HVAC equipment market 2023-2027; A descriptive analysis of the five forces model, market dynamics, and segmentation – Technavio Copyright 2022 PR Newswire. All Rights Reserved 2023-01-24
, /PRNewswire/ –Â According to Technavio, the global HVAC equipment market size is estimated to grow by USD 48.34 billion from 2022 to 2027. The market is estimated to grow at a CAGR of 6.22% during the forecast period. APAC held the largest share of the global market in 2022, and the market in the region is estimated to witness an incremental growth of 55%.Â For more Insights on market size,Â Request a sample report
Global HVAC Equipment Market – Five Forces The global cloud data warehouse market is fragmented, and the five forces analysis coversâ€“Â
Bargaining Power of BuyersÂ
The threat of New Entrants
Threat of Rivalry
Bargaining Power of Suppliers
Threat of Substitutes
Interpretation of porter’s five models helps to strategize the business, for entire details â€“ buy the report!
HVAC equipment market â€“ Customer LandscapeÂ
The report includes the market’s adoption lifecycle, from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
HVAC equipment market – Segmentation Assessment
Segment Overview Technavio has segmented the market based on the end-user (non-residential and residential), product (air conditioning equipment, heating equipment, and ventilation equipment), and geography (APAC, Europe, North America, Middle East and Africa, and South America).Â
The market growth in the non-residential segment will be significant during the forecast period. End-users of this segment include manufacturing facilities, commercial and industrial buildings, data centers, retail stores, healthcare facilities, and educational institutions.
Geography Overview By geography, the global HVAC equipment market is segmented into APAC, Europe, North America, Middle East and Africa, and South America. The segment is driven by the increase in construction activities in the non-residential sector. Also, the rising need for energy efficiency among organizations and commercial firms is contributing to the growth of the segment.
APAC will account for 55% of the global market growth during the forecast period. The growth of the regional market can be attributed to factors such as the increasing construction of commercial and industrial buildings, rising investments in infrastructural development, and rapid urbanization.
The market is driven by increasing residential and commercial construction activities.
The growth in global population and regulatory support from government have led to an increase in the number of construction activities worldwide.
According to The World Bank Group data, the global population increased from 7.53 billion in 2017 to 7.84 billion in 2021.
Such an increase in the global population is increasing the demand for residential and commercial spaces.
This is consequently increasing the demand for HVAC, which is driving the growth of the market.
Leading trends influencing the marketÂ
The advent of smart HVAC systems is identified as a major trend in the market.
The demand for smart HVAC systems is increasing among end-users. These systems are more user-friendly, efficient, and convenient when compared with traditional HVAC systems.
Smart HVAC systems consist of sensors that can help users to prevent costly breakdowns. They also have a built-in monitor, which can be used to alert the user regarding issues such as changing the filter or the slow operation of the blower.
Moreover, smart HVAC systems automatically adjust operating and start-up speeds depending on the temperature requirements, thereby making them more energy efficient.
Many such benefits are increasing the popularity of smart HVAC systems among end-users.
Major challenges hindering market growth
Stringent regulations are expected to hinder the growth of the market during the forecast period.
Many governments and independent agencies across geographies have framed various regulations to ensure that proper measures are taken while operating, installing, and manufacturing HVAC equipment.
For instance, the International Mechanical Code (IMC) focuses on the maintenance and design of HVAC systems. According to the IMC, the inspection of the maintenance of HVAC systems must be performed in accordance with ASHRAE/ACCA/ANSI Standard 180. Also, the design of the HVAC system must take into consideration all the effects of HVAC systems in both smoke and fire situations.
The need comply with many such regulations increases the cost borne by the vendors and may affect their profit margins.
The industrial heat pump market is estimated to grow at a CAGR of 5.66% between 2022 and 2027. The size of the market is forecast to increase by USD 666.06 million. The rising focus on improving energy efficiency by industries is notably driving the market growth, although factors such as high initial cost and limitations of heat pumps may impede the market growth.
The air handling unit market is estimated to grow at a CAGR of 7.3% between 2022 and 2027. The size of the market is forecast to increase by USD 3,825.59 million. The growing construction sector is notably driving the market growth, although factors such as high market competition may impede the market growth.
HVAC Equipment Market Scope
Growth momentum & CAGR
Accelerate at a CAGR of 6.22%
Market growth 2023-2027
USD 48.34 billion
YoY growth 2022-2023Â (%)
APAC, Europe, North America, Middle East and Africa, and South America
Performing market contribution
APAC at 55%
US, China, Japan, Germany, and UK
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks
Key companies profiled
AAON Inc., AB Electrolux., Daikin Industries Ltd., Emerson Electric Co, Fujitsu Ltd., Gree Electric, Haier Smart Home Co. Ltd., Hitachi Ltd., Ingersoll Rand Inc., Johnson Controls International Plc., Lennox International Inc., LG Electronics Inc., MIDEA Group, Nortek Inc., Rheem Manufacturing Co., Bosch Thermotechnik GmbH, Samsung Electronics Co. Ltd., Seeley International Pty Ltd., Whirlpool Corp., and A. O. Smith Corp.
Parent market analysis, market growth inducers and obstacles, fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and market condition analysis for the forecast period.
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.
Table of contents:
1 Executive Summary
1.1 Market overviewÂ
Exhibit 01: Executive Summary â€“ Chart on Market Overview
Exhibit 02: Executive Summary â€“ Data Table on Market Overview
Exhibit 03: Executive Summary â€“ Chart on Global Market Characteristics
Exhibit 04: Executive Summary â€“ Chart on Market by Geography
Exhibit 05: Executive Summary â€“ Chart on Market Segmentation by End-user
Exhibit 06: Executive Summary â€“ Chart on Market Segmentation by Product
Exhibit 07: Executive Summary â€“ Chart on Incremental Growth
Exhibit 08: Executive Summary â€“ Data Table on Incremental Growth
Exhibit 09: Executive Summary â€“ Chart on Vendor Market Positioning
2 Market Landscape
2.1 Market ecosystemÂ
Exhibit 10: Parent market
Exhibit 11: Market Characteristics
3 Market Sizing
3.1 Market definitionÂ
Exhibit 12: Offerings of vendors included in the market definition
3.2 Market segment analysisÂ
Exhibit 13: Market segments
3.3 Market size 2022
3.4 Market outlook: Forecast for 2022-2027Â
Exhibit 14: Chart on Global – Market size and forecast 2022-2027 ($ billion)
Exhibit 15: Data Table on Global – Market size and forecast 2022-2027 ($ billion)
Exhibit 16: Chart on Global Market: Year-over-year growth 2022-2027 (%)
Exhibit 17: Data Table on Global Market: Year-over-year growth 2022-2027 (%)
4 Historic Market Size
4.1 Global HVAC equipment market 2017 – 2021
Exhibit 18: Historic Market Size â€“ Data Table on Global HVAC equipment market 2017 – 2021 ($ billion)
4.2 End user Segment Analysis 2017 – 2021Â
Exhibit 19: Historic Market Size â€“ End user Segment 2017 – 2021 ($ billion)
Exhibit 178: Validation techniques employed for market sizing
Exhibit 179: Information sources
13.5 List of abbreviationsÂ
Exhibit 180: List of abbreviations
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