Technavio has been monitoring the hvac equipment market and is forecast to grow by USD 52.1 bn during 2023-2028, accelerating at a CAGR of 6.33% during the forecast period. Our report on the hvac equipment market provides a holistic analysis, market size and forecast, trends, growth drivers, and challenges, as well as vendor analysis covering around 25 vendors.
The report offers an up-to-date analysis regarding the current market scenario, the latest trends and drivers, and the overall market environment. The market is driven by increasing residential and commercial construction activities, cost advantages associated with renting hvac equipment, and increase in demand for centralized hvac systems.
Technavio's hvac equipment market is segmented as below:
Market Scope
Base Year
2024
End Year
2028
Series Year
2024-2028
Growth Momentum
Accelerate
YOY 2024
5.86%
CAGR
6.33%
Incremental Value
$52.1bn
By End-user
Non-residential
Residential
By Product
Air conditioning equipment
Heating equipment
Ventilation equipment
By Geography
APAC
Europe
North America
Middle East and Africa
South America
This study identifies the advent of smart hvac systems as one of the prime reasons driving the hvac equipment market growth during the next few years. Also, growing preference for customized hvac systems and growing adoption of prefabricated construction solutions will lead to sizable demand in the market.
Technavio presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources by an analysis of key parameters. Our report on the hvac equipment market covers the following areas:
Hvac equipment market sizing
Hvac equipment market forecast
Hvac equipment market industry analysis
Technavio's robust vendor analysis is designed to help clients improve their market position, and in line with this, this report provides a detailed analysis of several leading hvac equipment market vendors that include A. O. Smith Corp., AAON Inc., Bosch Thermotechnik GmbH, Daikin Industries Ltd., Electrolux AB, Emerson Electric Co., Fujitsu Ltd., Gree Electric Appliances Inc. of Zhuhai, Haier Smart Home Co. Ltd., Hitachi Ltd., Ingersoll Rand Inc., Johnson Controls International Plc., Lennox International Inc., LG Electronics Inc., MIDEA Group Co. Ltd., Nortek, Rheem Manufacturing Co., Samsung Electronics Co. Ltd., Seeley International Pty Ltd., and Whirlpool Corp.. Also, the hvac equipment market analysis report includes information on upcoming trends and challenges that will influence market growth. This is to help companies strategize and leverage all forthcoming growth opportunities.
The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to an analysis of the key vendors.
Technavio presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources by an analysis of key parameters such as profit, pricing, competition, and promotions. It presents various market facets by identifying the key industry influencers. The data presented is comprehensive, reliable, and a result of extensive research - both primary and secondary. Technavio's market research reports provide a complete competitive landscape and an in-depth vendor selection methodology and analysis using qualitative and quantitative research to forecast accurate market growth.
Table of Contents
1 Executive Summary
1.1 Market overview
Executive Summary - Chart on Market Overview
Executive Summary - Data Table on Market Overview
Executive Summary - Chart on Global Market Characteristics
Executive Summary - Chart on Market by Geography
Executive Summary - Chart on Market Segmentation by End-user
Executive Summary - Chart on Market Segmentation by Product
Executive Summary - Chart on Incremental Growth
Executive Summary - Data Table on Incremental Growth
Executive Summary - Chart on Company Market Positioning
2 Market Landscape
2.1 Market ecosystem
Parent Market
Data Table on - Parent Market
2.2 Market characteristics
Market characteristics analysis
2.3 Value chain analysis
Value Chain Analysis
3 Market Sizing
3.1 Market definition
Offerings of companies included in the market definition
3.2 Market segment analysis
Market segments
3.3 Market size 2023
3.4 Market outlook: Forecast for 2023-2028
Chart on Global - Market size and forecast 2023-2028 ($ billion)
Data Table on Global - Market size and forecast 2023-2028 ($ billion)
Chart on Global Market: Year-over-year growth 2023-2028 (%)
Data Table on Global Market: Year-over-year growth 2023-2028 (%)
4 Historic Market Size
4.1 Global HVAC Equipment Market 2018 - 2022
Historic Market Size - Data Table on Global HVAC Equipment Market 2018 - 2022 ($ billion)