Global HVAC Equipment Market Is Predicted to Grow Around USD 221.61 Billion By 2030

The global HVAC Equipment Market Size Is Likely To Grow At A CAGR Value Of Around 6.12% By 2030

The global HVAC equipment market size was worth around USD 130.1 Billion in 2022 and is predicted to grow to around USD 221.61 Billion by 2030 with a compound annual growth rate (CAGR) of roughly 6.12% between 2023 and 2030.

The HVAC equipment industry refers to the global market for heating, ventilating, and air conditioning (HVAC) units that are related to the services of managing room temperature and air quality. These equipment are used across residential, commercial, and industrial units. The market deals with several types of HVAC products, such as air conditioners, heat pumps, furnaces, boilers, chillers, and ventilation systems. Other items like thermostats, air filters, and humidifiers are also significant to the industry. It also deals with all of the pre or post-purchase services, such as installation, maintenance, and repair.

As the climate conditions across the globe remain unpredictable and change drastically, the demand for smart, integrated, and efficient HVAC systems is expected to rise. The price of the products and the cost-efficiency are projected to be highly influential in determining if the industry can reach its true potential.

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.

However, the global HVAC equipment industry may also face certain growth restrictions mainly in terms of the threat of economic slowdown which is currently looming globally. With the growing rate of job cuts and the oncoming recession, more people are likely to be weary of their expenses which could lead to lesser demand for the products especially high-end large-scale investments. Furthermore, the growing adoption of traditional means of cooling or heating solutions to reduce dependency on non-renewable sources of energy could act as a major roadblock. The growing adoption of solar panels and geothermal systems may work against the HVAC equipment industry.

The increasing demand for smart HVAC systems could provide excellent growth opportunities while the rapidly changing technology may challenge market growth.

The global HVAC equipment market is segmented based on end-user, product, and region.

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.

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.

This review is based on a report by Zion Market Research, 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.”- Report at https://www.zionmarketresearch.com/report/hvac-equipment-market

Recent Developments:

• In September 2022, Novamax, India’s leading producer of air-cooler and components, announced the launch of a new range of Industrial air coolers at a nominal price of INR 9000
• In June 2022, Symphony India, the Indian subsidiary of the world’s largest air conditioner manufacturer, launched a digital advertisement to create public awareness about protecting the environment and plant conservation

The global HVAC equipment market is home to players such as:

• 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.

The global HVAC equipment market is segmented as follows:

By End-Use

• Commercial
• Residential
• Industrial

By Product

• Ventilation
• Heating
• Cooling

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa

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