Burlingame, Dec. 18, 2023 (GLOBE NEWSWIRE) -- The global HVAC Equipment Market size was valued at $195.0 million in 2022 and is projected to reach $326.5 million by 2030, recording a CAGR of 6.6% during the forecast period
The HVAC Equipment Market is driven by various factors, including the increasing demand for energy-efficient solutions and the growing construction industry. With the rising concern for energy conservation and environmental sustainability, there has been a significant shift towards the adoption of energy-efficient HVAC systems. These systems reduce energy consumption and help in minimizing greenhouse gas emissions. Additionally, the growing focus on indoor air quality and comfort is also driving the demand for advanced HVAC equipment. Technological advancements, such as the integration of smart controls and IoT-enabled devices, further enhance the efficiency and performance of HVAC systems.
Coherent Market Insights displays this information in a report titled, "HVAC Equipment Market, 2022-2030."
Request Sample Copy of this Report: https://www.coherentmarketinsights.com/insight/request-sample/4772
Market Trends:
The HVAC Equipment Market is experiencing several key trends that are shaping the industry landscape. One major trend is the increasing adoption of renewable energy sources in HVAC systems. Solar-powered heating and cooling systems are gaining traction as they provide clean and sustainable energy solutions. Another trend is the integration of smart technology in HVAC equipment, enabling remote monitoring, control, and optimization of the systems. This allows users to efficiently manage their HVAC systems, adjust settings based on occupancy, and save energy. Moreover, there is a growing demand for hybrid HVAC systems that combine multiple energy sources, such as electricity, gas, and renewable energy, to optimize performance and energy efficiency.
Market Opportunities:
Growing Demand for Energy-efficient HVAC Equipment
The increasing awareness about environmental sustainability and the need to reduce energy consumption has led to a surge in demand for energy-efficient HVAC equipment. Consumers are increasingly looking for systems that not only provide effective cooling and heating but also consume less energy. This has resulted in the development of advanced technologies, such as smart thermostats and variable refrigerant flow (VRF) systems, which offer improved energy efficiency.
The market opportunity lies in catering to this growing demand for energy-efficient HVAC equipment. Manufacturers can focus on developing and promoting products that are in line with energy efficiency standards, such as Energy Star certification. By offering innovative solutions that help consumers save on energy costs while reducing their carbon footprint, companies can capture a significant market share in the HVAC equipment market.
The Asia-Pacific region, particularly countries like China and India, has witnessed rapid urbanization and industrialization in recent years. This has led to a surge in construction activities, including residential, commercial, and industrial buildings. As a result, there is a growing demand for HVAC equipment in this region.
In addition to new constructions, the retrofit market is also booming in the Asia-Pacific region. Many existing buildings and facilities are being upgraded with HVAC systems to improve energy efficiency and comfort levels. This presents a lucrative opportunity for HVAC equipment manufacturers, as they can tap into this growing market by offering a wide range of products suitable for both new installations and retrofits.
Buy this Complete Business Research Report: https://www.coherentmarketinsights.com/insight/buy-now/4772
Recent development:
In July 2021, Hitachi announced its first modular side throw variable refrigerant volume (VRF) air conditioning system.
In February 2020, Panasonic Corporation, announced the release of a futuristic range of connected air conditioners.
Market Takeaways:
The HVAC Equipment Market is anticipated to witness a CAGR of 6.6% during the forecast period 2023-2030, owing to the increasing demand for energy-efficient solutions and the growth in construction activities, particularly in the Asia-Pacific region.
On the basis of the end-use segment, the residential sector is expected to hold a dominant position. This can be attributed to the increasing disposable income and changing lifestyle patterns of consumers, resulting in a higher demand for HVAC systems in residential buildings.
In terms of product type, the heating segment is expected to dominate the market. With the growing need for warmth during the winter months, heating equipment, such as furnaces and heat pumps, are in high demand.
From a regional perspective, North America is expected to hold a dominant position over the forecast period. This can be attributed to the presence of well-established HVAC equipment manufacturers and the increasing focus on energy efficiency in the region.
Key players operating in the HVAC Equipment Market include United Technologies Corporation (Carrier), LG Corporation, Daikin Industries. Ltd., AB Electrolux, Haier Inc, Lennox International Inc., Samsung Electronics, and Panasonic Corporation. These players are focused on product innovation, strategic partnerships, and expansion into emerging markets to maintain their market dominance.
Overall, the HVAC Equipment Market presents significant opportunities for manufacturers who can cater to the growing demand for energy-efficient solutions and tap into the Asia-Pacific region's construction boom. By offering innovative and environmentally-friendly products, companies can gain a competitive edge in this rapidly expanding market.
Read complete market research report,"HVAC Equipment Market, By End-use, By Product Type, By Geography, Market Size And Share Analysis - Growth Trends And Forecasts 2023-2030", Published by Coherent Market Insights.
Detailed Segmentation:
- Global HVAC Equipment Market, By Product Type
- Heating
- Air Conditioning
- Ventilation
- Global HVAC Equipment Market, By End-use
- Residential
- Commercial
- Industrial
- Global HVAC Equipment Market, By Region
- North America
- U.S.
- Canada
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Europe
- Germany
- U.K.
- Spain
- France
- Italy
- Russia
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- Australia
- South Korea
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- GCC Countries
- Rest of Middle East & Africa
- North America
Ask for Customization: https://www.coherentmarketinsights.com/insight/request-customization/4772
Find more related trending reports below:
Hybrid Devices Market, By Screen Size (Less than 12 inch (<12”), 12 inch to 15 inch (12”-15”), and Greater than 15 inch (>15”)), By Type (Detachable and Convertible), By End-use (Retail, Personal Use, Healthcare, Telecom and IT, Educational, Institutions, and Others), By Region (North America, Latin America, Europe, Asia Pacific, Middle East and Africa) - Size, Share, Outlook, and Opportunity Analysis, 2022 – 2028
Evaporative Cooling Market, By Type of Cooling (Direct Evaporative Cooling, Indirect Evaporative Cooling, Two-stage Evaporative Cooling), By Application (Residential Applications, Commercial Applications, Industrial Applications, Confinement Farming, and Other Applications), By Distribution Channel (Big Box Retailers, HVAC Contractors and Distributors, and Other Distribution Channels), and By Geography (North America, Europe, Asia Pacific, Middle East and Africa, and Latin America)- Size, Share, Outlook, and Opportunity Analysis, 2022 – 2030
Video Borescopes Market, By Type (Rigid Video Borescopes, Flexible Video Borescopes, Semi-Rigid Video Borescopes), By Diameter( Small-Diameter Video Borescopes (less than 5mm), Medium-Diameter Video Borescopes (5mm to 10mm), Large-Diameter Video Borescopes (greater than 10mm)), By Application (Automotive, Aerospace, Manufacturing, Power Generation, Oil and Gas, Healthcare, Infrastructure, Others), By End User (Technicians, Engineers, Quality Inspectors, Maintenance Professionals, Field Service Personnel, Others), By Industry (Automotive, Aerospace and Defense, Manufacturing and Industrial, Power Generation, Oil and Gas, Healthcare and Medical, Infrastructure and Construction, Transportation and Logistics, Electronics and Telecommunications, Others), And By Geography (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa)
Vertical Air Conditioning Market, By Type of Vertical Air Conditioning Systems, By Application Areas, By End-Users, And By Geography (North America, Europe, Asia Pacific, Latin America)
About Us:
Coherent Market Insights is a global market intelligence and consulting organization that provides syndicated research reports, customized research reports, and consulting services. We are known for our actionable insights and authentic reports in various domains including aerospace and defense, agriculture, food and beverages, automotive, chemicals and materials, and virtually all domains and an exhaustive list of sub-domains under the sun. We create value for clients through our highly reliable and accurate reports. We are also committed in playing a leading role in offering insights in various sectors post-COVID-19 and continue to deliver measurable, sustainable results for our clients.
