New York, United States, Jan. 15, 2024 (GLOBE NEWSWIRE) -- HVAC technology provides adequate indoor air quality and thermal comfort for indoor and outdoor environments. HVAC plays a significant role in residential structures like apartment buildings, senior living facilities, hostels, single-family homes, medium to large industrial buildings, hospitals, skyscrapers, and moving vehicles like cars, trains, submarines, and ships. The necessary heating environment is effectively created by heating equipment. The HVAC industry works hard to provide reasonably priced equipment to meet the energy needs of industrial and commercial customers and adhere to green technology/process requirements.
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Favorable Government Regulations Drive the Global Market
Regulations have changed how manufacturers design commercial rooftop air conditioners, heat pumps, and warm-air systems for low-rise buildings like shops, schools, and mid-level hospitals to increase RTU efficiency and decrease energy use and waste. Several manufacturers have been developing equipment that gradually phases out CFC (chlorofluorocarbons) and HCFC (hydrochlorofluorocarbons) to meet customer demands and requirements for green technology. The need for services to replace outdated models and use HVAC equipment has increased. The government's increasing budgetary support for sustainable community development may contribute to the industry's continued growth in the commercial and industrial construction sectors.
Incorporation of IoT and Product Innovations Creates Tremendous Opportunities.
According to Straits Research, “The global HVAC equipment market size was valued at USD 106.7 billion in 2021. It is expected to reach USD 206.4 billion by 2030, growing at a CAGR of 7.6% during the forecast period (2022–2030).” As the average global temperature rises, sales of heating, ventilation, and air conditioning (HVAC) systems are rising quickly. Additionally, there is a growing demand for adequate heating and ventilation systems, particularly among those who live in apartment buildings, as urbanization spreads throughout various countries. The need for the government to replace old HVAC systems and the expansion of the construction sector are two major factors influencing HVAC system sales. The rising energy demand from HVAC systems is a factor in the increase in electricity prices, so the HVAC industry is looking for ways to improve the energy efficiency of their products and provide their customers with the tools they need to monitor their energy use.
Regional Analysis
Asia-Pacific HVAC equipment market share is expected to grow at a CAGR of 7.9% during the forecast period. The demand for HVAC equipment in the region has increased recently. Due to the rapid expansion of data centers and the government's support for energy-efficient infrastructure, China is a significant market for data center cooling. The data center market in China is expanding the fastest. This growth offers a sizable opportunity for market vendors, given the development of fintech and the nation's digital transformation. China's Internet data centers may eventually grow to be 22 times larger than those in the United States or ten times larger than Japan, measured by data center space per user. Due to the increase in commercial construction, the Chinese government has seriously considered energy management. These factors are anticipated to drive market growth during the forecast period.
North America is expected to grow at a CAGR of 8.80%, during the forecast period. HVAC systems are becoming more and more common across North America due to their many advantages, particularly the power-saving features. Two of the top ten energy-consuming countries are Canada and the United States. In addition to manufacturing facilities (especially those in the food industry), hospitals, data centers, and other institutional and industrial facilities, increased industrial activity has also increased the demand for HVAC equipment. The expansion of the market has been fueled by the presence of established manufacturers in the region that provide distinctive solutions to industrial problems.
Key Highlights
- Based on type, the global HVAC equipment market is bifurcated into heating, air conditioning, and ventilation. The air conditioning segment is the highest contributor to the market and is expected to grow at a CAGR of 7.8% during the forecast period.
- Based on equipment type, the global HVAC equipment market is bifurcated into unitary equipment (site-assembled), applied equipment (semi-custom), chillers, heat pumps, and ductless systems. The unitary equipment (site-assembled) segment owns the highest market share and is expected to grow at a CAGR of 6.4% during the forecast period.
- Asia-Pacific is the most significant global HVAC equipment market shareholder and is expected to grow at a CAGR of 7.9% during the forecast period.
Competitive Players
The global HVAC equipment market’s major key players are Daikin Industries Ltd, Johnson Controls - Hitachi Air Conditioning Company, LG Electronics Inc., Raytheon Technologies Corporation (United Technologies), Emerson Electric Co., Honeywell International Inc., Mitsubishi Electric Trane HVAC US LLC, Nortek Global HVAC, Danfoss AS, Panasonic Corporation, Haier Inc., Midea Group, and Whirlpool Corp.
Market News
- In September 2022, DAIKIN joined the just-formed "GX business working group" as a leader to create a framework and promote the evaluation and disclosure of climate-related opportunities by the GX league.
Global HVAC Equipment Market: Segmentation
By Type
- Heating
- Air Conditioning
- Ventilation
- Other Types
By Equipment Type
- Unitary Equipment (Site-Assembled)
- Applied Equipment (Semi-Custom)
- Chillers
- Heat Pumps
- Ductless Systems
By Regions
- North America
- Europe
- Asia-Pacific
- Rest of the World
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