HVAC Market size to grow by USD 74.02 billion from 2022 to 2027; The growing construction sector to be a major market driver - Technavio

NEW YORK, June 7, 2023 /PRNewswire/ -- The HVAC market is expected to grow by USD 74.02 billion from 2022 to 2027, according to Technavio. As per the latest report, the market will progress at a CAGR of 6.5% during the forecast period. The rise in the incorporation of Building Automation Systems (BAS) is the primary trend in the market. BASs, which control and monitor HVAC and other facilities of a given building, are embedded with computing and digital communication tools that allow these systems to enhance energy efficiency. The number of integrated BAS installations has increased owing to the rise in the number of construction projects and building retrofits. The BAS technology has advanced features owing to improvements in sensor technology, availability of cheaper and faster communication systems, and improved user interfaces. Such benefits are expected to propel the growth of the global heating, ventilation, and air conditioning system market during the forecast period. View Sample Report!

HVAC Market 2023-2027: Scope

Technavio presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources. Our hvac market report covers the following areas:

• HVAC Market size
• HVAC Market trends
• HVAC Market industry analysis
• HVAC Market five forces analysis
• HVAC Market competitive landscape

The market is fragmented, and the degree of fragmentation will accelerate during the forecast period. Arkema Group, Carrier Global Corp., Daikin Industries Ltd., Danfoss AS, Emerson Electric Co., Fujitsu General Ltd., Gree Electric, Haier Smart Home Co. Ltd., Honeywell International Inc., Johnson Controls International Plc, Lennox International Inc., LG Electronics Inc., Melrose Industries Plc, MIDEA Group Co. Ltd., Mitsubishi Electric Corp., Paloma Co. Ltd., Panasonic Holdings Corp., Robert Bosch GmbH, Samsung Electronics Co. Ltd., and Trane Technologies plc are some of the major market participants. Although the growing construction sector will offer immense growth opportunities, failure issues with HVAC equipment will challenge the growth of the market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

HVAC Market 2023-2027: Market Driver

The rapidly growing construction sector is driving the demand for industrial HVAC systems. The rapidly growing commercial and residential constructions across the globe increase the demand for HVAC systems. The growing trend of green buildings as a response to growing environmental concerns drives the demand for HVAC systems. Moreover, the office and high-rise buildings adopt HVAC systems to maintain the temperature within the premises. Additionally, residential HVAC systems usage is on the rise, especially in hotter regions in APAC and the Middle East. Such factors will increase market growth during the forecast period.

• Type 
• HVAC Equipment
• HVAC Services
• End-user 
• Non-residential
• Residential
• Geography 
• APAC
• Europe
• North America
• Middle East And Africa
• South America

The market share growth by the HVAC equipment segment will be significant during the forecast period. The growing population and industrialization, the rise in construction expenditure, the increase in sales of commercial and residential buildings, and the augmented disposable income of the middle-class population are driving the global HVAC system market. Heat pumps, air-conditioners (ACs) in rooms, and unitary ACs are likely to witness significant demand in both residential and non-residential buildings, which will increase the demand for the market in focus during the forecast period.

To learn more about the global trends impacting the future of the market, download a sample report!

Failures in HVAC systems used in residential and non-residential segments are a major challenge impeding the growth of the market. These systems are made up of several components for heating and cooling systems. Modern-day systems have software-based and electrical components in the HVAC unit. Issues like worn-out and dirty filters, refrigerant leaks, fuse breaks, and malfunctioning dampers can hamper the working of the entire system. Factors like these may impede the growth of the market during the forecast period.

What's New? -

• Special coverage on the Russia-Ukraine war; global inflation; recovery analysis from COVID-19; supply chain disruptions, global trade tensions; and risk of recession
• Global competitiveness and key competitor positions
• Market presence across multiple geographical footprints - Strong/Active/Niche/Trivial - Buy the report!

HVAC Market 2023-2027: Vendor Analysis

We provide a detailed analysis of around 25 vendors operating in the HVAC Market, including some of the vendors, backed with competitive intelligence and benchmarking. Our research reports on the HVAC Market are designed to provide entry support, customer profile and M&As as well as go-to-market strategy support.

• Carrier Global Corp.: The company operates under multiple segments including HVAC, refrigeration, etc., with a high focus on HVAC.
• Arkema Group: The company offers HVAC with third-generation refrigerants, called HFCs, offering a reduced environmental impact and fourth generation called HFO.
• Daikin Industries Ltd.: The company offers smart HVAC features for various products such as Air purifiers and Fit Heat pump.

HVAC Market 2023-2027: Key Highlights

• CAGR of the market during the forecast period 2023-2027
• Detailed information on factors that will assist HVAC market growth during the next five years
• Estimation of the HVAC market size and its contribution to the parent market
• Predictions on upcoming trends and changes in consumer behavior
• The growth of the HVAC market
• Analysis of the market's competitive landscape and detailed information on vendors
• Comprehensive details of factors that will challenge the growth of HVAC market vendors

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Related Reports:

• The HVAC equipment market share in North America is expected to increase by USD 10.22 billion from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 5.15%. Furthermore, this report extensively covers the market segmentation by product (air conditioning equipment, heating equipment, and ventilation equipment) and end-user (non-residential and residential). Changing climate conditions is one of the key drivers supporting the North American heating, ventilation, and air conditioning (HVAC) equipment market growth. 
• The HVAC systems market share in India is expected to increase by USD 2.77 billion from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 9.97%. Furthermore, this report extensively covers the HVAC systems market segmentation in India by product (split AC, window AC, and others) and application (non-residential and residential). One of the key factors driving the market growth in the HVAC systems market in India is the growing demand for inverter HVAC systems. 

Table Of Contents :

1 Executive Summary

• 1.1 Market overview 
• Exhibit 01: Executive Summary – Chart on Market Overview
• Exhibit 02: Executive Summary – Data Table on Market Overview
• Exhibit 03: Executive Summary – Chart on Global Market Characteristics
• Exhibit 04: Executive Summary – Chart on Market by Geography
• Exhibit 05: Executive Summary – Chart on Market Segmentation by Type
• Exhibit 06: Executive Summary – Chart on Market Segmentation by End-user
• Exhibit 07: Executive Summary – Chart on Incremental Growth
• Exhibit 08: Executive Summary – Data Table on Incremental Growth
• Exhibit 09: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

• 2.1 Market ecosystem 
• Exhibit 10: Parent market
• Exhibit 11: Market Characteristics

3 Market Sizing

• 3.1 Market definition 
• Exhibit 12: Offerings of vendors included in the market definition

• 3.2 Market segment analysis 
• Exhibit 13: Market segments

• 3.3 Market size 2022 

• 3.4 Market outlook: Forecast for 2022-2027
• Exhibit 14: Chart on Global - Market size and forecast 2022-2027 ($ billion)
• Exhibit 15: Data Table on Global - Market size and forecast 2022-2027 ($ billion)
• Exhibit 16: Chart on Global Market: Year-over-year growth 2022-2027 (%)
• Exhibit 17: Data Table on Global Market: Year-over-year growth 2022-2027 (%)

4 Historic Market Size

• 4.1 Global HVAC market 2017 - 2021 
• Exhibit 18: Historic Market Size – Data Table on Global HVAC market 2017 - 2021 ($ billion)

• 4.2 Geography Segment Analysis 2017 - 2021
• Exhibit 19: Historic Market Size – Geography Segment 2017 - 2021 ($ billion)

• 4.3 Type Segment Analysis 2017 - 2021 
• Exhibit 20: Historic Market Size – Type Segment 2017 - 2021 ($ billion)

• 4.4 End-user Segment Analysis 2017 - 2021
• Exhibit 21: Historic Market Size – End-user Segment 2017 - 2021 ($ billion)

• 4.5 Country Segment Analysis 2017 - 2021
• Exhibit 22: Historic Market Size – Country Segment 2017 - 2021 ($ billion)

5 Five Forces Analysis

• 5.1 Five forces summary 
• Exhibit 23: Five forces analysis - Comparison between 2022 and 2027

• 5.2 Bargaining power of buyers 
• Exhibit 24: Chart on Bargaining power of buyers – Impact of key factors 2022 and 2027

• 5.3 Bargaining power of suppliers 
• Exhibit 25: Bargaining power of suppliers – Impact of key factors in 2022 and 2027

• 5.4 Threat of new entrants 
• Exhibit 26: Threat of new entrants – Impact of key factors in 2022 and 2027

• 5.5 Threat of substitutes 
• Exhibit 27: Threat of substitutes – Impact of key factors in 2022 and 2027

• 5.6 Threat of rivalry 
• Exhibit 28: Threat of rivalry – Impact of key factors in 2022 and 2027

• 5.7 Market condition 
• Exhibit 29: Chart on Market condition - Five forces 2022 and 2027

6 Market Segmentation by Type

• 6.1 Market segments 
• Exhibit 30: Chart on Type - Market share 2022-2027 (%)
• Exhibit 31: Data Table on Type - Market share 2022-2027 (%)

• 6.2 Comparison by Type 
• Exhibit 32: Chart on Comparison by Type
• Exhibit 33: Data Table on Comparison by Type

• 6.3 HVAC equipment - Market size and forecast 2022-2027
• Exhibit 34: Chart on HVAC equipment - Market size and forecast 2022-2027 ($ billion)
• Exhibit 35: Data Table on HVAC equipment - Market size and forecast 2022-2027 ($ billion)
• Exhibit 36: Chart on HVAC equipment - Year-over-year growth 2022-2027 (%)
• Exhibit 37: Data Table on HVAC equipment - Year-over-year growth 2022-2027 (%)

• 6.4 HVAC services - Market size and forecast 2022-2027
• Exhibit 38: Chart on HVAC services - Market size and forecast 2022-2027 ($ billion)
• Exhibit 39: Data Table on HVAC services - Market size and forecast 2022-2027 ($ billion)
• Exhibit 40: Chart on HVAC services - Year-over-year growth 2022-2027 (%)
• Exhibit 41: Data Table on HVAC services - Year-over-year growth 2022-2027 (%)

• 6.5 Market opportunity by Type 
• Exhibit 42: Market opportunity by Type ($ billion)

7 Market Segmentation by End-user

• 7.1 Market segments 
• Exhibit 43: Chart on End-user - Market share 2022-2027 (%)
• Exhibit 44: Data Table on End-user - Market share 2022-2027 (%)

• 7.2 Comparison by End-user 
• Exhibit 45: Chart on Comparison by End-user
• Exhibit 46: Data Table on Comparison by End-user

• 7.3 Non-residential - Market size and forecast 2022-2027
• Exhibit 47: Chart on Non-residential - Market size and forecast 2022-2027 ($ billion)
• Exhibit 48: Data Table on Non-residential - Market size and forecast 2022-2027 ($ billion)
• Exhibit 49: Chart on Non-residential - Year-over-year growth 2022-2027 (%)
• Exhibit 50: Data Table on Non-residential - Year-over-year growth 2022-2027 (%)

• 7.4 Residential - Market size and forecast 2022-2027
• Exhibit 51: Chart on Residential - Market size and forecast 2022-2027 ($ billion)
• Exhibit 52: Data Table on Residential - Market size and forecast 2022-2027 ($ billion)
• Exhibit 53: Chart on Residential - Year-over-year growth 2022-2027 (%)
• Exhibit 54: Data Table on Residential - Year-over-year growth 2022-2027 (%)

• 7.5 Market opportunity by End-user 
• Exhibit 55: Market opportunity by End-user ($ billion)

8 Customer Landscape

• 8.1 Customer landscape overview 
• Exhibit 56: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

9 Geographic Landscape

• 9.1 Geographic segmentation 
• Exhibit 57: Chart on Market share by geography 2022-2027 (%)
• Exhibit 58: Data Table on Market share by geography 2022-2027 (%)

• 9.2 Geographic comparison 
• Exhibit 59: Chart on Geographic comparison
• Exhibit 60: Data Table on Geographic comparison

• 9.3 APAC - Market size and forecast 2022-2027
• Exhibit 61: Chart on APAC - Market size and forecast 2022-2027 ($ billion)
• Exhibit 62: Data Table on APAC - Market size and forecast 2022-2027 ($ billion)
• Exhibit 63: Chart on APAC - Year-over-year growth 2022-2027 (%)
• Exhibit 64: Data Table on APAC - Year-over-year growth 2022-2027 (%)

• 9.4 Europe - Market size and forecast 2022-2027
• Exhibit 65: Chart on Europe - Market size and forecast 2022-2027 ($ billion)
• Exhibit 66: Data Table on Europe - Market size and forecast 2022-2027 ($ billion)
• Exhibit 67: Chart on Europe - Year-over-year growth 2022-2027 (%)
• Exhibit 68: Data Table on Europe - Year-over-year growth 2022-2027 (%)

• 9.5 North America - Market size and forecast 2022-2027
• Exhibit 69: Chart on North America - Market size and forecast 2022-2027 ($ billion)
• Exhibit 70: Data Table on North America - Market size and forecast 2022-2027 ($ billion)
• Exhibit 71: Chart on North America - Year-over-year growth 2022-2027 (%)
• Exhibit 72: Data Table on North America - Year-over-year growth 2022-2027 (%)

• 9.6 Middle East and Africa - Market size and forecast 2022-2027 
• Exhibit 73: Chart on Middle East and Africa - Market size and forecast 2022-2027 ($ billion)
• Exhibit 74: Data Table on Middle East and Africa - Market size and forecast 2022-2027 ($ billion)
• Exhibit 75: Chart on Middle East and Africa - Year-over-year growth 2022-2027 (%)
• Exhibit 76: Data Table on Middle East and Africa - Year-over-year growth 2022-2027 (%)

• 9.7 South America - Market size and forecast 2022-2027
• Exhibit 77: Chart on South America - Market size and forecast 2022-2027 ($ billion)
• Exhibit 78: Data Table on South America - Market size and forecast 2022-2027 ($ billion)
• Exhibit 79: Chart on South America - Year-over-year growth 2022-2027 (%)
• Exhibit 80: Data Table on South America - Year-over-year growth 2022-2027 (%)

• 9.8 China - Market size and forecast 2022-2027
• Exhibit 81: Chart on China - Market size and forecast 2022-2027 ($ billion)
• Exhibit 82: Data Table on China - Market size and forecast 2022-2027 ($ billion)
• Exhibit 83: Chart on China - Year-over-year growth 2022-2027 (%)
• Exhibit 84: Data Table on China - Year-over-year growth 2022-2027 (%)

• 9.9 US - Market size and forecast 2022-2027
• Exhibit 85: Chart on US - Market size and forecast 2022-2027 ($ billion)
• Exhibit 86: Data Table on US - Market size and forecast 2022-2027 ($ billion)
• Exhibit 87: Chart on US - Year-over-year growth 2022-2027 (%)
• Exhibit 88: Data Table on US - Year-over-year growth 2022-2027 (%)

• 9.10 Japan - Market size and forecast 2022-2027
• Exhibit 89: Chart on Japan - Market size and forecast 2022-2027 ($ billion)
• Exhibit 90: Data Table on Japan - Market size and forecast 2022-2027 ($ billion)
• Exhibit 91: Chart on Japan - Year-over-year growth 2022-2027 (%)
• Exhibit 92: Data Table on Japan - Year-over-year growth 2022-2027 (%)

• 9.11 Germany - Market size and forecast 2022-2027
• Exhibit 93: Chart on Germany - Market size and forecast 2022-2027 ($ billion)
• Exhibit 94: Data Table on Germany - Market size and forecast 2022-2027 ($ billion)
• Exhibit 95: Chart on Germany - Year-over-year growth 2022-2027 (%)
• Exhibit 96: Data Table on Germany - Year-over-year growth 2022-2027 (%)

• 9.12 UK - Market size and forecast 2022-2027
• Exhibit 97: Chart on UK - Market size and forecast 2022-2027 ($ billion)
• Exhibit 98: Data Table on UK - Market size and forecast 2022-2027 ($ billion)
• Exhibit 99: Chart on UK - Year-over-year growth 2022-2027 (%)
• Exhibit 100: Data Table on UK - Year-over-year growth 2022-2027 (%)

• 9.13 Market opportunity by geography 
• Exhibit 101: Market opportunity by geography ($ billion)

10 Drivers, Challenges, and Trends

• 10.1 Market drivers 

• 10.2 Market challenges 

• 10.3 Impact of drivers and challenges 
• Exhibit 102: Impact of drivers and challenges in 2022 and 2027

• 10.4 Market trends 

11 Vendor Landscape

• 11.1 Overview 

• 11.2 Vendor landscape 
• Exhibit 103: Overview on Criticality of inputs and Factors of differentiation

• 11.3 Landscape disruption 
• Exhibit 104: Overview on factors of disruption

• 11.4 Industry risks 
• Exhibit 105: Impact of key risks on business

12 Vendor Analysis

• 12.1 Vendors covered 
• Exhibit 106: Vendors covered

• 12.2 Market positioning of vendors 
• Exhibit 107: Matrix on vendor position and classification

• 12.3 Arkema Group 
• Exhibit 108: Arkema Group - Overview
• Exhibit 109: Arkema Group - Business segments
• Exhibit 110: Arkema Group - Key news
• Exhibit 111: Arkema Group - Key offerings
• Exhibit 112: Arkema Group - Segment focus

• 12.4 Carrier Global Corp. 
• Exhibit 113: Carrier Global Corp. - Overview
• Exhibit 114: Carrier Global Corp. - Business segments
• Exhibit 115: Carrier Global Corp. - Key news
• Exhibit 116: Carrier Global Corp. - Key offerings
• Exhibit 117: Carrier Global Corp. - Segment focus

• 12.5 Daikin Industries Ltd. 
• Exhibit 118: Daikin Industries Ltd. - Overview
• Exhibit 119: Daikin Industries Ltd. - Business segments
• Exhibit 120: Daikin Industries Ltd. - Key news
• Exhibit 121: Daikin Industries Ltd. - Key offerings
• Exhibit 122: Daikin Industries Ltd. - Segment focus

• 12.6 Danfoss AS 
• Exhibit 123: Danfoss AS - Overview
• Exhibit 124: Danfoss AS - Business segments
• Exhibit 125: Danfoss AS - Key news
• Exhibit 126: Danfoss AS - Key offerings
• Exhibit 127: Danfoss AS - Segment focus

• 12.7 Emerson Electric Co. 
• Exhibit 128: Emerson Electric Co. - Overview
• Exhibit 129: Emerson Electric Co. - Business segments
• Exhibit 130: Emerson Electric Co. - Key offerings
• Exhibit 131: Emerson Electric Co. - Segment focus

• 12.8 Fujitsu General Ltd. 
• Exhibit 132: Fujitsu General Ltd. - Overview
• Exhibit 133: Fujitsu General Ltd. - Business segments
• Exhibit 134: Fujitsu General Ltd. - Key offerings
• Exhibit 135: Fujitsu General Ltd. - Segment focus

• 12.9 Haier Smart Home Co. Ltd. 
• Exhibit 136: Haier Smart Home Co. Ltd. - Overview
• Exhibit 137: Haier Smart Home Co. Ltd. - Business segments
• Exhibit 138: Haier Smart Home Co. Ltd. - Key offerings
• Exhibit 139: Haier Smart Home Co. Ltd. - Segment focus

• 12.10 Johnson Controls International Plc
• Exhibit 140: Johnson Controls International Plc - Overview
• Exhibit 141: Johnson Controls International Plc - Business segments
• Exhibit 142: Johnson Controls International Plc - Key news
• Exhibit 143: Johnson Controls International Plc - Key offerings
• Exhibit 144: Johnson Controls International Plc - Segment focus

• 12.11 Lennox International Inc. 
• Exhibit 145: Lennox International Inc. - Overview
• Exhibit 146: Lennox International Inc. - Business segments
• Exhibit 147: Lennox International Inc. - Key offerings
• Exhibit 148: Lennox International Inc. - Segment focus

• 12.12 LG Electronics Inc. 
• Exhibit 149: LG Electronics Inc. - Overview
• Exhibit 150: LG Electronics Inc. - Business segments
• Exhibit 151: LG Electronics Inc. - Key news
• Exhibit 152: LG Electronics Inc. - Key offerings
• Exhibit 153: LG Electronics Inc. - Segment focus

• 12.13 MIDEA Group Co. Ltd. 
• Exhibit 154: MIDEA Group Co. Ltd. - Overview
• Exhibit 155: MIDEA Group Co. Ltd. - Business segments
• Exhibit 156: MIDEA Group Co. Ltd. - Key offerings
• Exhibit 157: MIDEA Group Co. Ltd. - Segment focus

• 12.14 Panasonic Holdings Corp. 
• Exhibit 158: Panasonic Holdings Corp. - Overview
• Exhibit 159: Panasonic Holdings Corp. - Business segments
• Exhibit 160: Panasonic Holdings Corp. - Key news
• Exhibit 161: Panasonic Holdings Corp. - Key offerings
• Exhibit 162: Panasonic Holdings Corp. - Segment focus

• 12.15 Robert Bosch GmbH 
• Exhibit 163: Robert Bosch GmbH - Overview
• Exhibit 164: Robert Bosch GmbH - Business segments
• Exhibit 165: Robert Bosch GmbH - Key news
• Exhibit 166: Robert Bosch GmbH - Key offerings
• Exhibit 167: Robert Bosch GmbH - Segment focus

• 12.16 Samsung Electronics Co. Ltd. 
• Exhibit 168: Samsung Electronics Co. Ltd. - Overview
• Exhibit 169: Samsung Electronics Co. Ltd. - Business segments
• Exhibit 170: Samsung Electronics Co. Ltd. - Key news
• Exhibit 171: Samsung Electronics Co. Ltd. - Key offerings
• Exhibit 172: Samsung Electronics Co. Ltd. - Segment focus

• 12.17 Trane Technologies plc 
• Exhibit 173: Trane Technologies plc - Overview
• Exhibit 174: Trane Technologies plc - Business segments
• Exhibit 175: Trane Technologies plc - Key offerings
• Exhibit 176: Trane Technologies plc - Segment focus

13 Appendix

• 13.1 Scope of the report 

• 13.2 Inclusions and exclusions checklist
• Exhibit 177: Inclusions checklist
• Exhibit 178: Exclusions checklist

• 13.3 Currency conversion rates for US$ 
• Exhibit 179: Currency conversion rates for US$

• 13.4 Research methodology 
• Exhibit 180: Research methodology
• Exhibit 181: Validation techniques employed for market sizing
• Exhibit 182: Information sources

• 13.5 List of abbreviations 
• Exhibit 183: List of abbreviations

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provides 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.

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SOURCE Technavio