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 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
HVAC equipment includes air conditioners, heat pumps, furnaces, and ventilation devices that maintain temperature and humidity for residential, commercial and industrial applications. They provide thermal comfort, indoor air quality and help control the spread of viruses.
Market key trends:
One of the key trends in the HVAC equipment market is the growing demand for energy-efficient products. Stringent government regulations regarding energy conservation along with rising energy costs have increased the demand for high-efficiency HVAC systems. Advancements in technologies such as IoT integration are enabling remote monitoring and control of HVAC equipment. This allows real-time optimization of energy usage and maintenance. Connected HVAC systems can also adapt operation based on occupancy patterns, further improving efficiency.
Market key trends:
The HVAC equipment market is witnessing increased adoption of smart thermostats and sensors to regulate HVAC systems. Smart HVAC equipment allows remote monitoring and control of indoor climate via mobile apps. This enables users to adjust temperature settings away from home. Furthermore, growing emphasis on energy efficiency and reducing energy bills is fueling demand for ENERGY STAR certified HVAC equipment. Advances in IoT connectivity and analytics are also enabling predictive maintenance of HVAC systems to prevent breakdowns.
SWOT Analysis
Strengths:
– Growing construction sector boosting new HVAC installations
– Rising demand for centralized air conditioning driven by hot climate in many regions
Weaknesses:
– High initial installation costs of HVAC systems
– Require regular maintenance and equipment replacement leading to ongoing costs
Opportunities:
– Untapped growth opportunities in developing countries
– Growing adoption of IoT and smart home technologies in HVAC equipment
Threats:
– Availability of cheaper alternatives/counterfeit products
– Strict energy efficiency regulations increasing compliance costs
Key Takeaways
The global HVAC equipment market is expected to witness high growth, exhibiting CAGR of 6.6% over the forecast period, due to increasing construction activities, especially in developing Asian countries. The market size for 2023 is US$ 207.87 Mn.
Regional analysis:
Asia Pacific dominates the global HVAC equipment market and is expected to witness fastest growth during the forecast period due to rapid industrialization and infrastructure development in China, India. The rising construction of commercial buildings and homes in Asia Pacific is driving demand for HVAC equipment.
Key players:
Key players operating in the HVAC equipment market are United Technologies Corporation (Carrier), LG Corporation, Daikin Industries. Ltd., AB Electrolux, Haier Inc., Lennox International Inc., Samsung Electronics, and Panasonic Corporation. These players are focusing on new product launches and mergers to gain higher market share.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc.
