The HVAC equipment market size is anticipated to reach US$ 181 billion by 2030, expanding at a compound annual growth rate (CAGR) of 5.3% over the forecast period 2021 to 2030.
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.
A Key Driver
Changing weather conditions (extreme cold during winter and high temperatures during summer) have increased the usage of HVAC equipment across the globe. Innovative HVAC technologies have changed the way of heating and cooling residential and commercial interiors. Users are demanding more energy efficient equipment to reduce power consumption.
Significant climate variations are the result of rising greenhouse effects; this is pushing the need and demand for efficient HVAC systems, which can meet changing climatic variations, while keeping the energy consumption low. This has a significant impact on the replacement demand from consumers looking for advanced solutions and new product demand (due to rise in number of consumers). Thus, climatic variations are changing consumer procurement trends and technological developments taking place in the industry. These factors are expected to drive the demand for HVAC equipment during the forecast period.
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.
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.
Prominent companies operating in the global 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., and Trane Technologies Plc (formerly Ingersoll-Rand Plc).
This section of the report identifies various key manufacturers of the market. It helps the reader understand the strategies and collaborations that players are focusing on combat competition in the market. The comprehensive report provides a significant microscopic look at the market. The reader can identify the footprints of the manufacturers by knowing about the global revenue of manufacturers, the global price of manufacturers, and sales by manufacturers during the forecast period of 2017 to 2019.
The analysts have provided a comprehensive analysis of the competitive landscape of the global HVAC equipment market with the company market structure and market share analysis of the top players. The innovative trends and developments, mergers and acquisitions, product portfolio, and new product innovation expected to provide a dashboard view of the market, ultimately providing the readers accurate measure of the current market developments, business strategies, and key financials.
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.
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) and other segments.
This report focuses on HVAC equipment market includes crucial information on market share, market size, and growth rate for the forecast period 2021 to 2030 at the global level, regional level and company level. From a global perspective, this report represents overall HVAC equipment market size by analyzing historical data and future prospect. The study highlights deep analysis on the major drivers of the market, restraints, and challenges to help the business owners, suppliers, and marketing personnel in planning effective strategies for the forecast period. This will help the business and manufacturers to lead the market and gain prominent position in future. The report also presents vital information through graphical representation on factors like table, charts, and statistics. The study includes drivers and restraints of the global HVAC equipment market.
The research not only conducts forecasts in terms of value, but also evaluates the market on the basis of essential parameters, such as Year-on-Year (Y-o-Y) growth. This helps providers to recognize the future opportunities as well predictability of the market.
In order to understand and assess opportunities in this market, the report is categorically divided into five key sections on the basis of segments. The report analyzes the global market in terms of value (US$ dollers) and volume (Million Units).
The research report includes specific segments by region (country), by company, by all segments. This study provides information about the growth and revenue during the historic and forecasted period of 2017 to 2030. Every segment is further sub-segmented into several sub-segmented that are deeply analyzed by experts to offer valuable information to the buyers and market players. Understanding the segments helps in identifying the importance of different factors that aid the market growth.
The research report includes a detailed study of regions of North America, Europe, China, Japan and Rest of the World. The report has been curated after observing and studying various factors that determine regional growth such as economic, environmental, social, technological, and political status of the particular region. Analysts have studied the data of revenue and manufacturers of each region. This section analyses region-wise revenue and volume for the forecast period of 2017 to 2030. These analyses will help the reader to understand the potential worth of investment in a particular region.
The report provides in-depth segment analysis of the global HVAC equipment market, thereby providing valuable insights at macro as well as micro levels. Analysis of major countries, which hold growth opportunities or account for significant share has also been included as part of geographic analysis of the HVAC equipment market.
The report includes country-wise and region-wise market size for the period 2017-2030. It also includes market size and forecast by segments in terms of production capacity, price and revenue for the period 2017-2030.
In this study, the years considered to estimate the market size of HVAC equipment are as follows:
The research methodology adopted by analysts for compiling the global HVAC equipment market report is based on detailed primary as well as secondary research. With the help of in-depth insights of the market-affiliated information that is obtained and legitimated by market-admissible resources, analysts have offered riveting observations and authentic forecasts for the global market.
During the primary research phase, analysts interviewed market stakeholders, investors, brand managers, vice presidents, and sales and marketing managers. Based on data obtained through interviews of genuine resources, analysts have emphasized the changing scenario of the global market.
For secondary research, analysts scrutinized numerous annual report publications, white papers, market association publications, and company websites to obtain the necessary understanding of the global HVAC equipment market.
The study objectives of this report are: