HVAC Equipment Market Size to Hit US$ 206.89 Billion by 2030

November 26, 2021

The HVAC equipment market was valued at USD 130 billion in 2021 and is projected to hit USD 206.89 billion by 2030, growing at a CAGR 6.1% from 2021 to 2030.

/EIN News/ -- Tokyo, Nov. 25, 2021 (GLOBE NEWSWIRE) -- Precedence Research, Recently Announced Report on “HVAC Equipment Market - Global Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2021 – 2030”.

Heating, ventilation, and air conditioner (HVAC) systems are significantly being used in a variety of buildings, such as commercial, industrial, and residential buildings. The primary task of the ventilation and air-conditioner system is to ensure the comfort of the people by providing desired atmospheric conditions in the occupied buildings. The selection of Heating, ventilation or air conditioning is dependent on factors such as the age of building, humidification, depends on the weather, personal choice of the occupants and the project's design, with the completion of the project, the architectural design of the buildings.

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Crucial factors accountable for market growth are:

Scope of the HVAC Equipment Market

Report Coverage Details
Market Size in 2021 USD 130 Billion
Growth Rate From 2021 to 2030 CAGR 6.1%
Fastest Growing Market North America
Largest Market Asia Pacific
Base Year 2021
Regional Scope
  • North America
  • Europe
  • Asia Pacific
Companies Covered Johnson Controls, Carrier Corporation, Daikin Industries Ltd., Ingersoll Rand, Honeywell International Inc, Trane Technologies, LG Electronics, Hitachi Ltd., United Technologies, Electrolux, Emerson Electric Co., Lennox International Inc.

Regional Snapshots

Asia Pacific dominates the HVAC Equipment Market in terms of market share contributing a revenue share of more than 45% in 2020 and is expected to grow significantly during the forecast period owing to the rise in population, rapid industrialization & urbanization and increasing disposable incomes of the consumers. For instance, On 24th September 2021, Daikin Air-conditioning India Pvt. Ltd. signed a land lease agreement at Sri City to manufacture the air conditioners and components.

Report Highlights

Market Dynamics

Driver - The rapid surge in the use of technologically advanced products in the HVAC systems that are energy-efficient is the major factor that drives the market growth. Also, the changing climatic condition across the globes propels the market demand for the need of HVAC systems

Restraint - The high installation and maintenance costs, high energy consumption, and other operational difficulties are negatively impact the growth of the market

Opportunity - The increasing awareness about the health hazards caused by the impure surrounding air, the consumers are inclined towards the use of HVAC systems for purifying the air and creating a hygienic indoor environment. This factor is expected to create huge opportunities that will accelerate the market growth.

Challenges - Climate variables in specific areas can have an impact on the life cycle of HVAC systems. For example, moist climates can shorten the life expectancy of HVAC systems due to their corrosive effects. This feature is expected to stifle market expansion.

Recent Developments

Segments Covered in the Report

By Product

By End-use

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