Heat, Ventilation and Air-Conditioning (HVAC) Equipment Market Highlights
The heat, ventilation and air-conditioning (HVAC) equipment market is estimated to gain a large amount of revenue by growing at a notable CAGR over the forecast period, i.e., 2021 – 2029. The growth of the market can be attributed to increasing demand for energy efficient HVAC equipment, rising urbanization and the growing trend of smart commercial buildings and homes in the recent years. Global climate change and unpredictable rise in temperature are another factors expected to boost market growth. According to the Data Provided by NASA, 19 of the warmest years have occurred since the last two decades, with the rise in temperature growing exponentially since 2012. Apart from these, the growing emergence of technologies such as Internet of Things (IoT) and remote control access are anticipated to provide opportunities to manufacturers to develop improved HVAC units that enhance customer experience. This in turn is projected to lead to an increased demand for these air-conditioning systems, therefore stimulating progress of the market.
The market is segmented by equipment type into heating, ventilation, and cooling equipment, out of which, the cooling equipment segment is anticipated to hold the largest share in the HVAC equipment market in 2021 and is evaluated to continue this trend on account of surge in demand for these machines from commercial and industrial sectors, and their effectiveness to bring engines at the right operating temperature in a short span of time. As per our analysis, the demand for unitary air conditioners (measured in unit: billion USD) witnessed the largest hike in 2019, amounting to approximately 9 billion USD share in the market, in comparison to heat pumps, warm furnaces and other types of HVAC equipment. In addition to these, cooling systems find a wide variety of applications, therefore fuelling the growth of the market over the forecast period. Furthermore, based on application, the commercial segment is predicted to witness significant growth accounting to the capability of these equipment to offer the appropriate ventilation and temperatures required at commercial spaces such as offices, warehouses and factories.
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Global Heat, Ventilation and Air-Conditioning (HVAC) Equipment Market Regional Synopsis
Regionally, the heat, ventilation and air-conditioning equipment market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa. The market in North America is estimated to witness noteworthy growth over the forecast period on the back of increase in adoption of HVAC equipment, which can be credited to the rising industrial activities and the presence of advanced manufacturing units of air conditioning equipment in the region. Additionally, Asia Pacific region is foreseen to present ample growth opportunities to the market owing to the increasing population, growing industrialization and the rising need to install comfortable ventilation systems in the region. In accordance with our analysis, the industrial output in China observed a whopping growth from July 2020 to January 2021, growing up from 7% to 35% in such a short span. Moreover, government initiatives to encourage the implementation of energy efficient equipment in government offices and newly constructed buildings is also estimated to drive growth to the market.
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The heat, ventilation and air-conditioning (HVAC) equipment market is further classified on the basis of region as follows:
- North America (U.S. & Canada) Market size, Y-O-Y growth & Opportunity Analysis
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Opportunity Analysis
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC, Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth & Opportunity Analysis
- Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Opportunity Analysis
- Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth & Opportunity Analysis
Market Segmentation
Our in-depth analysis of the heat, ventilation and air-conditioning (HVAC) equipment market includes the following segments:
By Equipment Type
- Heating Equipment
- Heat Pumps
- Boilers
- Others
- Ventilation Equipment
- Air Purifiers
- Air Filters
- Humidifiers
- Others
- Cooling Equipment
- VRF Systems
- Chillers
- Room ACs
- Others
By Application
- Commercial
- Residential
- Industrial
- Others
Growth Drivers
- Increasing Demand for Energy-Efficient Systems
- Rapid Rate of Urbanization and Industrialization
Challenges
- Rising Cost of Raw Materials for Manufacturing HVAC Equipment
Top Featured Companies Dominating the Market
- DAIKIN INDUSTRIES
- Company Overview
- Business Strategy
- Key Product Offerings
- Financial Performance
- Key Performance Indicators
- Risk Analysis
- Recent Development
- Regional Presence
- SWOT Analysis
- Johnson Controls, Inc.
- LG Electronics
- Electrolux Home Products, Inc.
- Ingersoll Rand Inc.
- Honeywell International Inc.
- Mitsubishi Electric Corporation
- Raytheon Technologies Corporation
- Nortek Air Management
- Nortek Air Management
