The global HVAC Equipment Market is estimated to be valued at US$ 207.87 Mn in 2023 and is expected to exhibit a CAGR of 6.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
HVAC equipment include products associated with heating, ventilation, and air conditioning systems used in residential, commercial and industrial spaces. They help maintain thermal comfort and indoor air quality through temperature and humidity control.
Market key trends:
One of the key trends driving the growth in the HVAC equipment market is the increasing adoption of artificial intelligence. AI enables HVAC systems to increase efficiency by optimizing operations based on real-time data analysis. It allows for predictive maintenance by detecting performance issues early. AI powered HVAC systems are also helping reduce energy costs through automatic control and continuous monitoring. Data analytics further helps understand usage patterns to customize zone-based temperature and humidity control for enhanced occupant comfort.
The HVAC equipment market is segmented by product type, application, and geography. Based on product type, the HVAC equipment market is segmented into HVAC air filters, HVAC condensing units, HVAC ductwork, HVAC fans, HVAC control boards, and others. The HVAC ductwork segment dominates the market and is expected to remain dominant over the forecast period owing to widespread use of ductworks in all types of heating, ventilation and air conditioning systems for effective distribution of conditioned air or heated air to various spaces.
The global HVAC equipment market is expected to witness high growth, exhibiting a CAGR of 6.6% over the forecast period, due to increasing construction of residential & commercial buildings globally.
Asia Pacific region dominates the HVAC equipment market and is expected to continue its dominance over the forecast period. This is attributed to rapid industrialization and infrastructural development activities in countries such as China and India. Additionally, increasing disposable income among middle-class households is driving the demand for HVAC equipment for residential applications in the region.
Key players operating in the HVAC equipment market are United Technologies Corporation (Carrier), LG Corporation, Daikin Industries. Ltd., AB Electrolux, Haier Inc., Lennox International Inc., Samsung Electronics, and Panasonic Corporation. United Technologies Corporation (Carrier) dominates the market owing to its wide distribution network and strong brand recognition globally.
The global HVAC equipment market size was valued at US$ 207.87 Mn in 2023 and is projected to reach US$ 347.53 Mn by 2030, expanding at a CAGR of 6.6% during the forecast period.