Global HVAC Equipment Market Size, Share, Growth Analysis, By Equipment type(Heating systems, cooling systems), By End user(Residential construction, commercial construction), By Application(Residential, commercial) - Industry Forecast 2024-2031

Report ID: SQMIG20D2141 | Region: Global | Published Date: March, 2024
Pages: 202 | Tables: 95 | Figures: 76

Global HVAC Equipment Market News

In November 2022, Daikin unveiled the Emuraindoor climate management system, which combines air purification with heating and cooling capabilities. The Emura system features a sleek and unobtrusive design, making it suitable for various indoor spaces such as living rooms and offices. It aims to deliver efficient temperature control and create a comfortable environment.

In September 2022, Trane Technologies, a leading global climate innovator, announced advancements in its electrified heating and cooling. They upgraded two well-known rooftop units, Voyager 3 and IntelliPak2, to enhance energy efficiency, building connectivity, and control. Additionally, Trane introduced the ThermafitAir-to-Water Modular Heat Pump Model AXM, a flexible all-electric heating and cooling solution. These updates aim to improve indoor comfort and air quality in warehouses and large facilities.

In February 2023, Rhoss, known for offering a wide range of products using A2L refrigerants, introduced the POKER290 high-temperature, low GWP reversible heat pumps. This innovative heat pump series utilizes a scroll compressor and operates at high temperatures with low global warming potential (GWP). The POKER290 range is available in a single size, ranging from approximately 48 kW to 190 kW. It can be connected with up to four units using the newly integrated sequencer SDR.

In January 2023, Aermec announced the launch of the next generation of chilled beams. These advanced chilled beams from Aermec offer clean, healthy air and acoustic comfort while consuming less energy and reducing dependence on fossil fuels. The introduction of these adaptable HVAC solutions marks a significant step forward in providing more efficient and sustainable air conditioning options.

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Global HVAC Equipment Market size was valued at USD 138.32 billion in 2022 and is poised to grow from USD 147.17 billion in 2023 to USD 241.75 billion by 2031, growing at a CAGR of 6.40% during the forecast period (2024-2031).

Global HVAC Equipment Market is highly competitive, with several prominent players vying for market share. Key players in the industry consistently focus on innovation, research and development, and strategic partnerships to maintain a competitive edge. They offer a diverse range of HVAC equipment, including heating systems, cooling units, ventilation solutions, and integrated building management systems. Market players also emphasize energy efficiency, sustainability, and smart technologies to meet evolving customer demands and regulatory requirements. Additionally, mergers and acquisitions, product launches, and geographical expansions are common strategies employed by these companies to strengthen their market presence and cater to a global customer base. The competitive landscape of the HVAC equipment market is characterized by intense competition, technological advancements, and a strong emphasis on customer satisfaction and environmental sustainability. 'Daikin Industries (Japan)', 'Johnson Controls (US)', 'Mitsubishi Electric Corporation (Japan)', 'Carrier Global Corporation (US)', 'LG Electronics Inc. (South Korea)', 'Trane Technologies plc (Ireland)', 'Lennox International Inc. (US)', 'Fujitsu General Ltd. (Japan)', 'Rheem Manufacturing Company (US)', 'Samsung Electronics Co., Ltd. (South Korea)', 'Haier Group Corporation (China)', 'Panasonic Corporation (Japan)', 'Hitachi, Ltd. (Japan)', 'Ingersoll Rand Inc. (Ireland)', 'Nortek Global HVAC LLC (US)', 'Zamil Air Conditioners Holding Co. Ltd. (Saudi Arabia)', 'Gree Electric Appliances Inc. (China)', 'Midea Group Co., Ltd. (China)', 'Vaillant Group (Germany)', 'Viessmann Group (Germany)'

The rising awareness and focus on energy efficiency are driving the demand for HVAC equipment that can minimize energy consumption while providing optimal comfort. Energy-efficient systems help reduce operational costs and environmental impact. For example, the implementation of inverter-based air conditioning systems, which adjust compressor speed based on cooling requirements, can significantly improve energy efficiency and reduce electricity consumption.

Integration of Smart Technologies and IoT: The integration of smart technologies and the Internet of Things (IoT) is revolutionizing the HVAC industry. HVAC systems can now be controlled and monitored remotely, enabling energy optimization, predictive maintenance, and personalized comfort settings. For example, smart thermostats allow users to control temperature settings through mobile applications and learn user preferences to automatically adjust the HVAC system for energy efficiency.

North America is a prominent player, holding a significant market share. The region's strong position can be attributed to several factors, including technological advancements, stringent energy efficiency regulations, and high demand for residential and commercial HVAC systems. For example, in the United States, the demand for HVAC equipment is driven by the need to replace outdated systems with more energy-efficient alternatives to reduce carbon emissions and achieve sustainability goals. The region's market share is estimated to be around 35% in the global HVAC equipment market.

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Global HVAC Equipment Market Size, Share, Growth Analysis, By Equipment type(Heating systems, cooling systems), By End user(Residential construction, commercial construction), By Application(Residential, commercial) - Industry Forecast 2024-2031

Global HVAC Equipment Market News

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