Global HVAC Market

HVAC Market by Equipment (Heating, Ventilation, and Cooling), Implementation (New Construction and Retrofit), End Users (Residential, Commercial, and Industrial), 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-4287
  • Author: Growth Market Reports
  • Rating: 4.7
  • Total Reviews: 2
  • No. Of Pages: 198
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The HVAC market was valued at USD 136.2 billion in 2020 and is projected to expanding at a CAGR of 6.2% during the forecast period, 2021 – 2028. The growth of the market is attributed to need to maintain an ambient environment in a building due to changing climatic conditions.


Global HVAC Market summary

HVAC stands for heating, ventilation, and air conditioning, and this system heats and cools industrial, commercial, and residential buildings. Ventilation is the process of replenishing or exchanging air within a room. This enhances the quality of indoor air by removing dust, heat, carbon dioxide, moisture, bacteria, smoke, and other contaminants, as well as managing temperature and maintaining oxygen quality.

The Covid-19 pandemic affected the demand and supply of HVAC market. Lockdown across the globe, supply chain disorders, and oscillating supply of raw materials forced manufacturers to shut down production leading to unfortunate decline in market growth. Launch of vaccines to combat the Covid-19 pandemic is expected to contribute to the market growth over the forecast period.

Market Trends, Drivers, Restraints, and Opportunities

  • Increasing government regulatory regulations and incentives to promote energy efficiency and natural resource conservation, are estimated to drive the market
  • Changes in industrialization, urbanization, and migration are some of the major factors driving the HVAC market.
  • Most customers have prioritized smart features and energy efficiency in their purchases, and this trend is projected to continue in the coming years, which is projected to fuel the market.
  • Lack of skilled labor act as a major factor that can hamper the market growth during the forecast period.
  • Lack of awareness about the advantages of HVAC systems in emerging nations act a key challenge that can restrict the market growth.
  • The HVAC industry is undergoing rapid IoT revolution which is projected to create lucrative opportunities for the market players during the forecast period.

Scope of the Report

The report on the global HVAC 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 Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast

Base Year

2020

Historic Data

2018–2019

Forecast Period

2021–2028

Segmentation

Equipment (Heating, Ventilation, and Cooling), Implementation (New Construction and Retrofit), End Users (Residential, Commercial, and Industrial)

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

Carrier Corporation; Trane Technologies; Daikin Industries, Ltd.; Lennox International, Inc.; Emerson Electric Co.; Johnson Controls International plc; and Hitachi Ltd.

Market Segment Insights

The cooling segment held major market share in 2020

Based on equipment, the market is segregated into heating, ventilation, and cooling. The cooling segment held major market share of around 54.5% of the total revenue in 2020. Cooling accounts for more than 10% of global electricity consumption, according to data published by the International Energy Agency (IEA). The numbers are staggering, which helps to understand why the cooling segment has long dominated the HVAC equipment industry. The use of air conditioners has increased due to rising population and disposable incomes, particularly in the hotter regions. As a result, cooling systems such as unitary AC’s and air conditioners are in more demand. Heating segment is projected to grow at a substantial rate during the forecast period. In 2020, the segment accounted for around 20.1% of the market share. The industry is expected to gain pace as the market shifts away from a fuel-based operating model toward more efficient low-carbon alternatives.

The new construction segment is projected to expand at a rapid pace during the forecast period

In terms of implementation, the market is bifurcated into new construction and retrofit. The new construction segment is projected to expand at a rapid pace during the forecast period. Several governments are investing heavily in development of infrastructure, such as airport, retail, hotel, and educational facility expansion projects. The demand for HVAC systems to regulate temperature and humidity, maintain air quality, and remove pollutants in buildings is increasing as construction activities increase. Government rules for smart homes, as well as subsidies for implementing energy-efficient HVAC systems in upcoming building projects, are estimated to boost the market.

The commercial segment is projected to hold major market share during the forecast period

On the basis of end-users, the market is fragmented into residential, commercial, and industrial. The commercial segment is projected to expand at a CAGR of around 6% during the forecast period. Several developments, from green and smart technologies to automated systems, are projected to have a significant impact on the commercial HVAC market's future. The demand for HVAC in commercial segment is expected to rise as the COVID-19 pandemic grows and permanent WFH models gradually migrate to a hybrid working style. The residential segment held major market share of around 40% of the total share in 2020. The residential HVAC market is expanding due to an increase in multi-family and single-family homes. Residential HVAC demand is likely to remain mostly unchanged in developed countries of the world, new markets, particularly developing markets, will, however, have a slightly larger demand. This is attributed to the rising population in emerging economies and the maturation of the market in developed markets.


Global HVAC Market end-users

Asia Pacific dominated the market in 2020

In terms of regions, the market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. Asia Pacific dominated the market and held major share of around 40% in 2020. Increased urbanization, increasing population, and rising consumer disposable income have all contributed to the region's market growth. North America is projected to hold major market share during the forecast period. Replacement sales owing to aged infrastructure or retrofit projects are providing OEMs with revenue streams other than expanding into the services and maintenance area.


Global HVAC Market regions

Segments

The global HVAC market has been segmented on the basis of
Equipment

  • Heating
  • Ventilation
  • Cooling

Implementation

  • New Construction
  • Retrofit

End Users

  • Residential
  • Commercial
  • Industrial

Regions

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

Key Players

Competitive Landscape

Key players competing in the HVAC market include Carrier Corporation; Trane Technologies; Daikin Industries, Ltd.; Lennox International, Inc.; Emerson Electric Co.; Johnson Controls International plc; and Hitachi Ltd. Some of these players are using several market strategies such as acquisitions, merger, collaborations, partnerships, capacity expansion, and product launches to enhance their market shares and to generate revenue and raise their production line of the business in the coming years.

Global HVAC Market keyplayers

1. Executive Summary
2. Assumptions and Acronyms Used
3. Research Methodology
4. HVAC 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 Market Dynamics
     4.3.1. Market Drivers
     4.3.2. Market Restraints
     4.3.3. Opportunity
     4.3.4. Market Trends
  4.4. HVAC Market - Supply Chain
  4.5. Global HVAC Market Forecast
     4.5.1. HVAC Market Size (US$ Mn) and Y-o-Y Growth
     4.5.2. HVAC Market Size (000’ Units) and Y-o-Y Growth
     4.5.3. HVAC Market Absolute $ Opportunity
5. Global HVAC 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 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 Demand Share Forecast, 2019-2026
6. North America HVAC 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 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 Demand Share Forecast, 2019-2026
7. Latin America HVAC 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 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 Demand Share Forecast, 2019-2026
8. Europe HVAC 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 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 Demand Share Forecast, 2019-2026
9. Asia Pacific HVAC 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 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 Demand Share Forecast, 2019-2026
10. Middle East & Africa HVAC 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 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 Demand Share Forecast, 2019-2026
11. Competition Landscape
  11.1. Global HVAC Market: Market Share Analysis
  11.2. HVAC Distributors and Customers
  11.3. HVAC Market: Competitive Dashboard
  11.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
     11.4.1. Carrier Corporation
     11.4.2. Trane Technologies
     11.4.3. Daikin Industries, Ltd.
     11.4.4. Lennox International, Inc.
     11.4.5. Emerson Electric Co.
     11.4.6. Johnson Controls International plc
     11.4.7. Hitachi Ltd.

The global HVAC market has been segmented on the basis of
Equipment

  • Heating
  • Ventilation
  • Cooling

Implementation

  • New Construction
  • Retrofit

End Users

  • Residential
  • Commercial
  • Industrial

Regions

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

Key Players

Key players competing in the HVAC market include Carrier Corporation; Trane Technologies; Daikin Industries, Ltd.; Lennox International, Inc.; Emerson Electric Co.; Johnson Controls International plc; and Hitachi Ltd. Some of these players are using several market strategies such as acquisitions, merger, collaborations, partnerships, capacity expansion, and product launches to enhance their market shares and to generate revenue and raise their production line of the business in the coming years.

Global HVAC Market keyplayers

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