HVAC Equipment Market by Type (Air Conditioning, Heating, Ventilation), Equipment Type (Applied Equipment, Chillers, Ductless Systems), End-User - Global Forecast 2024-2030

HVAC Equipment Market by Type (Air Conditioning, Heating, Ventilation), Equipment Type (Applied Equipment, Chillers, Ductless Systems), End-User - Global Forecast 2024-2030

The HVAC Equipment Market size was estimated at USD 182.86 billion in 2023 and expected to reach USD 192.04 billion in 2024, at a CAGR 5.10% to reach USD 259.07 billion by 2030.

The heating, ventilation, and air conditioning (HVAC) equipment regulates indoor temperature and air quality. These systems find application in residential, commercial, and industrial settings to facilitate thermal comfort and maintain a healthy indoor environment. Increased construction activities worldwide and stringent energy efficiency regulations imposed by governments to reduce carbon emissions result in increased demand for HVAC equipment across end-use sectors. However, high initial costs associated with installing advanced HVAC equipment may impede its adoption by the end-use industries. Moreover, the technological advancements in HVAC equipment are anticipated to increase their deployment across the residential and commercial sectors worldwide.

Regional Insights

The HVAC equipment market is evolving in the Americas owing to rapid urbanization, technological advancements, increased adoption of energy-efficient products, and rising inclination toward smart homes. In Europe, EU countries are witnessing considerable adoption of HVAC equipment owing to stringent energy regulations and growing awareness of environmental concerns. Increasing urbanization and rising temperatures necessitate advanced HVAC equipment in the Middle East and Africa region. The HVAC equipment market in the Asia-Pacific region is expected to witness robust growth owing to increasing purchasing power and technological collaborations between local manufacturers and global players to deliver improved product offerings catering to diverse customer needs. Additionally, integrating cutting-edge technologies in HVAC equipment is anticipated to boost their use by the end-use sectors globally.

Market Insights

Market Dynamics

The market dynamics represent an ever-changing landscape of the HVAC Equipment Market by providing actionable insights into factors, including supply and demand levels. Accounting for these factors helps design strategies, make investments, and formulate developments to capitalize on future opportunities. In addition, these factors assist in avoiding potential pitfalls related to political, geographical, technical, social, and economic conditions, highlighting consumer behaviors and influencing manufacturing costs and purchasing decisions.

Market Drivers

Increasing urbanization and industrialization across the world
Rapid expansion of data centers globally
Government initiatives to promote use of energy-efficient solutions

Market Restraints

High cost of installation and maintenance of HVAC equipment

Market Opportunities

Technological advancements in HVAC equipment
Significant investments to increase manufacturing of HVAC solutions

Market Challenges

Operational issues associated with use of HVAC equipment

Market Segmentation Analysis

Type: Penetration of air conditioning systems in tropical regions
End-User: Rapid deployment of HVAC equipment in the commercial sector

Market Disruption Analysis

Porter’s Five Forces Analysis
Value Chain & Critical Path Analysis
Pricing Analysis
Technology Analysis
Patent Analysis
Trade Analysis
Regulatory Framework Analysis

FPNV Positioning Matrix

The FPNV positioning matrix is essential in evaluating the market positioning of the vendors in the HVAC Equipment Market. This matrix offers a comprehensive assessment of vendors, examining critical metrics related to business strategy and product satisfaction. This in-depth assessment empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success, namely Forefront (F), Pathfinder (P), Niche (N), or Vital (V).

Market Share Analysis

The market share analysis is a comprehensive tool that provides an insightful and in-depth assessment of the current state of vendors in the HVAC Equipment Market. By meticulously comparing and analyzing vendor contributions, companies are offered a greater understanding of their performance and the challenges they face when competing for market share. These contributions include overall revenue, customer base, and other vital metrics. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With these illustrative details, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.

Recent Developments

Johnson Controls-Hitachi Launch Residential HVAC Dual Fuel Heat Pump System

Johnson Controls-Hitachi Air Conditioning introduced the Hitachi air365 Hybrid dual fuel system for HVAC equipment. This system offers a cost-effective, energy-efficient solution for year-round home comfort while reducing carbon emissions. The air365 Hybrid system comprises a Mini VRF electric heat pump and a dual fuel module that can be integrated easily with any existing gas furnace. This innovative combination ensures optimal home comfort without compromising on sustainability.

Parts Town Continues Expansion with Launch of HVAC Parts Category

Parts Town, a distributor of OEM foodservice parts, residential appliance parts, and related products, introduced a new category for HVAC parts. This innovative addition to their extensive range of parts and accessories includes offerings from renowned manufacturers such as Carrier, Fast OEM Parts, Trane, Lennox, York, and Heatcraft. This expansion allows customers to access the fastest-growing OEM HVAC parts inventory, ensuring swift equipment repairs and optimal performance.

Ahlstrom Launches a new High-Performance Filter Media Range for HVAC with a Longer Filter Lifetime and Lower Environmental Impact

Ahlstrom has developed an HVAC filter media portfolio at its new production facility in Turin, Italy. This portfolio offers high-quality filters with exceptional performance and reliability for various applications. Ahlstrom's products effectively protect people and equipment in enclosed spaces with a complete range of filtration materials. The product range includes options from ISO Coarse 85% to ISO ePM1 80%, available in standard and high permeability versions to cater to diverse requirements.

Strategy Analysis & Recommendation

The strategic analysis is essential for organizations seeking a solid foothold in the global marketplace. Companies are better positioned to make informed decisions that align with their long-term aspirations by thoroughly evaluating their current standing in the HVAC Equipment Market. This critical assessment involves a thorough analysis of the organization’s resources, capabilities, and overall performance to identify its core strengths and areas for improvement.

Key Company Profiles

The report delves into recent significant developments in the HVAC Equipment Market, highlighting leading vendors and their innovative profiles. These include A. O. Smith Corporation, Carrier Corporation, Daikin Industries, Ltd., Danfoss A/S, Emerson Electric Co., Fujitsu Limited, Gree Electric Appliances Inc., Haier Group Corporation, Hitachi Air Conditioning Company, Honeywell International, Inc., Johnson Controls International PLC, Lennox International, Inc., LG Electronics, Midea Group, Mitsubishi Electric, Nortek Global HVAC LLC, Panasonic Holdings Corporation, Raytheon Technologies Corporation, Rheem Manufacturing Company by Paloma Co., Ltd., Samsung Electronics Co., Ltd., Trane Technologies Company, LLC, Vaillant Group, Whirlpool Corporation, and Wolf GmbH.

Market Segmentation & Coverage

This research report categorizes the HVAC Equipment Market to forecast the revenues and analyze trends in each of the following sub-markets:

Type
Air Conditioning
Heating
Ventilation
Equipment Type
Applied Equipment
Central AHU
Custom Built AHU
Chillers
Absorption Chillers
Air-Cooled Chillers
Water-Cooled Chillers
Ductless Systems
Heat Pumps
Air-Source
Ground-Source
Water-Source
Unitary Equipment
AHU
Rooftop Units
End-User
Commercial
Industrial
Residential
Region
Americas
Argentina
Brazil
Canada
Mexico
United States
California
Florida
Illinois
New York
Ohio
Pennsylvania
Texas
Asia-Pacific
Australia
China
India
Indonesia
Japan
Malaysia
Philippines
Singapore
South Korea
Taiwan
Thailand
Vietnam
Europe, Middle East & Africa
Denmark
Egypt
Finland
France
Germany
Israel
Italy
Netherlands
Nigeria
Norway
Poland
Qatar
Russia
Saudi Arabia
South Africa
Spain
Sweden
Switzerland
Turkey
United Arab Emirates
United Kingdom

Please Note: PDF & Excel + Online Access - 1 Year