Global HVAC Equipment Market Overview
The Global HVAC Equipment Market size is expected to grow from USD 207.11 billion in 2023 to USD 387.22 billion by 2032, at a CAGR of 7.2 % during the forecast period (2024-2032).
The global Heating, Ventilation, and Air Conditioning (HVAC) equipment market is a significant and rapidly growing sector within the broader construction and building technologies industry. This market encompasses a wide range of products including air conditioners, heat pumps, furnaces, boilers, and ventilation systems for residential, commercial, and industrial applications. The increasing focus on energy efficiency, indoor air quality, and thermal comfort is driving substantial growth in this market worldwide.
Technological advancements are playing a key role in shaping the future of the HVAC industry. The integration of Internet of Things (IoT) technology, artificial intelligence, and machine learning is enabling the development of smart HVAC systems that can optimize performance, predict maintenance needs, and integrate with broader building management systems. These innovations are not only improving energy efficiency but also enhancing user comfort and control.
Market Dynamics And Factors For HVAC Equipment Market
Drivers:
Ventilation Becoming an Increasingly Important Component in the Modern Home HVAC System
There are different types of HVAC systems; ventilation is the first and most important part which plays the important role in the growth of the HVAC equipment market. Ventilation is a source to take fresh air from the outside to make the place breathable. Natural ventilation is available in most homes like windows, doors, and other openings. Exchange of air is required to keep the area fresh, and oxygenated, and to remove carbon dioxide, odors, and extra moisture. Mechanical ventilation is the second type of ventilation that is used in modern construction, homes are far more tightly sealed due to that ventilation is becoming an important part of modern houses and is a component in HVAC systems. This system works to remove dirt, allergens, dust, and other particles. This is helping to boost the demand for HVAC systems in modern homes.
Restraints:
High Cost of HVAC Equipment
High cost of HVAC equipment is restraining the growth of the HVAC Equipment market during the forecasted period. HVAC equipment is used in residential, commercial properties to maintain proper air temperature inside the construction for better air quality and comfortable living. It works in both cooling and heating the air according to the preference and climatic conditions outside the construction. HVAC is the whole system of Heating, Ventilation, and Air Conditioning so comparatively the cost is on the higher side. It requires installation charges and maintenance charges also, it just does not give a cooling and heating effect to the air but it provides the filter and good air quality with an adjustable temperature system so people are ready to pay for HVAC equipment.
Opportunity:
Development in Residential and Commercial Properties
The increasing rate of owning residential and commercial properties help to increase the demand for HVAC equipment during the forecasted period. The shelter is a basic need, everyone is wishing to have a home of their own and the population is growing; investment in households has increased on large scale, so the demand for HVAC Equipment is also increased. Now, individuals own more than one house and they require HAVC facilities for every house to live comfortably. There is high use of HVAC in commercial property, both industries are growing simultaneously and help to advance the lifestyle of people with comfort.
Segmentation Analysis Of HVAC Equipment Market
By Type, Heating and cooling split systems are dominating the growth of the HVAC equipment market during the forecast period. The most common types of HVAC systems are heating and cooling split systems. As per the name, it is split and divided into two separate units, one unit is used for heating and the other one is used for cooling the area. The purpose of these two systems is different. Well, a known example of this system is AC units. 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 an indoor which provides the cool air. During the summer season use of this system is high. In the heating and cooling split system, the heater is placed in a storage place. The heater uses the gas to warm up the area.
By End user, the Residential segment anticipated to grab the maximum market share in the HVAC equipment market over the projected period. The main objective of having an HVAC in a building is to maintain an atmosphere comfortable for the people. This system is required for every household to control the temperature and make a happy, healthy environment inside the building. In these changing climatic conditions all the people want cooling, ventilation, and heating systems in their residences to feel comfortable. So 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.
Regional Analysis Of HVAC Equipment Market
North America, comprising the United States, Canada, and Mexico, has long been a dominant force in the global HVAC equipment market. This region's leadership is driven by a combination of factors, including a mature construction industry, high consumer awareness of indoor air quality, strict energy efficiency regulations, and a climate that necessitates both heating and cooling solutions in many areas.
The United States, in particular, represents the largest share of the North American HVAC market. The country's diverse climate zones, ranging from hot and humid in the South to cold in the North, create a sustained demand for a wide variety of HVAC equipment. The residential sector forms a significant portion of this market, with homeowners regularly upgrading to more efficient systems. The commercial and industrial sectors also contribute substantially, driven by the need for sophisticated climate control in office buildings, retail spaces, and manufacturing facilities.
In recent years, the North American HVAC market has been characterized by a strong focus on energy efficiency and environmental sustainability. This trend is partly driven by government regulations such as the Department of Energy's minimum efficiency standards and the Environmental Protection Agency's ENERGY STAR program. These initiatives have spurred innovation in the industry, leading to the development of high-efficiency heat pumps, variable refrigerant flow (VRF) systems, and smart thermostats. The region has also been at the forefront of adopting alternative refrigerants with lower global warming potential, in line with international environmental agreements.
Top Key Players Covered In HVAC Equipment Market
- Carrier Corporation (US)
- Goodman Manufacturing Company L.P. (US)
- Rheem Manufacturing Company (US)
- Daikin Industries Ltd (Japan)
- Emerson Electric Co (US)
- HitachiLtd. (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.
Key Industry Development In The HVAC Equipment Market
- In May 2022, Modine Company made a partnership with Global Plasma Solutions, Modine works in commercial HVAC solutions; their partnership offers a state-of-the-art GPS’ patented needlepoint bi-polar ionization technology, which is used for school products, to maintain the high indoor air quality in classrooms.
- In May 2022, RLS Company works in HVAC launched a new training portal for online training purposes that help the contractor that works in HVAC and refrigeration to make easier, faster, and safer copper tube connections using the company's new product. RLS Company is a manufacturer of the first press-to-connect fittings in HVAC.
Global HVAC Equipment Market |
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Base Year: |
2023 |
Forecast Period: |
2024-2032 |
Historical Data: |
2017 to 2023 |
Market Size in 2023: |
USD 207.11 Bn. |
Forecast Period 2024-32 CAGR: |
7.2% |
Market Size in 2032: |
USD 387.22 Bn. |
Segments Covered: |
By System Type |
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By End User |
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By Region |
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Key Market Drivers: |
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Key Market Restraints: |
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Key Opportunities: |
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Companies Covered in the report: |
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Chapter 1: Introduction
1.1 Research Objectives
1.2 Research Methodology
1.3 Research Process
1.4 Scope and Coverage
1.4.1 Market Definition
1.4.2 Key Questions Answered
1.5 Market Segmentation
Chapter 2:Executive Summary
Chapter 3:Growth Opportunities By Segment
3.1 By System Type
3.2 By End Users
Chapter 4: Market Landscape
4.1 Porter's Five Forces Analysis
4.1.1 Bargaining Power of Supplier
4.1.2 Threat of New Entrants
4.1.3 Threat of Substitutes
4.1.4 Competitive Rivalry
4.1.5 Bargaining Power Among Buyers
4.2 Industry Value Chain Analysis
4.3 Market Dynamics
4.3.1 Drivers
4.3.2 Restraints
4.3.3 Opportunities
4.5.4 Challenges
4.4 Pestle Analysis
4.5 Technological Roadmap
4.6 Regulatory Landscape
4.7 SWOT Analysis
4.8 Price Trend Analysis
4.9 Patent Analysis
4.10 Analysis of the Impact of Covid-19
4.10.1 Impact on the Overall Market
4.10.2 Impact on the Supply Chain
4.10.3 Impact on the Key Manufacturers
4.10.4 Impact on the Pricing
Chapter 5: HVAC Equipment Market by System Type
5.1 HVAC Equipment Market Overview Snapshot and Growth Engine
5.2 HVAC Equipment Market Overview
5.3 Heating & cooling split systems
5.3.1 Introduction and Market Overview
5.3.2 Historic and Forecasted Market Size (2017-2032F)
5.3.3 Key Market Trends, Growth Factors and Opportunities
5.3.4 Heating & cooling split systems: Grographic Segmentation
5.4 Hybrid split system
5.4.1 Introduction and Market Overview
5.4.2 Historic and Forecasted Market Size (2017-2032F)
5.4.3 Key Market Trends, Growth Factors and Opportunities
5.4.4 Hybrid split system: Grographic Segmentation
5.5 Duct free
5.5.1 Introduction and Market Overview
5.5.2 Historic and Forecasted Market Size (2017-2032F)
5.5.3 Key Market Trends, Growth Factors and Opportunities
5.5.4 Duct free: Grographic Segmentation
5.6 Others
5.6.1 Introduction and Market Overview
5.6.2 Historic and Forecasted Market Size (2017-2032F)
5.6.3 Key Market Trends, Growth Factors and Opportunities
5.6.4 Others: Grographic Segmentation
Chapter 6: HVAC Equipment Market by End Users
6.1 HVAC Equipment Market Overview Snapshot and Growth Engine
6.2 HVAC Equipment Market Overview
6.3 Residential
6.3.1 Introduction and Market Overview
6.3.2 Historic and Forecasted Market Size (2017-2032F)
6.3.3 Key Market Trends, Growth Factors and Opportunities
6.3.4 Residential: Grographic Segmentation
6.4 Commercial
6.4.1 Introduction and Market Overview
6.4.2 Historic and Forecasted Market Size (2017-2032F)
6.4.3 Key Market Trends, Growth Factors and Opportunities
6.4.4 Commercial: Grographic Segmentation
6.5 Industrial
6.5.1 Introduction and Market Overview
6.5.2 Historic and Forecasted Market Size (2017-2032F)
6.5.3 Key Market Trends, Growth Factors and Opportunities
6.5.4 Industrial: Grographic Segmentation
Chapter 7: Company Profiles and Competitive Analysis
7.1 Competitive Landscape
7.1.1 Competitive Positioning
7.1.2 HVAC Equipment Sales and Market Share By Players
7.1.3 Industry BCG Matrix
7.1.4 Ansoff Matrix
7.1.5 HVAC Equipment Industry Concentration Ratio (CR5 and HHI)
7.1.6 Top 5 HVAC Equipment Players Market Share
7.1.7 Mergers and Acquisitions
7.1.8 Business Strategies By Top Players
7.2 CARRIER CORPORATION
7.2.1 Company Overview
7.2.2 Key Executives
7.2.3 Company Snapshot
7.2.4 Operating Business Segments
7.2.5 Product Portfolio
7.2.6 Business Performance
7.2.7 Key Strategic Moves and Recent Developments
7.2.8 SWOT Analysis
7.3 GOODMAN MANUFACTURING COMPANY
7.4 L.P.
7.5 RHEEM MANUFACTURING COMPANY
7.6 DAIKIN INDUSTRIES LTD
7.7 EMERSON ELECTRIC CO
7.8 HITACHI LTD.
7.9 JOHNSON CONTROLS INTERNATIONAL
7.10 LENNOX INTERNATIONAL INC.
7.11 TRANE TECHNOLOGIES
7.12 YORK
7.13 AMERICAN STANDARD
7.14 DAIKIN
7.15 INGERSOLL RAND
7.16 LG ELECTRONICS
7.17 UNITED TECHNOLOGIES
7.18 ELECTROLUX
7.19 LENNOX
7.20 NORTEK
7.21 OTHER MAJOR PLAYERS
Chapter 8: Global HVAC Equipment Market Analysis, Insights and Forecast, 2017-2032
8.1 Market Overview
8.2 Historic and Forecasted Market Size By System Type
8.2.1 Heating & cooling split systems
8.2.2 Hybrid split system
8.2.3 Duct free
8.2.4 Others
8.3 Historic and Forecasted Market Size By End Users
8.3.1 Residential
8.3.2 Commercial
8.3.3 Industrial
Chapter 9: North America HVAC Equipment Market Analysis, Insights and Forecast, 2017-2032
9.1 Key Market Trends, Growth Factors and Opportunities
9.2 Impact of Covid-19
9.3 Key Players
9.4 Key Market Trends, Growth Factors and Opportunities
9.4 Historic and Forecasted Market Size By System Type
9.4.1 Heating & cooling split systems
9.4.2 Hybrid split system
9.4.3 Duct free
9.4.4 Others
9.5 Historic and Forecasted Market Size By End Users
9.5.1 Residential
9.5.2 Commercial
9.5.3 Industrial
9.6 Historic and Forecast Market Size by Country
9.6.1 U.S.
9.6.2 Canada
9.6.3 Mexico
Chapter 10: Europe HVAC Equipment Market Analysis, Insights and Forecast,2017-2032
10.1 Key Market Trends, Growth Factors and Opportunities
10.2 Impact of Covid-19
10.3 Key Players
10.4 Key Market Trends, Growth Factors and Opportunities
10.4 Historic and Forecasted Market Size By System Type
10.4.1 Heating & cooling split systems
10.4.2 Hybrid split system
10.4.3 Duct free
10.4.4 Others
10.5 Historic and Forecasted Market Size By End Users
10.5.1 Residential
10.5.2 Commercial
10.5.3 Industrial
10.6 Historic and Forecast Market Size by Country
10.6.1 Germany
10.6.2 U.K.
10.6.3 France
10.6.4 Italy
10.6.5 Russia
10.6.6 Spain
10.6.7 Rest of Europe
Chapter 11: Asia-Pacific HVAC Equipment Market Analysis, Insights and Forecast, 2017-2032
11.1 Key Market Trends, Growth Factors and Opportunities
11.2 Impact of Covid-19
11.3 Key Players
11.4 Key Market Trends, Growth Factors and Opportunities
11.4 Historic and Forecasted Market Size By System Type
11.4.1 Heating & cooling split systems
11.4.2 Hybrid split system
11.4.3 Duct free
11.4.4 Others
11.5 Historic and Forecasted Market Size By End Users
11.5.1 Residential
11.5.2 Commercial
11.5.3 Industrial
11.6 Historic and Forecast Market Size by Country
11.6.1 China
11.6.2 India
11.6.3 Japan
11.6.4 Singapore
11.6.5 Australia
11.6.6 New Zealand
11.6.7 Rest of APAC
Chapter 12: Middle East & Africa HVAC Equipment Market Analysis, Insights and Forecast, 2017-2032
12.1 Key Market Trends, Growth Factors and Opportunities
12.2 Impact of Covid-19
12.3 Key Players
12.4 Key Market Trends, Growth Factors and Opportunities
12.4 Historic and Forecasted Market Size By System Type
12.4.1 Heating & cooling split systems
12.4.2 Hybrid split system
12.4.3 Duct free
12.4.4 Others
12.5 Historic and Forecasted Market Size By End Users
12.5.1 Residential
12.5.2 Commercial
12.5.3 Industrial
12.6 Historic and Forecast Market Size by Country
12.6.1 Turkey
12.6.2 Saudi Arabia
12.6.3 Iran
12.6.4 UAE
12.6.5 Africa
12.6.6 Rest of MEA
Chapter 13: South America HVAC Equipment Market Analysis, Insights and Forecast, 2017-2032
13.1 Key Market Trends, Growth Factors and Opportunities
13.2 Impact of Covid-19
13.3 Key Players
13.4 Key Market Trends, Growth Factors and Opportunities
13.4 Historic and Forecasted Market Size By System Type
13.4.1 Heating & cooling split systems
13.4.2 Hybrid split system
13.4.3 Duct free
13.4.4 Others
13.5 Historic and Forecasted Market Size By End Users
13.5.1 Residential
13.5.2 Commercial
13.5.3 Industrial
13.6 Historic and Forecast Market Size by Country
13.6.1 Brazil
13.6.2 Argentina
13.6.3 Rest of SA
Chapter 14 Investment Analysis
Chapter 15 Analyst Viewpoint and Conclusion
Global HVAC Equipment Market |
|||
Base Year: |
2023 |
Forecast Period: |
2024-2032 |
Historical Data: |
2017 to 2023 |
Market Size in 2023: |
USD 207.11 Bn. |
Forecast Period 2024-32 CAGR: |
7.2% |
Market Size in 2032: |
USD 387.22 Bn. |
Segments Covered: |
By System Type |
|
|
By End User |
|
||
By Region |
|
||
Key Market Drivers: |
|
||
Key Market Restraints: |
|
||
Key Opportunities: |
|
||
Companies Covered in the report: |
|
Frequently Asked Questions :
The forecast period in the HVAC Equipment Market research report is 2024-2032.
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.
HVAC Equipment Market is segmented into System Type, End User, and region. By System Type, the market is categorized into Heating & cooling split systems, Hybrid split system, Duct free, Others. By End User, the market is categorized into Residential, Commercial, and Industrial. By region, it is analysed across North America (U.S.; Canada; Mexico), Europe (Germany; U.K.; France; Italy; Russia; Spain, etc.), Asia-Pacific (China; India; Japan; Southeast Asia, etc.), South America (Brazil; Argentina, etc.), Middle East & Africa (Saudi Arabia; South Africa, etc.).
HVAC is a common term used by people for Heating, Ventilation, and Air Conditioning. HVAC is a group of a system that refers to the different devices used for cooling or heating air from an outdoor to an indoor area. This system is used in both the residential and commercial sectors and sometimes in the industrial sector.
The Global HVAC Equipment Market size is expected to grow from USD 207.11 billion in 2023 to USD 387.22 billion by 2032, at a CAGR of 7.2 % during the forecast period (2024-2032).