HVAC Equipment Market by Type (Heating Equipment, Cooling Equipment and Air Delivery Equipment), Application (Residential, Commercial and Industrial) and Geography - Global Industry Analysis, Opportunities and Forecast up to 2029

HVAC Equipment Market Size

The global HVAC Equipment market size was valued at $112.62 billion in 2023 and is projected to reach $184.74 billion by 2029, growing at a CAGR of 8.6% during the forecast period.

HVAC Equipment Market Dynamics

• The HVAC equipment market is expected to witness significant growth in the future due to growing machinery applications in various industries, software automation, and connectivity in the HVAC equipment.

• Additionally, the emergence of IoT-enabled HVAC systems and surging demand for HVAC equipment in the healthcare industry are the major factors driving the growth of the HVAC equipment market demand.

• However, high-cost investment and maintenance related complication in the HVAC equipment and complexity in upgrading the existing HVAC systems are restraining the market growth.

HVAC Equipment Market Overview

HVAC (heating, ventilation, and air conditioning) equipment is a type of indoor and vehicular comfort technology that helps to provide thermal comfort and good indoor air quality. It is a vital component in single-family homes, apartment buildings, hotels, and senior living facilities, as well as medium to large industrial and office buildings, such as skyscrapers and hospitals, vehicles, such as cars, trains, airplanes, ships, and submarines, and marine environments, where safe and healthy building conditions, such as temperature and humidity, are regulated using fresh air from the outside.

By Application, Commercial Segment to Register Remarkable Growth

The commercial segment is estimated to witness a significant growth rate in the foreseeable future due to increased infrastructural development and urbanization in major regions, there is a demand for more office space. Commercial HVAC units demand a lot of area, therefore they're usually found on the roofs of larger restaurants, shopping malls, theatres, and other businesses. Because these systems are operated continuously, they experience more wear and tear than residential units.

By Geography, North America is Expected to Hold Significant Share

North America is a major player in the HVAC equipment market. HVAC systems have a high acceptance rate in North America due to a variety of factors, including extremely energy-efficient systems and, most notably, power-saving strategies. In this region, the construction industry is expanding, with increased activity in commercial buildings, data centers, hospitals, and institutes.

Some of the key players profiled in the Report Include:

• Daikin Industries, Ltd 
• Equipment Controls Company
• Haier Inc.
• Heinen & Hopman Engineering
• Hitachi Ltd.
• Ingersoll Rand
• Johnson Controls International Plc
• Lennox International Inc.
• Mitsubishi Electric Corporation
• Nortek Global HVAC
• Panasonic Corporation
• Robert Bosch GmbH
• Samsung Electronics Co. Ltd
• Schneider Electric
• United Technologies Corporation

What Can be Explored with this Research Report:

• Understand the key trends that will drive the market and the challenges it faces in the current market scenario.
• Identify growth opportunities.
• Porter’s five force analysis.
• In-depth analysis of market segments, and regions/countries predicted to observe promising growth.
• Historical and forecast size of the market in terms of revenue (USD Million).
• Company profiling with key products and solution offerings, key financial information, SWOT analysis, and business strategies adopted.

Market Segmentation:

The research report includes in-depth coverage of the industry analysis with size, share, and forecast for the below segments:

Market by, Type
• Heating Equipment
• Cooling Equipment
• Air Delivery Equipment

Market by, Application
• Residential
• Commercial
• Industrial

Market by, Geography

The HVAC Equipment Market report also analyzes the major geographic regions and countries for the market. The regions and countries covered in the study include:

• North America (The United States, Canada, Mexico), Market Estimates, Forecast & Opportunity Analysis
• Europe (Germany, France, UK, Italy, Spain, Rest of Europe), Market Estimates, Forecast & Opportunity Analysis
• Asia Pacific (China, Japan, India, South Korea, Australia, New Zealand, Rest of Asia Pacific), Market Estimates, Forecast & Opportunity Analysis
• South America (Brazil, Argentina, Chile, Rest of South America), Market Estimates, Forecast & Opportunity Analysis
• Middle East & Africa (UAE, Saudi Arabia, Qatar, Iran, South Africa, Rest of Middle East & Africa), Market Estimates, Forecast & Opportunity Analysis.

Table Of Content

1 Market Overview            
    1.1 Introduction        
    1.2 Research Objectives       
    1.3 Market Segmentation       
    1.4 Stakeholders        
    1.5 List of Acronyms        
              
2 Executive Summary            
              
3 Research Methodology           
    3.1 Identification of Data       
    3.2 Evaluation of Market Dynamics      
    3.3 Collaboration of Data       
    3.4 Verification and Analysis       
    3.5 Data Sources        
    3.6 Assumptions        
              
4 Market Dynamics            
    4.1 Market Drivers        
           4.1.1 Growing Machinery Application in Various Industries
           4.1.2 Software Automation and Connectivity in the HVAC Equipment
           4.1.3 Emergence of IoT-enabled HVAC systems
           4.1.4 Surging Demand for the HVAC Equipment in Healthcare Industry
    4.2 Market Restraints        
           4.2.1 High-Cost Investment and Maintenance Related Complication in the HVAC Equipment
           4.2.2 Complexity in upgrading the existing HVAC systems
    4.3 Market Opportunities       
    4.4 Market Challenges        
    4.5 Impact of COVID-19 on HVAC Equipment Market     
              
5 Porter's Five Force Analysis           
    5.1 Bargaining Power of Suppliers       
    5.2 Bargaining Power of Buyers       
    5.3 Threat of New Entrants       
    5.4 Threat of Substitutes       
    5.5 Competitive Rivalry in the Market      
               
6 Global HVAC Equipment Market by, Type         
    6.1 Overview        
    6.2 Heating Equipment        
           6.2.1 Boilers  
           6.2.2 Furnaces  
           6.2.3 Heat Pumps 
           6.2.4 Unitary Heaters 
           6.2.5 Other Heating Equipment
    6.3 Cooling Equipment        
           6.3.1 Air Conditioners 
           6.3.2 Chillers  
           6.3.3 Water Cooling Towers
           6.3.4 Other Cooling Equipment
    6.4 Air Delivery Equipment       
           6.4.1 Ventilation Fans 
           6.4.2 Humidifiers & Dehumidifiers
           6.4.3 Other Air Delivery Equipment
              
7 Global HVAC Equipment Market by, Application         
    7.1 Overview        
    7.2 Residential        
    7.3 Commercial        
    7.4 Industrial         
              
8 Global HVAC Equipment Market by, Geography         
    8.1 Overview        
    8.2 North America        
             8.2.1 US
             8.2.2 Canada
             8.2.3 Mexico
    8.3 Europe         
             8.3.1 Germany
             8.3.2 France
             8.3.3 UK
             8.3.4 Italy
             8.3.5 Spain
             8.3.6 Rest of Europe
    8.4 Asia Pacific        
             8.4.1 China
             8.4.2 Japan
             8.4.3 India
             8.4.4 South Korea
             8.4.5 Australia
             8.4.6 New Zealand
             8.4.7 Rest of Asia Pacific
    8.5 South America        
             8.5.1 Brazil
             8.5.2 Argentina
             8.5.3 Chile
             8.5.4 Rest of South America
    8.6 Middle East & Africa       
             8.6.1 UAE
             8.6.2 Saudi Arabia
             8.6.3 Qatar
             8.6.4 Iran
             8.6.5 South Africa
             8.6.6 Rest of Middle East & Africa
              
9 Key Developments            
              
10 Company Profiling            
    10.1 Daikin Industries, Ltd        
             10.1.1 Business Overview
             10.1.2 Product/Service Offering
             10.1.3 Financial Overview
             10.1.4 SWOT Analysis
             10.1.5 Key Activities
    10.2 Equipment Controls Company       
    10.3 Haier Inc.         
    10.4 Heinen & Hopman Engineering      
    10.5 Hitachi Ltd.        
    10.6 Ingersoll Rand        
    10.7 Johnson Controls International Plc      
    10.8 Lennox International Inc.       
    10.9 Mitsubishi Electric Corporation      
    10.10 Nortek Global HVAC       
    10.11 Panasonic Corporation       
    10.12 Robert Bosch GmbH        
    10.13 Samsung Electronics Co. Ltd       
    10.14 Schneider Electric        
    10.15 United Technologies Corporation