The global HVAC equipment market size was worth around USD 130.1 Billion in 2022 and is predicted to grow to around USD 221.61 Billion by 2030 with a compound annual growth rate (CAGR) of roughly 6.12% between 2023 and 2030.
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➤ Increasing demand for energy-efficient solutions to drive market expansion
The global HVAC equipment market is anticipated to expand as a result of the growing demand for energy-efficient solutions and systems. The energy-efficient HVAC systems are engineered to maintain the same or improved level of performance in terms of maintaining the purity of air and the temperature of indoor rooms, while consuming less energy than their traditional counterparts. They employ sophisticated equipment, including variable speed motors, intelligent controls, and high-efficiency compressors, to optimize their energy efficiency.
➤ Restricting market expansion by altering demand based on the season
The demand for various heating, ventilating, or air conditioning equipment is significantly influenced by the season or weather conditions. For example, it is well-established that specific apparatus is in greater demand during a specific season than during others. Sales of air conditioners are higher during the summer, while heaters are in greater demand during the winter. As a result, the global HVAC equipment industry experiences consistent fluctuations in its revenue and sales. Furthermore, energy-efficient HVAC systems are more costly than conventional systems; consequently, their demand experiences an even greater revenue decline as a result of evolving consumer demands.
➤ The superb growth opportunities that are provided by the increasing demand for smart HVAC systems
The demand for smart HVAC systems is one of the primary factors that the global HVAC equipment market participants can anticipate as a source of growth. These devices are capable of remote control and are equipped with sophisticated technology. Additionally, they are capable of achieving self-scalability in accordance with the external environment. Smart HVAC systems are capable of modifying energy consumption and output by analyzing the settings of interior rooms, as they do not require human intervention.
➤ The market’s development is being challenged by the rapid evolution of technology.
The global HVAC equipment industry is undergoing rapid transformation, which has rendered it challenging for companies to remain informed about the market’s ever-changing additions and modifications. In the long term, the industry may be unsustainable for certain companies due to the proliferation of new product launches, the introduction of new product lines, the integration of advanced features, and other factors.
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The Global HVAC Equipment Market is segmented based on product, application and region
Global HVAC Equipment Market: Product Segment Analysis
● Ventilation
● Heating
● Cooling
Global HVAC Equipment Market: Application Segment Analysis
● Commercial
● Residential
● Industrial
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The global HVAC Equipment market profiles key players such as:
● Johnson Controls International plc
● Daikin Industries
● Mitsubishi Electric Corporation
● Carrier Global Corporation
● Trane Technologies
● Lennox International Inc.
● Samsung Electronics
● LG Electronics
● Fujitsu General Ltd.
● Panasonic Corporation
● Hitachi Ltd.
● Rheem Manufacturing Company
● Bosch Thermotechnik GmbH
???? Recent Developments:
• Hisense, a manufacturer of intelligent entertainment systems, introduced a novel smart air conditioner in the Indian market in February 2023. The AC is available in two series: IntelliPro and CoolingXpert, with a starting price of INR 31000. They provide a 10-year compressor warranty and offer features such as a 5-in-1 Convertible Pro and WiFi Voice Control. It is anticipated that these air conditioning units will reduce energy consumption by as much as 36%.
• Cielo WiGle Inc., a prominent provider of digital controls for ductless systems, introduced Cielo Breez Lite in January 2023. The most recent version is a digital controller for air conditioning units that incorporates sophisticated capabilities into portable, mini-split, and window ACs. It is also compatible with Alexa, Siri Shortcuts, Google Assistant, and other voice command assistants.
➤ The Asia-Pacific region is expected to experience significant growth.
The Asia-Pacific region is expected to experience the most significant growth in the global HVAC equipment market, as it already accounted for over 44% of the global market share in 2022. Regional development is primarily driven by factors such as a growing population, urbanization, an increasing number of product launches that target both rural and urban markets, and the rise in dual-income families. In addition, countries such as India, China, and Japan are home to some of the largest manufacturing facilities in the world, necessitating continuous air ventilation for temperature control systems.
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