HVAC Equipment Market | Comprehensive Study COVID19 Impact Analysis and Forecast Outlook 2024 -2030

Transparency Market Research (PRNewsfoto/Transparency Market Research)

HVAC Equipment Market – Snapshot

The global HVAC equipment market is growing at a sturdy pace in recent times. The splendid pace of urbanization has played a crucial role in generating growth opportunities within this market. Specialised HVAC chambers and pipes are developed during construction of large buildings and complexes. Furthermore, several regions mandate the use of heating, ventilation, and air-conditioning (HVAC) technologies across buildings and new construction sites. The use of HVAC systems is also related to the weather and climatic conditions of a place. Regions with extremely cold or hot weathers use HVAC systems across all major buildings and residential sites. Therefore, the global HVAC equipment market is set to tread along a lucrative pathway in the times to follow.

  1. Need for HVAC Systems across Large Convention Halls

The use of HVAC systems and equipment across large spaces has increased in recent times. Availability of high-end technologies that can take care of ventilation needs of large spaces has supported market growth. Furthermore, gyms, conference halls, and multiutility halls are necessary equipped with HVAC systems and technologies. The total volume of revenues within the global HVAC equipment market shall grow alongside increasing sophistication across the constructions industry.

  1. Integration of HVAC Equipment with Smart Grids

The growing focus on renewable technologies has compelled HVAC developers to revisit the conceptualisation of heating and cooling technologies. Furthermore, it has become increasingly important to balance the load across utilities and grid operators. In recent times, HVAC systems have become a part of the smart grid architecture. This means that HVAC units are powered by renewable energy sources within the grid. The worth of the global HVAC equipment market has increased due to the advent of smart grid technologies.

HVAC Equipment Contractors Create Awareness about Filters to Fight Coronavirus

As individuals are aiming to create clean breathing environments at home amidst the coronavirus (COVID-19) outbreak, HVAC technicians and public health workers are being weighed at similar levels to help fight life-threatening infection. However, HVAC equipment alone cannot be effective for the prevention of spread of coronavirus. As suggested by William Bahnfleth, the presidential member of ASHRAE (American Society of Heating, Refrigerating and Air-Conditioning Engineers), contractors in the HVAC equipment market must prepare homeowners to adopt other preventive measures that are not necessarily HVAC-related.

From the HVAC perspective, individuals are becoming increasingly aware about how airborne transmission plays a key role in the spread of coronavirus, since the novel virus is a similar strain of the former SARS virus. Contractors in the HVAC equipment market are increasing awareness whether HEPA (High-efficiency Particulate Air) filters can be effective in neutralizing coronavirus particles in hospital facilities.

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Movement-activated and Thermal-driven Air Conditioning Amplify Comfort Levels in Homes

Movement-activated and thermal-driven air conditioning are some of the game changing innovations being observed in the HVAC equipment market. Manufacturers are gaining efficacy in new technologies that enhance home comfort levels. As such, companies should collaborate with creative talent pool at major universities to gain competitive edge in the HVAC equipment market. For instance, engineers at MIT (Massachusetts Institute of Technology) introduced a novel air conditioning design that uses sensors with aluminum rods that hang from the ceiling and activates only when individuals are around.

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Companies in the HVAC equipment market are increasing their focus in motion-activated system to tap into new value-grab opportunities. The trend of thermal-driven air conditioning is anticipated to become increasingly commonplace in the HVAC equipment market. The Australian designer of total energy solutions is gaining expertise in the low-cost thermally driven air conditioning models as an alternative to conventional A/C units.

Manufacturers of HVAC Equipment Leverage Opportunities in Renewable Energy Technologies

Sales of heat pumps and renewable heating equipment such as solar water heaters are on a rise. However, fossil fuel-based systems still account for a significant amount of sales in the HVAC equipment market. Moreover, traditional electric heating equipment are another set of regressive systems that do not align with the global SDS (Safety Data Sheet) guidelines. Hence, companies in the HVAC equipment market should introduce advanced-technology solar and renewable heating equipment that work efficiently despite challenging weather conditions such as monsoons when there is not enough sunlight for energy conversion.

Electric resistance heaters and water heaters continue to dictate a high revenue in the market for HVAC equipment. With the ever-evolving construction industry, the demand for water heaters is expected to surge. Condensing gas boilers with relatively higher energy efficiencies are gradually replacing traditional coal and oil has boilers. In a report published in May 2024 by the International Energy Agency— a Paris-based autonomous intergovernmental organization, it is found that the progress and adoption of renewable energy systems needs to be fast to meet SDS standards by the end of 2030.

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Tech-savvy Services and VR Training Build Credibility of Contractors

Mobile-friendly technology and virtual reality (VR) training are bringing about a change in the HVAC equipment market. Hence, contractors are developing HVAC scheduling software so that maintenance and other services are easy to book and pay for. These kinds of software help to understand the work order of contractors and eliminate any misconceptions surrounding the delay in services. Tech-savvy customer services are being highly preferred by individuals who demand assistance from tech-savvy technicians. This trend has led to the idea of VR training for technicians in the HVAC equipment market.

The VR HVAC technology is being highly publicized as one of the cost-efficient ways to train the newly joined technicians as well as the current staff about the improvements made in new HVAC equipment. With the help of virtual simulators, employers can offer hands-on experience of new HVAC equipment.

Analysts’ Viewpoint

In response to ongoing developments of the coronavirus in the U.S., ASHRAE has released preventive guidelines with respect to the operation and maintenance of HVAC systems. Contractors in the HVAC equipment market are increasing efforts to supply on-demand hot water recirculators that allow cold water to be circulated back into the water heater upon activation.

The rapidly advancing construction industry is generating incremental opportunities for contractors. However, issues with HVAC system designs hamper the smooth functionality of building, thus slowing down market growth. Hence, companies should gain efficacy in systematic planning of high-rise buildings, with increased emphasis on making improvements in design processes of geothermal heating systems and other HVAC equipment.

HVAC Equipment Market: Overview

  • According to Transparency Market Research’s latest market report on the HVAC equipment market for the period 2020 – 2030 (wherein 2020 – 2030 is the forecast period and 2020 is the base year), growth of the construction sector and increasing demand for energy efficient HVAC equipment is expected to drive the HVAC equipment market
  • Globally, revenue generated by the HVAC equipment market accounted for ~US$ 105.5 Bn in 2018, and the market is likely to expand at a CAGR of ~5% in terms of value during the forecast period

Growing Demand for Energy Efficient HVAC Equipment: A Key Driver 

  • Changing weather conditions (extreme cold during winter and high temperatures during summer) have increased the usage of HVAC equipment across the globe. Innovative HVAC technologies have changed the way of heating and cooling residential and commercial interiors. Users are demanding more energy efficient equipment to reduce power consumption.
  • Significant climate variations are the result of rising greenhouse effects; this is pushing the need and demand for efficient HVAC systems, which can meet changing climatic variations, while keeping the energy consumption low. This has a significant impact on the replacement demand from consumers looking for advanced solutions and new product demand (due to rise in number of consumers). Thus, climatic variations are changing consumer procurement trends and technological developments taking place in the industry. These factors are expected to drive the demand for HVAC equipment during the forecast period.

Technological Advancements & Innovation to Create More Market Opportunities

  • The growing trend of home automation has led to innovations and development of technologically advanced equipment. HVAC equipment manufacturers are developing solutions, which can be integrated with smart technologies. Thus, the gradual shift toward intelligent building designs and smart home systems is expected to drive the demand for smart HVAC equipment in the long run, which will bring in higher efficiency and smart features within the appliances/equipment.
  • HVAC equipment manufacturers are working hard to develop new smart features, functions, and systems, which are designed to improve users’ comfort as well as minimize energy expenses. The HVAC equipment industry is aiming to provide remote control of equipment through mobile applications and automated control systems to cater to the energy needs of industrial and commercial customers. The industry also focuses on manufacturing products which meet green technology requirements.
  • Key HVAC players are introducing eco-friendly equipment by phasing out chlorofluorocarbons, hydro chlorofluorocarbons (CFCs and HCFCs), and other harmful refrigerant based equipment which is expected to create better opportunities for the HVAC equipment market worldwide. Furthermore, manufacturers are developing safer, energy efficient, and cost effective equipment which is projected to create better opportunities in the coming years.

High Energy Consumption to Hamper Growth of HVAC Equipment Market

  • Usage of HVAC equipment is low in underdeveloped regions where power failures and electricity issues are rampant. Higher cost of electricity has made users opt for natural gas equipment; natural gas equipment emits higher greenhouse gases which are harmful to the environment. This factor can hamper the growth of the HVAC equipment market.
  • Furthermore, higher installation and maintenance cost of HVAC systems is expected to negatively impact the market. HVAC equipment requires routine maintenance and repair; installation of these equipment also needs to be done by HVAC experts and technicians, which is costlier and can hamper the market growth of HVAC equipment. Inconsistent power supply in remote or rural areas, increased energy consumption, and higher servicing costs are the major factors that are likely to hinder the growth of the HVAC equipment market across the globe.

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HVAC Equipment Market: Competition Landscape

  • Detailed profiles of manufacturers of HVAC equipment have been provided in the report to evaluate their financials, key product offerings, recent developments, and strategies
  • Key players operating in the HVAC equipment market include
    • Daikin Industries, Ltd.
    • Samsung
    • United Technologies
    • Johnson Controls International Plc
    • Panasonic Corporation
    • Lennox International Inc.
    • Mitsubishi Electric Corporation,
    • Nortek Global HVAC LLC
    • Hitachi, Ltd.,
    • Trane Technologies Plc (formerly Ingersoll-Rand Plc)

HVAC Equipment Market: Key Developments

  • Prominent manufacturers in the HVAC equipment market are increasing investment on research & development to introduce advancement in technologies to fulfill the demand in the market. Manufacturing companies are also planning to expand their presence in various geographies through mergers & acquisitions and tie-ups with distributors and retailers.
  • Some other key developments in the HVAC equipment market are as follows:
    • In November 2019, Daikin Industries, Ltd started a new demonstration model in the United Republic of Tanzania with WASSHA Inc., a company using IoT technology, to develop an electrical power service business in the non-electrified areas of Africa, which is a management strategy aiming to commercialize air conditioners in untapped markets. Daikin Industries, Ltd. recently set aside 100 million US dollars for use in investments targeting startup companies worldwide.​

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