Market Overview:
The global HVAC Equipment Market was valued at USD 181.75 Billion in 2021 and is expected to reach USD 278.75 Billion by the year 2028, at a CAGR of 6.3%.
People frequently refer to heating, ventilation, and air conditioning as HVAC. HVAC is a collective term for the various equipment used to move air from an outdoor space into an indoor one. This system is utilized in the commercial, residential, and occasionally the industrial sectors. The air temperature is maintained using this method. In the winter and summer, the HVAC system maintains a comfortable indoor temperature. To maintain clean and healthy air, this system also has filters that are used to filter and clean outdoor air. To improve the environment for the person inside the house, HVAC keeps the humidity levels in the area at a comfortable level. An HVAC system serves to improve air quality and provide comfort for people inside a building in addition to heating or cooling a space.
Top Key Players Covered In The HVAC Equipment Market:
- Carrier Corporation (US)
- Goodman Manufacturing Company L.P. (US)
- Rheem Manufacturing Company (US)
- Daikin Industries Ltd (Japan)
- Emerson Electric Co (US)
- Hitachi Ltd. (Japan)
- Johnson Controls International (Ireland)
- Lennox International Inc. (US)
- Trane Technologies (US)
- York (US)
- American Standard (US)
- Daikin (Japan)
- Ingersoll Rand (US)
- LG Electronics (South Korea)
- United Technologies (US)
- Electrolux (Sweden)
- Lennox (US)
- Nortek (US) and Other Major Players
Market Dynamics and Factors:
Ventilation is becoming an increasingly important component in the modern home HVAC system, driving the HVAC equipment Market. While there are various types of HVAC systems, ventilation is the first and most crucial component that contributes significantly to the expansion of the HVAC equipment market. Ventilation is a method of bringing in outside air to make a space breathable. The majority of homes have windows, doors, and other openings that allow for natural ventilation. Air must be exchanged to keep the space oxygenated and fresh and remove carbon dioxide, odors, and excess moisture.
Development in residential and commercial properties is expected to drive the HVAC equipment market in the future. During the anticipated period, there will be an increase in demand for HVAC equipment due to the rising ownership of both residential and commercial properties. Everybody wants their own home, and housing investment has increased significantly as the population grows. As a result, there is an increase in demand for HVAC equipment. Now that people own multiple homes, they need HAVC facilities in each home to live comfortably.
HVAC Equipment Market Report Highlight:
- By System Type, the Heating & cooling split systems segment is anticipated to lead the growth of the HVAC Equipment market in the forecasted timeframe. This unit comes with indoor and outdoor units. Such HVAC products have their cooling system outside the home to keep away the hot air, and one is indoor which provides cool air.
- By End-users, the Residential segment is set to develop at the highest CAGR during the forecasted timeframe. For maintaining good air quality in the residential area HVAC equipment’s essential. So every construction project required HVAC systems, which help to boost the HVAC equipment market.
- The North American region is expected to have the highest HVAC Equipment market share over the projected period. HVAC equipment is used in a variety of settings, including industrial settings, commercial buildings, and residential properties. The main factor driving the growth of the HVAC Equipment Market is the abundance of commercial and residential real estate in nations like the USA, Mexico, and Canada.
Key Industry Development:
- In May 2022, Global Plasma Solutions and the Modine Company formed a partnership to provide cutting-edge needlepoint bi-polar ionization technology to maintain high indoor air quality in classrooms. Modine Company specializes in commercial HVAC solutions.
- In May 2022, The HVAC company RLS launched a new training portal for online learning that will assist HVAC and refrigeration contractors in using the new product of the company to connect copper tubes in a simpler, quicker, and safer manner. The manufacturer of the first press-to-connect fittings for HVAC systems is RLS Company.
HVAC Equipment Market Segmentation:
By System Type
- Heating & cooling split systems
- Hybrid split system
- Duct free
- Others
By End User
- Residential
- Commercial
- Industrial
For this report, Introspective Market Research has segmented the HVAC Equipment Market based on region:
North America
- The U.S.
- Canada
- Mexico
Eastern Europe
- Russia
- Bulgaria
- The Czech Republic
- Hungary
- Poland
- Romania
- Rest of Eastern Europe
Western Europe
- Germany
- UK
- France
- Netherlands
- Italy
- Spain
- Rest of Western Europe
Asia Pacific
- China
- India
- Japan
- Singapore
- Australia
- New-Zealand
- Rest of APAC
Middle East & Africa
- Turkey
- Saudi Arabia
- Qatar
- UAE
- Israel
- South Africa
South America
- Brazil
- Argentina
- Rest of SA
