HVAC Equipment Market to grow by USD 48.34 billion from 2022 to 2027, Increasing residential and commercial construction activities to drive the growth- Technavio

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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The substation automation market size is estimated to grow at a CAGR of 6.47% between 2022 and 2027. The market size is forecast to increase by USD 15.17 billion.

The industrial thermostatic control valves market size is estimated to grow at a CAGR of 4.38% between 2022 and 2027. The market size is forecast to increase by USD 272.86 million. 

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

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com

SOURCE Technavio

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