NEW YORK, Oct. 23, 2023 /PRNewswire/ -- The HVAC equipment market is expected to grow by USD 48.34 billion between 2022 and 2027. However, the growth momentum of the market will progress at a CAGR of 6.22% during the forecast period. The market is segmented by 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). The report analyses the market size and growth and provides accurate predictions on the growth of the market. View FREE PDF Sample
Increasing residential and commercial construction activities is a key factor driving market growth. The growth is due to population growth and regulatory support from various government authorities for building projects, infrastructure development has increased globally at a considerable rate for commercial and residential buildings. Furthermore, in developing countries such as the UAE, Saudi Arabia, India, and China there is an increasing demand for housing and commercial buildings. Hence, these factors are expected to drive market growth during the forecast period.
Key Highlights:
- The report recognizes the following as some of the key players in the HVAC equipment market: 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.
- HVAC Equipment Market is fragmented in nature.
- Market to observe 5.65% YOY growth in 2023.
Market Dynamics:
Major Trend
- The advent of smart HVAC systems is the major trend in the market.
- Smart HVAC is a technology that enables users of smartphones, tablet computers, and desktops to operate their appliances from anywhere in the world.
- Therefore, the intelligent heating and air conditioning system can save between 13% and 15% of energy costs each month.
- Hence, these factors are expected to drive market growth during the forecast period.
Significant Challenge
- Stringent regulations are a significant challenge restricting the market growth.
- These Regulations shall seek to ensure that the appropriate measures are taken in connection with the operation, installation, or manufacture of equipment.
- The costs incurred by the companies can rise because of compliance with these regulations and their profit margins may also be affected.
- Hence, these factors are expected to restrict the market growth during the forecast period.
The report also covers information on upcoming trends and challenges. Explore detailed information by purchasing a report
Keg Segments:
- The market share growth by the non-residential segment will be significant during the forecast period. Production facilities, business and industry buildings, data centers, retail outlets, hospitals, or medical institutions are non-residential end users of the equipment. In addition, due to the growing demand for energy efficiency from organizations and commercial companies, this segment's growth is increasing.
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ToC:
Executive Summary
Market Landscape
Market Sizing
Historic Market Sizes
Five Forces Analysis
Market Segmentation by End-user
Market Segmentation by Product
Market Segmentation by Geography
Customer Landscape
Geographic Landscape
Drivers, Challenges, & Trends
Company Landscape
Company Analysis
Appendix
About Technavio
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SOURCE Technavio
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