HVAC Equipment Market to Reach US$ 199.2 Billion by 2031: TMR Study

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Oct 26, 2022, 10:30 ET

Rising deployment of HVAC equipment in construction sector in residential and commercial buildings; widespread application in cooling interiors in hot climates; rising adoption of green building offers manufacturers in HVAC equipment market value-grab opportunity
Integration of IoT and advanced sensors in HVAC systems presents incremental opportunities; Asia-Pacific witnessing tremendous growth opportunities

WILMINGTON, Del., Oct. 26, 2022 /PRNewswire/ -- Various types of HVAC systems have been commercialized over the years, propelled by massive deployment of these in commercial buildings. Wide applications of these systems in residential buildings for attaining efficient and cost-effective air conditioning underpins tremendous growth opportunities in the HVAC equipment market. The market is projected to clock a CAGR of 5.8% from 2022 to 2031, the forecast period of the study by TMR.

Revenues of HVAC equipment manufacturers have expanded on the back of widespread demand for energy-efficient products and eco-friendly refrigerants in HVAC systems. Thus, leading players in the HVAC equipment market are reinforcing the role of air conditioning in green buildings constructions. Increasingly, recent developments in the HVAC equipment underscore the trend of commercialization of state-of-the-art HVAC technologies in heating and cooling applications in a wide variety of building interiors.

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Key Findings of HVAC Equipment Market Study

Tremendous Growth Opportunities from Demand in Construction Sector: The authors of the TMR study on the global HVAC equipment market found that the product demand in the construction sector is rapidly growing. Enormous demand for air conditioning systems in residential, institutional, and commercial buildings has steered sizable lucrative opportunities. The demand has risen in hot climatic conditions.
Green Building Offers Value-Grab Prospects for HVAC Equipment Manufacturers and Vendors: Worldwide, increasing adoption of green buildings has spurred the prospects of HVAC equipment market. Growing trend of home automation has reinforced the growth prospects. The demand for various cooling equipment is high. The study found that the cooling equipment segment accounted for major market share in 2021.
Firms Capture Value from Rapid Adoption of Equipment with Smart Tech: A slew of advanced technologies have made way to newly developed products and expanded the avenues in the HVAC equipment market. Mobile technologies, smart sensors, and automated control features have been increasingly integrated with HVAC equipment, a trend recent developments in the HVAC equipment reinforced.

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HVAC Equipment Market: Key Drivers

Focus on reducing energy efficiency of buildings is a key pivot for the demand for HVAC equipment.
The massive demand for HVAC in the construction sector is driven by rise in constructions of residential and commercial infrastructure especially in developed and developing regions globally.
The introduction and commercialization of eco-friendly refrigerants is expanding the revenue potential in the HVAC equipment market. Furthermore, strides in IoT are propelling the growth prospects for HVAC equipment makers.

HVAC Equipment Market: Regional Growth Dynamics

Asia Pacific accounted for a major revenue share of the global HVAC equipment market in 2021, and is projected to advance at promising growth rate during the forecast period of 2022-2031. The region's dominance is attributed to strides made in air conditioning commercialization. Furthermore, substantial demand for affordable products from Africa and South America will spur revenue streams. The Asia Pacific HVAC equipment market is expanding considerably on the back of vast opportunities for manufacturers in China, observed the study authors.

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HVAC Equipment Market: Key Players

Most key companies are leaning on unveiling eco-friendly HVAC equipment to stay competitive. Additionally, many key players are keen on expanding product portfolio to strengthen their position.

Some of the key players in the HVAC equipment market are Sanden Holdings Corp., Panasonic Corporation, Moon Environment Technology Co., Ltd., Mitsubishi Electric Corporation, Ingersoll-Rand, Hitachi Ltd., Fujitsu General Ltd., and Daikin Industries, Ltd.

HVAC Equipment Market Segmentation

Product Type

Heating Equipment

Heat Pumps
Furnaces
Unitary Pumps
Boilers
Others

Cooling Equipment

Chillers
Air Conditioners
Water Cooling Towers
Others

Air Delivery Equipment

Ventilation Fans
Humidifiers/Dehumidifiers
Others

Application

Residential
Commercial
Industrial

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