by The global HVAC Equipment Market is estimated to be valued at US$ 207.87 Mn in 2023 and is expected to exhibit a CAGR of 6.6% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
HVAC equipment refers to heating, ventilation, and air conditioning equipment used majorly in residential, commercial and industrial sectors. HVAC equipment provides thermal comfort and acceptable indoor air quality.
Market key trends:
One of the key trends driving the growth of the HVAC equipment market is the increasing adoption of smart thermostats. Smart thermostats can be controlled remotely using smartphones and other electronic devices. With smart thermostats, users can manage heating and cooling needs from anywhere using internet connectivity. This allows users to reduce their energy costs significantly by programming thermostats automatically based on daily user requirements and schedules. This has increased their demand, especially in the residential sector.
SWOT Analysis
Strength: The HVAC Equipment market has strong growth prospects owing to rising demand for centralized air conditioning systems in residential and commercial sectors along with increasing infrastructure development across emerging economies.
Weakness: High initial investment and maintenance costs associated with HVAC equipment can restrain the growth of this market. Lack of awareness about energy-efficient HVAC systems in underdeveloped regions also acts as a weakness.
Opportunity: Growing awareness about green building technologies, energy savings, and the rising need for thermal comfort are expected to create new opportunities for HVAC equipment manufacturers in the next few years. Supportive government policies and incentives toward sustainable construction will further aid the market expansion.
Threats: Fluctuations in raw material prices and disruption of supply chains can threaten the stability of HVAC equipment supply globally. Strict government norms and regulations regarding carbon emissions from HVAC systems also pose challenges.
Key Takeaways
The Global HVAC Equipment Market Size is expected to witness high growth, exhibiting CAGR of 6.6% over the forecast period, due to increasing demand for temperature and climate control systems across residential and commercial sectors. Rapid urbanization and rising construction of green buildings have boosted the sales of HVAC equipment worldwide.
Regional analysis
The Asia Pacific region dominated the global HVAC equipment market in 2023, with a market share of over 35%, led by China, India, Japan, and other Southeast Asian countries. This region is expected to witness the fastest growth during the forecast period, favored by rising population, increasing construction activities, expansion of Tier I cities, and growth in HVAC-equipped housing sector. North America and Europe hold a significant share in the global market, driven by high awareness about energy savings and air quality management.
Key players
United Technologies Corporation (Carrier) is the global leader with a widespread product portfolio including HVAC systems, refrigeration products, fire & security equipment. LG Corporation manufactures a range of ductless and ducted air conditioners, heat pumps, and dehumidifiers. Daikin Industries. Ltd. is a prominent Japanese HVAC brand offering VRV (Variable Refrigerant Volume) systems globally. AB Electrolux is a leading home appliance brand that has a strong presence in HVAC equipment through its renewable heating solutions.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
