HVAC Aftermarket to Grow by USD 26.88 billion

Market Drivers
The growing industrialization in developing economies is one of the factors driving the growth of the HVAC aftermarket. The growing industrialization in several countries such as China and India has increased the installation of HVAC systems across manufacturing sites, commercial spaces such as shopping malls, and organizations, including hospitals and educations institutions. HVAC has become essential in maintaining optimum temperature and germ-free air in many facilities, such as in pharmaceutical manufacturing units. During the production of therapeutics, even an insignificant variation in the air quality and temperature can lead to spoilage of an entire batch of drugs. This can impose a financial burden on manufacturers. These factors have increased the sale of HVAC systems, which, in turn, has been driving the sales of aftermarket systems. Moreover, vendors of HVAC systems are focusing on building energy-efficient HVAC systems, which also produce lower emissions.

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Top 3 HVAC Aftermarket Players

  • Daikin Industries Ltd. – The company offers a wide range of HVAC services such as troubleshooting, preventive maintenance services, training and technical support, and maintenance services.
  • Emerson Electric Co. – The company offers a wide range of HVAC spares and components for commercial and residential applications and service kits (R-22, R410A, R407c tune-up, and inspection kit) for residential HVAC applications.
  • Johnson Controls International Plc – The company offers replacement parts and supplies for the repair or maintenance of HVAC equipment. Some of the offerings are airside replacement parts, building control replacement parts, residential and light commercial parts, chiller parts, and condensing and outdoor packaged unit replacement parts.

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HVAC Aftermarket 2021-2025: Segmentation

  • End-user
    • Non-residential
    • Residential

The non-residential segment of the HVAC aftermarket is expected to witness a steady growth rate during the forecast period, owing to the rising adoption of HVAC equipment globally. Factors such as the rise in replacement activities of HVAC systems and the increasing demand for energy-efficient HVAC parts and components are expected to be the primary drivers for the growth of the segment.

  • Geography
    • APAC
    • North America
    • Europe
    • MEA
    • South America

APAC is expected to account for 43% of the market’s growth during the forecast period. China and Japan are the key aftermarkets for HVAC in APAC. Market growth in APAC will be faster than the growth of the market in other regions. The increasing investments in real estate will drive the HVAC aftermarket growth in APAC during the forecast period.

View Our Free Sample Report for more information about the contribution of each segment of the HVAC aftermarket.

Related Reports:

  • Residential HVAC Market by Product and Geography – Forecast and Analysis 2021-2025: The residential HVAC market share is expected to increase by USD 33.02 billion from 2020 to 2025, and the market’s growth momentum will accelerate at a CAGR of 8.46%. Download Free Sample Report
  • HVAC Control Systems Market by Product, End-user, and Geography – Forecast and Analysis 2021-2025: The HVAC control systems market size is expected to reach a value of USD 6.53 billion, at a CAGR of 6.09%, from 2020 to 2025. Download Free Sample Report 

HVAC Aftermarket Scope

Report Coverage

Details

Page number

120

Base year

2020

Forecast period

2021-2025

Growth momentum & CAGR

Accelerate at a CAGR of over 7%

Market growth 2021-2025

USD 26.88 billion

Market structure

Fragmented

YoY growth (%)

4.85

Regional analysis

APAC, North America, Europe, MEA, and South America

Performing market contribution

APAC at 43%

Key consumer countries

China, US, Germany, Japan, and UK

Competitive landscape

Leading companies, competitive strategies, consumer engagement scope

Companies profiled

Daikin Industries Ltd., Emerson Electric Co., Johnson Controls International Plc, Lennox International Inc., LG Electronics Inc., Robert Bosch GmbH, Samsung Electronics Co. Ltd., Siemens AG, Trane Technologies Plc, and United Technologies Corp.

Market Dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and future consumer dynamics, market condition analysis for the forecast period,

Customization purview

If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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SOURCE Technavio