NEW YORK, Jan. 24, 2023 /PRNewswire/ — According to Technavio, the global HVAC equipment market size is estimated to grow by USD 48.34 billion from 2022 to 2027. The market is estimated to grow at a CAGR of 6.22% during the forecast period. APAC held the largest share of the global market in 2022, and the market in the region is estimated to witness an incremental growth of 55%. For more Insights on market size, Request a sample report
Technavio has announced its latest market research report titled Global HVAC Equipment Market 2023-2027
Global HVAC Equipment Market – Five Forces
The global cloud data warehouse market is fragmented, and the five forces analysis covers–
-
Bargaining Power of Buyers
-
The threat of New Entrants
-
Threat of Rivalry
-
Bargaining Power of Suppliers
-
Threat of Substitutes
-
Interpretation of porter’s five models helps to strategize the business, for entire details – buy the report!
HVAC equipment market – Customer Landscape
The report includes the market’s adoption lifecycle, from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
HVAC equipment market – Segmentation Assessment
Segment Overview
Technavio has segmented the market based on the end-user (non-residential and residential), product (air conditioning equipment, heating equipment, and ventilation equipment), and geography (APAC, Europe, North America, Middle East and Africa, and South America).
-
The market growth in the non-residential segment will be significant during the forecast period. End-users of this segment include manufacturing facilities, commercial and industrial buildings, data centers, retail stores, healthcare facilities, and educational institutions.
Geography Overview
By geography, the global HVAC equipment market is segmented into APAC, Europe, North America, Middle East and Africa, and South America. The segment is driven by the increase in construction activities in the non-residential sector. Also, the rising need for energy efficiency among organizations and commercial firms is contributing to the growth of the segment.
Story continues
-
APAC will account for 55% of the global market growth during the forecast period. The growth of the regional market can be attributed to factors such as the increasing construction of commercial and industrial buildings, rising investments in infrastructural development, and rapid urbanization.
Download a Sample Report
HVAC equipment market – Market Dynamics
Key factor driving market growth
-
The market is driven by increasing residential and commercial construction activities.
-
The growth in global population and regulatory support from government have led to an increase in the number of construction activities worldwide.
-
According to The World Bank Group data, the global population increased from 7.53 billion in 2017 to 7.84 billion in 2021.
-
Such an increase in the global population is increasing the demand for residential and commercial spaces.
-
This is consequently increasing the demand for HVAC, which is driving the growth of the market.
Leading trends influencing the market
-
The advent of smart HVAC systems is identified as a major trend in the market.
-
The demand for smart HVAC systems is increasing among end-users. These systems are more user-friendly, efficient, and convenient when compared with traditional HVAC systems.
-
Smart HVAC systems consist of sensors that can help users to prevent costly breakdowns. They also have a built-in monitor, which can be used to alert the user regarding issues such as changing the filter or the slow operation of the blower.
-
Moreover, smart HVAC systems automatically adjust operating and start-up speeds depending on the temperature requirements, thereby making them more energy efficient.
-
Many such benefits are increasing the popularity of smart HVAC systems among end-users.
Major challenges hindering market growth
-
Stringent regulations are expected to hinder the growth of the market during the forecast period.
-
Many governments and independent agencies across geographies have framed various regulations to ensure that proper measures are taken while operating, installing, and manufacturing HVAC equipment.
-
For instance, the International Mechanical Code (IMC) focuses on the maintenance and design of HVAC systems. According to the IMC, the inspection of the maintenance of HVAC systems must be performed in accordance with ASHRAE/ACCA/ANSI Standard 180. Also, the design of the HVAC system must take into consideration all the effects of HVAC systems in both smoke and fire situations.
-
The need comply with many such regulations increases the cost borne by the vendors and may affect their profit margins.
Driver, trend, and challenges are the factor of market dynamics that state about consequences & sustainability of the businesses, find some insights from a sample report!
What are the key data covered in this HVAC equipment market report?
-
CAGR of the market during the forecast period
-
Detailed information on factors that will drive the growth of the HVAC equipment market between 2023 and 2027
-
Precise estimation of the size of the HVAC equipment market size and its contribution to the market in focus on the parent market
-
Accurate predictions about upcoming trends and changes in consumer behavior
-
Growth of the HVAC equipment market industry across APAC, Europe, North America, Middle East and Africa, and South America
-
A thorough analysis of the market’s competitive landscape and detailed information about vendors
-
Comprehensive analysis of factors that will challenge the growth of HVAC equipment market vendors
Gain instant access to 17,000+ market research reports.
Technavio’s SUBSCRIPTION platform
Related Reports:
-
The industrial heat pump market is estimated to grow at a CAGR of 5.66% between 2022 and 2027. The size of the market is forecast to increase by USD 666.06 million. The rising focus on improving energy efficiency by industries is notably driving the market growth, although factors such as high initial cost and limitations of heat pumps may impede the market growth.
-
The air handling unit market is estimated to grow at a CAGR of 7.3% between 2022 and 2027. The size of the market is forecast to increase by USD 3,825.59 million. The growing construction sector is notably driving the market growth, although factors such as high market competition may impede the market growth.
|
HVAC Equipment Market Scope |
|
|
Report Coverage |
Details |
|
Page number |
171 |
|
Base year |
2022 |
|
Historic period |
2017-2021 |
|
Forecast period |
2023-2027 |
|
Growth momentum & CAGR |
Accelerate at a CAGR of 6.22% |
|
Market growth 2023-2027 |
USD 48.34 billion |
|
Market structure |
Fragmented |
|
YoY growth 2022-2023 (%) |
5.65 |
|
Regional analysis |
APAC, Europe, North America, Middle East and Africa, and South America |
|
Performing market contribution |
APAC at 55% |
|
Key countries |
US, China, Japan, Germany, and UK |
|
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
|
Key companies profiled |
AAON Inc., AB Electrolux., Daikin Industries Ltd., Emerson Electric Co, Fujitsu Ltd., Gree Electric, Haier Smart Home Co. Ltd., Hitachi Ltd., Ingersoll Rand Inc., Johnson Controls International Plc., Lennox International Inc., LG Electronics Inc., MIDEA Group, Nortek Inc., Rheem Manufacturing Co., Bosch Thermotechnik GmbH, Samsung Electronics Co. Ltd., Seeley International Pty Ltd., Whirlpool Corp., and A. O. Smith Corp. |
|
Market dynamics |
Parent market analysis, market growth inducers and obstacles, fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and 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. |
Table of contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by End-user
7 Market Segmentation by Product
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
About Us
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Contact
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
Global HVAC Equipment Market 2023-2027
Cision
View original content to download multimedia:https://www.prnewswire.com/news-releases/hvac-equipment-market-2023-2027-a-descriptive-analysis-of-the-five-forces-model-market-dynamics-and-segmentation—technavio-301727927.html
SOURCE Technavio
