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The China - HVAC equipment market size is forecast to increase by USD 13.4 billion and is estimated to grow at a CAGR of 8.01% between 2023 and 2028. Centralized HVAC systems have gained significant popularity due to their energy efficiency and ability to provide consistent temperature control for large residential and commercial buildings. With the increasing demand for these systems, the market for HVAC equipment rental services has experienced steady growth. This trend is driven by several factors, including the rising number of new construction projects and the cost advantages of renting equipment instead of purchasing it outright. By renting HVAC equipment, businesses and individuals can save on upfront costs, reduce maintenance expenses, and enjoy the flexibility of upgrading to newer, more efficient models as technology advances. Additionally, rental services offer quick access to equipment during peak seasons or unexpected maintenance needs, ensuring minimal downtime and optimal comfort for building occupants.
Market Forecast 2024-2028
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The market encompasses a range of products including Air conditioners, Boilers, Chillers, Heat pumps, Dehumidifiers, Humidifiers, Radiant systems, and various heating solutions such as Electric resistance heaters and Baseboard heaters. Energy use and peak performance are key considerations in the design and implementation of these systems. Indoor air quality is another important factor, with HVAC systems playing a crucial role in maintaining healthy and comfortable environments. The market for HVAC equipment is driven by increasing demand for energy efficiency and sustainability. Solar photovoltaics and Solar energy are gaining popularity as renewable energy sources for powering HVAC systems. Heat moving systems, including Solar thermal, are also becoming more common as energy costs rise and environmental concerns grow. Engineers play a crucial role in the design and retrofit of HVAC systems, with a focus on optimizing energy use and achieving peak performance. Passive heating, ventilation, and daylighting opportunities are also being explored to reduce the reliance on mechanical systems and further improve energy efficiency. The market is diverse, with various refrigerants and fuel types, including Propane, being used in different applications. Companies such as Air conditioner manufacturers and Chiller suppliers are continuously innovating to improve efficiency and meet evolving customer needs. Our researchers studied the data for years, with 2023 as the base year and 2024 as the estimated year, and presented the key drivers, trends, and challenges for the market. Although there has been a disruption in the growth of the market during the COVID-19 pandemic, a holistic analysis of drivers, trends, and challenges will help companies refine marketing strategies to gain a competitive advantage.
Centralized HVAC systems provide cooling (using chilled water) or heating at one facility location, which is then distributed to different fan coils or air handlers located throughout the building at the same time using air distribution ducts. In centralized HVAC systems, room air is drawn into the air handling unit (AHU) from each room using return air ducts.
In addition, the fan, condenser, and compressor are installed in the outdoor unit so indoor noise is negligible. These systems are easy to use and can be used for both dehumidifying and humidifying functions. Such benefits are leading to increased adoption and demand for centralized HVAC systems, which, in turn, will drive the growth of the market size during the forecast period.
Smart HVAC systems are savvy technology that allows users to control their HVAC equipment remotely using a smartphone, tablet, or desktop computer. A smart HVAC system can not only operate more efficiently but also reduce energy costs. Additionally, smart HVAC systems include sensors that can help users avoid costly problems.
Additionally, the benefits of smart HVAC systems promote companies like Johnson Controls to offer such solutions. Johnson Controls International provides smart HVAC equipment that helps users maximize control for greater efficiency, reduce operating costs, and extend equipment life. Therefore, the growing adoption of smart HVAC systems will drive the growth of the market share during the forecast period.
HVAC equipment used in residential and non-residential segments includes various components for heating and cooling systems. As the number of parts in an HVAC unit increases, the likelihood of one of these parts failing also increases, which poses a challenge to the growth of the China - heating, ventilation, and air conditioning (HVAC) equipment market.
Additionally, worn and dirty HVAC equipment filters, refrigerants, and fuses are the main components in an HVAC unit that cause common problems. Therefore, HVAC equipment failures could lead to raised operating costs for end users and would encourage them to opt for alternative products, which would negatively impact the demand for HVAC equipment in China and hinder the market growth during this period. forecast period.
The non-residential segment will account for a major share of the market growth during the forecast period.?Non-residential end users of HVAC equipment include production facilities, commercial and industrial buildings, data centers, retail stores, healthcare establishments, and educational institutions. Growing construction activity in the non-residential end-user segment will drive demand for HVAC equipment which will boost the growth of the China - heating, ventilation, and air conditioning (HVAC) equipment market.
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The non-residential segment was valued at USD 13.40 billion in 2018. Additionally, the growth of other end users in the commercial segment including retail buildings, office buildings, and industrial facilities is driving demand for HVAC equipment in China. The number of hotels, hospitals, restaurants, educational facilities, and storage facilities is increasing rapidly across China. Therefore, growth in the number of commercial end users of HVAC equipment will lead to an increase in demand for HVAC equipment in China. This, in turn, will drive the growth of the China - HVAC equipment market during the forecast period.
Based on product, the market has been segmented into air conditioning equipment, heating equipment, and ventilation equipment. The air conditioning equipment segment will account for the largest share of this segment.?Demand for air conditioning equipment is expected to increase owing to several factors, such as rising temperatures and humidity across China. Air conditioning equipment is necessary to maintain indoor air quality. Furthermore, rising per capita income and growing preference for air conditioning equipment will accelerate the growth of the air conditioning equipment segment in China - heating, ventilation, and air conditioning (HVAC) equipment market during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
We also have detailed analyses of the market’s competitive landscape and offer information on 20 market companies, including:
Carrier Global Corp., Daikin Industries Ltd., Fujitsu Ltd., GUANGDONG CHIGO AIR CONDITIONING CO. LTD., Guangzhou Seagull Kitchen And Bath Products Co. Ltd., Haier Smart Home Co. Ltd., Hitachi Ltd., Johnson Controls International Plc, Lennox International Inc., LG Corp., MIDEA Group Co. Ltd., Mitsubishi Electric Corp., Paloma Co. Ltd., Panasonic Holdings Corp., Samsung Electronics Co. Ltd., Shanghai Shenglin M and E Technology Co. Ltd., TCL Electronics Holdings Ltd., Trane Technologies plc, and Zhuhai Gree Electric Appliances Co. Ltd.
Technavio report provides an in-depth analysis of the market and its players through combined qualitative and quantitative data. The analysis classifies companies into categories based on their business approaches, including pure-play, category-focused, industry-focused, and diversified. Companies are specially categorized into dominant, leading, strong, tentative, and weak, based on their quantitative data analysis.
The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024 to 2028, as well as historical data from 2018 to 2022 for the following segments
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The market encompasses various types of systems designed to maintain indoor comfort and energy efficiency. Key products include Air conditioners, Boilers, Chillers, Heat pumps, Dehumidifiers, Humidifiers, Radiant systems, and Heat generation systems. These systems use various energy sources like Natural gas, Heating oil, Diesel fuel, Wood, and Combustible fuel for heat generation. Indoor air quality is a significant concern, leading to the popularity of Electric resistance heaters, Baseboard heaters, and Solar photovoltaics.
Moreover, the market landscape depends on the Passive heating and cooling systems, Furnaces, Solar thermal water heaters, Air Handler, Thermostat, Electricity. Peak performance is a priority, with engineers focusing on retrofitting existing systems and implementing passive heating solutions like Ventilation and Daylighting opportunities. Heat Pump and Furnace systems are popular choices, with Air Handlers, Ductwork, Thermostats, Refrigerant, and Propane essential components. Energy use is a critical factor, with efficiency a top consideration. Solar energy and Solar thermal systems offer eco-friendly alternatives to traditional fuel sources. Overall, the HVAC equipment market continues to evolve, driven by advancements in technology and increasing awareness of energy conservation.
Market Scope |
|
Report Coverage |
Details |
Page number |
140 |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 8.01% |
Market growth 2024-2028 |
USD 13.4 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
7.37 |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Carrier Global Corp., Daikin Industries Ltd., Fujitsu Ltd., Gree Electric Appliances Inc. of Zhuhai, GUANGDONG CHIGO AIR CONDITIONING CO. LTD., Guangzhou Seagull Kitchen And Bath Products Co. Ltd., Haier Smart Home Co. Ltd., Hitachi Ltd., Johnson Controls International Plc., Lennox International Inc., LG Corp., MIDEA Group Co. Ltd., Mitsubishi Electric Corp., Paloma Co. Ltd., Panasonic Holdings Corp., Samsung Electronics Co. Ltd., Shanghai Shenglin M and E Technology Co. Ltd., TCL Electronics Holdings Ltd., Toshiba Corp., and Trane Technologies plc |
Market dynamics |
Parent market analysis, market growth analysis, market research and growth, Market forecasting, market report, market forecast, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, Market growth and Forecasting, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for 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. |
We can help! Our analysts can customize this market research report to meet your requirements. Get in touch
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 Drivers, Challenges, and Opportunity/Restraints
10 Competitive Landscape
11 Competitive Analysis
12 Appendix
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