HVAC Equipment Market By Type (Furnace, Heat Pump, Central Air Conditioning, Room Air Conditioning, and Others), By Application (Residential, Healthcare, Education, Hospitality, Office, Retail, and Others), Industry Trends, Estimation & Forecast, 2023-2030

Market Overview

HVAC equipment comprises of heating equipment, heating panels, cooling panels, ventilation units, boilers, furnaces, air ducts, cooling control panels, and much more. The primary objective of all such machinery is to regulate the airflow in indoor settings.

Market Dynamics

The increasing demand for commercial enterprise applications of HVAC equipment and the rise in installation of HVAC equipment in residential settings are the primary factors driving the market growth. The adoption and installation of HVAC equipment in industrial spaces and commercial enterprises have been on the rise in recent times. The need to regulate airflow and maintain adequate ventilation during the working hours have increased the rate of HVAC equipment integration in confined industrial facilities. The increase in the number of residential homes opting for HVAC equipment, especially in tropical, humid regions, have directly influenced positive outcomes for the HVAC Equipment market. However, volatility in prices of components and high maintenance costs might hamper the market growth. The volatility in the pricing structure of the elements involved in the building of HVAC equipment and machinery might pose a significant challenge to the market growth prospects. The procurement of all essential modules and integrants of HVAC equipment often leads to fluctuating final prices, which might affect the final production costs and thereby influence higher purchasing costs of end-products. The rapid development of automated, energy-efficient HVAC solutions would provide lucrative opportunities for the market in the coming years. The changing perception and piqued interest of customers towards energy-efficient devices have spurred several attempts of technological improvement of HVAC equipment. The enhancing of energy consumption levels has been an integral part of the process to develop advanced heating and cooling units, which would provide critical vendors with new possibilities of product development and business expansion.
 
Market Segmentation

The global HVAC Equipment market is mainly classified based on Type and Application. Type is further segmented into Furnace, Heat Pump, Central Air Conditioning, Room Air Conditioning, and Others. By Application, the market is divided into Residential, Healthcare, Education, Hospitality, Office, Retail, and Others.

The Room Air Conditioning segment by Type holds a considerable share in terms of overall market value owing to the rising disposable income and spending power of the customers that have pushed many of them to purchase air condition units for their apartments and houses.

In terms of Application, the Residential segment is a leading category owing to the rapid shift in customer perception towards comfortable living standards that has encouraged several of them to install HVAC systems in their residences.

Regional Analysis

Based on geography, the global HVAC Equipment market is divided into North America, Europe, Asia-Pacific, South America, and Middle East & Africa. North America is further divided in the U.S., Canada, and Mexico, whereas Europe consists of the UK, Germany, France, Italy, Russia, and Rest of Europe. Asia-Pacific is segmented into India, China, Japan, South Korea, and Rest of Asia-Pacific. The South America region includes Brazil, Argentina, and the Rest of South America, while the Middle East & Africa is categorized into GCC Countries, Egypt, South Africa, and Rest of Middle East & Africa.

Asia-Pacific is a prominent region and holds a substantial share in terms of overall market value owing to the rising rate of HVAC equipment installation in industrial facilities. The continued growth in sales volume of air conditioning units for residential settings would also contribute to the growth prospects of the regional market.

Competitive landscape

The HVAC Equipment market is relatively fragmented, with several global and regional companies operating with expansive manufacturing and distribution capabilities in demand-rich areas. The skills of local companies to cater to the specific needs of customers and customize products at an affordable rate would further intensify the market competitiveness.

Key players operating in the HVAC Equipment industry include AAON, Inc., Daikin Industries, Ltd., GD Midea Co. Ltd., Gree Electric Appliances Inc. of Zhuhai, Trane Technologies, Johnson Controls, Lennox International Inc., LG Electronics, Carrier Global Corporation, and Voltas Limited.

The launch of new products after extensive development and expansion in the manufacturing capabilities of companies in crucial areas are the primarily followed business strategies of key players looking to capture substantial market share during the forecast period.

Covid-19 Impact Analysis

At the beginning of the Covid-19 pandemic outbreak, many people were sceptical of the role that heating, cooling, and ventilation units would play during the transmission of the virus. The airborne nature of the virus transmission had put into question the operability of cooling units, as many feared the risks of increasing transmission. However, as more and more actionable intel is being gathered by scientists and medical professionals all around the globe, the initial scepticism of the general public has been allayed at large. Most of the HVAC associations have themselves published guidelines to alleviate fear over the role of HVAC in the virus transmission, which would help to minimize any incorrect facts about the HVAC end-products. While the sales volume of HVAC equipment has been hit severely due to the closing down of businesses and retail outlets, the gradual relaxation of lockdown measures would be the single-most influential factor that would uplift product sales. The gradual reopening of commercial spaces in adherence to health guidelines would offer HVAC systems a possibility of maximized operability as institutions rush to regulate airflow in confined spaces and reduce the airborne transmission of the coronavirus. The need to install such fixtures would provide potential opportunities for product integration to HVAC vendors, ensuring the steady continuance of the market growth.

HVAC Equipment Market Key Segments

By Type
• Furnace
• Heat Pump
• Central Air Conditioning
• Room Air Conditioning
• Others

By Application
• Residential
• Healthcare
• Education
• Hospitality
• Office
• Retail
• Others

Key Global HVAC Equipment Industry Players
• AAON, Inc.
• Daikin Industries, Ltd.
• GD Midea Co. Ltd.
• Gree Electric Appliances Inc. of Zhuhai
• Trane Technologies
• Johnson Controls
• Lennox International Inc.
• LG Electronics
• Carrier Global Corporation
• Voltas Limited

Table of Content

1. Market Introduction
1.1. Executive Summary
1.2. Market Definition
1.3. Market Scope

2. Research Methodology
2.1. Primary Research
2.2. Research Methodology
2.3. Assumptions & Exclusions
2.4. Secondary data sources

3. HVAC Equipment Market Overview
3.1. Report Segmentation & Scope
3.2. Key Market Trend
3.3. Value Chain Analysis
3.4. IoT Impact on the Market
3.5. Impact of Building Information Modeling on the Market
3.6. Impact of COVID-19 on the HVAC Equipment market
3.6.1. How the Covid-19 is Affecting the HVAC Equipment Industry
3.6.2. Market Trends and HVAC Equipment Potential Opportunities in the COVID-19 Landscape
3.6.3. Covid-19 Impact on Key Regions
3.7. Drivers
3.7.1. Increasing demand for commercial enterprise application of HVAC equipment
3.7.2. Rise in the installation of HVAC equipment in residential settings
3.8. Restraints
3.8.1. Volatility in prices of components and high maintenance costs
3.9. Opportunity
3.9.1. Rapid development of automated, energy-efficient HVAC solutions
3.10. Porter’s Five Forces Analysis
3.10.1. Porter’s Five Forces Analysis
3.11. Market Share Analysis

4. Type Overview
4.1. Introduction
4.1.1. Market Size & Forecast
4.2. Furnace
4.2.1. Market Size & Forecast
4.3. Heat Pump
4.3.1. Market Size & Forecast
4.4. Central Air Conditioning
4.4.1. Market Size & Forecast
4.5. Room Air Conditioning
4.5.1. Market Size & Forecast
4.6. Others
4.6.1. Market Size & Forecast

5. Application Overview
5.1. Introduction
5.1.1. Market Size & Forecast
5.2. Residential
5.2.1. Market Size & Forecast
5.3. Healthcare
5.3.1. Market Size & Forecast
5.4. Education
5.4.1. Market Size & Forecast
5.5. Hospitality
5.5.1. Market Size & Forecast
5.6. Office
5.6.1. Market Size & Forecast
5.7. Retail
5.7.1. Market Size & Forecast
5.8. Others
5.8.1. Market Size & Forecast

6. HVAC Equipment Market Regional Overview
6.1. Introduction
6.1.1. Market Size & Forecast
6.2. North America HVAC Equipment Market
6.2.1. North America Market Size & Forecast, By Country
6.2.2. North America Market Size & Forecast, By Type
6.2.3. North America Market Size & Forecast, By Application
6.2.4. U.S.
6.2.4.1. Market Size and Forecast
6.2.5. Canada
6.2.5.1. Market Size and Forecast
6.2.6. Mexico
6.2.6.1. Market Size and Forecast
6.3. Europe HVAC Equipment Market
6.3.1. Europe Market Size & Forecast, By Country
6.3.2. Europe Market Size & Forecast, By Type
6.3.3. Europe Market Size & Forecast, By Application
6.3.4. Germany
6.3.4.1. Market Size and Forecast
6.3.5. France
6.3.5.1. Market Size and Forecast
6.3.6. UK
6.3.6.1. Market Size and Forecast
6.3.7. Italy
6.3.7.1. Market Size and Forecast
6.3.8. Russia
6.3.8.1. Market Size and Forecast
6.3.9. Rest of Europe
6.3.9.1. Market Size and Forecast
6.4. Asia-Pacific HVAC Equipment Market
6.4.1. Asia-Pacific Market Size & Forecast, By Country
6.4.2. Asia-Pacific Market Size & Forecast, By Type
6.4.3. Asia-Pacific Market Size & Forecast, By Application
6.4.4. Japan
6.4.4.1. Market Size and Forecast
6.4.5. China
6.4.5.1. Market Size and Forecast
6.4.6. Australia
6.4.6.1. Market Size and Forecast
6.4.7. India
6.4.7.1. Market Size and Forecast
6.4.8. South Korea
6.4.8.1. Market Size and Forecast
6.4.9. Rest of Asia-Pacific
6.4.9.1. Market Size and Forecast
6.5. South America HVAC Equipment Market
6.5.1. South America Market Size & Forecast, By Country
6.5.2. South America Market Size & Forecast, By Type
6.5.3. South America Market Size & Forecast, By Application
6.5.4. Brazil
6.5.4.1. Market Size and Forecast
6.5.5. Argentina
6.5.5.1. Market Size and Forecast
6.5.6. Rest of South America
6.5.6.1. Market Size and Forecast
6.6. Middle East & Africa HVAC Equipment Market
6.6.1. Middle East & Africa Market Size & Forecast, By Country
6.6.2. Middle East & Africa Market Size & Forecast, By Type
6.6.3. Middle East & Africa Market Size & Forecast, By Application
6.6.4. GCC Countries
6.6.4.1. Market Size and Forecast
6.6.5. Egypt
6.6.5.1. Market Size and Forecast
6.6.6. South Africa
6.6.6.1. Market Size and Forecast
6.6.7. Rest of Middle East & Africa
6.6.7.1. Market Size and Forecast

7. Company Profile
7.1. AAON, Inc.
7.1.1. Company Basic Information, Manufacturing Base, Sales Area and Its Competitors
7.1.2. AAON, Inc. Product Category, Application, and Specification
7.1.3. AAON, Inc. Financial Performance (2018-2019)
7.1.4. Main Business/Business Overview
7.2. Daikin Industries, Ltd.
7.3. GD Midea Co. Ltd.
7.4. Gree Electric Appliances Inc. of Zhuhai
7.5. Trane Technologies
7.6. Johnson Controls
7.7. Lennox International Inc.
7.8. LG Electronics
7.9. Carrier Global Corporation
7.10. Voltas Limited