically furnace-dominant northern markets. Multi-state procurement coalitions aggregate demand, reducing per-unit manufacturing costs. Combined federal, state, and utility programs create a layered incentive stack that positions heat pumps as lifecycle-cost-competitive with gas furnaces even where natural-gas tariffs remain low. Manufacturers are scaling cold-climate compressors to capture this expanding residential HVAC market opportunity.

Shift Toward Inverter-Driven Variable-Speed Compressors

Variable-speed compressors have migrated from premium to mainstream status, underpinning the next wave of efficiency gains in the residential HVAC market. Daikin's joint venture with Copeland targets North American heat-pump applications, while Lennox's SL22KLV achieves a 21.1 SEER2 rating through wide-range capacity modulation. Modulation between 25-100% reduces cycling losses, improves humidity control, and cuts energy use by 20-30% compared with single-stage units. China supplies more than 95% of global compressor output, granting OEMs early-access cost advantages. Utilities value equipment that can throttle demand in real time, enhancing homeowner earnings via emerging demand-response markets.

Volatility in Refrigerant Regulations and Phasedown Schedules

EPA Technology Transition timelines require OEMs and contractors to juggle dual refrigerant inventories while navigating A2L safety protocols. Divergent EU F-Gas rules amplify complexity, delaying product launches by up to 12 months under AHRI certification processes. The switch to R 32 or R 454B drives unit-level compliance costs of USD 500-1,000 for leak-detection hardware and technician training. Transitional uncertainty inflates consumer prices and strains supply chains, slowing early-cycle demand.

Other drivers and restraints analyzed in the detailed report include:

1. Surge in Home-Improvement and Retrofit Cycles Post-Pandemic
2. Growing Penetration of Smart Thermostats and IoT-Enabled HVAC Controls
3. Up-Front Cost Premium of High-Efficiency Equipment

For complete list of drivers and restraints, kindly check the Table Of Contents.

Segment Analysis

Cooling and ventilation captured 60.12% of 2025 revenue. Strong urbanization, warmer climate trends, and rising middle-class incomes in emerging economies continue to lift air-conditioning adoption. The residential HVAC market size for cooling equipment is projected to expand at a 6.98% CAGR through 2031 as variable-refrigerant flow and ductless mini-split platforms penetrate single-family retrofits and multi-family projects. Rooftop and packaged systems remain niche but serve manufactured housing and low-rise multi-family complexes where centralized maintenance offers cost advantages. Heating-equipment demand is undergoing a structural shift toward electric heat pumps, reinforced by decarbonization mandates. Cold-climate models now handle sub-zero temperatures, shrinking the addressable market for legacy gas furnaces. Furnaces still dominate replacement sales in regions with entrenched natural-gas infrastructure, but hybrid heat-pump/furnace installations are emerging as transitional solutions to meet efficiency codes while maintaining resilience.

The heating segment's rapid transformation is directly tied to electrification policy stacking. Federal rebates equalize capital outlays between mid-tier heat pumps and gas furnaces, accelerating the share shift within the residential HVAC market. OEMs are reallocating R&D resources from condensing gas technology toward inverter-driven heat-pump platforms, anticipating cost parity within five years. Grid-interactive capabilities embedded in next-generation hydronic and forced-air heat pumps further differentiate these products, opening recurring revenue streams via demand-flexibility programs and extending value beyond upfront equipment margins.

Conventional R 410A and legacy R 22 units still represent 69.85% of the installed base, yet regulatory caps on production and imports are tightening supply and inflating service costs. The resulting scarcity is propelling accelerated retirement of aging systems, shifting replacement demand toward low-GWP alternatives. R 32's 68% lower global-warming potential allows manufacturers to leverage existing production lines with minimal hardware changes, supporting smoother transitions and lighter bill-of-materials. R 454B introduces additional handling requirements but offers even lower GWP, aligning long-term compliance paths in the residential HVAC market.

Low-GWP refrigerant systems are forecast to post a 7.32% CAGR through 2031. OEMs are bundling these refrigerants with inverter drives, smart diagnostics, and cloud-integrated controls, elevating per-unit revenue. Enhanced sealing technology and lower charge volumes mitigate flammability concerns. As fixed-speed compressors decline, variable-speed adoption lifts average selling prices yet reduces lifecycle operational costs, dovetailing with both regulatory and homeowner economic priorities.

Complete Report Scope:

• By Equipment
  • Cooling and Ventilation Equipment
    • Ducted Split Systems
    • Ductless Split Systems
    • VRF Systems
    • Air-Handling Units
    • Rooftops and Fan-Coils
  • Heating Equipment
    • Furnaces and Boilers
    • Heat Pumps
• By Technology
  • Conventional (R410A/R22)
  • Low-GWP Refrigerants (R32, R454B, CO2, Propane)
  • Fixed-speed
  • Inverter / Variable-speed
  • Smart / Connected
• By Installation Type
  • New Construction
  • Retrofit / Replacement
• By Housing Type
  • Single-family Homes
  • Multi-family Apartments and Condominiums
• By Geography
  • North America
    • United States
    • Canada
    • Mexico
  • South America
    • Brazil
    • Argentina
    • Rest of South America
  • Europe
    • United Kingdom
    • Germany
    • France
    • Italy
    • Spain
    • Nordics
    • Benelux
    • Eastern Europe
    • Russia
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Australia and New Zealand
    • ASEAN
    • Rest of Asia Pacific
  • Middle East and Africa
    • Middle East
      • Saudi Arabia
      • United Arab Emirates
      • Turkey
      • Rest of Middle East
    • Africa
      • South Africa
      • Nigeria
      • Rest of Africa

Geography Analysis

North America represented 37.55% of 2025 global revenue. Federal incentives under the Inflation Reduction Act, combined with state rebates, drove a 15% surge in U.S. heat-pump sales by November 2024. Canadian federal programs provide up to CAD 5,000 (USD 3,700) per installation, while provincial add-ons can double total rebate values. Mexico's HVAC export output reached USD 7.6 billion in 2024, underscoring the region's supply-chain integration. Single-family replacement demand remains vigorous, but multi-family electrification is accelerating as building performance standards tighten.

Asia Pacific is the fastest-growing region with a 6.82% CAGR through 2031. China accounts for roughly 30% of global heat-pump installations and controls more than 95% of compressor production capacity, enabling aggressive pricing and rapid product iterations. India's rising middle-class and blistering urban heat islands propel air-conditioning shipments, while governmental Bureau of Energy Efficiency regulations drive new inverter adoption. Japan's 2024 replacement market returned to 5% growth by year-end as pandemic backlogs cleared.

Europe faces near-term turbulence. Low natural-gas prices and construction slowdowns slashed first-half 2024 heat-pump sales by 50% in Germany. Yet REPowerEU's target of 10 million additional residential heat pumps by 2027, supported by grants of EUR 3,000-15,000, is poised to restore double-digit growth from 2025 onward. The region's retrofit potential remains vast as nearly three-quarters of building stock predates modern efficiency codes.

The Middle East and Africa exhibit cooling-dominant demand yet slower penetration of high-efficiency models due to subsidized electricity tariffs. Nevertheless, Gulf Cooperation Council utilities are piloting high-SEER rebate schemes to curb peak-season grid stress, signaling future upside for premium cooling products in the residential HVAC market.

1. Daikin Industries, Ltd.
2. Carrier Global Corporation
3. Trane Technologies plc
4. Lennox International Inc.
5. Johnson Controls International plc
6. Robert Bosch GmbH
7. Mitsubishi Electric Corporation
8. Systemair AB
9. TROX GmbH
10. Hitachi, Ltd.
11. Blue Star Limited
12. Swegon AB
13. Ariston Holding NV
14. Danfoss A/S
15. Alfa Laval AB
16. Vaillant GmbH
17. Rheem Manufacturing Company
18. Samsung Electronics Co., Ltd.
19. LG Electronics Inc.
20. Panasonic Holdings Corporation
21. Fujitsu General Limited
22. Gree Electric Appliances, Inc.
23. Midea Group Co., Ltd.
24. Nortek Global HVAC, LLC
25. Viessmann Climate Solutions SE
26. Glen Dimplex Group

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

TABLE OF CONTENTS

1 INTRODUCTION

• 1.1 Study Assumptions and Market Definition
• 1.2 Scope of the Study

2 RESEARCH METHODOLOGY

3 EXECUTIVE SUMMARY

4 MARKET LANDSCAPE

• 4.1 Market Overview
• 4.2 Market Drivers
  • 4.2.1 Decarbonisation mandates accelerating electric-heat-pump adoption
  • 4.2.2 Shift toward inverter-driven variable-speed compressors
  • 4.2.3 Surge in home-improvement and retrofit cycles post-pandemic
  • 4.2.4 Growing penetration of smart thermostats and IoT-enabled HVAC controls
  • 4.2.5 Grid-interactive efficient buildings (GEB) incentives from utilities
  • 4.2.6 Home electrification financing models (PACE, on-bill) gaining traction
• 4.3 Market Restraints
  • 4.3.1 Volatility in refrigerant regulations and phasedown schedules
  • 4.3.2 Up-front cost premium of high-efficiency equipment
  • 4.3.3 Skilled-labour shortage for proper installation and commissioning
  • 4.3.4 Electrical-service upgrade constraints in legacy housing stock
• 4.4 Industry Value Chain Analysis
• 4.5 Regulatory Landscape
• 4.6 Technological Outlook
• 4.7 Porter's Five Forces Analysis
  • 4.7.1 Bargaining Power of Suppliers
  • 4.7.2 Bargaining Power of Buyers
  • 4.7.3 Threat of New Entrants
  • 4.7.4 Threat of Substitute Products
  • 4.7.5 Intensity of Competitive Rivalry
• 4.8 Impact of Macroeconomic Factors
• 4.9 Investment Analysis

5 MARKET SIZE AND GROWTH FORECASTS (VALUE)

• 5.1 By Equipment
  • 5.1.1 Cooling and Ventilation Equipment
    • 5.1.1.1 Ducted Split Systems
    • 5.1.1.2 Ductless Split Systems
    • 5.1.1.3 VRF Systems
    • 5.1.1.4 Air-Handling Units
    • 5.1.1.5 Rooftops and Fan-Coils
  • 5.1.2 Heating Equipment
    • 5.1.2.1 Furnaces and Boilers
    • 5.1.2.2 Heat Pumps
• 5.2 By Technology
  • 5.2.1 Conventional (R410A/R22)
  • 5.2.2 Low-GWP Refrigerants (R32, R454B, CO2, Propane)
  • 5.2.3 Fixed-speed
  • 5.2.4 Inverter / Variable-speed
  • 5.2.5 Smart / Connected
• 5.3 By Installation Type
  • 5.3.1 New Construction
  • 5.3.2 Retrofit / Replacement
• 5.4 By Housing Type
  • 5.4.1 Single-family Homes
  • 5.4.2 Multi-family Apartments and Condominiums
• 5.5 By Geography
  • 5.5.1 North America
    • 5.5.1.1 United States
    • 5.5.1.2 Canada
    • 5.5.1.3 Mexico
  • 5.5.2 South America
    • 5.5.2.1 Brazil
    • 5.5.2.2 Argentina
    • 5.5.2.3 Rest of South America
  • 5.5.3 Europe
    • 5.5.3.1 United Kingdom
    • 5.5.3.2 Germany
    • 5.5.3.3 France
    • 5.5.3.4 Italy
    • 5.5.3.5 Spain
    • 5.5.3.6 Nordics
    • 5.5.3.7 Benelux
    • 5.5.3.8 Eastern Europe
    • 5.5.3.9 Russia
    • 5.5.3.10 Rest of Europe
  • 5.5.4 Asia Pacific
    • 5.5.4.1 China
    • 5.5.4.2 Japan
    • 5.5.4.3 India
    • 5.5.4.4 South Korea
    • 5.5.4.5 Australia and New Zealand
    • 5.5.4.6 ASEAN
    • 5.5.4.7 Rest of Asia Pacific
  • 5.5.5 Middle East and Africa
    • 5.5.5.1 Middle East
      • 5.5.5.1.1 Saudi Arabia
      • 5.5.5.1.2 United Arab Emirates
      • 5.5.5.1.3 Turkey
      • 5.5.5.1.4 Rest of Middle East
    • 5.5.5.2 Africa
      • 5.5.5.2.1 South Africa
      • 5.5.5.2.2 Nigeria
      • 5.5.5.2.3 Rest of Africa

6 COMPETITIVE LANDSCAPE

• 6.1 Market Concentration
• 6.2 Strategic Moves
• 6.3 Market Share Analysis
• 6.4 Company Profiles (includes Global level Overview, Market level overview, Core Segments, Financials as available, Strategic Information, Market Rank/Share for key companies, Products and Services, and Recent Developments)
  • 6.4.1 Daikin Industries, Ltd.
  • 6.4.2 Carrier Global Corporation
  • 6.4.3 Trane Technologies plc
  • 6.4.4 Lennox International Inc.
  • 6.4.5 Johnson Controls International plc
  • 6.4.6 Robert Bosch GmbH
  • 6.4.7 Mitsubishi Electric Corporation
  • 6.4.8 Systemair AB
  • 6.4.9 TROX GmbH
  • 6.4.10 Hitachi, Ltd.
  • 6.4.11 Blue Star Limited
  • 6.4.12 Swegon AB
  • 6.4.13 Ariston Holding NV
  • 6.4.14 Danfoss A/S
  • 6.4.15 Alfa Laval AB
  • 6.4.16 Vaillant GmbH
  • 6.4.17 Rheem Manufacturing Company
  • 6.4.18 Samsung Electronics Co., Ltd.
  • 6.4.19 LG Electronics Inc.
  • 6.4.20 Panasonic Holdings Corporation
  • 6.4.21 Fujitsu General Limited
  • 6.4.22 Gree Electric Appliances, Inc.
  • 6.4.23 Midea Group Co., Ltd.
  • 6.4.24 Nortek Global HVAC, LLC
  • 6.4.25 Viessmann Climate Solutions SE
  • 6.4.26 Glen Dimplex Group

7 MARKET OPPORTUNITIES AND FUTURE OUTLOOK

• 7.1 White-space and Unmet-Need Assessment