Global HVAC Equipment Market size & share revenue was valued at around USD 130.1 Billion 2022 and is estimated to grow about USD 221.61 Billion by 2030, at a CAGR of approximately 6.12% between 2023 and 2030. The key market players are listed in the report with their sales, revenues and strategies are Johnson Controls International plc, Daikin Industries, Mitsubishi Electric Corporation, Carrier Global Corporation, Trane Technologies, Lennox International Inc., Samsung Electronics, LG Electronics, Fujitsu General Ltd., Panasonic Corporation, Hitachi, Ltd., Rheem Manufacturing Company, Bosch Thermotechnik GmbH, Gree Electric Appliances Inc. of Zhuhai, Ingersoll Rand Inc., Nortek Global HVAC LLC., Midea Group Co., Ltd., Honeywell International Inc., Zamil Air Conditioners, and United Technologies Corporation and others.
Nashville, TN, April 24, 2023 (GLOBE NEWSWIRE) -- Zion Market Research has published a new research report titled “HVAC Equipment Market By End-Use (Commercial, Residential, And Industrial), By Product (Ventilation, Heating, And Cooling), And By Region - Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2023 – 2030” in its research database.
“According to the latest research study, the demand of global HVAC Equipment Market size & share in terms of revenue was valued at USD 130.1 Billion 2022 and it is expected to surpass around USD 221.61 billion mark by 2030, growing at a compound annual growth rate (CAGR) of approximately 6.12% during the forecast period 2023 to 2030.”
What is HVAC Equipment? How big is the HVAC Equipment Industry?
Report Overview:
The HVAC equipment industry deals with the sales of heating, ventilation, and air conditioning (HVAC) products for residential, commercial, or industrial settings. It works as a ground for businesses that deal with the production and distribution of heating and cooling systems. It includes products like furnaces, air conditioners, heat pumps, boilers, and other devices that regulate indoor settings, such as humidity, temperature, and air quality.
The increasing consumption of the products and the growing demand for managing air quality and other attributes for residential and commercial spaces is driving the demand for industry growth. However, at the same time, it is also subjected to various growth constraints and restrictions. During the forecast period, the industry players can expect steady growth while having to navigate through specific challenges that may arise in the global economy.
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Global HVAC Equipment Market: Growth Factors
The global HVAC equipment market is expected to grow owing to the increasing rate of urbanization across the world as well as rising investment in developing rural infrastructure leading to more people having access to HVAC tools for various end applications. In addition to this, the demand for highly efficient HVAC technology may witness unprecedented growth since there are growing government regulations in terms of reducing carbon emissions and promoting energy efficiency. This aspect is expected to work in the favor of companies that are investing in the research & development of new and efficient temperature control systems.
With the rising rate of the global population, the construction sector is also on the rise as it struggles to meet the exponentially rising demand and necessity for adequate living spaces. With the growth in the number of construction projects including the infrastructure development segment, the demand for HVAC equipment may surge. Another crucial point of discussion is the increasing technological advancements for improved and sophisticated HVAC systems that enable greater comfort and energy efficiency could result in more revenue.
Johnson Controls International plc, Daikin Industries, Mitsubishi Electric Corporation, Carrier Global Corporation, Trane Technologies, Lennox International Inc., Samsung Electronics, LG Electronics, Fujitsu General Ltd., Panasonic Corporation, Hitachi, Ltd., Rheem Manufacturing Company, Bosch Thermotechnik GmbH, Gree Electric Appliances Inc. of Zhuhai, Ingersoll Rand Inc., Nortek Global HVAC LLC., Midea Group Co., Ltd., Honeywell International Inc., Zamil Air Conditioners, and United Technologies Corporation amongst many others.
Key Segment
By End-Use, By Product, And By Region
Major Regions Covered
North America, Europe, Asia Pacific, Latin America, and the Middle East &, Africa
Based on end-use, the global market segments are commercial, residential, and industrial. In 2022, the industry witnessed the highest growth in the commercial segment since all major units, such as office buildings, shopping malls, hospitals, hotels, and other public buildings make use of all types of HVAC equipment regularly.
The consumption rate in the commercial segment remains high with large values since these units cater to the needs of multiple people at once and have more demand for energy-efficient and smart HVAC systems. Residential is another important segment for the industry and it is steadily registering more growth as people are willing to spend extra for higher comfort. During the forecast period, the residential sector may lead with 40.1% of the industry share.
Based on product, the global HVAC equipment market segments are ventilation, heating, and cooling. In 2022, the industry witnessed the highest CAGR in the cooling segment as it dominated more than 54.12% of the market share. The segment comprises all the cooling equipment that is required for the cooling of buildings and spaces. It includes different types of temperature-lowering systems, such as packaged air conditioners, window air conditioners, split air conditioners, central air conditioning systems, and chillers. It also includes installation, maintenance, and repair of air conditioning systems. The heating segment and the ventilation segments may also register high CAGR during the forecast period.
The global HVAC Equipment market is segmented as follows:
By End-Use
Commercial
Residential
Industrial
By Product
Ventilation
Heating
Cooling
Browse the full “HVAC Equipment Market By End-Use (Commercial, Residential, And Industrial), By Product (Ventilation, Heating, And Cooling), And By Region - Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2023 – 2030” Report at https://www.zionmarketresearch.com/report/hvac-equipment-market
Competitive Landscape
Some of the main competitors dominating the global HVAC Equipment market include -
Johnson Controls International plc
Daikin Industries
Mitsubishi Electric Corporation
Carrier Global Corporation
Trane Technologies
Lennox International Inc.
Samsung Electronics
LG Electronics
Fujitsu General Ltd.
Panasonic Corporation
Hitachi Ltd.
Rheem Manufacturing Company
Bosch Thermotechnik GmbH
Gree Electric Appliances Inc. of Zhuhai
Ingersoll Rand Inc.
Nortek Global HVAC LLC.
Midea Group Co. Ltd.
Honeywell International Inc.
Zamil Air Conditioners
United Technologies Corporation
Amongst Many Others.
Key Insights from Primary Research:
As per the analysis shared by our research analyst, the global HVAC equipment market is estimated to grow annually at a CAGR of around 6.12% over the forecast period (2023-2030)
In terms of revenue, the global HVAC equipment market size was valued at around USD 130.1 billion in 2022 and is projected to reach USD 221.61 billion, by 2030.
The HVAC equipment market is projected to grow at a significant rate due to the growing demand for energy-efficient solutions
Based on end-user segmentation, the commercial was predicted to show maximum market share in the year 2022
Based on product segmentation, cooling was the leading product in 2022
On the basis of region, Asia-Pacific was the leading revenue generator in 2022
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Regional Analysis:
Asia-Pacific is projected to witness the highest growth in the global HVAC equipment market due to the surging adoption of heating and cooling systems across commercial, residential, and industrial units. China, Japan, India, and South Korea are the major markets in the region due to the presence of manufacturers and large-scale suppliers of HVAC equipment in the international market. Furthermore, the increasing domestic investment toward providing higher self-reliance could lead to growth in the domestic brand. The regions, especially India, are witnessing a rise in the foreign player entry as they try to tap into unexplored segments. In North America, the United States and Canada are the major markets. Factors, such as growth in the increasing focus on energy efficiency, the construction industry, and the replacement of outdated HVAC systems are leading reasons for regional growth.
By Region
North America
U.S.
Canada
Rest of North America
Europe
France
UK
Spain
Germany
Italy
Rest of Europe
Asia Pacific
China
Japan
India
South Korea
Rest of Asia Pacific
The Middle East & Africa
Saudi Arabia
South Africa
Rest of the Middle East & Africa
Latin America
Brazil
Argentina
Rest of Latin America
Recent Developments
In February 2023, Hisense, a producer of smart entertainment systems, announced the launch of a new smart air conditioner in the Indian market. The starting price of the AC is INR 31000 and is launched in 2 series, namely CoolingXpert, and IntelliPro. They offer features, such as a 5-in-1 Convertible Pro, and WiFi Voice Control, and come with a warranty of 10 years for its compressor. These AC units are expected to save up to 36% of energy
In January 2023, Cielo WiGle Inc., a leading provider of smart controls for ductless systems, launched Cielo Breez Lite. The latest edition is a smart controller for AC units and adds advanced functionalities to portable, mini-split, and window ACs. It can also be integrated with Alexa, Siri Shortcuts, Google Assistant, and other voice command assistant
In December 2022, Flipkart, India’s leading e-commerce website announced a partnership with Nokia. They will jointly work toward developing a new conditioner for the domestic market
Which key factors will influence the HVAC equipment market growth over 2023-2030?
What will be the value of the HVAC equipment market during 2023-2030?
What will be the CAGR value of the HVAC equipment market during 2023-2030?
Which region will contribute notably towards the HVAC equipment market value?
Which are the major players leveraging the HVAC equipment market growth?
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