Europe HVAC Market Outlook Report 2024-2029 Featuring Prominent Vendors - Daikin, Johnson Controls, Mitsubishi, Ostberg, Pentair, Bosch, Samsung, and Siemens and More

DUBLIN, March 11, 2024 /PRNewswire/ -- The "Europe HVAC Market - Industry Outlook & Forecast 2024-2029" report has been added to  ResearchAndMarkets.com's offering.

The Europe HVAC market was valued at USD 64.33 billion in 2023 and is expected to reach a value of $92.48 billion, growing at a CAGR of 6.24% from 2023 to 2029

The Europe HVAC market benefits from large government incentives to end-users, with government objectives meeting carbon emission targets and other climate change control measures. Government schemes stimulated the demand for energy-efficient equipment. The industry is characterized by the existence of many market participants in each of the countries and each of the product categories. Aldes, Daikin, Johnson Controls, Mitsubishi Electric, Ostberg, Pentair, Robert Bosch, Rheem Manufacturing Company, Samsung, Siemens AG, Systemair, and Zehnder are the key players in the Europe HVAC market.

Further, with technological upheaval, the industry has seen an influx of affordable systems. Vendors that have advanced technology and meet standards set from an ecological perspective have a competitive edge over other vendors. Hence, although sustainability is a significant factor in the HVAC industry, incorporating technology and statutory standards is a step ahead in the competitive market.

The Western European region held the most significant Europe HVAC market share, valued at over USD 36 billion in 2023. Major factors spiking the sales of HVAC equipment in the region are rising average construction spending, increasing retail building construction projects, rising government spending on sustainable building development, industrial developments, rapid urbanization, changing climatic conditions, and growth in disposable income across European countries.

Further, several Northern and Central European countries experience harsh cold weather yearly. The changing weather conditions and poor air quality maintenance determine the annual consumption pattern of HVAC equipment in European countries. Most Europe HVAC market manufacturers invest in innovations to gain a competitive advantage. Sales of energy-efficient equipment grew in the last four years due to EU directives pushing all stakeholders in the industry to invest in sustainable models of operation.

Also, European countries have been emphasizing the utilization of energy-efficient HVAC systems. The demand for energy-efficient cooling and heating solutions has surged, driven by regulatory requirements and consumer preferences. Using efficient heat pumps in manufacturing facilities and residential and commercial buildings is a pivotal strategy for reducing greenhouse gases and achieving the goals outlined in the Green Deal and REPower EU targets.

MARKET TRENDS & DRIVERS

Climatic Conditions and Heatwaves Propel the Europe HVAC Market

Air-conditioned units used and installed in office spaces are standard in Europe. However, it isn't easy to find AC units in homes. Cities across the region are not designed to handle the soaring temperature, and certain historic buildings are not even allowed to have a modern cooling system installed. Hence, these factors promote the usage of portable cooling units in most residential and commercial buildings across European countries. Furthermore, the HVAC industry constantly updates heating and cooling systems to increase energy efficiency.

These advances increase energy savings, help homeowners sustain climate change, and protect the environment. Hence, the increased temperature propels the demand for ACs for commercial and residential purposes. In 2021, the International Energy Agency (IEA) estimated that European air-conditioner stock will double in the next two decades as record heat becomes more prevalent. Hence, such factors drive the HVAC market's growth during the projected period.

Favorable Government Policies Across the Countries

The favorable government policies across the countries that support the usage of RES and prevent the emission of GHGs into the atmosphere are driving the Europe HVAC market. Policymakers are also trying to frame policies that can support the decarbonization of transportation and the management of power sectors. Implementing appliances using renewable sources can become mandatory for extensive and mega projects to be certified as sustainable and green building units. This can substantially drive the adoption of HVAC systems in residential and large commercial spaces.

INDUSTRY RESTRAINTS

High Installation and Upfront Costs

Despite the benefits associated with heating and ventilating equipment concerning their sustainable contribution to the environment, its high initial and upfront cost is hindering their adoption. This can be a major challenge, especially in the growing economies and price-sensitive markets of European countries, where cost is a major influencing factor for purchase. Although there is evidence that heating equipment generates low operational costs over time compared to conventional gas and solar heaters, the high installation cost is a burden for vendors in the Europe HVAC market.

Also, the price is estimated to vary and fluctuate per the local dealer, market, home condition, and climate. Furthermore, the operating costs, based on the source of fuel such as natural gas, propane, or oil, in addition to electricity, are also influenced during the time of purchase. Although the hybrid or dual fuel heat pump may be an ideal solution for reducing operational costs, the hybrid category's high price and upfront cost are major market adoption challenges.

KEY QUESTIONS ANSWERED

• How big is the European HVAC market?
• What is the growth rate of the Europe HVAC market?
• Which region dominates the Europe HVAC market share?
• What are the significant trends in the Europe HVAC market?
• Who are the key players in the Europe HVAC market?

Market Opportunities & Trends

• Emergence of IoT and Product Innovations to Aid Replacements
• Replacement of Existing Equipment with Energy-Efficient Ones
• Climatic Conditions and Heatwaves Propel Demand for HVAC System

Market Growth Enablers

• Rise in Commercial Construction and Projects
• Increase in Demand for HVAC Systems in Coworking Spaces
• Airport Modernization
• Growing Vrf Systems
• Favorable Government Policies and Incentives
• Demand for Low Gwp Refrigerant Solutions in Heating Equipment

Market Restraints

• Turbulent Political and Trade Relations
• High Installation and Upfront Costs
• Lack of Skilled Labor
• Stringent Regulations

Market at a Glance

Government Regulations Promoting HVAC Systems

• REPowerEU Contribution to HVAC Market
• Advantages of REPowerEU Plan

Industry Overview

• Pros of Smart HVAC System
• Cons of Smart HVAC System
• Key Insights for HVAC System
• Profit Margins
• Merger & Acquisitions and Product Development4.3 Primary Selling Points
• Risk Management
• Key Competitive Highlights
• Demand from Commercial Spaces
• Value Chain

VENDOR LANDSCAPE

Key Company Profiles

• Aldes
• Daikin
• Johnson Controls
• Mitsubishi Electric
• Ostberg
• Pentair
• Robert Bosch
• Rheem Manufacturing Company
• Samsung
• Siemens AG
• Systemair
• Zehnder

Other Prominent Vendors

• Alfa Laval
• Carrier
• Honeywell International Inc
• LG
• Panasonic
• Midea
• Regal
• Raytheon Technologies
• Flakt Group
• Swegon
• VTS Group
• Nuaire
• Nortek
• Hitachi
• LU-VE
• Vent-Axia
• Rosenberg
• S & P
• Wolf
• CIAT
• AL-KO GROUP
• Dynair
• Danfoss
• Lennox
• Backer Springfield
• Dunhambush
• TCL
• Trox
• Vaillant Group
• Viessmann Group
• Stiebel Eltron
• NIBE Group
• Uponor Corporation
• Glen Dimplex
• Ferroli
• Elco Burners
• BDR Thermea Group
• Biddle Air Systems
• Riello Group
• Ingersoll Rand
• Camfil

For more information about this report visit https://www.researchandmarkets.com/r/o2i4l8

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