HVAC Equipment Market

HVAC Equipment Market by Type (Heating, Air Conditioning, and Ventilation), Equipment Type (Unitary Equipment, Applied Equipment, Chillers, Heat Pumps, Ductless Systems), and Regions (Asia Pacific, North America, Latin America, Europe, and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2021 – 2028

  • Report ID: CM-1854
  • Author: Growth Market Reports
  • Rating: 4.9
  • Total Reviews: 3
  • No. Of Pages: 217
  • Format:
  • Pub. Date: Upcoming
  • Share:

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.

HVAC Equipment Market

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.  

Scope of the Report

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.

Attributes

Details

Report Title

HVAC Equipment Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast

Base Year

2020

Historic Data

2018–2019

Forecast Period

2021–2028

Segmentation

 Type (Heating, Air Conditioning, and Ventilation), Equipment  Type (Unitary Equipment, Applied Equipment, Chillers, Heat Pumps, Ductless Systems)

Regional Scope

Asia Pacific, North America, Latin America, Europe, and Middle East & Africa

Report Coverage

Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast

Key Players Covered in the Report

Honeywell International, Inc.; Daikin Industries Ltd.; Johnson Controls - Hitachi Air Conditioning Company; Daikin Industries; and Mitsubishi Electric Trane HVAC US LLC

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. 

HVAC Equipment Market

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.

HVAC Equipment Market

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.

HVAC Equipment Market

1. Executive Summary
2. Assumptions and Acronyms Used
3. Research Methodology
4. HVAC Equipment Market Overview
  4.1. Introduction
     4.1.1. Market Taxonomy
     4.1.2. Market Definition
  4.2. Macro-Economic Factors
     4.2.1. Industry Outlook
  4.3. HVAC Equipment Market Dynamics
     4.3.1. Market Drivers
     4.3.2. Market Restraints
     4.3.3. Opportunity
     4.3.4. Market Trends
  4.4. HVAC Equipment Market - Supply Chain
  4.5. Global HVAC Equipment Market Forecast
     4.5.1. HVAC Equipment Market Size (US$ Mn) and Y-o-Y Growth
     4.5.2. HVAC Equipment Market Size (000’ Units) and Y-o-Y Growth
     4.5.3. HVAC Equipment Market Absolute $ Opportunity
5. Global HVAC Equipment Market Analysis and Forecast by Region
  5.1. Market Trends
  5.2. Introduction
     5.2.1. Basis Point Share (BPS) Analysis by Region
     5.2.2. Y-o-Y Growth Projections by Region
  5.3. HVAC Equipment Market Size and Volume Forecast by Region
     5.3.1. North America
     5.3.2. Latin America
     5.3.3. Europe
     5.3.4. Asia Pacific
     5.3.5. Middle East and Africa (MEA)
  5.4. Absolute $ Opportunity Assessment by Region
  5.5. Market Attractiveness/Growth Potential Analysis by Region
  5.6. Global HVAC Equipment Demand Share Forecast, 2019-2026
6. North America HVAC Equipment Market Analysis and Forecast
  6.1. Introduction
     6.1.1. Basis Point Share (BPS) Analysis by Country
     6.1.2. Y-o-Y Growth Projections by Country
  6.2. North America HVAC Equipment Market Size and Volume Forecast by Country
     6.2.1. U.S.
     6.2.2. Canada
  6.3. Absolute $ Opportunity Assessment by Country
  6.4. Market Attractiveness/Growth Potential Analysis
     6.4.1. By Country
     6.4.2. By Product Type
     6.4.3. By Application
  6.5. North America HVAC Equipment Demand Share Forecast, 2019-2026
7. Latin America HVAC Equipment Market Analysis and Forecast
  7.1. Introduction
     7.1.1. Basis Point Share (BPS) Analysis by Country
     7.1.2. Y-o-Y Growth Projections by Country
     7.1.3. Latin America Average Pricing Analysis
  7.2. Latin America HVAC Equipment Market Size and Volume Forecast by Country
      7.2.1. Brazil
      7.2.2. Mexico
      7.2.3. Rest of Latin America
   7.3. Absolute $ Opportunity Assessment by Country
  7.4. Market Attractiveness/Growth Potential Analysis
     7.4.1. By Country
     7.4.2. By Product Type
     7.4.3. By Application
  7.5. Latin America HVAC Equipment Demand Share Forecast, 2019-2026
8. Europe HVAC Equipment Market Analysis and Forecast
  8.1. Introduction
     8.1.1. Basis Point Share (BPS) Analysis by Country
     8.1.2. Y-o-Y Growth Projections by Country
     8.1.3. Europe Average Pricing Analysis
  8.2. Europe HVAC Equipment Market Size and Volume Forecast by Country
     8.2.1. Germany
     8.2.2. France
     8.2.3. Italy
     8.2.4. U.K.
     8.2.5. Spain
     8.2.6. Russia
     8.2.7. Rest of Europe
  8.3. Absolute $ Opportunity Assessment by Country
  8.4. Market Attractiveness/Growth Potential Analysis
     8.4.1. By Country
     8.4.2. By Product Type
     8.4.3. By Application
  8.5. Europe HVAC Equipment Demand Share Forecast, 2019-2026
9. Asia Pacific HVAC Equipment Market Analysis and Forecast
  9.1. Introduction
     9.1.1. Basis Point Share (BPS) Analysis by Country
     9.1.2. Y-o-Y Growth Projections by Country
     9.1.3. Asia Pacific Average Pricing Analysis
  9.2. Asia Pacific HVAC Equipment Market Size and Volume Forecast by Country
     9.2.1. China
     9.2.2. Japan
     9.2.3. South Korea
     9.2.4. India
     9.2.5. Australia
     9.2.6. Rest of Asia Pacific (APAC)
  9.3. Absolute $ Opportunity Assessment by Country
  9.4. Market Attractiveness/Growth Potential Analysis
     9.4.1. By Country
     9.4.2. By Product Type
     9.4.3. By Application
  9.5. Asia Pacific HVAC Equipment Demand Share Forecast, 2019-2026
10. Middle East & Africa HVAC Equipment Market Analysis and Forecast
  10.1. Introduction
     10.1.1. Basis Point Share (BPS) Analysis by Country
     10.1.2. Y-o-Y Growth Projections by Country
     10.1.3. Middle East & Africa Average Pricing Analysis
  10.2. Middle East & Africa HVAC Equipment Market Size and Volume Forecast by Country
     10.2.1. Saudi Arabia
     10.2.2. South Africa
     10.2.3. UAE
     10.2.4. Rest of Middle East & Africa (MEA)
  10.3. Absolute $ Opportunity Assessment by Country
  10.4. Market Attractiveness/Growth Potential Analysis
     10.4.1. By Country
     10.4.2. By Product Type
     10.4.3. By Application
  10.5. Middle East & Africa HVAC Equipment Demand Share Forecast, 2019-2026
11. Competition Landscape
  11.1. Global HVAC Equipment Market: Market Share Analysis
  11.2. HVAC Equipment Distributors and Customers
  11.3. HVAC Equipment Market: Competitive Dashboard
  11.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
     11.4.1. Honeywell International, Inc. Daikin Industries Ltd. Johnson Controls - Hitachi Air Conditioning Company Daikin Industries Mitsubishi Electric Trane HVAC US LLC

Segments Covered in the Report

The HVAC equipment market has been segmented on the basis of

Type

  • Heating
  • Air Conditioning
  • Ventilation

Equipment Type

  • Unitary Equipment
  • Applied Equipment
  • Chillers
  • Heat Pumps
  • Ductless Systems

Regions

  • Asia Pacific
  • North America
  • Latin America
  • Europe
  • Middle East & Africa

Key Players

  • Honeywell International, Inc.
  • Daikin Industries Ltd.
  • Johnson Controls - Hitachi Air Conditioning Company
  • Daikin Industries
  • Mitsubishi Electric Trane HVAC US LLC

Key players competing in the HVAC equipment market include Honeywell International, Inc., Daikin Industries Ltd., Johnson Controls - Hitachi Air Conditioning Company, Daikin Industries, and Mitsubishi Electric Trane HVAC US LLC.

Some of these players are using several market strategies such as mergers, acquisitions, partnerships, collaborations, capacity expansion, and product launches to increase their market shares.

HVAC Equipment Healthcare Market

Buy Report