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HVAC Equipment Market Size – US$ 221.60 Bn By 2030

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According to the Precedence Research, The HVAC equipment market size garnered US$ 130 billion in 2021 and is expected to generate US$ 221.60 billion by 2030, manifesting a CAGR of 6.1% from 2021 to 2030.  The report contains 150+ pages with detailed analysis.

HVAC Equipment Market Size 2020 to 2030

The base year for the study has been considered 2021, the historic year 2019 and 2020, the forecast period considered is from 2021 to 2030. The HVAC equipment market is analyzed on the basis of value (US$ Million), volume (Unit), and price (US$/Unit).

Heating, ventilation, and air conditioner (HVAC) systems are significantly being used in a variety of buildings, such as commercial, industrial, and residential buildings. The primary task of the ventilation and air-conditioner system is to ensure the comfort of the people by providing desired atmospheric conditions in the occupied buildings. The selection of Heating, ventilation or air conditioning is dependent on factors such as the age of building, humidification, depends on the weather, personal choice of the occupants and the project’s design, with the completion of the project, the architectural design of the buildings.

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Crucial factors accountable for market growth are:
  • Surge in development of energy efficient HVAC equipment’s.
  • The rapidly changing climatic conditions.
  • Rising disposable income of the consumers.
  • Increasing global warming and the need for comfort.
Key Companies & Market Share Insights

The market is moderately fragmented with the presence of several local companies. These market players are striving to gain higher market share by adopting strategies, such as investments, partnerships, and acquisitions & mergers, novel product introductions and developments, promotion strategies and Research and Development (R&D) activities in the marketplace. Companies are also spending on the development of improved products. Moreover, they are also focusing on maintaining competitive pricing. The competitive profiling of these players includes business and financial overview, gross margin, production, sales, and recent developments which can aid in assessing competition in the market.

Some of the major players in the global HVAC equipment market include:

Carrier Corporation, Daikin Industries Ltd., Ingersoll Rand, Johnson Controls, Trane Technologies, LG Electronics, Hitachi Ltd., United Technologies, Electrolux, Emerson Electric Co., Honeywell International Inc, Lennox International Inc. and, Mitsubishi Electric.

HVAC Equipment Market Scope

This market report studies market dynamics, status and outlook especially in North America, Europe and Asia-Pacific, Latin America, the Middle East and Africa. This research report offers scenario and forecast (revenue/volume), and categorizes the market by key players and various segment. This report also studies global market prominence, competitive landscape, market share, growth rates market dynamics such as drivers, restraints and opportunities, and distributors and sales channels.

This research study also integrates Industry Chain analysis and Porter’s Five Forces Analysis. Further, this report offers a competitive scenario that comprises collaborations, market concentration rate and expansions, mergers & acquisitions undertaken by companies.

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HVAC Equipment Report Highlights
  • The cooling product segment accounted for more than 54% revenue share in 2020.
  • The residential end use segment of the HVAC Equipment Market is estimated to lead the market with a market share of more than40% in 2021.
  • By Geography, Asia Pacific is expected to lead the market contributing more than 45% revenue share in 2021 owing to the rise in population, urbanization and surge in disposable income of the consumers.
HVAC Equipment Market Dynamics

Driver – The rapid surge in the use of technologically advanced products in the HVAC systems that are energy-efficient is the major factor that drives the market growth. Also, the changing climatic condition across the globes propels the market demand for the need of HVAC systems

Restraint – The high installation and maintenance costs, high energy consumption, and other operational difficulties are negatively impact the growth of the market

Opportunity – The increasing awareness about the health hazards caused by the impure surrounding air, the consumers are inclined towards the use of HVAC systems for purifying the air and creating a hygienic indoor environment. This factor is expected to create huge opportunities that will accelerate the market growth.

Challenges – Climate variables in specific areas can have an impact on the life cycle of HVAC systems. For example, moist climates can shorten the life expectancy of HVAC systems due to their corrosive effects. This feature is expected to stifle market expansion.

Recent Developments
  • On 4th May 2021, Evaporative pre-cooling technology is now available on Carrier’s AquaForce 30XV product range, according to the company. This technique uses evaporation to lower ambient air temperatures entering Carrier’s 30XV chiller, decreasing chiller power consumption, increasing dependability, and extending the chiller’s life.
  • On 9th July 2021, Mitsubishi Electric said that it will spend 167 million Turkish Lira in Mitsubishi Electric Air Conditioning Systems Manufacturing Turkey to expand production capacity (MACT).
  • On 27th September 2021, – Emerson, a global leader in software, technology, and engineering, announced a partnership with Colgate-Palmolive Company to reduce wasted energy in Colgate’s product packaging facilities and contribute to the company’s goal of achieving net zero carbon emissions in operations by 2040, using Emerson’s Smart Sensor Technology for Compressed Air Monitoring.
  • On 15th October 2021, Trane Technologies, a global climate innovator, has acquired Farrar Scientific, a critical supplier for bioscience and biopharmaceutical customers that provides proprietary technology to fill an unmet need for flexible, modular, and efficient ultra-low temperature processing and storage, including cooling and heating/thawing.
  • On 2nd September 2021, The launch of “K-12 Playbook,” a new online resource centre for parents and schools to assist them build a more pleasant and efficient classroom environment for children, was announced by Trane Technologies, a global climate pioneer.
Regional Snapshots

Asia Pacific dominates the HVAC Equipment Market in terms of market share contributing a revenue share of more than 45% in 2020 and is expected to grow significantly during the forecast period owing to the rise in population, rapid industrialization & urbanization and increasing disposable incomes of the consumers. For instance, On 24th September 2021, Daikin Air-conditioning India Pvt. Ltd. signed a land lease agreement at Sri City to manufacture the air conditioners and components.

Segments Covered in the Report

By Product

  • Heating
  • Ventilation
  • Cooling

By End-use

  • Residential
  • Commercial
  • Industrial

By Geography

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • U.K.
    • Germany
    • France
    • Russia
    • Italy
    • Spain
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
    • Rest of Asia-Pacific
    • Latin America
    • Middle East
    • Africa
Research Objective
  • To provide a comprehensive analysis of the HVAC equipment industry and its sub-segments in the global market, thereby providing a detailed structure of the industry
  • To provide detailed insights into factors driving and restraining the growth of this global market
  • To provide a distribution chain analysis/value chain for the this market
  • To estimate the market size of the global HVAC equipment market where 2019 would be the historical period, 2020 shall be the base year, and 2020 to 2027 will be the forecast period for the study
  • To provide strategic profiling of key companies (manufacturers and distributors) present across the globe, and comprehensively analyze their competitiveness/competitive landscape in this market
  • To analyze the global market in four main geographies, namely, North America, Europe, Asia-Pacific, and the Rest of the World
  • To provide country-wise market value analysis for various segments of the HVAC equipment


Chapter 1. Introduction

1.1. Research Objective

1.2. Scope of the Study

1.3. Definition

Chapter 2. Research Methodology

2.1. Research Approach

2.2. Data Sources

2.3. Assumptions & Limitations

Chapter 3. Executive Summary

3.1. Market Snapshot

Chapter 4. Market Variables and Scope 

4.1. Introduction

4.2. Market Classification and Scope

4.3. Industry Value Chain Analysis

4.3.1. Raw Material Procurement Analysis

4.3.2. Sales and Distribution Channel Analysis

4.3.3. Downstream Buyer Analysis

Chapter 5. COVID 19 Impact on HVAC Equipment Market 

5.1. COVID-19 Landscape: HVAC Equipment Industry Impact

5.2. COVID 19 – Impact Assessment for the Industry

5.3. COVID 19 Impact: Global Major Government Policy

5.4. Market Trends and Opportunities in the COVID-19 Landscape

Chapter 6. Market Dynamics Analysis and Trends

6.1. Market Dynamics

6.1.1. Market Drivers

6.1.2. Market Restraints

6.1.3. Market Opportunities

6.2. Porter’s Five Forces Analysis

6.2.1. Bargaining power of suppliers

6.2.2. Bargaining power of buyers

6.2.3. Threat of substitute

6.2.4. Threat of new entrants

6.2.5. Degree of competition

Chapter 7. Competitive Landscape

7.1.1. Company Market Share/Positioning Analysis

7.1.2. Key Strategies Adopted by Players

7.1.3. Vendor Landscape List of Suppliers List of Buyers

Chapter 8. Global HVAC Equipment Market, By Product

8.1. HVAC Equipment Market, by Product Type, 2021-2030

8.1.1. Heating Market Revenue and Forecast (2019-2030)

8.1.2. Ventilation Market Revenue and Forecast (2019-2030)

8.1.3. Cooling Market Revenue and Forecast (2019-2030)

Chapter 9. Global HVAC Equipment Market, By End-use

9.1. HVAC Equipment Market, by End-use, 2021-2030

9.1.1. Residential Market Revenue and Forecast (2019-2030)

9.1.2. Commercial Market Revenue and Forecast (2019-2030)

9.1.3. Industrial Market Revenue and Forecast (2019-2030)

Chapter 10. Global HVAC Equipment Market, Regional Estimates and Trend Forecast

10.1. North America

10.1.1. Market Revenue and Forecast, by Product (2019-2030)

10.1.2. Market Revenue and Forecast, by End-use (2019-2030)

10.1.3. U.S. Market Revenue and Forecast, by Product (2019-2030) Market Revenue and Forecast, by End-use (2019-2030)

10.1.4. Rest of North America Market Revenue and Forecast, by Product (2019-2030) Market Revenue and Forecast, by End-use (2019-2030)

10.2. Europe

10.2.1. Market Revenue and Forecast, by Product (2019-2030)

10.2.2. Market Revenue and Forecast, by End-use (2019-2030)

10.2.3. UK Market Revenue and Forecast, by Product (2019-2030) Market Revenue and Forecast, by End-use (2019-2030)

10.2.4. Germany Market Revenue and Forecast, by Product (2019-2030) Market Revenue and Forecast, by End-use (2019-2030)

10.2.5. France Market Revenue and Forecast, by Product (2019-2030) Market Revenue and Forecast, by End-use (2019-2030)

10.2.6. Rest of Europe Market Revenue and Forecast, by Product (2019-2030) Market Revenue and Forecast, by End-use (2019-2030)

10.3. APAC

10.3.1. Market Revenue and Forecast, by Product (2019-2030)

10.3.2. Market Revenue and Forecast, by End-use (2019-2030)

10.3.3. India Market Revenue and Forecast, by Product (2019-2030) Market Revenue and Forecast, by End-use (2019-2030)

10.3.4. China Market Revenue and Forecast, by Product (2019-2030) Market Revenue and Forecast, by End-use (2019-2030)

10.3.5. Japan Market Revenue and Forecast, by Product (2019-2030) Market Revenue and Forecast, by End-use (2019-2030)

10.3.6. Rest of APAC Market Revenue and Forecast, by Product (2019-2030) Market Revenue and Forecast, by End-use (2019-2030)

10.4. MEA

10.4.1. Market Revenue and Forecast, by Product (2019-2030)

10.4.2. Market Revenue and Forecast, by End-use (2019-2030)

10.4.3. GCC Market Revenue and Forecast, by Product (2019-2030) Market Revenue and Forecast, by End-use (2019-2030)

10.4.4. North Africa Market Revenue and Forecast, by Product (2019-2030) Market Revenue and Forecast, by End-use (2019-2030)

10.4.5. South Africa Market Revenue and Forecast, by Product (2019-2030) Market Revenue and Forecast, by End-use (2019-2030)

10.4.6. Rest of MEA Market Revenue and Forecast, by Product (2019-2030) Market Revenue and Forecast, by End-use (2019-2030)

10.5. Latin America

10.5.1. Market Revenue and Forecast, by Product (2019-2030)

10.5.2. Market Revenue and Forecast, by End-use (2019-2030)

10.5.3. Brazil Market Revenue and Forecast, by Product (2019-2030) Market Revenue and Forecast, by End-use (2019-2030)

10.5.4. Rest of LATAM Market Revenue and Forecast, by Product (2019-2030) Market Revenue and Forecast, by End-use (2019-2030)

Chapter 11. Company Profiles

11.1. Carrier Corporation

11.1.1. Company Overview

11.1.2. Product Offerings

11.1.3. Financial Performance

11.1.4. Recent Initiatives

11.2. Daikin Industries Ltd.

11.2.1. Company Overview

11.2.2. Product Offerings

11.2.3. Financial Performance

11.2.4. Recent Initiatives

11.3. Ingersoll Rand

11.3.1. Company Overview

11.3.2. Product Offerings

11.3.3. Financial Performance

11.3.4. Recent Initiatives

11.4. Johnson Controls

11.4.1. Company Overview

11.4.2. Product Offerings

11.4.3. Financial Performance

11.4.4. Recent Initiatives

11.5. Trane Technologies

11.5.1. Company Overview

11.5.2. Product Offerings

11.5.3. Financial Performance

11.5.4. Recent Initiatives

11.6. LG Electronics

11.6.1. Company Overview

11.6.2. Product Offerings

11.6.3. Financial Performance

11.6.4. Recent Initiatives

11.7. Hitachi Ltd.

11.7.1. Company Overview

11.7.2. Product Offerings

11.7.3. Financial Performance

11.7.4. Recent Initiatives

11.8. United Technologies

11.8.1. Company Overview

11.8.2. Product Offerings

11.8.3. Financial Performance

11.8.4. Recent Initiatives

11.9. Electrolux

11.9.1. Company Overview

11.9.2. Product Offerings

11.9.3. Financial Performance

11.9.4. Recent Initiatives

11.10. Emerson Electric Co.

11.10.1. Company Overview

11.10.2. Product Offerings

11.10.3. Financial Performance

11.10.4. Recent Initiatives

Chapter 12. Research Methodology

12.1. Primary Research

12.2. Secondary Research

12.3. Assumptions

Chapter 13. Appendix

13.1. About Us

13.2. Glossary of Terms

Thanks for reading you can also get individual chapter-wise sections or region-wise report versions such as North America, Europe, or the Asia Pacific.

Why Buy this Report?

The purpose of Precedence Research’s HVAC equipment market study is to provide stakeholders with a detailed picture of potential barriers and untapped opportunities. The report contains exclusive information to assist businesses in making informed decisions about how to maintain growth throughout the assessment period.

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