July 23, 2024
HVAC equipment market

HVAC Equipment Market is Estimated to Witness High Growth Owing to Increasing Residential and Commercial Construction Activities

The HVAC equipment market comprises heating, ventilation, and air conditioning equipment used in residential as well as commercial applications. Heating equipment includes furnaces and boilers used to maintain desired indoor air temperature. Ventilation equipment includes fans and air handlers used to circulate air. Air conditioning equipment includes room/window air conditioners, chillers, and variable refrigerant flow systems used to control indoor air temperature and humidity. HVAC equipment provide thermal comfort and indoor air quality in residential, commercial, industrial and other facilities. The growing construction industry across the globe driven by increasing population, rising disposable income and rapid urbanization is fueling the demand for HVAC equipment.

The Global HVAC Equipment Market is estimated to be valued at US$ 239.47 Mn in 2024 and is expected to exhibit a CAGR of 7.9% over the forecast period 2024 To 2031.

Key Takeaways

Key players operating in the HVAC Equipment are Sterilite Corporation, Rubbermaid, IKEA, KidKraft, Badger Basket, Tot Tutors, Costway, Sauder, Prepac, Honey-Can-Do, Creative Scents, Contico, South Shore Furniture, Seville Classics, Boori, Home Max, Three Posts, Langria, mDesign, Honey Can Do.

The growing construction industry across the globe is fueling the demand for HVAC equipment market Trends  in residential as well as commercial buildings. Rapid urbanization and rising disposable income are driving more construction of residential buildings thereby propelling the HVAC equipment market growth. Governments across various countries are also implementing various initiatives and regulations regarding indoor air quality which is projected to open new opportunities for HVAC equipment manufacturers.

The HVAC equipment market is witnessing significant expansion globally with companies entering new geographical regions. Manufacturers are focusing on emerging economies in Asia Pacific and Latin America owing to rapid infrastructure development activities in these regions. Technological advancements in HVAC equipment regarding energy efficiency and control systems is further augmenting the demand.

Market drivers

The increasing residential and commercial construction activities is one of the key drivers contributing to the growth of global HVAC Equipment Market Rapid urbanization along with rising population has increased the demand for residential buildings across major cities worldwide. Similarly, growth in service sector and industrialization has propelled the demand for various commercial infrastructure development projects including malls, multiplexes, office spaces and more thereby driving sales of HVAC equipment.

PEST Analysis

Political: Government regulations and incentives for energy efficient appliances can impact the HVAC equipment market. Changes in building codes related to heating, ventilation and air conditioning systems may also affect demand.
Economic: Economic growth and disposable income levels influence spending on HVAC equipment for homes and commercial buildings. Higher GDP growth supports increased construction spending and upgrades.
Social: Rising environmental awareness increases demand for energy efficient HVAC systems. Population growth and urbanization mean more residential and commercial infrastructure requiring HVAC.
Technological: Advancements in sensor technologies, connectivity, smart controls enable the development of smart, Internet-connected HVAC systems. New energy sources and refrigerants compliant with environmental regulations also impact the market.

North America region holds the largest share of the global HVAC Equipment Market Size And Trends in terms of value due to severe winters, presence of aging HVAC infrastructure and supportive government regulations for installation of energy efficient HVAC systems. The Asia Pacific region is expected to grow at the fastest rate during the forecast period supported by rising construction activities, increasing disposable income, growing urban population and rising standards of living in developing countries like China and India.

The HVAC equipment market in Europe represents significant opportunity in terms of value though the growth rate is lesser compared to Asia Pacific. Due to presence of stringent government regulations to reduce carbon emissions, there is increased adoption of energy efficient HVAC systems across residential as well as commercial sectors in countries like Germany, UK and France.

*Note:
1. Source: Coherent Market Insights, Public Source, Desk Research
2. We have leveraged AI tools to mine information and compile it

About Author - Money Singh

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, chemical and materials, defense and aerospace, consumer goods, etc.  LinkedIn Profile

About Author - Money Singh

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, chemical and materials, defense and aerospace, consumer goods, etc.  LinkedIn Profile

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