The global HVAC equipment market size is expected to reach around US$ 206.89 billion by 2030 from US$ 130 billion in 2021 and is expected to grow at an impressive double-digit rate of 6.1% from 2021 to 2030.
The study includes drivers and restraints of this market. The study provides an analysis of the global HVAC equipment market for the period 2017-2030, wherein 2021 to 2030 is the forecast period and 2020 is considered as the base year.
Crucial factors accountable for market growth are:
- Surge in development of energy efficient HVAC equipment’s.
- The rapidly changing climatic conditions.
- Rising disposable income of the consumers.
- Increasing global warming and the need for comfort.
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Scope of the HVAC Equipment Market
| Report Coverage | Details |
| Market Size in 2021 | USD 130 Billion |
| Growth Rate From 2021 to 2030 | CAGR 6.1% |
| Fastest Growing Market | North America |
| Largest Market | Asia Pacific |
| Base Year | 2021 |
Regional Snapshots
Asia Pacific dominates the HVAC Equipment Market in terms of market share contributing a revenue share of more than 45% in 2020 and is expected to grow significantly during the forecast period owing to the rise in population, rapid industrialization & urbanization and increasing disposable incomes of the consumers. For instance, On 24th September 2021, Daikin Air-conditioning India Pvt. Ltd. signed a land lease agreement at Sri City to manufacture the air conditioners and components.
Report Highlights
- The cooling product segment accounted for more than 54% revenue share in 2020.
- The residential end use segment of the HVAC Equipment Market is estimated to lead the market with a market share of more than40% in 2021.
- By Geography, Asia Pacific is expected to lead the market contributing more than 45% revenue share in 2021 owing to the rise in population, urbanization and surge in disposable income of the consumers.
Market Dynamics
Driver - The rapid surge in the use of technologically advanced products in the HVAC systems that are energy-efficient is the major factor that drives the market growth. Also, the changing climatic condition across the globes propels the market demand for the need of HVAC systems
Restraint - The high installation and maintenance costs, high energy consumption, and other operational difficulties are negatively impact the growth of the market
Opportunity - The increasing awareness about the health hazards caused by the impure surrounding air, the consumers are inclined towards the use of HVAC systems for purifying the air and creating a hygienic indoor environment. This factor is expected to create huge opportunities that will accelerate the market growth.
Challenges - Climate variables in specific areas can have an impact on the life cycle of HVAC systems. For example, moist climates can shorten the life expectancy of HVAC systems due to their corrosive effects. This feature is expected to stifle market expansion.
Recent Developments
- On 4th May 2021, Evaporative pre-cooling technology is now available on Carrier's AquaForce 30XV product range, according to the company. This technique uses evaporation to lower ambient air temperatures entering Carrier's 30XV chiller, decreasing chiller power consumption, increasing dependability, and extending the chiller's life.
- On 9th July 2021, Mitsubishi Electric said that it will spend 167 million Turkish Lira in Mitsubishi Electric Air Conditioning Systems Manufacturing Turkey to expand production capacity (MACT).
- On 27th September 2021, – Emerson, a global leader in software, technology, and engineering, announced a partnership with Colgate-Palmolive Company to reduce wasted energy in Colgate's product packaging facilities and contribute to the company's goal of achieving net zero carbon emissions in operations by 2040, using Emerson's Smart Sensor Technology for Compressed Air Monitoring.
- On 15th October 2021, Trane Technologies, a global climate innovator, has acquired Farrar Scientific, a critical supplier for bioscience and biopharmaceutical customers that provides proprietary technology to fill an unmet need for flexible, modular, and efficient ultra-low temperature processing and storage, including cooling and heating/thawing.
- On 2nd September 2021, The launch of "K-12 Playbook," a new online resource centre for parents and schools to assist them build a more pleasant and efficient classroom environment for children, was announced by Trane Technologies, a global climate pioneer.
Why should you invest in this report?
If you are aiming to enter the global HVAC equipment market, this report is a comprehensive guide that provides crystal clear insights into this niche market. All the major application areas for HVAC equipment are covered in this report and information is given on the important regions of the world where this market is likely to boom during the forecast period of 2021-2030, so that you can plan your strategies to enter this market accordingly.
Besides, through this report, you can have a complete grasp of the level of competition you will be facing in this hugely competitive market and if you are an established player in this market already, this report will help you gauge the strategies that your competitors have adopted to stay as market leaders in this market. For new entrants to this market, the voluminous data provided in this report is invaluable.
Some of the prominent players in the global HVAC equipment market include:
Carrier Corporation, Daikin Industries Ltd., Ingersoll Rand, Johnson Controls, Trane Technologies, LG Electronics, Hitachi Ltd., United Technologies, Electrolux, Emerson Electric Co., Honeywell International Inc, Lennox International Inc. and, Mitsubishi Electric.
Market Segmentation:
By Product
- Heating
- Ventilation
- Cooling
By End-use
- Residential
- Commercial
- Industrial
Regional Analysis:
The geographical analysis of the global HVAC equipment market has been done for North America, Europe, Asia-Pacific, and the Rest of the World.
The North American Market is again segmented into the US, Canada, and Mexico. Coming to the European Market, it can be segmented further into the UK, Germany, France, Italy, Spain, and the rest. Coming to the Asia-Pacific, the global HVAC equipment Market is segmented into China, India, Japan, and Rest of Asia Pacific. Among others, the market is segmented into the Middle East and Africa, (GCC, North Africa, South Africa and Rest of the Middle East & Africa).
Key Questions Answered by the Report:
- What will be the size of the global HVAC equipment market in 2030?
- What is the expected CAGR for the HVAC equipment market between 2021 and 2030?
- Which are the top players active in this global market?
- What are the key drivers of this global market?
- How will the market situation change in the coming years?
- Which region held the highest market share in this global market?
- What are the common business tactics adopted by players?
- What is the growth outlook of the global HVAC equipment market?
TABLE OF CONTENT
Chapter 1. Introduction
1.1. Research Objective
1.2. Scope of the Study
1.3. Definition
Chapter 2. Research Methodology
2.1. Research Approach
2.2. Data Sources
2.3. Assumptions & Limitations
Chapter 3. Executive Summary
3.1. Market Snapshot
Chapter 4. Market Variables and Scope
4.1. Introduction
4.2. Market Classification and Scope
4.3. Industry Value Chain Analysis
4.3.1. Raw Material Procurement Analysis
4.3.2. Sales and Distribution Channel Analysis
4.3.3. Downstream Buyer Analysis
Chapter 5. COVID 19 Impact on HVAC Equipment Market
5.1. COVID-19 Landscape: HVAC Equipment Industry Impact
5.2. COVID 19 - Impact Assessment for the Industry
5.3. COVID 19 Impact: Global Major Government Policy
5.4. Market Trends and Opportunities in the COVID-19 Landscape
Chapter 6. Market Dynamics Analysis and Trends
6.1. Market Dynamics
6.1.1. Market Drivers
6.1.2. Market Restraints
6.1.3. Market Opportunities
6.2. Porter’s Five Forces Analysis
6.2.1. Bargaining power of suppliers
6.2.2. Bargaining power of buyers
6.2.3. Threat of substitute
6.2.4. Threat of new entrants
6.2.5. Degree of competition
Chapter 7. Competitive Landscape
7.1.1. Company Market Share/Positioning Analysis
7.1.2. Key Strategies Adopted by Players
7.1.3. Vendor Landscape
7.1.3.1. List of Suppliers
7.1.3.2. List of Buyers
Chapter 8. Global HVAC Equipment Market, By Product
8.1. HVAC Equipment Market, by Product Type, 2021-2030
8.1.1. Heating
8.1.1.1. Market Revenue and Forecast (2019-2030)
8.1.2. Ventilation
8.1.2.1. Market Revenue and Forecast (2019-2030)
8.1.3. Cooling
8.1.3.1. Market Revenue and Forecast (2019-2030)
Chapter 9. Global HVAC Equipment Market, By End-use
9.1. HVAC Equipment Market, by End-use, 2021-2030
9.1.1. Residential
9.1.1.1. Market Revenue and Forecast (2019-2030)
9.1.2. Commercial
9.1.2.1. Market Revenue and Forecast (2019-2030)
9.1.3. Industrial
9.1.3.1. Market Revenue and Forecast (2019-2030)
Chapter 10. Global HVAC Equipment Market, Regional Estimates and Trend Forecast
10.1. North America
10.1.1. Market Revenue and Forecast, by Product (2019-2030)
10.1.2. Market Revenue and Forecast, by End-use (2019-2030)
10.1.3. U.S.
10.1.3.1. Market Revenue and Forecast, by Product (2019-2030)
10.1.3.2. Market Revenue and Forecast, by End-use (2019-2030)
10.1.4. Rest of North America
10.1.4.1. Market Revenue and Forecast, by Product (2019-2030)
10.1.4.2. Market Revenue and Forecast, by End-use (2019-2030)
10.2. Europe
10.2.1. Market Revenue and Forecast, by Product (2019-2030)
10.2.2. Market Revenue and Forecast, by End-use (2019-2030)
10.2.3. UK
10.2.3.1. Market Revenue and Forecast, by Product (2019-2030)
10.2.3.2. Market Revenue and Forecast, by End-use (2019-2030)
10.2.4. Germany
10.2.4.1. Market Revenue and Forecast, by Product (2019-2030)
10.2.4.2. Market Revenue and Forecast, by End-use (2019-2030)
10.2.5. France
10.2.5.1. Market Revenue and Forecast, by Product (2019-2030)
10.2.5.2. Market Revenue and Forecast, by End-use (2019-2030)
10.2.6. Rest of Europe
10.2.6.1. Market Revenue and Forecast, by Product (2019-2030)
10.2.6.2. Market Revenue and Forecast, by End-use (2019-2030)
10.3. APAC
10.3.1. Market Revenue and Forecast, by Product (2019-2030)
10.3.2. Market Revenue and Forecast, by End-use (2019-2030)
10.3.3. India
10.3.3.1. Market Revenue and Forecast, by Product (2019-2030)
10.3.3.2. Market Revenue and Forecast, by End-use (2019-2030)
10.3.4. China
10.3.4.1. Market Revenue and Forecast, by Product (2019-2030)
10.3.4.2. Market Revenue and Forecast, by End-use (2019-2030)
10.3.5. Japan
10.3.5.1. Market Revenue and Forecast, by Product (2019-2030)
10.3.5.2. Market Revenue and Forecast, by End-use (2019-2030)
10.3.6. Rest of APAC
10.3.6.1. Market Revenue and Forecast, by Product (2019-2030)
10.3.6.2. Market Revenue and Forecast, by End-use (2019-2030)
10.4. MEA
10.4.1. Market Revenue and Forecast, by Product (2019-2030)
10.4.2. Market Revenue and Forecast, by End-use (2019-2030)
10.4.3. GCC
10.4.3.1. Market Revenue and Forecast, by Product (2019-2030)
10.4.3.2. Market Revenue and Forecast, by End-use (2019-2030)
10.4.4. North Africa
10.4.4.1. Market Revenue and Forecast, by Product (2019-2030)
10.4.4.2. Market Revenue and Forecast, by End-use (2019-2030)
10.4.5. South Africa
10.4.5.1. Market Revenue and Forecast, by Product (2019-2030)
10.4.5.2. Market Revenue and Forecast, by End-use (2019-2030)
10.4.6. Rest of MEA
10.4.6.1. Market Revenue and Forecast, by Product (2019-2030)
10.4.6.2. Market Revenue and Forecast, by End-use (2019-2030)
10.5. Latin America
10.5.1. Market Revenue and Forecast, by Product (2019-2030)
10.5.2. Market Revenue and Forecast, by End-use (2019-2030)
10.5.3. Brazil
10.5.3.1. Market Revenue and Forecast, by Product (2019-2030)
10.5.3.2. Market Revenue and Forecast, by End-use (2019-2030)
10.5.4. Rest of LATAM
10.5.4.1. Market Revenue and Forecast, by Product (2019-2030)
10.5.4.2. Market Revenue and Forecast, by End-use (2019-2030)
Chapter 11. Company Profiles
11.1. Carrier Corporation
11.1.1. Company Overview
11.1.2. Product Offerings
11.1.3. Financial Performance
11.1.4. Recent Initiatives
11.2. Daikin Industries Ltd.
11.2.1. Company Overview
11.2.2. Product Offerings
11.2.3. Financial Performance
11.2.4. Recent Initiatives
11.3. Ingersoll Rand
11.3.1. Company Overview
11.3.2. Product Offerings
11.3.3. Financial Performance
11.3.4. Recent Initiatives
11.4. Johnson Controls
11.4.1. Company Overview
11.4.2. Product Offerings
11.4.3. Financial Performance
11.4.4. Recent Initiatives
11.5. Trane Technologies
11.5.1. Company Overview
11.5.2. Product Offerings
11.5.3. Financial Performance
11.5.4. Recent Initiatives
11.6. LG Electronics
11.6.1. Company Overview
11.6.2. Product Offerings
11.6.3. Financial Performance
11.6.4. Recent Initiatives
11.7. Hitachi Ltd.
11.7.1. Company Overview
11.7.2. Product Offerings
11.7.3. Financial Performance
11.7.4. Recent Initiatives
11.8. United Technologies
11.8.1. Company Overview
11.8.2. Product Offerings
11.8.3. Financial Performance
11.8.4. Recent Initiatives
11.9. Electrolux
11.9.1. Company Overview
11.9.2. Product Offerings
11.9.3. Financial Performance
11.9.4. Recent Initiatives
11.10. Emerson Electric Co.
11.10.1. Company Overview
11.10.2. Product Offerings
11.10.3. Financial Performance
11.10.4. Recent Initiatives
Chapter 12. Research Methodology
12.1. Primary Research
12.2. Secondary Research
12.3. Assumptions
Chapter 13. Appendix
13.1. About Us
13.2. Glossary of Terms
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