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| Global HVAC Equipment Market Size |
The global HVAC Equipment Market is estimated to be valued at US$ 207.87 Mn or Million 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:
The HVAC equipment market comprises of heating, ventilation, and air
conditioning systems and equipment that regulate indoor air quality. These
systems provide thermal comfort and acceptable indoor air quality. Increasing
commercial and residential construction activities worldwide is driving demand
for HVAC equipment.
Market key trends:
One of the key trends driving growth in the HVAC equipment market is the rising
adoption of IoT-enabled devices. IoT solutions allow HVAC systems to be remotely
controlled and monitored using smartphones and other connected devices. IoT
enables collection of data on energy consumption patterns which helps in
optimizing HVAC system performance. IoT connectivity also allows for predictive
maintenance of systems by detecting performance issues early. This improves
efficiency and reduces maintenance costs.
Segment Analysis
The global HVAC equipment market is segmented into heating equipment,
ventilation equipment, and air conditioning equipment. Among these, the air
conditioning equipment segment dominated the market in 2023 and is expected to
continue its dominance over the forecast period. This is because air
conditioning equipment finds widespread application in both commercial and
residential spaces for temperature and humidity control. The growing
construction activities across developing nations coupled with rising
disposable incomes are fueling the demand for air conditioning equipment.
Key Takeaways
The Global
HVAC Equipment Market Size is expected to witness high growth,
exhibiting CAGR of 6.6% over the
forecast period 2023 to 2030, due to increasing investments in construction
activities worldwide along with favorable government policies supporting
infrastructure development.
Regionally, the Asia Pacific region dominated the HVAC equipment market with a
share of over 35% in 2023. The region is expected to continue its dominance
owing to rapid industrialization and urbanization coupled with improving living
standards in countries such as China and India.
The North American region is expected to exhibit the highest CAGR during the
forecast period on account of reviving construction spending in the U.S. post
COVID-19 pandemic.
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. Carrier Corporation is a market leader in HVAC equipment on
account of its comprehensive product portfolio and widespread geographical
presence.
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