The latest research study “HVAC Equipment Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028” by IMARC Group, finds that the global HVAC equipment market size reached US$ 209.7 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 292.4 Billion by 2028, exhibiting a growth rate (CAGR) of 5.4% during 2023-2028.
Heating, ventilation and air conditioning (HVAC) equipment are used to provide environmental comfort to occupants and allow appropriate air quantity in homes and vehicles. They include cooling, heating, hybrid split, duct-free, and packaged systems. HVAC equipment aid in improving the ambiance quality of an enclosed space and providing conditioned air. They also assist in replenishing oxygen and removing moisture, dust, bacteria, smoke, and unwanted pollutants. In addition, HVAC equipment are environment-friendly and save construction space, installation time, and cost, and minimize power usage. As a result, these systems find widespread applications in residential, industrial, and commercial sectors across the globe.
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HVAC Equipment Market Trends and Drivers:
The escalating construction of residential and commercial buildings, owing to the rising urbanization levels and the increasing population, is among the primary factors driving the HVAC equipment market. Besides this, the expansion of hotels, restaurants, shopping malls, and movie theaters is bolstering the demand for these systems as they maintain a consistent temperature, which is further augmenting the market growth. Moreover, the growing popularity of HVAC equipment, on account of the sudden changes in climate and high temperature that significantly impact energy consumption and air conditioning loads of buildings, is also catalyzing the global market. Apart from this, the extensive usage of technologically advanced and energy-efficient variants is acting as another significant growth-inducing factor. Additionally, the elevating focus of the leading manufacturers on retaining their position through partnership, acquisition, and business expansion is also stimulating the market growth. Furthermore, the launch of several policies by the government bodies across countries to encourage individuals to use energy-efficient devices in their homes and workplaces is anticipated to propel the HVAC equipment market over the forecasted period.
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Competitive Landscape:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
Carrier Global Corporation, Daikin Industries Ltd., Danfoss AS, Emerson Electric Co., Honeywell International Inc., Johnson Controls International, Lennox International Inc, LG Electronics Inc., Mitsubishi Electric Corporation, Panasonic Holdings Corporation, Samsung Electronics Co. Ltd., Trane Technologies plc and Whirlpool Corporation.
The report has segmented the market on the basis of type, system type and end user.
Breakup by Type:
- Heating
- Air Conditioning
- Ventilation
- Others
Breakup by System Type:
-
Central
- All-Air Systems
- All-Water Systems
- Air-Water Systems
- Water-Source Heat Pumps
- Heating and Cooling Panels
-
Decentralized
- Local Heating Systems
- Local Cooling Systems
- Local Ventilation Systems
- Local Air-Conditioning Systems
- Split Systems
Breakup by End User:
- Residential
- Commercial
- Industrial
Breakup by Region:
- North America: (United States, Canada)
- Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
Key highlights of the report:
- Market Performance (2017-2022)
- Market Outlook (2023- 2028)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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