14-Jun-2023 | Facts and Factors
According to the Facts Factors report, the global HVAC equipment market size was nearly $136 billion in 2022 and is predicted to increase to about $231.85 billion by 2030 and achieve the highest CAGR of 6.1% over 2023-2030.
HVAC equipment offers adequate indoor air quality & thermal comfort for indoor & outdoor environments. It plays a pivotal part in residential constructions such as apartments, hostels, senior living units, clinics, cars, trains, submarines, and skyscrapers.
Reportedly, heating devices proficiently generate the necessary heating environment for fulfilling the energy needs of commercial as well as industrial customers. Moreover, the growing energy requirements of industrial and commercial end-users along with a need for complying with green technology has prompted the demand for the product in recent years.
Browse the full report “HVAC Equipment Market Size, Share, Growth Analysis Report By Type (Air Conditioning Equipment, Heat Pumps, Humidifiers/Dehumidifiers, and Heating Equipment), By End-User (Residential, Commercial, and Industrial), and By Region - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2023 – 2030” at https://www.fnfresearch.com/hvac-equipment-market
Swift urbanization along with a surge in demand for durable products will embellish the expansion of the HVAC equipment market across the globe. Massive demand for power-efficient products in construction activities will embellish the growth of the market globally. The growing focus of firms on energy conservation has led to escalating demand for products in recent years. The onset of connected things and their blending with HVAC equipment has enhanced the demand for the latter in the slew of industries. Key players in the HVAC equipment manufacturing business are focusing on technological breakthroughs for making the product more sustainable and cost-efficient. This aspect will succor the growth of the global market.
Nonetheless, a surge in the competition among industry players for increasing their profit share and a rise in the costs of HVAC equipment is likely to impede the growth of the global HVAC equipment industry in the upcoming years. However, the use of IoT and innovations in the product has not only brought a paradigm shift in the global industry but has unleashed new opportunities for growth for the industry globally.
The global HVAC equipment market is divided into type, end-user, and region.
The type segment of the HVAC equipment market is sub-segmented into air conditioning equipment, humidifiers/dehumidifiers, heat pumps, and heating equipment segments. Furthermore, the air conditioning equipment segment, which accounted for more than half of the global market share in 2022, is set to maintain its segment-dominant status in the ensuing years.
The segmental surge in the next eight years can be a result of the large-scale use of unitary air conditioning equipment in Asian and Latin American countries. Apart from this, smart air conditioning systems in commercial and residential sectors are becoming popular and this has further contributed to a massive expansion of the air conditioning equipment segment in recent years.
Based on end-user, the HVAC equipment industry across the globe is divided into residential, commercial, and industrial segments. Moreover, the residential segment, which accounted for over two-fifths of the global industry share in 2022, is predicted to record the fastest CAGR during the forecast timeline. The segmental expansion over the forecast timeline can be attributed to the massive installation of HVAC equipment in flats, residential buildings, row houses, and apartments. Changing lifestyles and a rise in per-capital income will further drive segmental growth.
Furthermore, Asia-Pacific, which contributed more than three-fifths of the overall share of the global HVAC equipment market in 2022, is anticipated to lead the global market expansion in the forecast timeline. The regional market growth in the coming years can be subject to surging population, rise in urbanization, and increase in the per capita income of the population of the Asia-Pacific region.
Moreover, the increase in sales of HVAC equipment in China and the presence of manufacturers providing the equipment at a lower cost to people in China as well as neighbors has opened new growth dimensions for the market in the Asia-Pacific zone.
Market Size in 2022
USD 136 Billion
Projected Market Size in 2030
USD 231.85 Billion
CAGR Growth Rate
Key Market Players
Carrier Corporation, Honeywell International Inc., Daikin Industries Ltd., Emerson Electric Co., Ingersoll Rand, Hitachi Ltd., Johnson Controls, Trane Technologies, LG Electronics, United Technologies, Electrolux, Lennox International Inc., Mitsubishi Electric., and others.
By Type, End-User, and Region
Major Regions Covered
North America, Europe, Asia Pacific, Latin America, and the Middle East &, Africa
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Key players in the global HVAC equipment market include Carrier Corporation, Honeywell International Inc., Daikin Industries Ltd., Emerson Electric Co., Ingersoll Rand, Hitachi Ltd., Johnson Controls, Trane Technologies, LG Electronics, United Technologies, Electrolux, Lennox International Inc., and Mitsubishi Electric.
- In the third quarter of 2022, Therma-HEXX Corporation, a key U.S.-based company in the heating equipment supplying sector, introduced ThermaPANEL, a modular hydronic heat exchanging system. For the record, the new product is projected to find lucrative applications in the commercial, industrial, and residential sectors. The initiative will expand the scope of growth of the HVAC equipment market across the globe.
- In the second quarter of 2022, Johnson Controls International PLC, a U.S.-based firm manufacturing HVAC equipment, launched Next-Generation YORK® Residential Package Equipment. The strategic move is likely to account for majorly towards the global HVAC equipment industry revenue in the ensuing years.
- In the second half of 2022, Daikin Industries, Ltd., decided to make investments worth $291 million for setting up a new heat pump manufacturing unit in Poland. The move will help in expanding the HVAC equipment manufacturing portfolio of the firm in the country.
- In October 2022, iAIRE LLC, a key U.S. -based player in the HVAC equipment manufacturing business, introduced patented Solar HVAC which is available at reduced costs. Moreover, this new HVAC equipment has reduced installation & operating costs of HVAC equipment by almost half. The move is likely to benefit the growth of the global HVAC equipment industry.
The global HVAC Equipment market is segmented as follows:
- Air Conditioning Equipment
- Heat Pumps
- Heating Equipment
- North America
- The UK
- Rest of Europe
- Asia Pacific
- Southeast Asia
- Rest of Asia Pacific
- The Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Rest of Latin America
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