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Freedonia Market Research Freedonia Group Global HVAC Equipment

Global HVAC Equipment

Industry Reports, Global

Report Overview

Featuring 140 tables and 94 figures – now available in Excel and Powerpoint! Learn More

HVAC

This study examines the global HVAC equipment industry. Demand for HVAC equipment is segmented by product, market, and global geographic region. Historical data (2010, 2015, and 2020) and forecasts for 2025 and 2030 are presented for HVAC equipment demand and shipments are presented in current US dollars (including inflation) at the global, regional, and country regions. Select products are also provided in units; however, unit demand does not sum to a total market size.

Table of Contents

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Study Scope

HVAC equipment discussed includes:

  • room air conditioners (both window units and through-the-wall air conditioners)
  • heat pumps:
    • air source heat pumps (also known as conventional heat pumps), including split heat pumps and packaged heat pumps
    • geothermal heat pumps (including both ground source and water source types), which include closed loop and open loops systems
  • unitary air conditioners (including split, multi-split and single package units)
  • boilers, including:
    • cast iron and steel types
    • district heating boilers, including large-scale boilers and series of large-scale central boilers that generate hot water to provide heat for an industrial complex or a densely populated urban area
  • warm air furnaces, also known as forced air furnaces
  • other HVAC equipment, including absorption chillers, dehumidifiers, humidifiers, liquid chillers, packaged terminal air conditioners, and room and zone heaters

Excluded from the scope of this study are:

  • portable versions of equipment such as air conditioners, heaters, dehumidifiers, and humidifiers
  • sanitary hot water heat pumps
  • heat pumps used to solely produce hot water, to heat pools, or to provide refrigeration
  • products associated with combined heat and power generation systems
  • ventilation systems, including air handlers and ductwork
  • fluid circulation systems, including radiators used with boilers
  • used and rental equipment
  • equipment used in vehicles

Data are further segmented by residential and nonresidential markets:

  • residential
    • single-family detached houses
    • single-family attached houses (e.g., townhouses)
    • apartment or condominium buildings with multiple dwelling units
    • manufactured homes, which are housing units constructed on a permanent chassis with wheels for on-road transportation to the site at which the unit will be placed
  • nonresidential
    • institutional buildings (e.g., healthcare and educational facilities, religious establishments)
    • office and commercial structures (e.g., data centers, office buildings, retail establishments, hospitality facilities, warehousing and storage facilities not located on industrial sites, and other commercial structures such as banks and theaters)
    • industrial facilities (e.g., manufacturing plants and associated offices)
    • other nonresidential structures such as airport and bus terminals, recreational buildings, police stations, fire stations, and prisons

Housing units located in a structure whose primary purpose is something other than habitation, such as a small living space contained in a larger retail facility, are outside of the study’s scope.

HVAC Equipment Infographic

Demand by Product

Through 2025, global demand for HVAC equipment is projected to rise 3.9% per year to $132 billion. Heat pumps are expected to achieve the strongest gains and account for the largest share of growth:

  • Sales of these products will be supported by diverse incentives and initiatives promoting heat pumps as eco-friendly and efficient comfort cooling systems.
  • In particular, heat pumps are gaining market share in European countries, as adoption of these products will help EU member nations to meet climate targets.

Room air conditioners are forecast to account for the second largest share of growth in value terms, and these products will remain the most widely used HVAC equipment type in unit terms. Sales of room air conditioners will be bolstered by market expansion in emerging markets like India, where the low price point of these models continues to be a major advantage.

Product demand trends vary across region, with sales dependent on a region’s:

  • level of economic development
  • local climate
  • preference for comfort cooling
  • building design trends
  • age of building stock

Heating equipment is generally viewed as a necessity, especially in colder climates, while comfort cooling is seen as more of a luxury or convenience in many nations.

HVAC Equipment Demand by Product

Technology & Product Innovation

Sensor Technology

The increasing incorporation of sensors into HVAC equipment reflects recent efforts to improve the system efficiency and environmental friendliness of HVAC equipment. Sensor technology can be employed in combination with new or existing HVAC equipment in order to improve system efficiencies, reduce maintenance over the product’s useful life, and lower energy costs. For example, recent innovation efforts in the US have led to the incorporation of sensors into air conditioning technology to produce a movement-activated AC unit that reduces both energy and utility costs.

One example of HVAC equipment with sensor technology is Samsung’s Wind-Free air conditioner, which has a motion detection sensor that switches the unit to an energy-saving mode if no movement is detected in the room after 20 minutes.

Duel Fuel Technology

Research and development (R&D) efforts aimed at improving HVAC system efficiencies and environmental friendliness increasingly involve incorporating more than one fuel source into a single HVAC product. Various such HVAC technologies include:

  • dual-fuel heat pumps, which boast greater efficiencies and climate control due to the complementary use of an electric heat pump and a gas furnace
  • ice-powered air conditioning systems, a developing technology that currently provides up to six hours of cooling power in nonresidential buildings before requiring supplementation by a conventional commercial air conditioner
  • thermally driven air conditioning systems, a nascent, highly efficient technology that uses solar energy in combination with natural gas

Global demand for heating, ventilation, and air conditioning (HVAC) equipment is forecast to rise 3.9% per year to $132 billion in 2025. Growth will pick up relative to the 2015-2020 period as economies recover from the COVID-19 pandemic. The best opportunities exist:

  • in connecting pandemic-era heightened interest in indoor air quality with the upgrade of existing heating and cooling systems
  • for systems that offer improvements in energy efficiency or that use newer and more environmentally friendly refrigerants
  • in regions with still limited market penetration, either for economic or cultural reasons
  • where housing stocks continue to increase

India & Other Emerging Markets Face Challenges as Growth Picks Up

India is expected to be the world’s fastest growing national market for HVAC equipment, but the limitations of the nation’s electrical grid will continue to pose an obstacle to penetration of these products. In addition, the country is looking for ways to avoid exacerbating climate issues as use of HVAC equipment intensifies. One effort to address these challenges is the Global Cooling Prize, a program funded by the government of India to spur innovation in super-efficient residential HVAC systems.

In addition to India, a number of other South and Southeast Asian markets hold strong growth potential and face similar challenges. As these regions develop, suppliers who can introduce products that address their challenges will stand to benefit.

Heat Pumps Hold Strongest Growth Potential

Rapid growth in heat pump sales through 2025 will be fueled by their superior energy efficiency and strong environmental profile, which have both boosted consumer interest and positioned heat pumps to qualify for rebates and similar incentives programs.

The market for heat pumps has historically been concentrated in the Asia/Pacific region, as these products became the dominant type of HVAC equipment in Japan well before they achieved large-scale market penetration elsewhere. However, in recent years demand has grown particularly rapidly in Europe. While growth rates are expected to moderate as the market becomes increasingly established, heat pumps are expected to continue making strong market share gains in Europe through 2030, particularly in light of ongoing EU efforts to incentivize the installation of energy efficient HVAC systems.

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FAQs

Global demand for heating, ventilation, and air conditioning (HVAC) equipment is forecast to rise 3.9% per year to $132 billion in 2025.
India is expected to be the world’s fastest growing national market for HVAC equipment, but the limitations of the nation’s electrical grid will continue to pose an obstacle to penetration of these products.
Leading industry players include Carrier Global, Daikin Industries, Gree Electric Appliances, Midea Group, and Trane Technologies.
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