The HVAC equipment market value is projected to grow from USD 130 billion in 2021 and is projected to reach USD 221.60 billion by 2030; it is expected to grow at a CAGR of 6.1 % from 2021 to 2030.
The report contains 150+ pages with detailed analysis. The market report also covers the estimated market sizes and trends for different countries across major regions, globally.
Heating, ventilation, and air conditioner (HVAC) systems are significantly being used in a variety of buildings, such as commercial, industrial, and residential buildings. The primary task of the ventilation and air-conditioner system is to ensure the comfort of the people by providing desired atmospheric conditions in the occupied buildings. The selection of Heating, ventilation or air conditioning is dependent on factors such as the age of building, humidification, depends on the weather, personal choice of the occupants and the project’s design, with the completion of the project, the architectural design of the buildings.
Crucial factors accountable for market growth are:
- Surge in development of energy efficient HVAC equipment’s.
- The rapidly changing climatic conditions.
- Rising disposable income of the consumers.
- Increasing global warming and the need for comfort.
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Report Scope of the HVAC Equipment Market
| Report Highlights | Details |
| Market Size in 2030 | USD 221.60 Billion |
| Growth Rate | CAGR 6.1% From 2021 to 2030 |
| Largest Market | Asia Pacific |
| Fastest Growing Market | North America |
| Base Year | 2021 |
| Forecast Period | 2021 to 2030 |
| Segments Covered | Product, End User, Geography |
Research Objective
the market revenue/volume with the help of widespread quantitative and qualitative insights, and forecasts of the market. This report presents breakdown of market into forthcoming and niche segments. Additionally, this research study gauges market revenue growth and its drift at global, regional, and country from 2017 to 2020. This research report evaluates HVAC equipment market on a global and regional level. It offers thorough analysis of market status, growth and forecast of the global HVAC equipment market for the period from 2017 to 2030. This research study offers historic data for years 2017 to 2020 along with a forecast from 2021 to 2030 based on value.
This report also provides detailed company profiles of the key market players. This research report also highlights the competitive landscape of the HVAC equipment market and ranks noticeable companies as per their occurrence in diverse regions across globe and crucial developments initiated by them in the market space. This research study also tracks and evaluates competitive developments, such as collaborations, partnerships, and agreements, mergers and acquisitions; novel product introductions and developments, promotion strategies and Research and Development (R&D) activities in the marketplace. The competitive profiling of these players includes business and financial overview, gross margin, production, sales, and recent developments which can aid in assessing competition in the market.
Report Highlights
- The cooling product segment accounted for more than 54% revenue share in 2020.
- The residential end use segment of the HVAC Equipment Market is estimated to lead the market with a market share of more than40% in 2021.
- By Geography, Asia Pacific is expected to lead the market contributing more than 45% revenue share in 2021 owing to the rise in population, urbanization and surge in disposable income of the consumers.
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Market Dynamics
Driver – The rapid surge in the use of technologically advanced products in the HVAC systems that are energy-efficient is the major factor that drives the market growth. Also, the changing climatic condition across the globes propels the market demand for the need of HVAC systems
Restraint – The high installation and maintenance costs, high energy consumption, and other operational difficulties are negatively impact the growth of the market
Opportunity – The increasing awareness about the health hazards caused by the impure surrounding air, the consumers are inclined towards the use of HVAC systems for purifying the air and creating a hygienic indoor environment. This factor is expected to create huge opportunities that will accelerate the market growth.
Challenges – Climate variables in specific areas can have an impact on the life cycle of HVAC systems. For example, moist climates can shorten the life expectancy of HVAC systems due to their corrosive effects. This feature is expected to stifle market expansion.
Regional Snapshots
Asia Pacific dominates the HVAC Equipment Market in terms of market share contributing a revenue share of more than 45% in 2020 and is expected to grow significantly during the forecast period owing to the rise in population, rapid industrialization & urbanization and increasing disposable incomes of the consumers. For instance, On 24th September 2021, Daikin Air-conditioning India Pvt. Ltd. signed a land lease agreement at Sri City to manufacture the air conditioners and components.
Recent Developments
- On 4th May 2021, Evaporative pre-cooling technology is now available on Carrier’s AquaForce 30XV product range, according to the company. This technique uses evaporation to lower ambient air temperatures entering Carrier’s 30XV chiller, decreasing chiller power consumption, increasing dependability, and extending the chiller’s life.
- On 9th July 2021, Mitsubishi Electric said that it will spend 167 million Turkish Lira in Mitsubishi Electric Air Conditioning Systems Manufacturing Turkey to expand production capacity (MACT).
- On 27th September 2021, – Emerson, a global leader in software, technology, and engineering, announced a partnership with Colgate-Palmolive Company to reduce wasted energy in Colgate’s product packaging facilities and contribute to the company’s goal of achieving net zero carbon emissions in operations by 2040, using Emerson’s Smart Sensor Technology for Compressed Air Monitoring.
- On 15th October 2021, Trane Technologies, a global climate innovator, has acquired Farrar Scientific, a critical supplier for bioscience and biopharmaceutical customers that provides proprietary technology to fill an unmet need for flexible, modular, and efficient ultra-low temperature processing and storage, including cooling and heating/thawing.
- On 2nd September 2021, The launch of “K-12 Playbook,” a new online resource centre for parents and schools to assist them build a more pleasant and efficient classroom environment for children, was announced by Trane Technologies, a global climate pioneer.
Key Companies Profiled
The global HVAC Equipment Market is characterized by the presence of various small and big players. The major market player are Carrier Corporation, Daikin Industries Ltd., Ingersoll Rand, Johnson Controls, Trane Technologies, LG Electronics, Hitachi Ltd., United Technologies, Electrolux, Emerson Electric Co., Honeywell International Inc, Lennox International Inc. and, Mitsubishi Electric. As the market is competitive in nature, the players are indulged in rapid adoption of advanced technologies to improve the air of the indoor environment and in raising their competitive share by means of strategic initiatives like mergers, new product and acquisitions.
Segments Covered in the Report
By Product
- Heating
- Ventilation
- Cooling
By End-use
- Residential
- Commercial
- Industrial
By Geography
- North America
- U.S.
- Canada
- Mexico
- Europe
- U.K.
- Germany
- France
- Russia
- Italy
- Spain
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
Thanks for reading you can also get individual chapter-wise sections or region-wise report versions such as North America, Europe, or the Asia Pacific.
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