HVAC equipment market to reach US$199.2 billion by 2031: TMR study

  • Increasing deployment of HVAC equipment in the construction sector in residential and commercial buildings; widespread application in cooling interiors in hot climates; growing adoption of green building offers HVAC equipment manufacturers an opportunity to capture market value
  • Integrating IoT and advanced sensors into HVAC systems presents additional opportunities; Asia Pacific witnesses of tremendous growth opportunities

WILMINGTON, Del., October 26, 2022 /PRNewswire/ — Various types of HVAC systems have come to market over the years, propelled by their mass deployment in commercial buildings. The extensive applications of these systems in residential buildings to achieve efficient and cost-effective air conditioning underpin huge growth opportunities in the HVAC equipment market. The market is expected to grow at a CAGR of 5.8% from 2022 to 2031, the forecast period of TMR’s study.

Revenues for HVAC equipment manufacturers have increased due to the widespread demand for energy efficient products and environmentally friendly refrigerants in HVAC systems. Thus, major players in the HVAC equipment market are enhancing the role of air conditioning in green building constructions. Increasingly, recent developments in HVAC equipment underscore the trend towards the commercialization of advanced HVAC technologies in heating and cooling applications in a wide variety of building interiors.

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Key Findings from the HVAC Equipment Market Research

  • Huge opportunities for demand growth in the construction sector: The authors of the TMR study on the global HVAC equipment market found that the demand for products in the construction industry is growing rapidly. The huge demand for air conditioning systems in residential, institutional and commercial buildings has created significant lucrative opportunities. Demand increased in hot climatic conditions.
  • Green building offers value-added prospects for manufacturers and sellers of HVAC equipment: Across the globe, increasing adoption of green buildings has boosted the HVAC equipment market prospects. The growing trend of home automation has boosted growth prospects. The demand for various cooling equipment is high. The study revealed that the cooling equipment segment accounted for a major market share in 2021.
  • Companies benefit from the rapid adoption of equipment thanks to Smart Tech: A host of advanced technologies have made way for newly developed products and expanded the possibilities of the HVAC equipment market. Mobile technologies, smart sensors and automated control features are increasingly integrated into HVAC equipment, a trend reinforced by recent developments in HVAC equipment.

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HVAC Equipment Market: Key Drivers

  • The focus on reducing the energy efficiency of buildings is a key pivot in the demand for HVAC equipment.
  • The massive demand for HVAC in the construction industry is driven by the increase in residential and commercial infrastructure constructions, especially in the developed and developing regions of the world.
  • The introduction and commercialization of environmentally friendly refrigerants increases the revenue potential in the HVAC equipment market. Additionally, advancements in IoT are propelling the growth prospects of HVAC equipment manufacturers.

HVAC Equipment Market: Regional Growth Dynamics

Asia Pacific accounted for a major share of the global HVAC equipment market revenue in 2021 and is expected to grow at a promising growth rate during the forecast period 2022-2031. The region’s dominance is attributed to advancements in the commercialization of air conditioning. In addition, a significant demand for affordable products from Africa and South America will boost revenue streams. Asia-Pacific HVAC equipment market is growing tremendously owing to vast opportunities for HVAC manufacturers Chinaobserved the study authors.

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HVAC Equipment Market: Key Players

Most key companies rely on unveiling environmentally friendly HVAC equipment to stay competitive. Additionally, many key players want to expand their product portfolio to strengthen their position.

Some of the major players in the HVAC equipment market are Sanden Holdings Corp., Panasonic Corporation, Moon Environment Technology Co., Ltd., Mitsubishi Electric Corporation, Ingersoll-Rand, Hitachi Ltd., Fujitsu General Ltd. and Daikin Industries, Ltd. .

HVAC equipment market segmentation

  • type of product
    • Heating equipment
      • Heat pumps
      • Ovens
      • Unit pumps
      • Boilers
      • Others
    • Cooling equipment
      • Chillers
      • air conditioners
      • Water cooling towers
      • Others
    • Air distribution equipment
      • Fans
      • Humidifiers/Dehumidifiers
      • Others
  • Application
    • Residential
    • Commercial
    • Industrial

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