HVAC Aftermarket Market to Grow by USD 39.64 Billion from 2024-2028, Driven by Construction Industry Growth and AI-Powered Market Evolution - Technavio

NEW YORK, Sept. 30, 2024 /PRNewswire/ -- Report on how AI is driving market transformation - The Global Heating, Ventilation and Air Conditioning (HVAC) Aftermarket market size is estimated to grow by USD 39.64 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of  8.57%  during the forecast period. Growth of construction industry is driving market growth, with a trend towards adoption of cogeneration equipment. However, fluctuating prices of raw materials  poses a challenge - Key market players include Carrier Global Corp., Daikin Industries Ltd., Danfoss AS, Electrolux AB, Emerson Electric Co., Fujitsu Ltd., Gree Electric Appliances Inc. Of Zhuhai, Haier Smart Home Co. Ltd., Hitachi Ltd., Johnson Controls International Plc., Lennox International Inc., LG Electronics Inc., MIDEA Group Co. Ltd., Nortek, Robert Bosch GmbH, Samsung Electronics Co. Ltd., Siemens AG, Swegon Group AB, Trane Technologies Plc, and Vaillant GmbH.

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Market Driver

The HVAC aftermarket is driven by the integration of cogeneration systems as adjuvants. Cogeneration, or combined heat and power, produces heat and electricity simultaneously, reducing fuel consumption and emissions. This on-site technology, which can use various fuels, also decreases HVAC system electricity usage by about 50%. By capturing HVAC residual gases and repurposing them, cogeneration helps save time, money, and decreases greenhouse gas emissions. These advantages are expected to boost HVAC system demand and, consequently, the aftermarket. 

The Heating, Ventilation and Air Conditioning (HVAC) aftermarket is experiencing significant growth, driven by the increasing demand for energy efficiency and comfort solutions. Systems such as smart HVAC and IoT-enabled technologies are trending, allowing for remote monitoring and control of heating, cooling, and ventilation systems. Additionally, the use of renewable energy sources in HVAC systems is becoming more common, with heat pumps and solar thermal systems gaining popularity. The market is also seeing an increase in demand for replacement parts and services due to the aging of existing HVAC infrastructure. Overall, the HVAC aftermarket is expected to continue growing as consumers and businesses prioritize energy savings and comfort solutions. 

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 Market Challenges

• The HVAC aftermarket market is influenced by the cost of raw materials used in production. Key vendors mitigate price fluctuations through long-term contracts, while small vendors are impacted. Major raw materials like stainless steel, iron, bronze, and copper, as well as rare-earth metals for motors and compressors, face scarcity and price volatility. China is a significant rare-earth magnet supplier. Vendors' profitability and the HVAC aftermarket's growth are challenged by these factors during the forecast period.
• The Heating, Ventilation and Air Conditioning (HVAC) aftermarket faces several challenges. The key components in this industry include filters, valves, pumps, and motors. The market is driven by the need for energy efficiency and the increasing demand for comfort systems. However, the industry also faces challenges such as the high cost of raw materials, the complexity of HVAC systems, and the need for regular maintenance. Additionally, the rise of renewable energy sources and the increasing popularity of smart home technology may disrupt traditional business models. To stay competitive, players in the HVAC aftermarket must focus on innovation, cost reduction, and customer service.

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Segment Overview 

This heating, ventilation and air conditioning (hvac) aftermarket market report extensively covers market segmentation by  

1. Product 
• 1.1 Air conditioning equipment
• 1.2 Heating equipment
• 1.3 Ventilation equipment
2. End-user 
• 2.1 Non-residential
• 2.2 Residential
3. Geography 
• 3.1 APAC
• 3.2 North America
• 3.3 Europe
• 3.4 South America
• 3.5 Middle East and Africa

1.1 Air conditioning equipment-  The HVAC aftermarket represents a significant business opportunity, driven by the constant need for maintenance, repairs, and upgrades in heating, ventilation, and air conditioning systems. This market caters to various customer segments, including residential, commercial, and industrial sectors. Growth is fueled by factors such as increasing energy efficiency demands, technological advancements, and a growing awareness of indoor air quality. Companies in this market offer a range of products and services, including replacement parts, filters, and system upgrades.

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Research Analysis

The Heating, Ventilation and Air Conditioning (HVAC) aftermarket represents a significant and growing sector in the built environment industry. This market encompasses various systems, including HVAC-R systems, boilers, furnaces, refrigerators, humidifiers, heat pumps, and cooling systems. These systems are essential for climate control in both residential and commercial properties, as well as industrial settings. The integration of IoT and smart technologies into HVAC systems has led to energy-efficient, sustainable solutions that prioritize indoor air quality and contribute to mitigating climate change. Renewable energy sources, such as geothermal and solar, are increasingly being adopted to power these systems, making them more environmentally friendly and cost-effective in the long run. The HVAC aftermarket continues to evolve, offering innovative solutions for temperature, humidity, and air quality control in various applications.

Market Research Overview

The Heating, Ventilation and Air Conditioning (HVAC) Aftermarket represents the sales of components, parts, and services for HVAC systems used in residential and commercial buildings. This market is driven by various factors such as increasing demand for energy efficiency, growing construction industry, and the need for system upgrades and replacements. HVAC systems consist of several components including compressors, condensers, evaporators, filters, and control systems. The aftermarket for these components is significant due to the high replacement rate and the need for regular maintenance to ensure optimal system performance. Additionally, the market is witnessing the emergence of smart HVAC systems, which offer enhanced energy savings and improved comfort levels. Overall, the HVAC Aftermarket is a dynamic and growing industry that caters to the ongoing needs of building owners and facility managers for maintaining and upgrading their HVAC systems.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Product
• Air Conditioning Equipment
• Heating Equipment
• Ventilation Equipment
• End-user
• Non-residential
• Residential
• Geography
• APAC
• North America
• Europe
• South America
• Middle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses 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