PUBLISHER: The Business Research Company | PRODUCT CODE: 1619652
PUBLISHER: The Business Research Company | PRODUCT CODE: 1619652
Heating, ventilation, and air conditioning (HVAC) equipment encompasses systems and devices designed to manage indoor climate and air quality in buildings, ensuring comfort and safety. These systems control temperature, humidity, and airflow to create a healthy and comfortable environment in residential, commercial, and industrial settings.
The primary types of HVAC equipment include heating, air conditioning, ventilation, and other systems. Heating equipment refers to devices and systems that generate and distribute heat throughout a building or space. This category also includes a range of services such as installation, maintenance, repair, upgrade or replacement, and consulting, applicable to both central and decentralized systems. These services support various business needs, including new construction and retrofits, and cater to end users in residential, commercial, and industrial sectors.
The heating, ventilation, and air conditioning (HVAC) equipment market research report is one of a series of new reports from The Business Research Company that provides heating, ventilation, and air conditioning (HVAC) equipment market statistics, including heating, ventilation, and air conditioning (HVAC) equipment industry global market size, regional shares, competitors with a heating, ventilation, and air conditioning (HVAC) equipment market share, detailed heating, ventilation, and air conditioning (HVAC) equipment market segments, market trends and opportunities, and any further data you may need to thrive in the heating, ventilation, and air conditioning (HVAC) equipment industry. This heating, ventilation, and air conditioning (HVAC) equipment market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The heating, ventilation, and air conditioning (HVAC) equipment market size has grown strongly in recent years. It will grow from $154.95 billion in 2023 to $166.43 billion in 2024 at a compound annual growth rate (CAGR) of 7.4%. The growth during the historic period can be attributed to rising infrastructure development, higher demand for cooling units, an expanding urban population, improved energy efficiency in HVAC systems, and increased construction of residential buildings.
The heating, ventilation, and air conditioning (HVAC) equipment market size is expected to see strong growth in the next few years. It will grow to $222.8 billion in 2028 at a compound annual growth rate (CAGR) of 7.6%. The projected growth during the forecast period can be attributed to rising global warming, increasing disposable income, growing awareness of environmental sustainability, and a heightened need for energy-efficient solutions. Key trends expected to drive this growth include technological advancements, the integration of smart technologies and IoT, green HVAC solutions, the application of AI and machine learning, and incentives for adopting renewable energy.
The growth in residential building construction is expected to boost the heating, ventilation, and air conditioning (HVAC) equipment market. Residential buildings include single-family homes, apartment complexes, townhouses, and condominiums, and their construction is on the rise due to rapid urbanization, increased migration to cities for better job prospects, and low interest rates making home financing more accessible. HVAC systems are essential for residential buildings as they ensure indoor comfort, improve air quality, enhance energy efficiency, and maintain the structural integrity of the building. For example, in August 2024, the US Census Bureau reported that privately-owned housing completions in July reached a seasonally adjusted annual rate of 1,529,000, a 13.8% increase from the previous year. Single-family housing completions also rose by 0.5% to a rate of 1,054,000 from June. This increase in residential construction is driving the HVAC equipment market.
Key players in the HVAC equipment market are focusing on developing advanced products with comprehensive solutions that improve energy efficiency, air purification, and user control. New HVAC solutions include systems that integrate smart technology, energy-saving features, and sustainability to deliver optimal performance and comfort. For instance, in April 2024, Voltas Limited, an India-based home appliance company, unveiled its new HVAC product line at the ACREX India 2024 exhibition. The lineup features advanced room air conditioners with energy-saving technologies, smart functionalities, and variable refrigerant flow (VRF) systems for larger commercial spaces, offering better temperature control flexibility. Additionally, Voltas introduced high-capacity chillers for industrial use and light commercial air conditioners for smaller businesses. A notable product is the Voltas SmartAir AC series, which includes smart inverter air conditioners with IoT capabilities for remote monitoring and control, enhancing convenience and energy management.
In October 2024, Valley Air Heating, Cooling, & Plumbing, a US-based provider of HVAC and plumbing services, acquired Excel Heating & Cooling for an undisclosed amount. This acquisition reflects Valley Air's commitment to expanding its service capacity and improving operational efficiency within the HVAC industry. The goal is to enhance customer service by increasing resources and strengthening its workforce, thereby ensuring a broader service area and continued reliability. Excel Heating & Cooling is a US-based company that offers high-quality heating, ventilation, and air conditioning (HVAC) services.
Major companies operating in the heating, ventilation, and air conditioning (HVAC) equipment market are Samsung Electronics Co. Ltd., Robert Bosch GmbH, Hitachi Ltd, LG Electronics Inc., Panasonic Corporation, Mitsubishi Electric Corporation, Honeywell International Inc., Fujitsu Limited, Daikin Industries Ltd., Toshiba Corporation, Johnson Controls International plc, Eaton Corporation plc, Carrier Global Corporation, Trane Technologies plc, Lennox International Inc., Grundfos Holding A/S, Goodman Manufacturing Company L.P., AS America Inc., Rinnai Corporation, Modine Manufacturing Company, Rheem Manufacturing Company, Eureka Forbes Limited, Baltimore Aircoil Company Inc., ClimateMaster Inc., York International Corporation, GREE Electric Appliances Inc., Dimplex North America Limited, Navien Inc., Soler & Palau Ventilation Group S.A
Asia-Pacific was the largest region in the heating, ventilation, and air conditioning (HVAC) equipment market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the heating, ventilation, and air conditioning (HVAC) equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the heating, ventilation, and air conditioning (HVAC) equipment market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The heating, ventilation, and air conditioning (HVAC) equipment market consists of sales of furnaces, boilers, heat pumps, air handlers, exhaust fans, central air conditioners, and window units. Values in this market are 'factory gate' values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Heating, Ventilation, And Air Conditioning (HVAC) Equipment Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on heating, ventilation, and air conditioning (HVAC) equipment market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for heating, ventilation, and air conditioning (HVAC) equipment ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The heating, ventilation, and air conditioning (HVAC) equipment market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.