How big is the HVAC Equipment Market?

The HVAC Equipment Market size is expected to reach USD 92.81 billion in 2024 and grow at a CAGR of 8.10% to reach USD 137.01 billion by 2029. Read More

What is the current HVAC Equipment Market size?

In 2024, the HVAC Equipment Market size is expected to reach USD 92.81 billion. Read More

Who are the key players in HVAC Equipment Market?

Trane Technologies PLC, Aermec SpA (Giordano Riello International Group SPA), Daikin Industries Ltd., Clivet SpA (Midea Group) and Emicon Innovation and Comfort SRL are the major companies operating in the HVAC Equipment Market. Read More

Which is the fastest growing region in HVAC Equipment Market?

Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029). Read More

Which region has the biggest share in HVAC Equipment Market?

In 2024, the Asia Pacific accounts for the largest market share in HVAC Equipment Market. Read More

What years does this HVAC Equipment Market cover, and what was the market size in 2023?

In 2023, the HVAC Equipment Market size was estimated at USD 85.29 billion. The report covers the HVAC Equipment Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the HVAC Equipment Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029. Read More

HVAC Equipment Market Report | Industry Outlook, Size & Forecast Analysis

HVAC Equipment Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

The Report Covers Industrial Heating, Ventilation, and Air Conditioning Equipment Manufacturers and is Segmented by Heating Equipment (By Product Type [Boilers and Furnaces, Heat Pumps, Unitary Heaters], by End-User [Residential, Commercial, Industrial, Others], by Geography [North America, Europe, Asia-Pacific, Rest of the World]), by Ventilation Equipment (By Product Type [Air Handling Units, Humidifiers and Dehumidifiers, Air Filters, Fan Coiling Unit], by End-User [Residential, Commercial, Industrial, Others], by Geography [North America, Europe, Asia-Pacific, Rest of the World]) and by Air Condition Equipment (By Product Type [Unitary Air Conditioners [Ducted Splits, Ductless Mini Splits, Indoor Packaged, and Roof Tops], Room Air Conditioners, Packaged Terminal Air Conditioners, Chillers], by End-User [Residential, Commercial, Industrial, Others], by Geography [North America, Europe, Asia-Pacific, Rest of the World]). The Report Offers Market Forecasts and Size in Value (USD) for all the Above Segments.

HVAC Equipment Industry Overview

The HVAC equipment market is fragmented with major players like Trane Inc. (Trane Technologies PLC), Midea Group, NIBE Group, Panasonic Corporation, and Mitsubishi Electric Corporation. Players in the market are adopting strategies such as partnerships and acquisitions to enhance their product offerings and gain sustainable competitive advantage.

November 2023 - Mitsubishi Electric Corporation announced that it has developed an aluminum vertical flat tube (VFT) design that improves heat exchanger performance by up to an unprecedented 40% in heat-pump air conditioners used for heating and cooling. Compared to conventional aluminum horizontal flat tube (HFT) heat exchangers, Mitsubishi Electric's new VFT heat exchanger also reduces refrigerant charge thanks to its smaller internal volume of up to 20% compared to HFT designs.

December 2023 - Daikin Europe NV released a line of residential air-to-air heat pumps using difluoromethane (R32) as the refrigerant, with outdoor unit dimensions of 662 mm x 442 mm x 1022 mm. The output ranges from 2.5 kW to 3.5 kW, and the seasonal coefficient of performance (SCOP) is between 4.85 and 5.17.