Global HVAC Equipment Market was valued US$ XX Bn in 2018 and is expected to reach US$ XX Bn by 2026, at a CAGR of around XX % during a forecast period.
Increasing demand in the residential and commercial infrastructure have led to the increase in urbanization, this rising demand in the construction industry will drive HVAC equipment market. Rise in the population in numerous regions such as Asia-Pacific and North-American regions will in turn leads to the development in residential buildings which is also a major driver for HVAC equipment market. The other drivers comprise, the changes in the atmospheric conditions, advancement of technologies and replacement of aging equipment and many more.
The continuous increase in the prices and availability of these raw materials has been a major challenge for HVAC equipment market. The other major challenge in this market is the specialized equipment costs required for servicing a product.
By end use, residential segment held the market share of over 40% in 2017. Residential HVAC units are smaller and simpler compared to their commercial and industrial counterparts.
But, the commercial segment is expected to expand at the highest CAGR over the forecast period on account of rapid urbanization and rising demand for commercial space. Commercial HVAC units take a significant amount of space and are usually located on rooftops of buildings such as shopping malls, hotels, big restaurants, theaters, and commercial offices accounting for the maximum energy consumption. Hence, retrofitting and replacement of these units to minimize energy consumption is anticipated to boost growth of the commercial segment.
Globally, Europe is driven by the presence of considerable real estate and tourism industry in the region. The commercial HVAC units dominate the North American and European market because of the well-established service industry and rising real-estate sector. Implementation of stringent government norms, growing construction activities, and a stable industrial base are predicted to drive the market in these regions.
Asia Pacific dominates the industry because of the climatic conditions, rising populace, disposable income, desire for better comfort, and urbanization in emerging economies. Collaboration between regulatory bodies and industry specialists to create consciousness regarding star-labeled HVAC units coupled with favorable government initiatives promoting the use of advanced energy efficient units in old and new buildings will boost the market growth.
The report delivers deep insights into the demand forecasts, market trends, and micro and macro indicators. Additionally, this report offers insights into the factors that are driving and restraining the growth in this market. Furthermore, the study highlights current market trends and provides forecast from 2018-2026. We also have highlighted future trends in the market that will affect the demand throughout the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the foremost players.
The objective of the report is to present a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, industry-validated market data and projections with a suitable set of assumptions and methodology. The report also helps in understanding global HVAC equipment market dynamics, structure by identifying and analyzing the market segments and project the global market size. Further, the report also focuses on the competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence. The report also provides PEST analysis, PORTER’s analysis, SWOT analysis to address the question of shareholders to prioritizing the efforts and investment in the near future to the emerging segment in global HVAC equipment market.
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HVAC Equipment Market: Global Industry Analysis And Forecast (2023-2029)
Scope of Global HVAC Equipment Market
Global HVAC Equipment Market, By Equipment Type
- Heating
o Heat Pumps
o Furnaces
o Unitary Heaters
o Boilers
- Air Conditioning
o Room Air Conditioners
o Unitary Air Conditioners
o Coolers and Others
- Ventilation
o Ventilation Fans/Air Pumps
o Humidifiers/Dehumidifiers
Global HVAC Equipment Market, By End-use Industry
- Residential
- Commercial
- Industrial
Global HVAC Equipment Market, By Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
Key Players Operating in Global HVAC Equipment Market
- Carrier Corporation
- AB Electrolux
- Haier Ltd.
- Lennox International Inc.
- Panasonic Corporation
- LG Corporation
- Samsung Electronics
- Daikin Industries Ltd.
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