HVAC Equipment Market Size, Share, Growth, Trends, Scope, Regional Insights and Forecast 2020 - 2027

The HVAC equipment market accounted for US$ 105.9 Bn in 2019, and the market is likely to expand at a CAGR of 5% in terms of value during the forecast period 2020 to 2027.

The HVAC equipment market size is expected to reach over US$ 165 billion by 2027.

The report analyzes and forecasts the market size, in terms of volume (thousand units) and value (USD million), for the market. The report provides a detailed analysis of various forces acting in the market (drivers, restraints, opportunities, and challenges). The report covers key players and comprehensively analyzes their market shares and core competencies. It also tracks and analyzes competitive developments such as joint ventures, mergers & acquisitions, new product launches, expansions, and other activities carried out by key industry participants.

Growing usage of HAVC equipment for construction projects and renovation of residential spaces is anticipated to drive the market. Moreover, growing awareness among users about using energy efficient equipment and growth in the construction sector is expected to drive the market for HVAC equipment.

HVAC is the abbreviation for heating, ventilation and air conditioning. The HVAC equipment market includes heating, ventilation, and cooling or air conditioning equipment. These equipment are used to move the air between indoor & outdoor areas. The equipment provides thermal comfort temperature during extreme climatic conditions.

Companies in the HVAC equipment market are increasing their focus in motion-activated system to tap into new value-grab opportunities. The trend of thermal-driven air conditioning is anticipated to become increasingly commonplace in the HVAC equipment market. The Australian designer of total energy solutions is gaining expertise in the low-cost thermally driven air conditioning models as an alternative to conventional A/C units.

Tech-savvy Services and VR Training Build Credibility of Contractors

Mobile-friendly technology and virtual reality (VR) training are bringing about a change in the HVAC equipment market. Hence, contractors are developing HVAC scheduling software so that maintenance and other services are easy to book and pay for. These kinds of software help to understand the work order of contractors and eliminate any misconceptions surrounding the delay in services. Tech-savvy customer services are being highly preferred by individuals who demand assistance from tech-savvy technicians. This trend has led to the idea of VR training for technicians in the HVAC equipment market.

The VR HVAC technology is being highly publicized as one of the cost-efficient ways to train the newly joined technicians as well as the current staff about the improvements made in new HVAC equipment. With the help of virtual simulators, employers can offer hands-on experience of new HVAC equipment.

Manufacturers of HVAC Equipment Leverage Opportunities in Renewable Energy Technologies

Sales of heat pumps and renewable heating equipment such as solar water heaters are on a rise. However, fossil fuel-based systems still account for a significant amount of sales in the HVAC equipment market. Moreover, traditional electric heating equipment are another set of regressive systems that do not align with the global SDS (Safety Data Sheet) guidelines. Hence, companies in the HVAC equipment market should introduce advanced-technology solar and renewable heating equipment that work efficiently despite challenging weather conditions such as monsoons when there is not enough sunlight for energy conversion.

Electric resistance heaters and water heaters continue to dictate a high revenue in the market for HVAC equipment. With the ever-evolving construction industry, the demand for water heaters is expected to surge. Condensing gas boilers with relatively higher energy efficiencies are gradually replacing traditional coal and oil has boilers. In a report published in May 2019 by the International Energy Agency— a Paris-based autonomous intergovernmental organization, it is found that the progress and adoption of renewable energy systems needs to be fast to meet SDS standards by the end of 2030.

Prominent Regions

Asia Pacific is projected to show prominent growth in the HVAC equipment market in the near future, due to increasing number of construction projects in the region. North America is the dominant market for HVAC equipment over the years. Demand for energy efficient equipment is one the major reasons for growth of this market in North America as well as Europe. Growing home automation and development of smart HVAC equipment is expected to create better opportunities for the HVAC equipment market in the near future.

Major brands are likely to focus on research & development to manufacture high-tech equipment and expand their business to strengthen their footprints in the global HVAC equipment market.

Technological Advancements & Innovation to Create More Market Opportunities

  • The growing trend of home automation has led to innovations and development of technologically advanced equipment. HVAC equipment manufacturers are developing solutions, which can be integrated with smart technologies. Thus, the gradual shift toward intelligent building designs and smart home systems is expected to drive the demand for smart HVAC equipment in the long run, which will bring in higher efficiency and smart features within the appliances/equipment.
  • HVAC equipment manufacturers are working hard to develop new smart features, functions, and systems, which are designed to improve users’ comfort as well as minimize energy expenses. The HVAC equipment industry is aiming to provide remote control of equipment through mobile applications and automated control systems to cater to the energy needs of industrial and commercial customers. The industry also focuses on manufacturing products which meet green technology requirements.
  • Key HVAC players are introducing eco-friendly equipment by phasing out chlorofluorocarbons, hydro chlorofluorocarbons (CFCs and HCFCs), and other harmful refrigerant based equipment which is expected to create better opportunities for the HVAC equipment market worldwide. Furthermore, manufacturers are developing safer, energy efficient, and cost effective equipment which is projected to create better opportunities in the coming years.

High Energy Consumption to Hamper Growth of HVAC Equipment Market

  • Usage of HVAC equipment is low in underdeveloped regions where power failures and electricity issues are rampant. Higher cost of electricity has made users opt for natural gas equipment; natural gas equipment emits higher greenhouse gases which are harmful to the environment. This factor can hamper the growth of the HVAC equipment market.
  • Furthermore, higher installation and maintenance cost of HVAC systems is expected to negatively impact the market. HVAC equipment requires routine maintenance and repair; installation of these equipment also needs to be done by HVAC experts and technicians, which is costlier and can hamper the market growth of HVAC equipment. Inconsistent power supply in remote or rural areas, increased energy consumption, and higher servicing costs are the major factors that are likely to hinder the growth of the HVAC equipment market across the globe.

Key players operating in the HVAC equipment market include 

  • Daikin Industries, Ltd.
  • Samsung
  • United Technologies
  • Johnson Controls International Plc
  • Panasonic Corporation
  • Lennox International Inc.
  • Mitsubishi Electric Corporation,
  • Nortek Global HVAC LLC
  • Hitachi, Ltd.,
  • Trane Technologies Plc (formerly Ingersoll-Rand Plc)


HVAC Equipment Market, by Type

  • Heating Equipment
    • Heat Pump
    • Furnace
    • Unitary Heaters
    • Boilers
    • Others
  • Cooling Equipment
    • Chillers
    • Air Conditioners
    • Water Cooling Towers
    • Others
  • Air Delivery Equipment
    • Ventilation Fans
    • Humidifiers & Dehumidifiers
    • Others

HVAC Equipment Market, by Application

  • Residential
  • Commercial
  • Industrial

HVAC Equipment Market, by Region

  • North America
    • U.S.
    • Canada
    • Rest of North America
  • Europe
    • U.K.
    • Germany
    • France
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • Rest of Asia Pacific
  • Middle East & Africa
    • GCC Countries
    • South Africa
    • Rest of Middle East & Africa
  • South America
    • Brazil
    • Rest of South America

The HVAC Equipment market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.

The report provides size (in terms of volume and value) of HVAC Equipment market for the base year 2019 and the forecast between 2020 and 2027. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.

This report focuses on the global HVAC Equipment market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the HVAC Equipment market development in United States, Europe and China.

It is pertinent to consider that in a volatile global economy, we haven’t just conducted HVAC Equipment market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.

In terms of production side, this report researches the HVAC Equipment capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.

In terms of consumption side, this report focuses on the consumption of HVAC Equipment by regions (countries) and application.

Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global HVAC Equipment market. These figures have been provided in terms of both revenue and volume for the period 2016 to 2027. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.

With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major HVAC Equipment market companies.

Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of HVAC Equipment market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.

The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.

Overall, this is an in-depth research report specifically for the HVAC Equipment industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.

HVAC Equipment market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to HVAC Equipment market.

Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of HVAC Equipment market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.

Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new HVAC Equipment market. These factors have benefited the growth of the global market for HVAC Equipment. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.

New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for HVAC Equipment. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).

In this study, the years considered to estimate the market size of HVAC Equipment are as follows:

  • History Year: 2016-2019
  • Base Year: 2019
  • Estimated Year: 2020
  • Forecast Year 2020 to 2027

Reasons to Purchase this Report:

- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players

Research Methodology:

In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.

This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.

Market Size Estimation

Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).

The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.

Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.

All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.

Market Breakdown and Data Triangulation

After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.

Secondary Sources

Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.

Primary Sources

 In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.

The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.

The study objectives of this report are:

  • To analyze and study the global market capacity, production, value, consumption, status (2016-2019) and forecast (2020-2027);
  • Focuses on the key manufacturers, to study the capacity, production, value, market share and development plans in future.
  • Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
  • To define, describe and forecast the market by type, application and region.
  • To analyze the global and key regions market potential and advantage, opportunity and challenge, restraints and risks.
  • To identify significant trends and factors driving or inhibiting the market growth.
  • To analyze the opportunities in the market for stakeholders by identifying the high growth segments.
  • To strategically analyze each submarket with respect to individual growth trend and their contribution to the market
  • To analyze competitive developments such as expansions, agreements, new product launches, and acquisitions in the market
  • To strategically profile the key players and comprehensively analyze their growth strategies.

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