Guidehouse Insights Estimates Global Market for Residential HVAC to Reach $223 Billion by 2031

Market drivers include climate change and decarbonization efforts; Increased market opportunities for products to meet changing regional needs

BOULDER, Colo., Feb. 21, 2023 /PRNewswire/ -- A new report from Guidehouse Insights examines the different types of residential HVAC (heating and cooling), with regional analyses segmented by five world regions: North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

Although the residential HVAC market has grown continuously with technological advances in heating and cooling, its growth potential remains substantial, particularly in developing regions in extremely hot or cold climates. According to a new report from Guidehouse Insights, global market revenue for residential HVAC is anticipated to grow from $164.9 billion in 2022 to $222.9 billion in 2031 at a compound annual growth rate (CAGR) of 3.4%.

According to the International Energy Agency, most homes in "hot countries" are still without a first air conditioner (AC). The percentage of households equipped with AC for select countries in 2018 showed that the adoption rate for emerging countries was still low, though developed countries showed a much higher adoption rate. Similarly, emerging countries in cold climates offer significant market opportunities for heating.

"If HVAC industry stakeholders are to take advantage of this market opportunity, they must consider suitable solutions for entry into multiple local markets, since no one solution fits all global regions," says Young Hoon Kim, senior research analyst with Guidehouse Insights. "HVAC systems that suit local needs will likely vary from region to region and culture to culture, as will sales channels and installation process."

Additionally, climate change and decarbonization efforts require sustainable heating and cooling solutions, which will depend, in part, on suiting an HVAC solution to a region. This will require considering and combining multiple solutions for decarbonizing residential HVAC systems, according to the report.

The report, Market Data: Residential HVAC, reviews the different types of residential HVAC (heating and cooling), with regional analyses segmented by five world regions: North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Global market outlooks, broken out by segment and region, extend through 2031. An executive summary of the report is available for free download on the Guidehouse Insights website.

About Guidehouse Insights

Guidehouse Insights, the dedicated market intelligence arm of Guidehouse, provides research, data, and benchmarking services for today's rapidly changing and highly regulated industries. Our insights are built on in-depth analysis of global clean technology markets. The team's research methodology combines supply-side industry analysis, end-user primary research, and demand assessment, paired with a deep examination of technology trends, to provide a comprehensive view of emerging resilient infrastructure systems. Additional information about Guidehouse Insights can be found at www.guidehouseinsights.com.

About Guidehouse

Guidehouse is a leading global provider of consulting services to the public sector and commercial markets, with broad capabilities in management, technology, and risk consulting. By combining our public and private sector expertise, we help clients address their most complex challenges and navigate significant regulatory pressures focusing on transformational change, business resiliency, and technology-driven innovation. Across a range of advisory, consulting, outsourcing, and digital services, we create scalable, innovative solutions that help our clients outwit complexity and position them for future growth and success. The company has over 16,500 professionals in over 55 locations globally. Guidehouse is a Veritas Capital portfolio company, led by seasoned professionals with proven and diverse expertise in traditional and emerging technologies, markets, and agenda-setting issues driving national and global economies. For more information, please visit www.guidehouse.com.

* The information contained in this press release concerning the report, Market Data: Residential HVAC, is a summary and reflects the current expectations of Guidehouse Insights based on market data and trend analysis. Market predictions and expectations are inherently uncertain and actual results may differ materially from those contained in this press release or the report. Please refer to the full report for a complete understanding of the assumptions underlying the report's conclusions and the methodologies used to create the report. Neither Guidehouse Insights nor Guidehouse undertakes any obligation to update any of the information contained in this press release or the report.

For more information, contact:

Cecile Fradkin for Guidehouse
+1.646.941.9139
[email protected]

SOURCE Guidehouse Insights