HVAC Equipment Market Size, Share, Growth Analysis, By Cooling Equipment Self-Regulating(Unitary Air Conditioners [Low Costs and Simple Installation (Split Air Conditioners, Packaged Air conditioners)], VRF Systems, Chillers [Scroll chillers), By Heating Equipment(Heat Pumps [Air-to-air heat pumps, Air-to-water heat pumps, Water-to-water heat pumps], Furnaces [Oil furnaces), By Ventilation Equipment(Air-handling Units, Air Filters, Dehumidifiers [Crossflow fans, Axial fans), By Implementation Type(New Construction Buildings, Retrofit Buildings), By Service Type(Installation Services, Maintenance & Repair Services, Upgradation/Replacement Services, Consulting Services), By Application(Commercial [Offices, Governments, Healthcare, Education), By Region - Industry Forecast 2024-2031


Report ID: SQMIG20D2141 | Region: Global | Published Date: September, 2024
Pages: 202 |Tables: 95 |Figures: 76

HVAC Equipment Market Insights

Global HVAC Equipment Market size was valued at USD 138.32 billion in 2022 and is poised to grow from USD 147.17 billion in 2023 to USD 241.75 billion by 2031, growing at a CAGR of 6.40% during the forecast period (2024-2031).

Global HVAC Equipment Market is a thriving and essential sector that caters to the heating, ventilation, and air conditioning needs of various industries and residential spaces. The increasing construction activities, particularly in emerging economies, drive the demand for HVAC systems in new residential and commercial buildings. The growing awareness of energy-efficient solutions and the need to reduce carbon emissions propel the adoption of energy-efficient HVAC equipment. Additionally, factors such as urbanization, changing climatic conditions, and improving living standards contribute to the market expansion.

Factors such as high installation and maintenance costs, particularly for advanced systems, can hinder market growth. The complex regulatory landscape and varying energy efficiency standards across different regions also pose challenges for manufacturers and consumers alike. Furthermore, the COVID-19 pandemic has temporarily impacted the market due to disruptions in supply chains and construction activities. Key trends in the HVAC equipment market include the integration of smart technologies and the Internet of Things (IoT) for enhanced automation, energy management, and remote monitoring. The market is witnessing a shift towards sustainable refrigerants and eco-friendly solutions to mitigate the environmental impact of HVAC systems. Moreover, there is a growing focus on improving indoor air quality through advanced filtration systems and air purifiers, driven by concerns over respiratory health and allergies. Amidst these challenges and trends, several opportunities exist in the HVAC equipment market. The increasing demand for retrofitting existing HVAC systems with energy-efficient and smart solutions presents a significant market opportunity. The rapid expansion of the construction industry, particularly in developing countries, offers immense potential for HVAC equipment manufacturers. Additionally, the rising demand for green buildings and sustainable infrastructure drives the need for eco-friendly HVAC solutions.

US HVAC Equipment Market is poised to grow at sustainable CAGR for the next forecast year.

Market Snapshot - 2024-2031

Global Market Size

USD 138.32 billion

Largest Segment

 Commercial

Fastest Growth

 Commercial

Growth Rate

6.40% CAGR

Global HVAC Equipment Market ($ Bn)
Country Share for Asia pacific Region (%)

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HVAC Equipment Market Segmental Analysis

Global HVAC equipment market is segmented by cooling equipment self-regulating, heating equipment, ventilation equipment, implementation type, service type, application and region. Based on cooling equipment self-regulating, the market is segmented into Unitary Air Conditioners [Low Costs and Simple Installation (Split Air Conditioners, Packaged Air conditioners)], VRF Systems, Chillers [Scroll chillers, Screw chillers, Centrifugal chillers, Reciprocating chillers, Absorption chillers], Room Air Conditioners, Coolers [Ducted coolers, Window coolers], Cooling Towers [Evaporative cooling towers, Dry cooling towers, Hybrid cooling towers]. Based on heating equipment, the market is segmented into Heat Pumps [Air-to-air heat pumps, Air-to-water heat pumps, Water-to-water heat pumps], Furnaces [Oil furnaces, Gas furnaces, Electric furnaces], Boilers [Steam boilers, Hot water boilers], Unitary Heaters [Gas unit heaters, Oil-fired unit heaters, Electric unit heaters]. Based on ventilation equipment, the market is segmented into Air-handling Units, Air Filters, Dehumidifiers [Crossflow fans, Axial fans, Centrifugal fans, Domestic fans, Range hood fans, Power roof fans], Ventilation Fans, Humidifiers [Warm-mist humidifiers, Ultrasonic humidifiers, Cool-mist humidifiers], Air Purifiers [HEPA air purifiers, Activated carbon air purifiers, Electrostatic air purifiers, Ionic air purifiers]. Based on implementation type, the market is segmented into new construction buildings and retrofit buildings. Based on service type, the market is segmented into installation services, maintenance & repair services, upgradation/replacement services and consulting services. Based on application, the market is segmented into Commercial [Offices, Governments, Healthcare, Education, Retail, Airports], Residential, and Industrial. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.     

Analysis by Cooling Equipment Self-Regulating 

The cooling segment dominates the global HVAC systems market due to several factors. The increasing demand for cooling systems is driven by the growing need for air conditioning and refrigeration in various industries, such as commercial and residential buildings, food processing, and pharmaceuticals. Technological advancements have also improved the adoption rates of cooling systems, including remote systems, IoT-integrated HVAC systems, and smaller, high-performance units that enable cost savings and improve energy efficiency and comfort. Government regulations and initiatives, such as the International Energy Agency's emphasis on energy-efficient cooling systems, have also contributed to the demand for cooling systems.  

Additionally, the growing awareness of indoor air quality has driven the demand for ventilation systems that maintain optimal air circulation and quality, which are often integrated with cooling systems. The expansion of commercial and residential construction, particularly in regions with high temperatures, has also led to increased demand for cooling systems. Furthermore, the growing middle class and increasing disposable incomes in emerging markets like India, China, and Southeast Asia have led to increased adoption of cooling systems, particularly in the residential sector. Finally, government support and incentives, such as foreign direct investment programs, have encouraged the development of energy-efficient HVAC systems. 

Analysis by Application 

The largest segment is the commercial sector, which encompasses a diverse range of buildings such as offices, hotels, retail spaces, educational institutions, and healthcare facilities. The commercial sector holds significant importance due to its large-scale infrastructure and the need for efficient HVAC systems to ensure optimal comfort and productivity for occupants. The commercial segment's prominence can be attributed to several factors. Firstly, the rapid urbanization and the growth of commercial activities in emerging economies have led to a surge in the construction of commercial buildings, driving the demand for HVAC equipment. Additionally, stringent regulations and building codes pertaining to energy efficiency and indoor air quality have compelled commercial establishments to invest in advanced HVAC systems that meet these requirements. 

The fastest-growing segment in the HVAC equipment market is the residential sector. The rising urban population, growing disposable incomes, and the desire for comfortable living spaces have fueled the demand for residential HVAC systems. Moreover, increasing awareness of energy efficiency and the adoption of smart home technologies have further boosted the residential segment's growth. In many parts of the world, there is a growing trend of urbanization, with people migrating to cities in search of better opportunities. This leads to increased construction of residential buildings, apartments, and housing complexes, driving the demand for HVAC equipment in the residential sector. Additionally, with an emphasis on sustainable living and energy conservation, homeowners are increasingly investing in energy-efficient HVAC systems to reduce energy consumption and lower utility costs.

Global HVAC Equipment Market By Application

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HVAC Equipment Market Regional Insights

The Asia-Pacific region dominates the global market for HVAC systems, it accounted for share of 46.5% in 2023. This dominance is due to heightened demand from residential, commercial, and construction sectors. With significant commercial construction in key economies like China, Japan, and India, businesses across various sectors are establishing offices to tap into the local consumer markets. China’s swift urbanization has spurred both public and private investments in real estate and various developmental projects, which in turn is propelling the growth of the HVAC system market. 

North America is a prominent region. Although the market is well-established, revenue streams are being bolstered by replacements and retrofits due to aging infrastructure. The region’s commitment to green construction, a key industry trend, is also expected to secure a significant market share. Green buildings are designed for energy efficiency, with HVAC systems being upgraded or repaired as part of this approach. The focus is on using sustainable materials that help maintain stable indoor temperatures and promote natural airflow, reducing the reliance on HVAC systems for energy consumption. 

Global HVAC Equipment Market By Region
  • Largest
  • Fastest

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HVAC Equipment Market Dynamics

HVAC Equipment Market Drivers

Increasing Demand for Energy-Efficient Solutions

  • The rising awareness and focus on energy efficiency are driving the demand for HVAC equipment that can minimize energy consumption while providing optimal comfort. Energy-efficient systems help reduce operational costs and environmental impact. For example, the implementation of inverter-based air conditioning systems, which adjust compressor speed based on cooling requirements, can significantly improve energy efficiency and reduce electricity consumption.

Increased Levels of Commercial and Residential Construction 

  • The HVAC market is witnessing significant growth, largely fueled by the surge in commercial and residential construction activities1. As urbanization accelerates and populations grow, the demand for modern, energy-efficient heating, ventilation, and air conditioning systems is on the rise. These systems are essential for ensuring comfortable living and working environments in new buildings. Consequently, the expanding construction sector is a key driver propelling the advancement and expansion of the HVAC industry. 

HVAC Equipment Market Restraints

Stringent Environmental Regulations

  • The HVAC equipment market is subject to stringent environmental regulations aimed at reducing greenhouse gas emissions and promoting the use of environmentally friendly refrigerants. Compliance with these regulations can be a challenge for manufacturers and may require significant investments in research and development to develop and commercialize compliant products. For instance, the phase-out of ozone-depleting refrigerants like hydrochlorofluorocarbons (HCFCs) has led to the adoption of more environmentally friendly alternatives such as hydrofluorocarbons (HFCs) or natural refrigerants.

High Cost of Installation, Maintenance and Repair 

  • The installation, maintenance, and repair of HVAC systems represent significant financial commitments, which can act as a deterrent for market growth. The initial outlay for setting up these systems, particularly those that are energy-efficient and incorporate advanced technologies, can be substantial. Moreover, the ongoing expenses associated with their upkeep and the potential costs for repairs contribute to the overall financial burden. These factors can restrain the expansion of the HVAC market as potential customers may hesitate to invest in such costly systems, especially in regions where such technology is not yet considered a standard necessity.

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HVAC Equipment Market Competitive Landscape

Global HVAC Equipment Market is highly competitive, with several prominent players vying for market share. Key players in the industry consistently focus on innovation, research and development, and strategic partnerships to maintain a competitive edge. They offer a diverse range of HVAC equipment, including heating systems, cooling units, ventilation solutions, and integrated building management systems. Market players also emphasize energy efficiency, sustainability, and smart technologies to meet evolving customer demands and regulatory requirements. Additionally, mergers and acquisitions, product launches, and geographical expansions are common strategies employed by these companies to strengthen their market presence and cater to a global customer base. The competitive landscape of the HVAC equipment market is characterized by intense competition, technological advancements, and a strong emphasis on customer satisfaction and environmental sustainability.

HVAC Equipment Market Top Player’s Company Profile

  • Daikin Industries (Japan) 
  • Johnson Controls (US) 
  • Mitsubishi Electric Corporation (Japan) 
  • Carrier Global Corporation (US) 
  • LG Electronics Inc. (South Korea) 
  • Trane Technologies plc (Ireland) 
  • Lennox International Inc. (US) 
  • Fujitsu General Ltd. (Japan) 
  • Rheem Manufacturing Company (US) 
  • Samsung Electronics Co., Ltd. (South Korea) 
  • Haier Group Corporation (China) 
  • Panasonic Corporation (Japan) 
  • Hitachi, Ltd. (Japan) 
  • Zamil Air Conditioners Holding Co. Ltd. (Saudi Arabia) 
  • Gree Electric Appliances Inc. (China) 
  • Midea Group Co., Ltd. (China) 
  • Vaillant Group (Germany) 
  • Viessmann Group (Germany) 
  • Zimmer Biomet Holdings, Inc. (US) 
  • Medtronic plc (Ireland) 
  • Stryker Corporation (US)

HVAC Equipment Market Recent Developments

  • In March 2024, LG Electronics unveiled its innovative Dual Air Conditioner, seamlessly blending style and functionality. This cutting-edge appliance boasts a dual outlet design, allowing for swift and precise temperature adjustments. The indirect airflow feature ensures comfort without any unpleasant drafts. Powered by the advanced Dual Inverter Heat Pump Compressor™, this air conditioner delivers efficient performance throughout the year, earning an impressive A+++ energy efficiency rating in the EU. 

  • In January 2024, Toshiba Carrier Corporation (TCC) announced the expansion of its Toshiba-brand Super Multi-u™ VRF series. This enhancement includes a total of 201 heat recovery models and five heating/cooling mode switch models. The heat recovery lineup features standard high-efficiency and super-high efficiency models, along with units specifically designed for cold climate regions.   

  • In February 2023, Rhoss, known for offering a wide range of products using A2L refrigerants, introduced the POKER290 high-temperature, low GWP reversible heat pumps. This innovative heat pump series utilizes a scroll compressor and operates at high temperatures with low global warming potential (GWP). The POKER290 range is available in a single size, ranging from approximately 48 kW to 190 kW. It can be connected with up to four units using the newly integrated sequencer SDR. 

  • In January 2023, Aermec announced the launch of the next generation of chilled beams. These advanced chilled beams from Aermec offer clean, healthy air and acoustic comfort while consuming less energy and reducing dependence on fossil fuels. The introduction of these adaptable HVAC solutions marks a significant step forward in providing more efficient and sustainable air conditioning options. 

  • In November 2022, Daikin unveiled the Emuraindoor climate management system, which combines air purification with heating and cooling capabilities. The Emura system features a sleek and unobtrusive design, making it suitable for various indoor spaces such as living rooms and offices. It aims to deliver efficient temperature control and create a comfortable environment. 

  • In September 2022, Trane Technologies, a leading global climate innovator, announced advancements in its electrified heating and cooling. They upgraded two well-known rooftop units, Voyager 3 and IntelliPak2, to enhance energy efficiency, building connectivity, and control. Additionally, Trane introduced the ThermafitAir-to-Water Modular Heat Pump Model AXM, a flexible all-electric heating and cooling solution. These updates aim to improve indoor comfort and air quality in warehouses and large facilities. 

HVAC Equipment Key Market Trends

  • Integration of Smart Technologies and IoT: The integration of smart technologies and the Internet of Things (IoT) is revolutionizing the HVAC industry. HVAC systems can now be controlled and monitored remotely, enabling energy optimization, predictive maintenance, and personalized comfort settings. For example, smart thermostats allow users to control temperature settings through mobile applications and learn user preferences to automatically adjust the HVAC system for energy efficiency.

HVAC Equipment Market SkyQuest Analysis

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Equipment types team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.

According to our Global HVAC Equipment Market analysis, the market analysis indicates that factors such as increasing urbanization, industrialization, and the rising demand for energy-efficient solutions are driving the market expansion. The growing construction activities in emerging economies, coupled with the need for retrofitting existing HVAC systems, present lucrative opportunities for market players. The research also highlights the increasing emphasis on indoor air quality, driven by health concerns and regulations, which fuels the demand for advanced filtration systems and air purifiers. Furthermore, the integration of smart technologies, IoT, and sustainable refrigerants in HVAC equipment is a key trend, enhancing energy management, automation, and environmental sustainability. While challenges such as high installation costs and complex regulations exist, market analysts forecast robust growth for the global HVAC equipment market, driven by the need for comfortable and energy-efficient indoor environments worldwide.

Report Metric Details
Market size value in 2022 USD 138.32 billion
Market size value in 2031 USD 241.75 billion
Growth Rate 6.40%
Base year 2023
Forecast period 2024-2031
Forecast Unit (Value) USD Billion
Segments covered
  • Cooling Equipment Self-Regulating
    • Unitary Air Conditioners [Low Costs and Simple Installation (Split Air Conditioners, Packaged Air conditioners)], VRF Systems, Chillers [Scroll chillers, Screw chillers, Centrifugal chillers, Reciprocating chillers, Absorption chillers], Room Air Conditioners, Coolers [Ducted coolers, Window coolers], Cooling Towers [Evaporative cooling towers, Dry cooling towers, Hybrid cooling towers]
  • Heating Equipment
    • Heat Pumps [Air-to-air heat pumps, Air-to-water heat pumps, Water-to-water heat pumps], Furnaces [Oil furnaces, Gas furnaces, Electric furnaces], Boilers [Steam boilers, Hot water boilers], Unitary Heaters [Gas unit heaters, Oil-fired unit heaters, Electric unit heaters]
  • Ventilation Equipment
    • Air-handling Units, Air Filters, Dehumidifiers [Crossflow fans, Axial fans, Centrifugal fans, Domestic fans, Range hood fans, Power roof fans], Ventilation Fans, Humidifiers [Warm-mist humidifiers, Ultrasonic humidifiers, Cool-mist humidifiers], Air Purifiers [HEPA air purifiers, Activated carbon air purifiers, Electrostatic air purifiers, Ionic air purifiers]
  • Implementation Type
    • New Construction Buildings, Retrofit Buildings
  • Service Type
    • Installation Services, Maintenance & Repair Services, Upgradation/Replacement Services, Consulting Services
  • Application
    • Commercial [Offices, Governments, Healthcare, Education, Retail, Airports], Residential, Industrial
Regions covered North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
Companies covered
  • Daikin Industries (Japan) 
  • Johnson Controls (US) 
  • Mitsubishi Electric Corporation (Japan) 
  • Carrier Global Corporation (US) 
  • LG Electronics Inc. (South Korea) 
  • Trane Technologies plc (Ireland) 
  • Lennox International Inc. (US) 
  • Fujitsu General Ltd. (Japan) 
  • Rheem Manufacturing Company (US) 
  • Samsung Electronics Co., Ltd. (South Korea) 
  • Haier Group Corporation (China) 
  • Panasonic Corporation (Japan) 
  • Hitachi, Ltd. (Japan) 
  • Zamil Air Conditioners Holding Co. Ltd. (Saudi Arabia) 
  • Gree Electric Appliances Inc. (China) 
  • Midea Group Co., Ltd. (China) 
  • Vaillant Group (Germany) 
  • Viessmann Group (Germany) 
  • Zimmer Biomet Holdings, Inc. (US) 
  • Medtronic plc (Ireland) 
  • Stryker Corporation (US)
Customization scope

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Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on HVAC Equipment Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on HVAC Equipment Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

For the HVAC Equipment Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:

1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.

2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the HVAC Equipment Market.

3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.

4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the HVAC Equipment Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the HVAC Equipment Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.

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FAQs

Global HVAC Equipment Market size was valued at USD 138.32 billion in 2022 and is poised to grow from USD 147.17 billion in 2023 to USD 241.75 billion by 2031, growing at a CAGR of 6.40% during the forecast period (2024-2031).

Global HVAC Equipment Market is highly competitive, with several prominent players vying for market share. Key players in the industry consistently focus on innovation, research and development, and strategic partnerships to maintain a competitive edge. They offer a diverse range of HVAC equipment, including heating systems, cooling units, ventilation solutions, and integrated building management systems. Market players also emphasize energy efficiency, sustainability, and smart technologies to meet evolving customer demands and regulatory requirements. Additionally, mergers and acquisitions, product launches, and geographical expansions are common strategies employed by these companies to strengthen their market presence and cater to a global customer base. The competitive landscape of the HVAC equipment market is characterized by intense competition, technological advancements, and a strong emphasis on customer satisfaction and environmental sustainability. 'Daikin Industries (Japan) ', 'Johnson Controls (US) ', 'Mitsubishi Electric Corporation (Japan) ', 'Carrier Global Corporation (US) ', 'LG Electronics Inc. (South Korea) ', 'Trane Technologies plc (Ireland) ', 'Lennox International Inc. (US) ', 'Fujitsu General Ltd. (Japan) ', 'Rheem Manufacturing Company (US) ', 'Samsung Electronics Co., Ltd. (South Korea) ', 'Haier Group Corporation (China) ', 'Panasonic Corporation (Japan) ', 'Hitachi, Ltd. (Japan) ', 'Zamil Air Conditioners Holding Co. Ltd. (Saudi Arabia) ', 'Gree Electric Appliances Inc. (China) ', 'Midea Group Co., Ltd. (China) ', 'Vaillant Group (Germany) ', 'Viessmann Group (Germany) ', 'Zimmer Biomet Holdings, Inc. (US) ', 'Medtronic plc (Ireland) ', 'Stryker Corporation (US)'

The rising awareness and focus on energy efficiency are driving the demand for HVAC equipment that can minimize energy consumption while providing optimal comfort. Energy-efficient systems help reduce operational costs and environmental impact. For example, the implementation of inverter-based air conditioning systems, which adjust compressor speed based on cooling requirements, can significantly improve energy efficiency and reduce electricity consumption.

Integration of Smart Technologies and IoT: The integration of smart technologies and the Internet of Things (IoT) is revolutionizing the HVAC industry. HVAC systems can now be controlled and monitored remotely, enabling energy optimization, predictive maintenance, and personalized comfort settings. For example, smart thermostats allow users to control temperature settings through mobile applications and learn user preferences to automatically adjust the HVAC system for energy efficiency.

The Asia-Pacific region dominates the global market for HVAC systems, it accounted for share of 46.5% in 2023. This dominance is due to heightened demand from residential, commercial, and construction sectors. With significant commercial construction in key economies like China, Japan, and India, businesses across various sectors are establishing offices to tap into the local consumer markets. China’s swift urbanization has spurred both public and private investments in real estate and various developmental projects, which in turn is propelling the growth of the HVAC system market. 

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