Global HVAC Equipment Market size predicted to reflect USD 314.97 billion by 2030

The Global HVAC Equipment Market size is expected to grow from USD 193.20 billion in 2022 to USD 314.97 billion by 2030, at a CAGR of 6.3 % during the forecast period (2023-2030).

Market Overview:

People frequently refer to heating, ventilation, and air conditioning as HVAC. HVAC is a collective term for the various equipment used to move air from an outdoor space into an indoor one.

This system is utilized in the commercial, residential, and occasionally the industrial sectors. The air temperature is maintained using this method.

In the winter and summer, the HVAC system maintains a comfortable indoor temperature. In order to maintain clean and healthy air, this system also has filters that are used to filter and clean outdoor air.

Top Key Players in the HVAC Equipment Market:

Carrier Corporation (US), Goodman Manufacturing Company, L.P. (US), Rheem Manufacturing Company (US), Daikin Industries, Ltd (Japan), Emerson Electric Co (US), Hitachi Ltd.

(Japan), Johnson Controls International (Ireland), Lennox International, Inc. (US), Trane Technologies (US), York (US), American standard (US), Daikin (Japan), Ingersoll Rand (US), LG Electronics (South Korea), United Technologies (US), Electrolux (Sweden), Lennox (US), Nortek (US), and Other Major Players.

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The report summarizes all the information collected and serves the customer's requirements. However, these market analyses help in understanding market growth at both global and regional levels.

For market data analysis, we have market panorama tools such as Market Dynamics, Competitor Analysis, PESTEL Analysis, SWOT Analysis, Porter Five Forces Analysis, Value Chain Analysis, Technology Roadmap and Evolution, Regulatory Framework, Price Trend Analysis, Patent Analysis, Covid-19 Impact Analysis, Russia-Ukraine War Impact and others.

Market Dynamics and Factors for the HVAC Equipment Market:

Drivers:

Ventilation Becoming an Increasingly Important Component in the Modern Home HVAC System

There are many different types of HVAC systems; ventilation is the first and most important part which plays an important role in the growth of the market. Ventilation is a source to take fresh air from the outside to make the place breathable.

Natural ventilation is available in most homes like windows, doors, and other openings. Exchange of air is required to keep the area fresh and oxygenated and to remove carbon dioxide, odors, and extra moisture.

Opportunities:

Development in Residential and Commercial Properties

The rising rate of owning residential and commercial properties helps to rise the demand for HVAC equipment. Shelter is a basic need, everyone is wishing to have a home of their own and the population is increasing; investment in households has increased on a large scale, so the demand for HVAC Equipment is also raised. 

Nowadays, individuals own more than one house and they require HAVC facilities for every house to live comfortably.

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Segmentation Analysis of the HVAC Equipment Market:

By Type, the Heating and cooling split systems segment is excepted to dominate the market. The most common types of HVAC systems are heating and cooling split systems.

As per the name, it is split and divided into two separate units, one unit is used for heating and the other one is used for cooling the area.

By End-user, Residential is likely to dominate in this area. The HVAC system is required for every household to control the temperature and make a happy, healthy environment inside the building.     

By System Type

• Heating & cooling split systems
• Hybrid split system
• Duct free
• Others

By End User

• Residential
• Commercial
• Industrial

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Regional Analysis of the HVAC Equipment Market:

North America is excepted to dominate the market during the forecast period. In North America, which is a developed region, HVAC equipment is used in a variety of settings, including homes, businesses, and the industrial sector.

The main factor driving the growth of the HVAC Equipment Market is the abundance of commercial and residential real estate in nations like the USA, Mexico, and Canada. Since there are many people living in the North American region, there are also many people buying this product there.

As a result of the fact that 80% of people have HVAC systems in their homes, the market for HVAC equipment in North America is expected to grow over the forecast period.

By Region:

• North America (U.S., Canada, Mexico)
• Eastern Europe (Bulgaria, The Czech Republic, Hungary, Poland, Romania, Rest of Eastern Europe)
• Western Europe (Germany, U.K., France, Netherlands, Italy, Russia, Spain, Rest of Western Europe)
• Asia-Pacific (China, India, Japan, South Korea, Malaysia, Thailand, Vietnam, The Philippines, Australia, New Zealand, Rest of APAC)
• Middle East & Africa (Turkey, Saudi Arabia, Bahrain, Kuwait, Qatar, UAE, Israel, South Africa)
• South America (Brazil, Argentina, Rest of SA)

Key Industry Development:

In May 2022, Modine Company made a partnership with Global Plasma Solutions, Modine works in commercial HVAC solutions; their partnership offers a state-of-the-art GPS’ patented needlepoint bi-polar ionization technology, which is used for school products, to maintain high indoor air quality in classrooms.

In May 2022, RLS Company Works in HVAC launched a new training portal for online training purposes that help contractor that works in HVAC and refrigeration to make easier, faster, and safer copper tube connections using the company's new product. RLS Company is a manufacturer of the first press-to-connect fittings in HVAC.

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