HVAC Equipment Market - Global Size, Share, Trends, Growth and Forecast Year ( 2023 – 2032 )
HVAC Equipment Definition
The HVAC refers to heating, ventilation, and air conditioning systems. The market for HVAC equipment includes sales, products, and services. The temperature, humidity, and air quality inside the building and homes are controlled by these HVAC systems. In residential, commercial, and industrial buildings, the HVAC systems provide comfort and safety to the people.
Several HVAC systems in the market include central heating and air conditioning systems, ductless mini-split systems, and geothermal heat pumps. The type of system depends on the size of the building, the climate conditions, and the particular needs of the occupants.
HVAC Equipment Market Overview
The worldwide HVAC Equipment market was approximately valued at USD 166.9 billion in 2022, is expected to succeed in USD 287.8 billion in 2032, with a compound annual growth rate (CAGR) of 5.6% during the forecast period (2023-2032). The market for HVAC equipment is highly competitive nature. The HVAC equipment market is growing due to several factors, including population growth, urbanization, and increased construction activity. As more people are moving into cities and the demand for new buildings is increasing, the demand for HVAC systems also grows. In addition, the increasing awareness of the advancements in technology is leading to the development of more energy-efficient HVAC systems, which increases the demand in the market. The Asia Pacific considered being a significant market for HVAC equipment, followed by North America and Europe.
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HVAC Equipment Report Scope |
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Base Year Market Size |
2022 USD 166.9 billion
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Forecast Year Market Size
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2032 USD 287.8 billion |
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CAGR Value
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5.6% from 2023 to 2032 |
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Segmentation
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Challenges
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Growth Drivers
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HVAC Equipment Market Key Drivers
There are various factors which help in the growth of the handheld digital multimeter market which are as follows:
- Population growth: The HVAC market grows if there is an increase in population and urbanization. This is because the need for these systems increases for both residential and commercial buildings.
- Urbanization: The preferences of people are changing due to urbanization which makes them move to cities in high-rise buildings. Because of this, the demand for HVAC systems increases.
- Energy efficiency: Government regulations are increasing the demand for energy-efficient HVAC systems. Hence the market is growing due to new developments.
- Government regulations: The government is implementing several rules and regulations for energy-efficient systems are directly leading to an increase in demand for more energy-efficient equipment.
- Technological advancements: The advancements in technology also lead to the growing demand for better and improved performance of HVAC systems that are more energy efficient.
- Increasing demand for air conditioning: The increasing hot and humid weather conditions have led to an increase in air conditioners in various regions.
- Increased construction activity: The HVAC market is dependent on construction activity as well. The more will the new buildings, the more will be the demand for HVAC systems.
HVAC Equipment Market Challenges
There are many challenges which are faced by DMMs market and are listed below:
- High upfront costs: The cost of installation and purchase is high which acts as a barrier for some customers.
- Limited access to financing: There is limited access to finances. Therefore, this makes it difficult for some customers who are not financially strong to invest in HVAC systems.
- Lack of awareness: Due to low literacy rates, many people are unaware of the benefits of HVAC systems or may not be able to operate the systems. This lack of awareness acts as a barrier to the HVAC equipment market.
- Competition from low-cost products: The market for HVAC systems is highly competitive. There are low-cost systems that are available in the market. Customers, who are not financially strong, always prefer the low-cost product. Besides the fact that the low-cost product may not be energy efficient or reliable, they may still choose them.
- Increasing regulations: The government worldwide is implementing several rules and regulations for energy efficiency. Due to this, the manufacturers were forced to invest in the development and research to make their products more energy efficient. These can further make the product more costly and acts as a barrier.
- COVID-19 pandemic: The HVAC equipment market is also reliant on construction activity. But due to the COVID-19 pandemic, construction activities were stopped, and the supply chains were disrupted. These harm the HVAC equipment market.
- Climate change: Climatic conditions are a concern for the HVAC equipment market. When the weather is hot, there is a high demand for these systems, but vice versa if the weather is pleasant or cold. Besides this, the HVAC systems also contribute to the change in weather conditions. That is hindering the growth of the market.
HVAC Equipment Market Regional Synopsis
- North America: North America is considered to be a strong and well-established market for HVAC equipment. This region has a high demand for both residential and commercial users. The markets in this region are the United States, which is the largest market, followed by Canada and Mexico. This region is also expected to have a high growth rate during the forecast period. The players present in the region are investing in the advancement of HVAC systems to cater to the demand of end-users.
- Europe: The European region is well-versed in technology and hence there is a high demand for energy-efficient HVAC equipment. The market is well developed and is also a leading manufacturer of HVAC equipment. The market is expected to grow moderately in the upcoming years.
- Asia Pacific: The Asia Pacific market is considered to be the most significant and fastest-growing market for HVAC equipment. The markets of China followed by India and Japan are the major markets of the region. The market is driven by rapid economic growth. The demand for air conditioning equipment is increasing due to climatic conditions such as hot and humid. The rising rate of urbanization and industrialization in the region has necessitated the usage of the HVAC system in end-user applications. Many companies have started their regional manufacturing base due to the rise in industrial manufacturing.
- South America: The South American Market is expected to grow during the forecast period even though the market in this region is smaller than that of the other regions. This is because there is an increase in urbanization and rising incomes of the users. The largest market in this region is the market of Brazil.
- Middle East and Africa: Similar is the case of this region, where the market is expected to grow in the upcoming years even though the market is comparatively small because of increasing construction activities and growing demand for energy-efficient systems. The largest market in this region is the United Arab Emirates.
HVAC Equipment Market Segmentation
The DMMs market is segmented into various categories which are listed below:
- By products: Heating Equipment ( furnaces, boilers, heat pumps), Ventilation Equipment ( fans, ducts, air handling units), Air Conditioning Equipment ( central air conditioners, window units, portable units)
- By services: Installation, Repair, Maintenance, Consulting, and Design.
- By end-user applications: Residential, Commercial, and Industrial.
- By geography: North America, Europe, Asia Pacific, South America, and Middle East and Africa.
HVAC Equipment Market Key Players
- Daikin Industries
- Carrier
- Trane Technologies
- Fujitsu General
- Toshiba Carrier
- LG
- Lennox International
- Mitsubishi Electric
- Others
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- Publication date: 23rd May 2023
- Base year: 2022
- Forecast year: 2023-2033
- Format: PDF, PPT,Word,Excel
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