HVAC Equipment Market

GMI Research analysis indicates that the HVAC Equipment Market size was estimated at USD 103.8 billion in 2022 and is slated to register a single digit CAGR of 7.5% over the forecast period, and is projected to reach USD 185.1 billion in 2030

HVAC Equipment Market Overview

HVAC equipment needs a control system to regulate the operation of heating equipment and/or air conditioning system. Usually, a sensing device is used to compare the actual state with a target state. The purpose of HVAC equipment is more than just warming or cooling equipment space. Instead, it serves to improve indoor air quality and provide comfort for everyone inside a building. Changing weather conditions (extreme cold during winter and high temperatures during summer) have increased the usage of HVAC equipment across the globe.

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Major HVAC Equipment Market Drivers

Increasing inclination towards comfort, accelerating per capita income, rising urbanization, and expansion of construction sectors across emerging economies are some of the major factors fuelling the global HVAC Equipment Market. As per the Bureau of Labor Statistics, the construction sector across the United States is projected to reach USD 1.58 trillion by the end of 2028. Increasing adoption of HVAC equipment aided by its magnificent characteristics which include improved results, longer lifespan, and energy efficiency will further contribute to the market expansion. With the rising environmental +concern, government has enforced strict norms to stabilize greenhouse gas levels and protect the eco-system, driving the HVAC Equipment Market size.
In addition, growing trend of smart devices has fueled the demand for smart HVAC control systems for advanced solutions, heating, and air conditional units in buildings, which is expected to propel the market growth. Several leading companies have expanded their product portfolio by launching HVAC equipment with Internet of Things technology to strengthen their presence in the global market. For example, Johnson Controls, in June 2021, innovated the Quantech QWC4 Water-Cooled System to the brand’s expanded chiller portfolio which uses variable speed drive technology to conserve up to 30% on energy expenditures and carbon emissions.

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Product – Segment Analysis

Based on the product, cooling equipment segment is expected to dominate the global HVAC equipment market over the forecast period. This is mainly attributed to the growing demand from the changing climatic conditions across several regions and the commercial sector. Variable Refrigerant Flow (VRF) cooling equipment is used for a wide range of applications such as chemicals, proteins, preservation of food, enzymes, and vaccines. This equipment finds application across various industries such as manufacturing, healthcare, transportation, food production and transportation, thereby driving the segment growth over the forecast period.

End Use – Segment Analysis

Based on the end use, the residential segment is expected to dominate the global HVAC equipment market over the forecast period. Residential HVAC units are smaller and simpler as compared to commercial and industrial HVAC units. This equipment is used in small spaces such as homes, small restaurants, and small stores.

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Regional – Segment Analysis:

Based on the region, North America is expected to dominate the global HVAC equipment market over the forecast period. According to a report from the US National Academy of Sciences (NAS), the first decade of the 21st century was 0.8°C (1.4°F) is warmer than the first decade of the 20th century. The variation in climatic changes has led to the increasing demand for electrical cooling equipment in summers and, simultaneously, for natural gas, heating equipment, oil, wood, and electrical heating equipment in winters. Moreover, climate change harms energy consumption in the buildings and influences air conditioning loads, which vary according to the ambient temperature and humidity. With the advent of new government regulations, like in the US, HVAC equipment’s energy efficiency is expected to rise the market growth. This has opened a gateway to the smart HVAC equipment for the most advanced Heating Equipment and air conditioning units in buildings.

Top Market Players

Various notable players operating in the market include DAIKIN INDUSTRIES, Ltd., Johnson Controls–Hitachi Air Conditioning, LG Electronics, Raytheon Technologies Corporation, Emerson Electric Co., Honeywell International Inc., Mitsubishi Electric Trane HVAC, Nortek Global HVAC, Panasonic Corporation, and Haier Group, among others. 

Key Developments:

• • In 2022, at the 2022 AHR Expo, Daikin Applied Americas acquired a large number of shares in ThermalNetics and TriState HVAC Equipment. Daikin, ThermalNetics and TriState indicate a wide range of other major HVAC equipment manufacturers. Detroit-based ThermalNetics, which is involved in the heating and cooling business for 50 years, is a recognized Daikin Applied and VRV representative across eastern Michigan.
  • In 2022, At the 2022 AHR Expo, Samsung HVAC America declared that it would collaborate with Honeywell to offer advanced control solutions. The control solutions will be introduced later this year and will be powered by the Niagara Framework® with the advanced monitoring points, design, and service capabilities, with a Niagara driver to communicate directly to Samsung heating and cooling equipment with the help of the Honeywell CIPer Model 50 controller.
  • In 2021, Verizon introduced a latest SDN and NFV service that allows enterprises to transform to a virtual infrastructure model, offering better agility and on-demand resources.
  • In 2020, Honeywell announced one of the first autonomous building sustainability solutions which evaluate whether a building’s HVAC system is running at peak efficiency. Honeywell Forge Energy Optimization is a cloud-based, machine learning solution that regularly studies patterns such as building’s energy consumption and automatically adjusts them to optimal energy saving settings without compromising occupant comfort levels.

Segments covered in the Report:

The global HVAC equipment market has been segmented on the basis of product, end use, and regions. Based on product, the market is segmented into heating equipment, ventilation equipment and cooling equipment. Based on end use, the market is segmented into residential, commercial and industrial. 

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Market Segmentation

Global HVAC Equipment Market by Product

• • Heating Equipment
    • Heating Pumps
    • Furnaces
    • Unitary Heaters
    • Boilers
  • Ventilation Equipment
    • Air-Handling Units
    • Air Filters
    • Dehumidifiers
    • Ventilation Fans
    • Humidifiers
    • Air Purifiers
  • Cooling Equipment
    • Unitary Air Conditioners
    • VRF Systems
    • Chillers
    • Room Air Conditioners
    • Coolers
    • Cooling Towers

Global HVAC Equipment Market by End Use

• • Residential
  • Commercial
  • Industrial

Global HVAC Equipment Market by Region

• • North America HVAC Equipment Market (Option 1: As a part of the free 25% customization)

    • By Product
    • By End Use
    • US Market All-Up
    • Canada Market All-Up

  • Europe HVAC Equipment Market (Option 2: As a part of the free 25% customization)

    • By Product
    • By End Use
    • UK Market All-Up
    • Germany Market All-Up
    • France Market All-Up
    • Spain Market All-Up
    • Rest of Europe Market All-Up

  • Asia-Pacific HVAC Equipment Market (Option 3: As a part of the free 25% customization)

    • By Product
    • By End Use
    • China Market All-Up
    • India Market All-Up
    • Japan Market All-Up
    • Rest of APAC Market All-Up

  • RoW HVAC Equipment Market (Option 4: As a part of the free 25% customization)

    • By Product
    • By End Use
    • Brazil Market All-Up
    • South Africa Market All-Up
    • Saudi Arabia Market All-Up
    • UAE Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Market All-Up

Major Players Operating in the HVAC Equipment (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • DAIKIN INDUSTRIES, Ltd.
  • Johnson Controls–Hitachi Air Conditioning
  • LG Electronics
  • Raytheon Technologies Corporation
  • Emerson Electric Co.
  • Honeywell International Inc.
  • Mitsubishi Electric Trane HVAC
  • Nortek Global HVAC
  • Panasonic Corporation
  • Haier Group