HVAC Equipment Market Size, Share & Growth | Forecast [2031]

Report Description

The HVAC equipment market size is projected to expand at a substantial CAGR during the forecast period, 2021–2028. The growth of the market is attributed to the increasing population and rising disposable income.

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Heating, ventilation, and air conditioning (HVAC) are acronyms for heating, ventilation, and air conditioning. Buildings utilise HVAC systems to regulate the temperature inside. It also aids in the improvement of indoor air quality. For heat, air, and forced displacement ventilation, most systems are centralised. These systems typically consist of a heat pump or furnace that provides hot water, steam, or hot air, which is then distributed throughout the building. Humidity and smells may both be managed with the use of a forced or displacement ventilation system. HVAC systems are used in houses and buildings to heat, chill, and manage moisture levels.

HVAC equipment is a type of indoor and vehicular comfort technology that helps to provide thermal comfort and good indoor air quality. It is a vital component of single-family homes, apartment buildings, hotels, and senior living facilities, as well as medium to large industrial and office buildings, such as skyscrapers and hospitals, vehicles, such as cars, aircraft, ships, and submarines, and marine environments, where safe and healthy building conditions are regulated.

Market Trends, Drivers, Restraints, and Opportunities

• Increasing customer preferences for comfort is projected to fuel the market during the forecast period.
• Rapid urbanization and industrialization are key factors propelling the market in the coming years.
• High installation and maintenance costs are expected to hinder the market growth.
• Rising energy consumption and other operational problems acts as major challenges that can hamper the market in the coming years.
• R&D investment and technological advancement is anticipated to create lucrative opportunities for the market players.  

HVAC Equipment Market Scope 

The report on the HVAC equipment market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

HVAC Equipment Market Segment Insights

The air conditioning segment is projected to hold a major market share

Based on type, the HVAC equipment market is segregated into heating, air conditioning, and ventilation. The air conditioning segment is expected to represent a key share of the market during the forecast period. Due to the trend of a rising number of residential and commercial users, along with government mandates for energy efficiency and eco-friendly equipment, air conditioning equipment is projected to occupy a significant proportion of the market. Around 2 billion air conditioning units are in use globally, making space cooling the main driver of electricity consumption in buildings, with enough capacity to satisfy peak power demand. Residential air conditioners make up 68 % of all air conditioners. 

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The heat pumps segment is expected to grow at a rapid pace

In terms of equipment type, the HVAC equipment market is segmented into unitary equipment, applied equipment, chillers, heat pumps, ductless systems. The heat pumps segment is expected to represent a key share of the market during the forecast period. Heat pumps have been rapidly increasing in popularity for a variety of reasons, including climatic conditions, equipment's convenience, government tax credit advantages, and laws. Geothermal heat pumps are a tried-and-true technology that performs admirably when properly installed.

Despite this, the expensive expense of dug ground loop wells has limited the use of this technology to high-end residences. Furthermore, as the number of heat pumps rises, thermostats gain traction since they can switch the heat pump on or off based on input criteria such as time, current temperature, or other smart home features.

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North America is expected to dominate the market

On the basis of regions, the HVAC equipment market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is anticipated to dominate the market during the forecast period. Due to the numerous benefits given by HVAC systems, most notably the power-saving measures, these systems are widely adopted across North America.

The United States and Canada are among the top ten energy-consuming countries in the world. The market need for HVAC equipment has been driven by growing activity in the industrial sector, which includes manufacturing facilities (particularly the food industry), hospitals, data centers, and other institutional and industrial institutions. The existence of long-established firms in the region, who provide unique solutions to industrial challenges, has aided market expansion.

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