HVAC Equipment Market Size To Gain US$ 221.60 Billion
By 2030
The HVAC equipment market size predicted to reach from USD 137.37 billion in 2022 to USD 221.60 billion by 2030, growing at a CAGR of 6.1%.
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.
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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.
Scope of the HVAC Equipment Market
Report Coverage Details
Market Size in 2021 USD 130 Billion
Growth Rate
From 2021 to 2030
CAGR 6.1%
Fastest Growing Market North America
Largest Market Asia Pacific
Base Year 2021
Regional Scope
• North America
• Europe
• Asia Pacific
• LAMEA
Companies Covered Johnson Controls, Carrier Corporation, Daikin Industries Ltd., Ingersoll Rand, Honeywell International Inc, Trane Technologies, LG Electronics, Hitachi Ltd., United Technologies, Electrolux, Emerson Electric Co., Lennox International Inc.
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.
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.
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.
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.
2.3. Assumptions & Limitations
Chapter 3. Executive Summary
3.1 Market Snapshot
Chapter 4. Market Variables and Scope
4.1. Introduction
4.2. Market Classification and Scope
4.3 Industry Value Chain Analysis
4.3.1. Raw Material Procurement Analysis
4.3.2. Sales and Distribution Channel Analysis
4.3.3 Downstream Buyer Analysis
Chapter 5. COVID 19 Impact on HVAC Equipment Market
5.1. COVID-19 Landscape: HVAC Equipment Industry Impact
5.2 COVID 19 - Impact Assessment for the Industry
5.3 COVID 19 Impact: Global Major Government Policy
5.4. Market Trends and Opportunities in the COVID-19 Landscape
Chapter 6. Market Dynamics Analysis and Trends
6.1 Market Dynamics
6.1.1. Market Drivers
6.1.2. Market Restraints
6.1.3 Market Opportunities
6.2. Porter’s Five Forces Analysis
6.2.1. Bargaining power of suppliers
6.2.2 Bargaining power of buyers
6.2.3. Threat of substitute
6.2.4. Threat of new entrants
6.2.5 Degree of competition
Chapter 7. Competitive Landscape
7.1.1. Company Market Share/Positioning Analysis
7.1.2. Key Strategies Adopted by Players
7.1.3 Vendor Landscape
7.1.3.1 List of Suppliers
7.1.3.2. List of Buyers
Chapter 8. Global HVAC Equipment Market, By Product
8.1 HVAC Equipment Market, by Product Type, 2021-2030
8.1.1. Heating
8.1.1.1. Market Revenue and Forecast (2019-2030)
8.1.2 Ventilation
8.1.2.1. Market Revenue and Forecast (2019-2030)
8.1.3. Cooling
8.1.3.1 Market Revenue and Forecast (2019-2030)
Chapter 9. Global HVAC Equipment Market, By End-use
9.1. HVAC Equipment Market, by End-use, 2021-2030
9.1.1 Residential
9.1.1.1 Market Revenue and Forecast (2019-2030)
9.1.2. Commercial
9.1.2.1. Market Revenue and Forecast (2019-2030)
9.1.3 Industrial
9.1.3.1. Market Revenue and Forecast (2019-2030)
Chapter 10. Global HVAC Equipment Market, Regional Estimates and Trend Forecast
10.1 North America
10.1.1. Market Revenue and Forecast, by Product (2019-2030)
10.1.2. Market Revenue and Forecast, by End-use (2019-2030)
10.1.3 U.S.
10.1.3.1 Market Revenue and Forecast, by Product (2019-2030)
10.1.3.2. Market Revenue and Forecast, by End-use (2019-2030)
10.1.4. Rest of North America
10.1.4.1 Market Revenue and Forecast, by Product (2019-2030)
10.1.4.2 Market Revenue and Forecast, by End-use (2019-2030)
10.2. Europe
10.2.1. Market Revenue and Forecast, by Product (2019-2030)
10.2.2 Market Revenue and Forecast, by End-use (2019-2030)
10.2.3. UK
10.2.3.1. Market Revenue and Forecast, by Product (2019-2030) 10.2.3.2 Market Revenue and Forecast, by End-use (2019-2030)
10.2.4. Germany
10.2.4.1. Market Revenue and Forecast, by Product (2019-2030) 10.2.4.2 Market Revenue and Forecast, by End-use (2019-2030)
10.2.5 France
10.2.5.1. Market Revenue and Forecast, by Product (2019-2030) 10.2.5.2 Market Revenue and Forecast, by End-use (2019-2030)
10.2.6 Rest of Europe
10.2.6.1. Market Revenue and Forecast, by Product (2019-2030) 10.2.6.2. Market Revenue and Forecast, by End-use (2019-2030)
10.3 APAC
10.3.1. Market Revenue and Forecast, by Product (2019-2030)
10.3.2. Market Revenue and Forecast, by End-use (2019-2030)
10.3.3 India
10.3.3.1. Market Revenue and Forecast, by Product (2019-2030) 10.3.3.2. Market Revenue and Forecast, by End-use (2019-2030)
10.3.4 China
10.3.4.1 Market Revenue and Forecast, by Product (2019-2030)
10.3.4.2. Market Revenue and Forecast, by End-use (2019-2030)
10.3.5. Japan
10.3.5.1 Market Revenue and Forecast, by Product (2019-2030)
10.3.5.2 Market Revenue and Forecast, by End-use (2019-2030)
10.3.6. Rest of APAC
10.3.6.1. Market Revenue and Forecast, by Product (2019-2030)
10.3.6.2 Market Revenue and Forecast, by End-use (2019-2030)
10.4. MEA
10.4.1. Market Revenue and Forecast, by Product (2019-2030)
10.4.2 Market Revenue and Forecast, by End-use (2019-2030)
10.4.3. GCC 10.4.3.1. Market Revenue and Forecast, by Product (2019-2030) 10.4.3.2 Market Revenue and Forecast, by End-use (2019-2030)
10.4.4 North Africa
10.4.4.1. Market Revenue and Forecast, by Product (2019-2030) 10.4.4.2 Market Revenue and Forecast, by End-use (2019-2030)
10.4.5 South Africa
10.4.5.1. Market Revenue and Forecast, by Product (2019-2030) 10.4.5.2. Market Revenue and Forecast, by End-use (2019-2030)
10.4.6 Rest of MEA
10.4.6.1. Market Revenue and Forecast, by Product (2019-2030)
10.4.6.2. Market Revenue and Forecast, by End-use (2019-2030)
10.5 Latin America
10.5.1. Market Revenue and Forecast, by Product (2019-2030) 10.5.2. Market Revenue and Forecast, by End-use (2019-2030)
10.5.3 Brazil
10.5.3.1 Market Revenue and Forecast, by Product (2019-2030)
10.5.3.2. Market Revenue and Forecast, by End-use (2019-2030)
10.5.4. Rest of LATAM
10.5.4.1 Market Revenue and Forecast, by Product (2019-2030)
10.5.4.2 Market Revenue and Forecast, by End-use (2019-2030)
Chapter 11. Company Profiles
11.1. Carrier Corporation 11.1.1 Company Overview 11.1.2. Product Offerings 11.1.3. Financial Performance 11.1.4 Recent Initiatives
11.2. Daikin Industries Ltd. 11.2.1. Company Overview 11.2.2 Product Offerings 11.2.3 Financial Performance 11.2.4. Recent Initiatives 11.3 Ingersoll Rand 11.3.1 Company Overview 11.3.2. Product Offerings 11.3.3. Financial Performance 11.3.4 Recent Initiatives 11.4. Johnson Controls 11.4.1. Company Overview 11.4.2 Product Offerings 11.4.3. Financial Performance 11.4.4. Recent Initiatives 11.5 Trane Technologies
11.5.1 Company Overview
11.5.2. Product Offerings 11.5.3. Financial Performance 11.5.4 Recent Initiatives 11.6 LG Electronics 11.6.1. Company Overview 11.6.2. Product Offerings 11.6.3 Financial Performance 11.6.4. Recent Initiatives 11.7. Hitachi Ltd. 11.7.1 Company Overview 11.7.2. Product Offerings 11.7.3. Financial Performance 11.7.4 Recent Initiatives 11.8 United Technologies 11.8.1. Company Overview 11.8.2 Product Offerings 11.8.3 Financial Performance 11.8.4. Recent Initiatives 11.9. Electrolux 11.9.1 Company Overview 11.9.2. Product Offerings 11.9.3. Financial Performance 11.9.4 Recent Initiatives 11.10. Emerson Electric Co. 11.10.1. Company Overview 11.10.2 Product Offerings
11.10.3 Financial Performance
11.10.4. Recent Initiatives
Chapter 12. Research Methodology
12.1 Primary Research 12.2 Secondary Research 12.3. Assumptions
Chapter 13. Appendix
13.1 About Us
13.2. Glossary of Terms
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