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HVAC Equipment Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Market Overview:

The global HVAC equipment market size reached US$ 209.7 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 292.4 Billion by 2028, exhibiting a growth rate (CAGR) of 5.4% during 2023-2028.

Heating, ventilation, and air conditioning (HVAC) equipment is used to provide environmental comfort to occupants and allow appropriate air quantity in vehicles and homes. It includes heating, cooling, and hybrid split, duct-free, and packaged heating and air conditioning systems. It helps improve the air quality of an enclosed space and introducing conditioned air. It also helps replenish oxygen and remove moisture, smoke, dust, bacteria, and unwanted pollutants. Besides this, it is environment-friendly and saves construction space, installation time and cost, and minimizes power usage. As a result, HVAC equipment is extensively used in numerous industry verticals across the globe.

HVAC Equipment Market Trends:

Rapid urbanization and the growing global population are resulting in the increasing construction of residential and commercial buildings, which are equipped with HVAC equipment. In addition, the expansion of hotels, restaurants, shopping malls, and movie theaters is catalyzing the demand for HVAC equipment as they help maintain a consistent temperature. Sudden changes in climate and rising temperature are significantly impacting energy consumption and air conditioning loads of buildings. This, in turn, is driving the demand for HVAC equipment. Apart from this, the increasing use of technologically advanced and energy-efficient variants of HVAC equipment is strengthening the market growth. Additionally, the rising focus of leading manufacturers on retaining their market position through partnership, acquisition and business expansion is creating a positive market outlook. Furthermore, governments of various countries are implementing various initiatives to encourage individuals to use energy-efficient HVAC devices in their homes and workplaces. They are also increasing their spending capacity on sustainable building development, which is expected to propel the market growth in the coming years.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the global HVAC equipment market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on type, system type and end user.

Breakup by Type:

  • Heating
  • Air Conditioning
  • Ventilation
  • Others
     

Breakup by System Type:

  • Central
    • All-Air Systems
    • All-Water Systems
    • Air-Water Systems
    • Water-Source Heat Pumps
    • Heating and Cooling Panels
  • Decentralized 
    • Local Heating Systems
    • Local Cooling Systems
    • Local Ventilation Systems
    • Local Air-Conditioning Systems
    • Split Systems
       

Breakup by End User:

  • Residential
  • Commercial
  • Industrial
     

Breakup by Region:

  • North America
    • United States
    • Canada
  • Asia-Pacific
    • China
    • Japan
    • India
    • South Korea
    • Australia
    • Indonesia
    • Others
  • Europe
    • Germany
    • France
    • United Kingdom
    • Italy
    • Spain
    • Russia
    • Others
  • Latin America
    • Brazil
    • Mexico
    • Others
  • Middle East and Africa
     

Competitive Landscape:

The competitive landscape of the industry has also been examined along with the profiles of the key players being Carrier Global Corporation, Daikin Industries Ltd., Danfoss AS, Emerson Electric Co., Honeywell International Inc., Johnson Controls International, Lennox International Inc, LG Electronics Inc., Mitsubishi Electric Corporation, Panasonic Holdings Corporation, Samsung Electronics Co. Ltd., Trane Technologies plc and Whirlpool Corporation.

Report Coverage:

Report Features Details
Base Year of the Analysis 2022
Historical Period 2017-2022
Forecast Period 2023-2028
Units US$ Billion
Segment Coverage Type, System Type, End User, Region
Region Covered  Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered Carrier Global Corporation, Daikin Industries Ltd., Danfoss AS, Emerson Electric Co., Honeywell International Inc., Johnson Controls International, Lennox International Inc, LG Electronics Inc., Mitsubishi Electric Corporation, Panasonic Holdings Corporation, Samsung Electronics Co. Ltd., Trane Technologies plc and Whirlpool Corporation
Customization Scope 10% Free Customization
Report Price and Purchase Option Single User License: US$ 2499
Five User License: US$ 3499
Corporate License: US$ 4499
Post-Sale Analyst Support 10-12 Weeks
Delivery Format PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)


Key Questions Answered in This Report:

  • How has the global HVAC equipment market performed so far and how will it perform in the coming years?
  • What has been the impact of COVID-19 on the global HVAC equipment market?
  • What are the key regional markets?
  • What is the breakup of the market based on the type?
  • What is the breakup of the market based on the system type?
  • What is the breakup of the market based on the end user?
  • What are the various stages in the value chain of the industry?
  • What are the key driving factors and challenges in the industry?
  • What is the structure of the global HVAC equipment market and who are the key players?
  • What is the degree of competition in the industry?

1   Preface
2   Scope and Methodology

    2.1    Objectives of the Study
    2.2    Stakeholders
    2.3    Data Sources
        2.3.1    Primary Sources
        2.3.2    Secondary Sources
    2.4    Market Estimation
        2.4.1    Bottom-Up Approach
        2.4.2    Top-Down Approach
    2.5    Forecasting Methodology
3   Executive Summary
4   Introduction

    4.1    Overview
    4.2    Key Industry Trends
5   Global HVAC Equipment Market
    5.1    Market Overview
    5.2    Market Performance
    5.3    Impact of COVID-19
    5.4    Market Forecast
6   Market Breakup by Type
    6.1    Heating
        6.1.1 Market Trends
        6.1.2 Market Forecast
    6.2    Air Conditioning
        6.2.1 Market Trends
        6.2.2 Market Forecast
    6.3    Ventilation
        6.3.1 Market Trends
        6.3.2 Market Forecast
    6.4    Others
        6.4.1 Market Trends
        6.4.2 Market Forecast
7   Market Breakup by System Type
    7.1    Central
        7.1.1 Market Trends
        7.1.2 Key Segments
           7.1.2.1 All-Air Systems
           7.1.2.2 All-Water Systems
           7.1.2.3 Air-Water Systems
           7.1.2.4 Water-Source Heat Pumps
           7.1.2.5 Heating and Cooling Panels
        7.1.3 Market Forecast
    7.2    Decentralized 
        7.2.1 Market Trends
        7.2.2 Key Segments
           7.2.2.1 Local Heating Systems
           7.2.2.2 Local Cooling Systems
           7.2.2.3 Local Ventilation Systems
           7.2.2.4 Local Air-Conditioning Systems
           7.2.2.5 Split Systems
        7.2.3 Market Forecast
8   Market Breakup by End User
    8.1    Residential
        8.1.1 Market Trends
        8.1.2 Market Forecast
    8.2    Commercial
        8.2.1 Market Trends
        8.2.2 Market Forecast
    8.3    Industrial 
        8.3.1 Market Trends
        8.3.2 Market Forecast
9   Market Breakup by Region
    9.1    North America
        9.1.1 United States
           9.1.1.1 Market Trends
           9.1.1.2 Market Forecast
        9.1.2 Canada
           9.1.2.1 Market Trends
           9.1.2.2 Market Forecast
    9.2    Asia-Pacific
        9.2.1 China
           9.2.1.1 Market Trends
           9.2.1.2 Market Forecast
        9.2.2 Japan
           9.2.2.1 Market Trends
           9.2.2.2 Market Forecast
        9.2.3 India
           9.2.3.1 Market Trends
           9.2.3.2 Market Forecast
        9.2.4 South Korea
           9.2.4.1 Market Trends
           9.2.4.2 Market Forecast
        9.2.5 Australia
           9.2.5.1 Market Trends
           9.2.5.2 Market Forecast
        9.2.6 Indonesia
           9.2.6.1 Market Trends
           9.2.6.2 Market Forecast
        9.2.7 Others
           9.2.7.1 Market Trends
           9.2.7.2 Market Forecast
    9.3    Europe
        9.3.1 Germany
           9.3.1.1 Market Trends
           9.3.1.2 Market Forecast
        9.3.2 France
           9.3.2.1 Market Trends
           9.3.2.2 Market Forecast
        9.3.3 United Kingdom
           9.3.3.1 Market Trends
           9.3.3.2 Market Forecast
        9.3.4 Italy
           9.3.4.1 Market Trends
           9.3.4.2 Market Forecast
        9.3.5 Spain
           9.3.5.1 Market Trends
           9.3.5.2 Market Forecast
        9.3.6 Russia
           9.3.6.1 Market Trends
           9.3.6.2 Market Forecast
        9.3.7 Others
           9.3.7.1 Market Trends
           9.3.7.2 Market Forecast
    9.4    Latin America
        9.4.1 Brazil
           9.4.1.1 Market Trends
           9.4.1.2 Market Forecast
        9.4.2 Mexico
           9.4.2.1 Market Trends
           9.4.2.2 Market Forecast
        9.4.3 Others
           9.4.3.1 Market Trends
           9.4.3.2 Market Forecast
    9.5    Middle East and Africa
        9.5.1 Market Trends
        9.5.2 Market Breakup by Country
        9.5.3 Market Forecast
10  SWOT Analysis
    10.1    Overview
    10.2    Strengths
    10.3    Weaknesses
    10.4    Opportunities
    10.5    Threats
11  Value Chain Analysis
12  Porters Five Forces Analysis

    12.1    Overview
    12.2    Bargaining Power of Buyers
    12.3    Bargaining Power of Suppliers
    12.4    Degree of Competition
    12.5    Threat of New Entrants
    12.6    Threat of Substitutes
13  Price Analysis
14  Competitive Landscape

    14.1    Market Structure
    14.2    Key Players
    14.3    Profiles of Key Players
        14.3.1    Carrier Global Corporation
           14.3.1.1 Company Overview
           14.3.1.2 Product Portfolio
           14.3.1.3 Financials
        14.3.2    Daikin Industries Ltd.
           14.3.2.1 Company Overview
           14.3.2.2 Product Portfolio
           14.3.2.3 Financials
           14.3.2.4 SWOT Analysis
        14.3.3    Danfoss AS
           14.3.3.1 Company Overview
           14.3.3.2 Product Portfolio
           14.3.3.3 SWOT Analysis
        14.3.4    Emerson Electric Co.
           14.3.4.1 Company Overview
           14.3.4.2 Product Portfolio
           14.3.4.3 Financials
           14.3.4.4 SWOT Analysis
        14.3.5    Honeywell International Inc.
           14.3.5.1 Company Overview
           14.3.5.2 Product Portfolio
           14.3.5.3 Financials
           14.3.5.4 SWOT Analysis
        14.3.6    Johnson Controls International 
           14.3.6.1 Company Overview
           14.3.6.2 Product Portfolio
           14.3.6.3 Financials
           14.3.6.4 SWOT Analysis
        14.3.7    Lennox International Inc
           14.3.7.1 Company Overview
           14.3.7.2 Product Portfolio
           14.3.7.3 Financials
           14.3.7.4 SWOT Analysis
        14.3.8    LG Electronics Inc.
           14.3.8.1 Company Overview
           14.3.8.2 Product Portfolio
           14.3.8.3 Financials
        14.3.9    Mitsubishi Electric Corporation
           14.3.9.1 Company Overview
           14.3.9.2 Product Portfolio
           14.3.9.3 Financials
           14.3.9.4 SWOT Analysis
        14.3.10    Panasonic Holdings Corporation
           14.3.10.1 Company Overview
           14.3.10.2 Product Portfolio
           14.3.10.3 Financials
           14.3.10.4 SWOT Analysis
        14.3.11    Samsung Electronics Co. Ltd.
           14.3.11.1 Company Overview
           14.3.11.2 Product Portfolio
           14.3.11.3 Financials
           14.3.11.4 SWOT Analysis
        14.3.12    Trane Technologies plc
           14.3.12.1 Company Overview
           14.3.12.2 Product Portfolio
           14.3.12.3 Financials
           14.3.12.4 SWOT Analysis
        14.3.13    Whirlpool Corporation
           14.3.13.1 Company Overview
           14.3.13.2 Product Portfolio
           14.3.13.3 Financials
           14.3.13.4 SWOT Analysis

List of Figures

Figure 1: Global: HVAC Equipment Market: Major Drivers and Challenges
Figure 2: Global: HVAC Equipment Market: Sales Value (in Billion US$), 2017-2022
Figure 3: Global: HVAC Equipment Market Forecast: Sales Value (in Billion US$), 2023-2028
Figure 4: Global: HVAC Equipment Market: Breakup by Type (in %), 2022
Figure 5: Global: HVAC Equipment Market: Breakup by System Type (in %), 2022
Figure 6: Global: HVAC Equipment Market: Breakup by End User (in %), 2022
Figure 7: Global: HVAC Equipment Market: Breakup by Region (in %), 2022
Figure 8: Global: HVAC Equipment (Heating) Market: Sales Value (in Million US$), 2017 & 2022
Figure 9: Global: HVAC Equipment (Heating) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 10: Global: HVAC Equipment (Air Conditioning) Market: Sales Value (in Million US$), 2017 & 2022
Figure 11: Global: HVAC Equipment (Air Conditioning) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 12: Global: HVAC Equipment (Ventilation) Market: Sales Value (in Million US$), 2017 & 2022
Figure 13: Global: HVAC Equipment (Ventilation) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 14: Global: HVAC Equipment (Other Types) Market: Sales Value (in Million US$), 2017 & 2022
Figure 15: Global: HVAC Equipment (Other Types) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 16: Global: HVAC Equipment (Central) Market: Sales Value (in Million US$), 2017 & 2022
Figure 17: Global: HVAC Equipment (Central) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 18: Global: HVAC Equipment (Decentralized) Market: Sales Value (in Million US$), 2017 & 2022
Figure 19: Global: HVAC Equipment (Decentralized) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 20: Global: HVAC Equipment (Residential) Market: Sales Value (in Million US$), 2017 & 2022
Figure 21: Global: HVAC Equipment (Residential) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 22: Global: HVAC Equipment (Commercial) Market: Sales Value (in Million US$), 2017 & 2022
Figure 23: Global: HVAC Equipment (Commercial) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 24: Global: HVAC Equipment (Industrial) Market: Sales Value (in Million US$), 2017 & 2022
Figure 25: Global: HVAC Equipment (Industrial) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 26: North America: HVAC Equipment Market: Sales Value (in Million US$), 2017 & 2022
Figure 27: North America: HVAC Equipment Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 28: United States: HVAC Equipment Market: Sales Value (in Million US$), 2017 & 2022
Figure 29: United States: HVAC Equipment Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 30: Canada: HVAC Equipment Market: Sales Value (in Million US$), 2017 & 2022
Figure 31: Canada: HVAC Equipment Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 32: Asia-Pacific: HVAC Equipment Market: Sales Value (in Million US$), 2017 & 2022
Figure 33: Asia-Pacific: HVAC Equipment Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 34: China: HVAC Equipment Market: Sales Value (in Million US$), 2017 & 2022
Figure 35: China: HVAC Equipment Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 36: Japan: HVAC Equipment Market: Sales Value (in Million US$), 2017 & 2022
Figure 37: Japan: HVAC Equipment Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 38: India: HVAC Equipment Market: Sales Value (in Million US$), 2017 & 2022
Figure 39: India: HVAC Equipment Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 40: South Korea: HVAC Equipment Market: Sales Value (in Million US$), 2017 & 2022
Figure 41: South Korea: HVAC Equipment Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 42: Australia: HVAC Equipment Market: Sales Value (in Million US$), 2017 & 2022
Figure 43: Australia: HVAC Equipment Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 44: Indonesia: HVAC Equipment Market: Sales Value (in Million US$), 2017 & 2022
Figure 45: Indonesia: HVAC Equipment Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 46: Others: HVAC Equipment Market: Sales Value (in Million US$), 2017 & 2022
Figure 47: Others: HVAC Equipment Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 48: Europe: HVAC Equipment Market: Sales Value (in Million US$), 2017 & 2022
Figure 49: Europe: HVAC Equipment Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 50: Germany: HVAC Equipment Market: Sales Value (in Million US$), 2017 & 2022
Figure 51: Germany: HVAC Equipment Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 52: France: HVAC Equipment Market: Sales Value (in Million US$), 2017 & 2022
Figure 53: France: HVAC Equipment Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 54: United Kingdom: HVAC Equipment Market: Sales Value (in Million US$), 2017 & 2022
Figure 55: United Kingdom: HVAC Equipment Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 56: Italy: HVAC Equipment Market: Sales Value (in Million US$), 2017 & 2022
Figure 57: Italy: HVAC Equipment Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 58: Spain: HVAC Equipment Market: Sales Value (in Million US$), 2017 & 2022
Figure 59: Spain: HVAC Equipment Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 60: Russia: HVAC Equipment Market: Sales Value (in Million US$), 2017 & 2022
Figure 61: Russia: HVAC Equipment Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 62: Others: HVAC Equipment Market: Sales Value (in Million US$), 2017 & 2022
Figure 63: Others: HVAC Equipment Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 64: Latin America: HVAC Equipment Market: Sales Value (in Million US$), 2017 & 2022
Figure 65: Latin America: HVAC Equipment Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 66: Brazil: HVAC Equipment Market: Sales Value (in Million US$), 2017 & 2022
Figure 67: Brazil: HVAC Equipment Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 68: Mexico: HVAC Equipment Market: Sales Value (in Million US$), 2017 & 2022
Figure 69: Mexico: HVAC Equipment Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 70: Others: HVAC Equipment Market: Sales Value (in Million US$), 2017 & 2022
Figure 71: Others: HVAC Equipment Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 72: Middle East and Africa: HVAC Equipment Market: Sales Value (in Million US$), 2017 & 2022
Figure 73: Middle East and Africa: HVAC Equipment Market: Breakup by Country (in %), 2022
Figure 74: Middle East and Africa: HVAC Equipment Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 75: Global: HVAC Equipment Industry: SWOT Analysis
Figure 76: Global: HVAC Equipment Industry: Value Chain Analysis
Figure 77: Global: HVAC Equipment Industry: Porter's Five Forces Analysis

List of Tables

Table 1: Global: HVAC Equipment Market: Key Industry Highlights, 2022 and 2028
Table 2: Global: HVAC Equipment Market Forecast: Breakup by Type (in Million US$), 2023-2028
Table 3: Global: HVAC Equipment Market Forecast: Breakup by System Type (in Million US$), 2023-2028
Table 4: Global: HVAC Equipment Market Forecast: Breakup by End User (in Million US$), 2023-2028
Table 5: Global: HVAC Equipment Market Forecast: Breakup by Region (in Million US$), 2023-2028
Table 6: Global: HVAC Equipment Market: Competitive Structure
Table 7: Global: HVAC Equipment Market: Key Players


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