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| HVAC Equipment Market |
The HVAC (heating, ventilation, and air conditioning) equipment market comprises air conditioners, chillers, furnaces, heat pumps, boilers and other equipment that help maintain thermal comfort in buildings. HVAC equipment is essential for residential and commercial spaces as it helps regulate temperature and humidity levels for occupant comfort. HVAC equipment finds extensive use in buildings, factories, hotels, hospitals and other industrial facilities to maintain optimal thermal comfort. Rising construction of green and smart buildings presents numerous opportunities for HVAC equipment as they incorporate renewable energy technology and sophisticated HVAC systems for energy efficiency.
The global HVAC equipment market is estimated to be valued at US$ 239.47
million in 2024 and is expected to exhibit a CAGR of 7.9% over the forecast
period of 2024 to 2031.
Key Takeaways:
Key Players: Key players operating in the HVAC equipment market include Carrier
Global Corporation, Daikin Industries Ltd., Johnson Controls International Plc,
Ingersoll Rand Inc., Midea Group Co. Ltd., Gree Electric Appliances Inc.,
Mitsubishi Electric Corporation and others.
Key Opportunities:
Rising energy costs and implementation of stringent
efficiency regulations have created opportunities for makers of
energy-efficient HVAC equipment such as variable refrigerant flow systems,
geothermal heat pumps and smart thermostats. HVAC retrofitting of old buildings
presents a major opportunity to replace outdated equipment with modern
energy-efficient alternatives.
Global Expansion: Leading HVAC
Equipment Market Trends manufacturers are expanding their global
footprint by entering new markets through strategic partnerships, mergers and
acquisitions. For instance, Carrier acquired security solutions provider Chubb
in 2021 to expand its building solutions portfolio globally.
Market Drivers: Rapid infrastructural development and thriving real estate
sector in Asia Pacific and Middle East are majorly driving the demand for HVAC
equipment. Rising penetration of district cooling systems, geothermal cooling
and green buildings also provide a fillip to the HVAC equipment market.
Market Restraints: High initial investment and maintenance cost of HVAC
equipment remains a key challenge limiting widespread adoption, especially in
price-sensitive developing nations. Availability of cheaper substitutes also
restraints market growth to some extent.
Segment Analysis
The HVAC equipment market comprises of various sub-segments like chillers,
room/unitary air conditioners, packaged terminal air conditioners (PTAC), ductless
mini-splits, air source heat pumps, furnaces, ventilation systems and others.
Among these, the chillers segment currently accounts for the major market share
owing to their widespread use across different industry verticals such as
commercial, industrial and residential premises for cooling and heating
purposes. Chillers offer centralized cooling and have high cooling capacities,
which makes them suitable for large commercial spaces and industrial
facilities.
Global Analysis
Regionally, the North America HVAC equipment market holds the largest share currently and is expected to continue its dominance during the forecast period as well. This can be attributed to factors such as the increased spending on infrastructure modernization and expansion and the presence of numerous HVAC equipment manufacturers in the region. The Asia Pacific region is projected to witness the highest growth during the same time period. This fast growth can be credited to the booming construction industry, rising disposable incomes, expanding smart city initiatives and growing industrialization in emerging countries of Asia Pacific.
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