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HVAC Market by End-user, Type, and Geography - Forecast and Analysis 2021-2025

  • Published: Oct 2021
  • Pages: 120
  • SKU: IRTNTR46669
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The heating ventilation and air conditioning market share is expected to increase by USD 68.8 billion from 2020 to 2025, and the market's growth momentum will accelerate at a CAGR of 6.57%.

This heating ventilation and air conditioning market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers heating ventilation and air conditioning market segmentations by end-user (non-residential and residential), type (HVAC equipment and HVAC services), and geography (APAC, North America, Europe, MEA, and South America). The heating ventilation and air conditioning market report also offers information on several market vendors, including Carrier Global Corp., Daikin Industries Ltd., Danfoss AS, Haier Smart Home Co. Ltd., Johnson Controls International Plc, Lennox International Inc., LG Electronics Inc., Midea Group Co. Ltd., Samsung Electronics Co. Ltd., and Trane Technologies Plc among others.

What will the Heating Ventilation And Air Conditioning Market Size be During the Forecast Period?

HVAC Market Size

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Heating Ventilation And Air Conditioning Market: Key Drivers, Trends, and Challenges

Based on our research output, there has been a negative impact on the market growth during and post COVID-19 era. The growing construction sector is notably driving the heating ventilation and air conditioning market growth, although factors such as high market competition may impede market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the heating ventilation and air conditioning industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Heating Ventilation And Air Conditioning Market Driver

The growing construction sector is notably driving the heating ventilation and air conditioning market growth. The construction sector plays a major role in driving the demand for HVAC systems. With the increase in construction of commercial and residential buildings, the demand for HVAC equipment and services has been increasing, thereby driving the growth of the global Heating Ventilation and Air Conditioning (HVAC) market. The construction industry is expanding significantly across the globe. There are a lot of factors leading to the expansion of the construction industry. APAC is the major market for construction and is expected to grow at the highest rate during the forecast period. The primary reason for the growth is the ongoing developments in the infrastructure and real estate sectors in the region. The commercial building sector has seen an upswing in office construction activities, particularly for the technology and finance firms. This is due to an increase in private investments. Similarly, hotel and hospital construction activities will propel the demand for HVAC systems.

Key Heating Ventilation And Air Conditioning Market Trend

The rise in incorporation of building automation systems is the key trend driving the heating ventilation and air conditioning market growth. BASs, which control and monitor HVAC and other facilities of a given building, are embedded with computing and digital communication tools that allow these systems to enhance energy efficiency. The number of integrated BAS installations has increased owing to the rise in the number of construction projects and building retrofits. The BAS technology has advanced features owing to improvements in sensor technology, availability of cheaper and faster communication systems, and improved user interfaces. Manufacturers are implementing open protocols, including the Internet protocol, to provide improved control solutions. BAS is becoming a common technology for enhancing the interaction and operability among HVAC, lighting, fire, and security control units of a building.

Key Heating Ventilation And Air Conditioning Market Challenge

The major challenge impeding the heating ventilation and air conditioning market growth is the high market competition. The presence of many regional and international players has increased market competitiveness. Many international players are unable to retain their foothold in the market owing to low-cost offerings of HVAC components and parts by regional vendors. Some HVAC vendors in APAC sell components and parts at subsidized rates, reducing sales of high-quality premium products provided by international players. This affects the pricing strategy, R&D investments, and brand image of established international players. The competition in the market has increased due to joint ventures and strategic alliances to enhance energy management and automation. For instance, in June 2017, Midea Group announced its plans to set up a manufacturing facility near Pune, India. As air conditioning systems are key components of building solutions, this partnership helped both companies innovate and deliver high-quality HVAC solutions to their consumers. 

This heating ventilation and air conditioning market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2021-2025.

Parent Market Analysis

Technavio categorizes the global heating ventilation and air conditioning (HVAC) market as a part of the global electrical components and equipment market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the heating ventilation and air conditioning market during the forecast period.

Who are the Major Heating Ventilation And Air Conditioning Market Vendors?

The report analyzes the market's competitive landscape and offers information on several market vendors, including:

 

  • Carrier Global Corp.
  • Daikin Industries Ltd.
  • Danfoss AS
  • Haier Smart Home Co. Ltd.
  • Johnson Controls International Plc
  • Lennox International Inc.
  • LG Electronics Inc.
  • Midea Group Co. Ltd.
  • Samsung Electronics Co. Ltd.
  • Trane Technologies Plc

 

This statistical study of the heating ventilation and air conditioning market encompasses successful business strategies deployed by the key vendors. The heating ventilation and air conditioning market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market.

Product Insights and News

  • Carrier Global Corp. - The company offers air conditioners, heat pumps, packaged products, geothermal heat pumps, ductless systems, furnaces, evaporator coils, fan coils, and boilers.

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The heating ventilation and air conditioning market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.

Heating Ventilation And Air Conditioning Market Value Chain Analysis

Our report provides extensive information on the value chain analysis for the heating ventilation and air conditioning market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.

The report has further elucidated on other innovative approaches being followed by manufacturers to ensure a sustainable market presence.

Which are the Key Regions for Heating Ventilation And Air Conditioning Market?

HVAC Market Market segmentation by region

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58% of the market's growth will originate from APAC during the forecast period. China and Japan are the key markets for the heating ventilation and air conditioning market in APAC. Market growth in this region will be faster than the growth of the market in other regions.

The growing population, climatic conditions, increasing urbanization, and demographic changes will facilitate the heating ventilation and air conditioning market growth in APAC over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

COVID Impact and Recovery Analysis

The market in the region witnessed certain challenges in 2020. The outbreak of COVID-19 affected many countries in the region, including China, India, South Korea, and Japan. The outbreak also affected the construction sector in the region. This, in turn, impacted the demand for HVAC equipment. However, with the gradual control in the spread of the virus, coupled with the relaxation of lockdown restrictions, the segment in focus is expected to recover during the forecast period.

What are the Revenue-generating End-user Segments in the Heating Ventilation And Air Conditioning Market?

HVAC Market Segmentation

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The heating ventilation and air conditioning market share growth by the thenon-residential segment will be significant during the forecast period.  An increase in the construction of these end-users will drive the growth of the global heating ventilation and air conditioning (HVAC) market. Owing to the adoption of green technology, the demand for HVAC units has increased simultaneously as they help in energy savings. The rise in the number of net-zero buildings is the major trend in the construction business. 

This report provides an accurate prediction of the contribution of all the segments to the growth of the heating ventilation and air conditioning market size and actionable market insights on post COVID-19 impact on each segment.

 

Heating Ventilation And Air Conditioning Market Scope

Report Coverage

Details

Page number

120

Base year

2020

Forecast period

2021-2025

Growth momentum & CAGR

Accelerate at a CAGR of 6.57%

Market growth 2021-2025

$ 68.8 billion

Market structure

Fragmented

YoY growth (%)

3.12

Regional analysis

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

Performing market contribution

APAC at 58%

Key consumer countries

China, US, Japan, Germany, and UK

Competitive landscape

Leading companies, Competitive strategies, Consumer engagement scope

Key companies profiled

Carrier Global Corp., Daikin Industries Ltd., Danfoss AS, Haier Smart Home Co. Ltd., Johnson Controls International Plc, Lennox International Inc., LG Electronics Inc., Midea Group Co. Ltd., Samsung Electronics Co. Ltd., and Trane Technologies Plc

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, Market condition analysis for forecast period

Customization purview

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What are the Key Data Covered in this Heating Ventilation And Air Conditioning Market Report?

  • CAGR of the market during the forecast period 2021-2025
  • Detailed information on factors that will drive heating ventilation and air conditioning market growth during the next five years
  • Precise estimation of the heating ventilation and air conditioning market size and its contribution to the parent market
  • Accurate predictions on upcoming trends and changes in consumer behavior
  • The growth of the heating ventilation and air conditioning industry across APAC, North America, Europe, MEA, South America, APAC, North America, Europe, MEA, and South America
  • A thorough analysis of the market's competitive landscape and detailed information on vendors
  • Comprehensive details of factors that will challenge the growth of heating ventilation and air conditioning market vendors

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1 Executive Summary

2 Market Landscape

  • 2.1 Market ecosystem
    • Exhibit 01: Parent market
  • 2.2 Market characteristics
    • Exhibit 02: Market characteristics
  • 2.3 Value chain analysis
    • Exhibit 03: Value chain analysis: Electrical Components and Equipment Market

3 Market Sizing

  • 3.1 Market definition
    • Exhibit 04: Offerings of vendors included in the market definition
  • 3.2 Market segment analysis
    • Exhibit 05: Market segments
  • 3.3 Market size 2020
    • 3.4 Market outlook: Forecast for 2020 - 2025
      • Exhibit 06: Global - Market size and forecast 2020 - 2025 ($ billion)
      • Exhibit 07: Global market: Year-over-year growth 2020 - 2025 (%)

    4 Five Forces Analysis

    • 4.1 Five forces summary
      • Exhibit 08: Five forces analysis 2020 & 2025
    • 4.2 Bargaining power of buyers
      • Exhibit 09: Bargaining power of buyers
    • 4.3 Bargaining power of suppliers
      • Exhibit 10: Bargaining power of suppliers
    • 4.4 Threat of new entrants
      • Exhibit 11: Threat of new entrants
    • 4.5 Threat of substitutes
      • Exhibit 12: Threat of substitutes
    • 4.6 Threat of rivalry
      • Exhibit 13: Threat of rivalry
    • 4.7 Market condition
      • Exhibit 14: Market condition - Five forces 2020

    5 Market Segmentation by End-user

    • 5.1 Market segments
      • Exhibit 15: End-user - Market share 2020-2025 (%)
    • 5.2 Comparison by End-user
      • Exhibit 16: Comparison by End-user
    • 5.3 Non-residential - Market size and forecast 2020-2025
      • Exhibit 17: Non-residential - Market size and forecast 2020-2025 ($ billion)
      • Exhibit 18: Non-residential - Year-over-year growth 2020-2025 (%)
    • 5.4 Residential - Market size and forecast 2020-2025
      • Exhibit 19: Residential - Market size and forecast 2020-2025 ($ billion)
      • Exhibit 20: Residential - Year-over-year growth 2020-2025 (%)
    • 5.5 Market opportunity by End-user
      • Exhibit 21: Market opportunity by End-user

    6 Market Segmentation by Type

    • 6.1 Market segments
      • Exhibit 22: Type - Market share 2020-2025 (%)
    • 6.2 Comparison by Type
      • Exhibit 23: Comparison by Type
    • 6.3 HVAC equipment - Market size and forecast 2020-2025
      • Exhibit 24: HVAC equipment - Market size and forecast 2020-2025 ($ billion)
      • Exhibit 25: HVAC equipment - Year-over-year growth 2020-2025 (%)
    • 6.4 HVAC services - Market size and forecast 2020-2025
      • Exhibit 26: HVAC services - Market size and forecast 2020-2025 ($ billion)
      • Exhibit 27: HVAC services - Year-over-year growth 2020-2025 (%)
    • 6.5 Market opportunity by Type
      • Exhibit 28: Market opportunity by Type

    7 Customer landscape

    8 Geographic Landscape

    • 8.1 Geographic segmentation
      • Exhibit 30: Market share by geography 2020-2025 (%)
    • 8.2 Geographic comparison
      • Exhibit 31: Geographic comparison
    • 8.3 APAC - Market size and forecast 2020-2025
      • Exhibit 32: APAC - Market size and forecast 2020-2025 ($ billion)
      • Exhibit 33: APAC - Year-over-year growth 2020-2025 (%)
    • 8.4 North America - Market size and forecast 2020-2025
      • Exhibit 34: North America - Market size and forecast 2020-2025 ($ billion)
      • Exhibit 35: North America - Year-over-year growth 2020-2025 (%)
    • 8.5 Europe - Market size and forecast 2020-2025
      • Exhibit 36: Europe - Market size and forecast 2020-2025 ($ billion)
      • Exhibit 37: Europe - Year-over-year growth 2020-2025 (%)
    • 8.6 MEA - Market size and forecast 2020-2025
      • Exhibit 38: MEA - Market size and forecast 2020-2025 ($ billion)
      • Exhibit 39: MEA - Year-over-year growth 2020-2025 (%)
    • 8.7 South America - Market size and forecast 2020-2025
      • Exhibit 40: South America - Market size and forecast 2020-2025 ($ billion)
      • Exhibit 41: South America - Year-over-year growth 2020-2025 (%)
    • 8.8 Key leading countries
      • Exhibit 42: Key leading countries
    • 8.9 Market opportunity by geography

      9 Drivers, Challenges, and Trends

      • 9.1 Market drivers – Demand led growth
        • 9.2 Market challenges
          • Exhibit 44: Impact of drivers and challenges
        • 9.3 Market trends

          10 Vendor Landscape

          • 10.1 Competitive scenario
            • 10.2 Vendor landscape
              • Exhibit 45: Vendor landscape
            • 10.3 Landscape disruption
              • Exhibit 46: Landscape disruption
            • 10.4 Industry risks
              • Exhibit 47: Industry risks

            11 Vendor Analysis

            • 11.1 Vendors covered
              • Exhibit 48: Vendors covered
            • 11.2 Market positioning of vendors
              • Exhibit 49: Market positioning of vendors
            • 11.3 Carrier Global Corp.
              • Exhibit 50: Carrier Global Corp. - Overview
              • Exhibit 51: Carrier Global Corp. - Business segments
              • Exhibit 52: Carrier Global Corp.- Key news
              • Exhibit 53: Carrier Global Corp. - Key offerings
              • Exhibit 54: Carrier Global Corp. - Segment focus
            • 11.4 Daikin Industries Ltd.
              • Exhibit 55: Daikin Industries Ltd. - Overview
              • Exhibit 56: Daikin Industries Ltd. - Business segments
              • Exhibit 57: Daikin Industries Ltd. Key news
              • Exhibit 58: Daikin Industries Ltd. - Key offerings
              • Exhibit 59: Daikin Industries Ltd. - Segment focus
            • 11.5 Danfoss AS
              • Exhibit 60: Danfoss AS - Overview
              • Exhibit 61: Danfoss AS - Business segments
              • Exhibit 62: Danfoss AS- Key news
              • Exhibit 63: Danfoss AS - Key offerings
              • Exhibit 64: Danfoss AS - Segment focus
            • 11.6 Haier Smart Home Co. Ltd.
              • Exhibit 65: Haier Smart Home Co. Ltd. - Overview
              • Exhibit 66: Haier Smart Home Co. Ltd. - Business segments
              • Exhibit 67: Haier Smart Home Co. Ltd.- Key news
              • Exhibit 68: Haier Smart Home Co. Ltd. - Key offerings
              • Exhibit 69: Haier Smart Home Co. Ltd. - Segment focus
            • 11.7 Johnson Controls International Plc
              • Exhibit 70: Johnson Controls International Plc - Overview
              • Exhibit 71: Johnson Controls International Plc - Business segments
              • Exhibit 72: Johnson Controls International Plc - Key news
              • Exhibit 73: Johnson Controls International Plc - Key offerings
              • Exhibit 74: Johnson Controls International Plc - Segment focus
            • 11.8 Lennox International Inc.
              • Exhibit 75: Lennox International Inc. - Overview
              • Exhibit 76: Lennox International Inc. - Business segments
              • Exhibit 77: Lennox International Inc - Key news
              • Exhibit 78: Lennox International Inc. - Key offerings
              • Exhibit 79: Lennox International Inc. - Segment focus
            • 11.9 LG Electronics Inc.
              • Exhibit 80: LG Electronics Inc. - Overview
              • Exhibit 81: LG Electronics Inc. - Business segments
              • Exhibit 82: LG Electronics Inc. - Key news
              • Exhibit 83: LG Electronics Inc. - Key offerings
              • Exhibit 84: LG Electronics Inc. - Segment focus
            • 11.10 Midea Group Co. Ltd.
              • Exhibit 85: Midea Group Co. Ltd. - Overview
              • Exhibit 86: Midea Group Co. Ltd. - Business segments
              • Exhibit 87: Midea Group Co. Ltd. – Key news
              • Exhibit 88: Midea Group Co. Ltd. - Key offerings
            • 11.11 Samsung Electronics Co. Ltd.
              • Exhibit 89: Samsung Electronics Co. Ltd. - Overview
              • Exhibit 90: Samsung Electronics Co. Ltd. - Business segments
              • Exhibit 91: Samsung Electronics Co. Ltd. - Key news
              • Exhibit 92: Samsung Electronics Co. Ltd. - Key offerings
              • Exhibit 93: Samsung Electronics Co. Ltd. - Segment focus
            • 11.12 Trane Technologies Plc
              • Exhibit 94: Trane Technologies Plc - Overview
              • Exhibit 95: Trane Technologies Plc - Business segments
              • Exhibit 96: Trane Technologies Plc - Key offerings
              • Exhibit 97: Trane Technologies Plc - Key news
              • Exhibit 98: Trane Technologies Plc - Segment focus

            12 Appendix

            • 12.1 Scope of the report
              • 12.2 Currency conversion rates for US$
                • Exhibit 99: Currency conversion rates for US$
              • 12.3 Research methodology
                • Exhibit 100: Research Methodology
                • Exhibit 101: Validation techniques employed for market sizing
                • Exhibit 102: Information sources
              • 12.4 List of abbreviations
                • Exhibit 103: List of abbreviations

              Research Framework

              Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

              TechnavioINFORMATION SOURCES

              Primary sources

              • Manufacturers and suppliers
              • Channel partners
              • Industry experts
              • Strategic decision makers

              Secondary sources

              • Industry journals and periodicals
              • Government data
              • Financial reports of key industry players
              • Historical data
              • Press releases
              Technavio

              TechnavioDATA ANALYSIS

              Data Synthesis

              • Collation of data
              • Estimation of key figures
              • Analysis of derived insights

              Data Validation

              • Triangulation with data models
              • Reference against proprietary databases
              • Corroboration with industry experts
              Technavio

              TechnavioREPORT WRITING

              Qualitative

              • Market drivers
              • Market challenges
              • Market trends
              • Five forces analysis

              Quantitative

              • Market size and forecast
              • Market segmentation
              • Geographical insights
              • Competitive landscape
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              HVAC Market market growth will increase by $68.8 bn during 2021-2025.
              The hvac market market is expected to grow at a CAGR of 6.57% during 2021-2025.
              Technavio has segmented the hvac market market by end-user (non-residential and residential) ,type (HVAC equipment and HVAC services) , and geography (APAC, North America, Europe, MEA, and South America).
              Carrier Global Corp., Daikin Industries Ltd., Danfoss AS, Haier Smart Home Co. Ltd., Johnson Controls International Plc, Lennox International Inc., LG Electronics Inc., Midea Group Co. Ltd., Samsung Electronics Co. Ltd., Trane Technologies Plc are a few of the key vendors in the hvac market market.
              APAC will register the highest growth rate of 58% among the other regions. Therefore, the hvac market market in APAC is expected to garner significant business opportunities for the vendors during the forecast period.
              The key factors driving the hvac market market growth are:
              • growing construction sector
              • rise in incorporation of building automation systems
              The hvac market market vendors should focus on grabbing business opportunities from the non-residential segment as it accounted for the largest market share in the base year.
              • What are the key global market and the regional market share?
              • What are the revenue-generating key market segments?
              • What are the key factors driving and challenging this market’s growth?
              • Who are the key market vendors and their growth strategies?
              • What are the latest trends influencing the growth of this market?
              • What are the variables influencing the market growth in the primary regions?
              • What are the factors influencing the growth of the parent market?
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              • Data on revenue-generating market segments
              • Details on the market shares of various regions
              • Five-force market analysis

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