HVAC Equipment Market Scope
HVAC equipment includes an air conditioner, chiller, heating pumps, radiator, ventilation, stove, etc, which are used for heating, ventilation, and air conditioning and regulating temperature and air quality. It provides good air quality, humidity, and a better indoor environment in commercial, residential, and industrial applications. It is used in various industries like healthcare, food & beverages, restaurants, education, etc. to regulate the environmental atmosphere.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
Key Companies Profiled | Johnson Controls (Ireland), Daikin Industries, Ltd (Japan), Ingersoll Rand (Ireland), Robert Bosch GmbH (Germany), Panasonic Corporation (Japan), Mitsubishi Electric Corporation (Japan), Nortek Global HVAC (United States), Schneider Electric (France), Heinen & Hopman Engineering (Netherlands), Equipment Controls Company (United States) and Lennox International Inc. (United States) |
CAGR | 5.8% |
The market is seeing moderate market players, by seeing huge growth in this market the key leading vendors are highly focusing on production technologies, efficiency enhancement, and product life. This market has various growth opportunities that leading players capture via tracking the ongoing process enhancement and huge investment in market growth strategies.
Johnson Controls (Ireland), Daikin Industries, Ltd (Japan), Ingersoll Rand (Ireland), Robert Bosch GmbH (Germany), Panasonic Corporation (Japan), Mitsubishi Electric Corporation (Japan), Nortek Global HVAC (United States), Schneider Electric (France), Heinen & Hopman Engineering (Netherlands), Equipment Controls Company (United States) and Lennox International Inc. (United States) are some of the key players that are part of study coverage.
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from the total available market.
Segmentation Overview
The study have segmented the market of Global HVAC Equipment market by Type , by Application (Residential, Commercial and Industrial) and Region with country level break-up.
On the basis of geography, the market of HVAC Equipment has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
region held largest market share in the year 2023.
Market Leaders and their expansionary development strategies
In July 2021, Hitachi, a Japan-based multinational company, launched its first modular side throwvariable refrigerant volume(VRF) air conditioning system.
On 25th February 2020, Equipment Controls Company announced the acquisition of Gasco LLC’s assets and people, based in Noblesville, Indiana. Gasco will continue operations under Equipment Controls, dba Gasco. Equipment Controls has a 54-year track record of unmatched customer service as a value-added supplier of innovative products and services to the natural gas industry. The expanded business will serve 18 states throughout the Southeast and Midwest United States.
"In September of 2014, the Department of Energy (DOE) announced a new standard for furnace fan efficiency. This standard comes into effect in 2019 but will continue to impact the industry through 2020 and beyond. It will also apply to commercial, industrial, and residential heating products. For residential air conditioning clients with older units, the phasing out of R22 can pose a challenge when it comes to providing service. If an AC unit needs a refrigerant recharge due to a leak or other issues, getting ahold of R22 will be a greater challenge. HVAC technicians may be able to access limited amounts or may need to use recycled R22 for these customers."
Influencing Trend:
Software Automation and Connectivity in the HVAC Equipment
Market Growth Drivers:
Growing Machinery Application in Various Industries and Need for Effective and Efficient Heating, Ventilation, and Air Conditioning System for Regulating the Temperature and Lowering Carbon Footprint
Challenges:
Strict Regulatory Guidelines on the Emission of HVAC Equipment
Restraints:
High-Cost Investment and Maintenance Related Complication in the HVAC Equipment
Opportunities:
Technological Advancement in the HVAC Equipment and Surging Demand for the HVAC Equipment in Healthcare Industry
Key Target Audience
HVAC Equipment Manufacturers, HVAC Equipment Distributors and Suppliers, HVAC Equipment International Traders, Research and Development Institutes, Potential Investors, Regulatory Bodies and Others