Equipment for HVAC Market Analysis

HVAC Equipment Market is projected to be worth USD 368.14 billion, registering a CAGR of 7.51% during the forecast period (2022 - 2030).

The Equipment for HVAC (Heating, Ventilation, and Air Conditioning) Market refers to the industry involved in the production, distribution, and sale of equipment used in HVAC systems. This includes components such as heating and cooling units, air handling units, chillers, boilers, ventilation fans, and controls.

The demand for equipment for HVAC is driven by several factors, including the need for energy-efficient systems that reduce operating costs and minimize environmental impact. This has led to a growing focus on HVAC controls, which enable more precise temperature and humidity control and can significantly reduce energy consumption.

Drivers

Growing Government Spending to Boost Market Growth

The growing government spending on sustainable building development will boost market growth over the forecast period.

Market Segmentation

The global equipment for HVAC market is bifurcated based on equipment.

By equipment, the capacitors segment will lead the market over the forecast period.

Opportunities

Government Efforts to Promote Energy-Efficient Products to offer Robust Opportunities

The increasing efforts made by the government across the world for promoting energy-efficient products will offer robust opportunities for the equipment for HVAC market over the forecast period.

Restraints

Constant Rise in Prices to act as Market Restraint

The constant rise in prices, increasing cost of raw materials, and specialized equipment costs needed to service a product may act as market restraints over the forecast period.

Challenges

High Maintenance and Installation Costs to act as Market Challenge

The high maintenance and installation costs, operational issues, and high energy consumption may act as market challenge over the forecast period. 

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COVID-19 Analysis

Supply chain disruptions, economic situations, fluctuations in demand share, as well as long-term & immediate effect of the COVID-19 pandemic possessed a negative effect on the equipment for HVAC market growth. The pandemic has slowed down economic activity and pushed the economy into a steep recession. With the roots being in China, the supply chains in the world are facing shutdown and unprecedented disruption. Besides, the initial setback, the industry is likely to return to normalcy during the forecast period and continue growing much beyond also.

Regional Analysis

APAC to Remain Forerunner in Equipment for HVAC Market

The APAC region will remain forerunner in equipment for HVAC market over the forecast period. Rapid urbanization in emerging economies such as Japan, India, and China that encourages consumers towards a comfortable lifestyle thus boosting the need for HVAC equipment, industrial development, developing construction activities, increase in need for fuel-efficient technologies, rapidly increasing population rate, easy availability of cost-effective systems, drastic climate changes, the rapid expansion of the construction industry & increasing government investment in energy in Indonesia are adding to the global equipment for HVAC market growth in the region. Besides, the focus of the Japanese government to develop existing infrastructure via initiating various real estate projects for attracting tourism, booming tourism industry, increasing disposable income levels, and urban growth are also adding market growth.

Key Players

Eminent industry players profiled in the global equipment for HVAC market report include Sensata Technologies (US), Saginomiya Seisakuusho (Tokyo), Jiangsu Match Well Electrical Products Co., Ltd (China), Honeywell International Inc. (US), Arrow Electronic Inc. (US), Basler Electric (Illinois), Diversitech (US), Dongan Electronic Manufacturing Company (US), General Electric (US), Hartland Controls (US), Lefco Industrial Corporation Ltd (China), Motors&Armatures Inc. (US), Noark Electric (Czech Republic), Nueva Generaction Manufacture (México), Parker Hannifin Corporation (US), Sealed Unit Parts Co. Inc. (US), American Zettler (US), DANFOSS (Denmark), Emerson Electric (US),Mueller Co (US), SANHUA Holdings Group Co Ltd (China), and Eaton Corporation (Ireland).