Dublin, Jan. 19, 2024 (GLOBE NEWSWIRE) -- The "Europe HVAC System Market Forecast to 2030 - Regional Analysis - by Component, Type, Implementation, and Application" report has been added to ResearchAndMarkets.com's offering.
The Europe HVAC System Market HVAC system market was valued at US$ 50.7 billion in 2022 and is forecast to reach US$ 125 billion by 2030; it is estimated to grow at a CAGR of 11.9% from 2022 to 2030.
Increasing adoption of digitalization across the European region is not only influencing different industries to maximize their capabilities but also experiencing high adoption of advanced solutions across the region. This is helping the HVAC sector to increase profitability by expanding the platforms of distribution. The demand for heating or cooling that is implemented by the HVAC systems is driven by the increasing need in industrial, commercial building spaces, or residential areas.
As reported by European Commission, residential and commercial buildings, HVAC systems constitute about 35% of the total energy consumption. For energy consumption, high-efficiency heat pumps can be utilized to reduce or eliminate the use of refrigerants. Hence the demand for such alternatives to reduce GHG emissions is increasing.
The increase in new residential areas, increasing average construction expenses, increasing government expenses on sustainable building development, growth in disposable income and rapid urbanization across several European economies are major factors driving the adoption of HVAC systems in Europe. The regulations formed by the governments in Europe in accordance with energy efficiency and the preference for eco-friendly refrigerants in regions such as the United Kingdom, Germany, and France.
Rise in Demand for Energy-Efficient Solutions Fuel the Europe HVAC System Market
To improve the quality-of-life usage of energy-efficient appliances has been growing in recent times. The reason behind the increase in energy-efficient solutions is not only because they save energy but also because they need less maintenance and have lesser replacement costs. These solutions contribute to a positive impact on the environment.
Europe HVAC System Market Segmentation
- The Europe HVAC system market is segmented based on component, type, implementation, application, and country. Based on component, the Europe HVAC system market is segmented into thermostat, air handling units, central ACs, furnace, heat pump, compressor, and others. The central ACs segment held the largest market share in 2022.
- Based on type, the Europe HVAC system market is segmented into split system, ductless system, and packaged system. The split system segment held the largest market share in 2022.
- Based on application, the Europe HVAC system market is segmented into residential, commercial, and industrial. The residential segment held the largest market share in 2022.
- Based on implementation, the Europe HVAC system market is segmented into new installation and retrofit. The new installation segment held a larger market share in 2022.
- Based on country, the Europe HVAC system market is segmented into Germany, France, Italy, the UK, Russia, and the Rest of Europe. Germany dominated the Europe HVAC System market in 2022.
Company Profiles
- Mitsubishi Electric
- Hitachi
- Daikin Industries
- Emerson Electric
- Honeywell International
- LG Electric
- Carrier Global
- Johnson Controls
Key Report Benefits
- Save and reduce time carrying out entry-level research by identifying the growth, size, leading players, and segments in the Europe HVAC system market.
- Highlights key business priorities in order to assist companies to realign their business strategies
- The key findings and recommendations highlight crucial progressive industry trends in the Europe HVAC system, thereby allowing players across the value chain to develop effective long-term strategies
- Develop/modify business expansion plans by using substantial growth offering developed and emerging markets
- Scrutinize in-depth Europe market trends and outlook coupled with the factors driving the Europe HVAC system market, as well as those hindering it
- Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing, and distribution
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 172 |
| Forecast Period | 2022 - 2030 |
| Estimated Market Value (USD) in 2022 | $50772.07 Million |
| Forecasted Market Value (USD) by 2030 | $125024.86 Million |
| Compound Annual Growth Rate | 11.9% |
| Regions Covered | Europe |
For more information about this report visit https://www.researchandmarkets.com/r/gddxb0
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