HVAC Equipment Market |2021–2030 | Industry Share & Growth

 HVAC Equipment Market

The HVAC Equipment Market is expected to reach 149 billion by 2027, growing at a CAGR of 7.5% over the forecast period (2020-2027).

The factors driving the growth of HVAC Equipment Market includes growing constructions of Gyms and conference halls, increasing demand for electrical cooling systems, rapid urbanization, and integration of advanced technologies such as Internet of Things (IoT) and Artificial Intelligence with HVAC Equipment. Moreover, the growing emphasis on adopting low-carbon solutions and Government initiatives such as taxes and subsidies on purchasing HVAC equipment, are expected to boost the Global HVAC Equipment Market in the approaching years. Under the Discounted Energy-Efficient air conditioners for households’ program, the Australia's Department of the Environment and Energy focuses on providing discounts between USD 200 TO USD 1,000 to the residents of New South Wales, which will supplement the HVAC Equipment Market Size in Australia. Moreover, the environmental concerns due to changing climate and the adoption of advanced heating and air conditioning units inside office buildings and shopping malls, have boosted the demand for HVAC Equipment. 

However, the growth of HVAC Equipment Market is hindered due to inadequate availability of skilled labor for the installation of HVAC Equipment.

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

Product – Segment Analysis

Based on the product, the cooling equipment segment is projected to lead the market during the forecast period due to growing demand for Variable Refrigerant Flow (VRF) and increasing application of HVAC Equipment in healthcare and transportation industries.

End Use – Segment Analysis

Based on the end use, the residential segment is anticipated to capture the largest market share during the forecast period due to its increasing use in small homes, restaurants, grocery stores and housing complexes.

Regional: Segment Analysis

Based on the region, North America is estimated to hold the highest market share over the forecast period. The increasing demand for electrical cooling equipment, natural gas and heating equipment, presence of major leading players and favorable government policies, are some of the key factors propelling the market growth in North American region.

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

• Asia Pacific
  • China
  • Japan
  • India
  • Rest of APAC

• North America
  • United States of America
  • Canada
• Europe
  • United Kingdom
  • Germany
  • France
  • Spain
  • Rest of Europe
• RoW
  • Brazil
  • South Africa
  • Saudi Arabia
  • UAE

About GMI Research

GMI Research is a market research and consulting firm which provides market insights and intelligence across 12 major sectors helping our clients in making effective investment and business decisions.

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