HVAC Equipment Market
HVAC Equipment Market (Equipment Type: Heating (Heat Pumps, Furnaces, Unitary Heaters, Boilers), Air Conditioning (Room Air Conditioners, Unitary Air Conditioners, Coolers and Others), Ventilation (Ventilation Fans/Air Pumps, Humidifier/Dehumidifiers); End-use Application: Residential, Commercial, Industrial) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2019 - 2027
Press Release :
The global HVAC equipment market is expected to increase with a CAGR of 6.5% over the forecast period of 2019 to 2027. The ongoing expansion of fast food chains is especially expected to benefit the HVAC market, since these facilities require extensive range of refrigerated counters and display cases. This trend is going to affect demand for counters with drawers, doors and prep table tops. Higher number of outlets would generate demand for new equipment, while technological developments would help drive replacement demand in existing outlets. Furthermore, demand of solar power driven HVAC equipment will have a positive effect in the global market. Increased popularity of smart thermostats have been observed in both the commercial and residential applications. Smart thermostats facilitate monitoring the temperature of the air conditioners through mobile devices and PCs. These smart thermostats monitor the indoor temperature and accordingly modify the cooling cycles resulting in energy conservation. The deployment of smart thermostat devices is expected to maximize the efficiency of products and boost the global HVAC market.
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Air conditioning equipment segment was valued to be the largest market in 2018. North America is the most prominent region for HVAC equipment. Asia Pacific is expected to a higher growth in coming years as a result of rising number of new households. Furthermore, some of the major macroeconomic and microeconomic factors affecting the global HVAC market growth are rise in the number of new households, increase in disposable income, surge in demand for energy efficient and environment friendly products, and need of product upgrade or replacement demand are seen as key determinants.
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HVAC equipment market is bifurcated into heating equipment, cooling equipment, and ventilation equipment. It has been estimated that heat pumps segment accounted for above 50% of the market and expected to have a higher growth in coming years.
This is due to enhanced energy efficiency provided by room air conditioners and multiple uses of heat pumps. Unitary air-conditioners segment is second fastest growing product segment in the cooling equipment category. Rising number of middle class household in emerging economies of the Asia Pacific region is propelling the segment demand.
Commercial segment accounted for 33% of the global market. Furthermore, the HVAC equipment demand from residential segment is expected to have a significant growth in coming years. Industrial sector is still recovering slowly, and is expected to lose market share to residential and commercial sectors. Cooling units are valued to account for the largest share of the market, and is the fastest growing component type. Different control systems used in HVAC equipment/systems too are seeing rising demand and increased preference, due to shift in preference for smart devices with advanced features. This trend is more evident in the developed markets of North America and Europe. As a result, the two regions are growing at a close rate, with Europe marginally lagging behind.
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The energy efficiency issues related with other heating equipment, such as furnaces, unitary heaters and boilers, is restricting their growth. These systems, except for unitary heaters, are widely used in district heating systems.
HVAC market is fragmented in nature. Different small, medium and large companies are offering HVAC product in global and regional level. Some of the key strategies considered by global players to increase their market share are product innovation & development and merger & acquisition. For instance, Mitsubishi Electric Corporation has acquired DeLclima S.p.A and Daikin acquired Goodman to increase their market reach. Some of the prominent players of global HVAC market are are Haier, Electrolux, LG, and Samsung
The growth of the global HVAC equipment market largely relies on the rate of urbanization across key regional pockets. The worldwide quest for fostering improvements in the constructions industry have created new opportunities for market growth. Furthermore, the need for developing sophisticated, utilitarian, and congenial residential premises has also given a thrust to market growth.
- There is growing inclination of the masses towards improved standards of living, prompting them to buy houses that are equipped with HVAC systems. Besides, development of high-end technologies that support HVAC systems has also given a thrust to market growth.
- Development of smart buildings foreshadows the growth of the global HVAC equipment market. Development of an integrated smart city has become an important consideration for vendors operating in the global HVAC equipment market.
- There is little contention about the importance of ambient spaces in the residential, commercial, and industrial sectors. Therefore, HVAC systems are extensively deployed across these sectors which shall give a thrust to market growth. HVAC systems are used across large community centers, conference halls, sports centers, gymnasiums, and other public areas. Considering the factors mentioned above, it is safe to expect that the global HVAC equipment market would grow by leaps and bounds.
Global HVAC Equipment Market: Overview
Heating, Ventilation, and Air Conditioning (HVAC) equipment have significant usage in various countries as a result of its power-saving feature. Demand of HVAC products is higher in small and medium enterprises as well as for residential and commercial buildings. These products are also equipped with the ability to remove interior airborne contaminants including odors from interior furniture and other cleaning chemicals besides providing fresh surrounding. Rapid urbanization in a number of emerging economies including India, China, Mexico, Brazil and South Africa will further multiply the sales of HVAC equipment. According to this report, the demand in the global HVAC equipment market will expand at a notable CAGR of 6.50% during the forecast period of 2019 to 2027.
The HVAC market is expected to reach US$ 56.9 bn by 2027. Besides providing exclusive and essential data on how the demand for HVAC equipment has evolved in the recent past and what progressions can be expected over the course of the forecast period, the report also provides in-depth analysis of market dynamics such as trends, drivers, barriers, and opportunities as well as explores the quantity of demand that can be expected from various important regions and countries. To complete a comprehensive study that acts a decision-making tool for its targeted audiences such as component manufacturers, maintenance and service providers, technology investors, software and service providers, and system integrators, the report has included a featured chapter on the existing competitive landscape of the global HVAC equipment market.
Global HVAC Equipment Market: Trends and Opportunities
Growing number of new households coupled with increasing spending on construction activities at global level will boost the market growth in coming years. Moreover, growing trends like incorporation of building automation systems, adoption of smartphones for controlling HVAC devices, development of low global warming refrigeration devices, and inclination on renewable energy sources for residential heating are expected to open new opportunities for the vendors of this market.
Growing expenses on construction activities in emerging economies, coupled with government supportive policies and incentives via tax credit programs as well as regulations to implement procedures that are in accordance to energy saving will drive the market growth Moreover, growing investments for smart homes by key players are some of the key factors augmenting HVAC equipment market.
In addition, the key players of the global HVAC equipment industry are facing challenges including high cost of skilled labor, processes of integration and installation, and the lack of awareness regarding the benefits of HVAC systems to extract maximum profit out of the market.
Global HVAC Equipment Market: Segmentations
On the basis of equipment type, the market has been segmented into heating including heat pumps, furnaces, unitary heaters, and boilers, air conditioning including room air conditioners, coolers, unitary air conditioners, and others, and ventilation including air pumps or ventilation fans, and humidifier or dehumidifiers. End-use has been segmented into commercial, industrial, and residential. In terms of geography, the market has been bifurcated into regions and countries of North America including the U.S., Europe including CIS, EU7, and rest of Europe, Asia Pacific including Japan, China, Indian subcontinent, and Australasia, the Middle East and Africa including GCC countries, and Latin America including Brazil.
Global HVAC Equipment Market: Competitive Landscape
Some of the key manufacturer operating in the global HVAC equipment market are Carrier Corporation, AB Electrolux, Haier Ltd., Lennox International Inc., Panasonic Corporation, LG Corporation, Samsung Electronics, and Daikin Industries Ltd.