Global HVAC Equipment

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Study Number:: Industry Study 3652
Published Date: from Aug-2018
Publication Length: 378 Pages

Table of Contents

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How will the COVID-19 coronavirus impact the global economy? The Freedonia Group is tracking recent developments and analyzing their impact in an easy to follow Economic Impact Tracker.

Featuring 87 tables and 75 figures – now available in Excel and Powerpoint!

Key Findings in the Global HVAC Equipment Study:

Factors driving HVAC equipment sales include:

ongoing industrialization and rising income levels in developing nations
the large installed base of HVAC equipment in developed nations, which generates steady replacement demand
increasingly stringent regulations, such as the recent Kigali Agreement, that will promote the use of alternative, more expensive AC refrigerants

China to Post Largest and Fastest HVAC Equipment Gains

China will register the largest and fastest demand gains, accounting for 45% of new HVAC equipment sales through 2022. A combination of lower-value room air conditioning products and higher-value heat pumps will dominate the domestic market, with sales of the former boosted by rising per capita incomes and increasing consumer demand for comfort cooling, and sales of the latter boosted by government incentives promoting energy-efficient HVAC products as part of a national commitment to reduce greenhouse gas emissions.

Mature HVAC markets such as Japan, the US, and many West European nations, in contrast, are forecast to see some of the slowest sales growth through 2022. These areas have large installed bases of HVAC equipment that generate periodic replacement demand.

Heat Pumps to See Best Dollar Growth; Room Air Conditioners, Greatest Unit Gains

Through 2022, heat pumps are forecast to account for the largest share of global new demand gains in value terms at 36%, and will continue to outperform all other product types, with sales buoyed by:

ongoing trends toward energy-efficient HVAC equipment as part of efforts to reduce GHG emissions
diverse incentives and subsidies promoting the installation of heat pumps
cost-competitiveness of air source types with unitary air conditioners

Room air conditioners, in turn, will represent the largest share of new demand gains in unit terms, with sales benefiting from:

low per-unit price of these products, making them a low-cost introduction to air conditioning
increasing consumer demand for comfort cooling, including in residential applications
rising per-capita income levels and construction expenditures in many regions, which contribute to improved standards of living

Study Coverage

This industry study presents historical demand data (2007, 2012, and 2017) and forecasts for 2022 by product type (room air conditioners, heat pumps, unitary air conditioners, boilers, warm air furnaces, other HVAC equipment), country, and market segment (residential and commercial). The study also evaluates company market share and provides an analysis of key players that include Daikin, GD Midea, Gree Electric Appliance, Haier Group (Qingdao Haier), Ingersoll-Rand, LG Electronics, Panasonic, and United Technologies.

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Table of Contents

EXECUTIVE SUMMARY

GLOBAL MARKET FACTORS

Key Findings

Factors Impacting Demand

Overview

Climate

Culture

Urbanization Trends

Energy Costs

Building Construction & Design

Pricing Trends

Environmental & Regulatory Issues

Refrigerant Regulations

Montreal Protocol

Overview

Kigali Amendment to Montreal Protocol

Compliance

Energy Efficiency

Impact of Financial Incentives on HVAC Equipment Demand

Revisions to the Renewable Energy Directive (REDII)

Technology & Product Innovation

Equipment Advances

Alternative Refrigerants

Smart Technology

Sensor Technology

Dual Fuel Technologies

3-D Printing

GLOBAL SUPPLY & DEMAND

Key Findings

HVAC Demand by Region

HVAC Production by Region

HVAC International Trade by Region

HVAC Product Overview

Scope

Demand by Product

Room Air Conditioners

Heat Pumps

Unitary Air Conditioners

Boilers

Warm Air Furnaces

Other HVAC Equipment

HVAC Market Overview

Demand by Market

Residential

Commercial

NORTH AMERICA

North America: Key Findings

North America: HVAC Equipment Market Size

North America: HVAC Equipment Historical Market Trends

North America: HVAC Equipment Supply & Demand

North America: HVAC Equipment Market Outlook

North America: HVAC Equipment Suppliers

United States

Canada

Mexico

CENTRAL & SOUTH AMERICA

Key Findings

Central & South America: HVAC Equipment Market Size

Central & South America: HVAC Equipment Historical Market Trends

Central & South America: HVAC Equipment Supply & Demand

Central & South America: HVAC Equipment Market Outlook

Central & South America: HVAC Equipment Suppliers

Brazil

Other Central & South America

WESTERN EUROPE

Western Europe: Key Findings

Western Europe: HVAC Equipment Market Size

Western Europe: HVAC Equipment Historical Market Trends

Western Europe: HVAC Equipment Supply & Demand

Western Europe: HVAC Equipment Market Outlook

Western Europe: HVAC Equipment Suppliers

Germany

United Kingdom

Italy

France

Spain

Other Western Europe

EASTERN EUROPE

Eastern Europe: Key Findings

Eastern Europe: HVAC Equipment Market Size

Eastern Europe: HVAC Equipment Historical Market Trends

Eastern Europe: HVAC Equipment Supply & Demand

Eastern Europe: HVAC Equipment Market Outlook

Eastern Europe: HVAC Equipment Suppliers

Russia

Poland

Other Eastern Europe

ASIA/PACIFIC

Asia/Pacific: Key Findings

Asia/Pacific: HVAC Equipment Market Size

Asia/Pacific: HVAC Equipment Historical Market Trends

Asia/Pacific: HVAC Equipment Supply & Demand

Asia/Pacific: HVAC Equipment Market Outlook

Asia/Pacific: HVAC Equipment Suppliers

China

Japan

India

South Korea

Australia

Indonesia

Other Asia/Pacific

AFRICA/MIDEAST

Africa/Mideast: Key Findings

Africa/Mideast: HVAC Equipment Market Size

Africa/Mideast: HVAC Equipment Historical Market Trends

Africa/Mideast: HVAC Equipment Supply & Demand

Africa/Mideast: HVAC Equipment Market Outlook

Africa/Mideast: HVAC Equipment Suppliers

Saudi Arabia

Turkey

Other Africa/Mideast

INDUSTRY STRUCTURE

Key Findings & Industry Composition

Market Share

Product Development & Manufacturing

Overview

Technology

Refrigerants & Heating Fuels Used

Marketing

Overview

Trade & Industry Associations

Distribution

Mergers & Acquisitions

Cooperative Agreements

List of Industry Participants

APPENDIX

Scope

Definitions

Abbreviations

Freedonia Methodology

Study-Specific Methodology

Sources

Associations & Agencies

Related Freedonia Group Studies

Country Lists by Region

Macroeconomic Assumptions

Global Economic Outlook

Global Population

Global Building Construction Outlook

Global Residential Building Construction Outlook

Global Nonresidential Building Construction Outlook

List of Tables

GLOBAL MARKET FACTORS

Table 2-1 | Global HVAC Equipment Prices, 2007 - 2022 (dollars per unit)

GLOBAL SUPPLY & DEMAND

Table 3-1 | Global HVAC Equipment Demand by Region, 2007 - 2022 (million dollars)

Table 3-2 | Global HVAC Equipment Shipments by Region, 2007 - 2022 (million dollars)

Table 3-3 | Global HVAC Equipment Net Exports by Region, 2007 - 2022 (million dollars)

Table 3-4 | Global HVAC Equipment Value & Volume Demand by Product, 2007 - 2022

Table 3-5 | Global Room Air Conditioner Demand by Region, 2007 - 2022 (million dollars)

Table 3-6 | Global Heat Pump Demand by Region, 2007 - 2022 (million dollars)

Table 3-7 | Global Unitary Air Conditioner Demand by Region, 2007 - 2022 (million dollars)

Table 3-8 | Global Boiler Demand by Region, 2007 - 2022 (million dollars)

Table 3-9 | Global Warm Air Furnace Demand by Region, 2007 - 2022 (million dollars)

Table 3-10 | Global Other HVAC Equipment Demand by Region, 2007 - 2022 (million dollars)

Table 3-11 | Global HVAC Equipment Demand by Market, 2007 - 2022 (million dollars)

Table 3-12 | Global Residential HVAC Equipment Demand by Region, 2007 - 2022 (million dollars)

Table 3-13 | Global Commercial HVAC Equipment Demand by Region, 2007 - 2022 (million dollars)

NORTH AMERICA

Table 4-1 | North America: HVAC Equipment Supply & Demand, 2007 - 2022 (million dollars)

Table 4-2 | North America: HVAC Equipment Demand by Product & Market, 2007 - 2022

Table 4-3 | United States: HVAC Equipment Supply & Demand, 2007 - 2022 (million dollars)

Table 4-4 | United States: HVAC Equipment Demand by Product & Market, 2007 - 2022

Table 4-5 | Canada: HVAC Equipment Supply & Demand, 2007 - 2022 (million US dollars)

Table 4-6 | Canada: HVAC Equipment Demand by Product & Market, 2007 - 2022

Table 4-7 | Mexico: HVAC Equipment Supply & Demand, 2007 - 2022 (million dollars)

Table 4-8 | Mexico: HVAC Equipment Demand by Product & Market, 2007 - 2022

CENTRAL & SOUTH AMERICA

Table 5-1 | Central & South America: HVAC Equipment Supply & Demand, 2007 - 2022 (million dollars)

Table 5-2 | Central & South America: HVAC Equipment Demand by Product & Market, 2007 - 2022

Table 5-3 | Brazil: HVAC Equipment Supply & Demand, 2007 - 2022 (million dollars)

Table 5-4 | Brazil: HVAC Equipment Demand by Product & Market, 2007 - 2022

Table 5-5 | Other Central & South America: HVAC Equipment Supply & Demand, 2007 - 2022 (million dollars)

Table 5-6 | Other Central & South America: HVAC Equipment Demand by Product & Market, 2007 - 2022

WESTERN EUROPE

Table 6-1 | Western Europe: HVAC Equipment Supply & Demand, 2007 - 2022 (million dollars)

Table 6-2 | Western Europe: HVAC Equipment Demand by Product & Market, 2007 - 2022

Table 6-3 | Germany: HVAC Equipment Supply & Demand, 2007 - 2022 (million dollars)

Table 6-4 | Germany: HVAC Equipment Demand by Product & Market, 2007 - 2022

Table 6-5 | United Kingdom: HVAC Equipment Supply & Demand, 2007 - 2022 (million dollars)

Table 6-6 | United Kingdom: HVAC Equipment Demand by Product & Market, 2007 - 2022

Table 6-7 | Italy: HVAC Equipment Supply & Demand, 2007 - 2022 (million dollars)

Table 6-8 | Italy: HVAC Equipment Demand by Product & Market, 2007 - 2022

Table 6-9 | France: HVAC Equipment Supply & Demand, 2007 - 2022 (million dollars)

Table 6-10 | France: HVAC Equipment Demand by Product & Market, 2007 - 2022

Table 6-11 | Spain: HVAC Equipment Supply & Demand, 2007 - 2022 (million dollars)

Table 6-12 | Spain: HVAC Equipment Demand by Product & Market, 2007 - 2022

Table 6-13 | Other Western Europe: HVAC Equipment Supply & Demand, 2007 - 2022 (million dollars)

Table 6-14 | Other Western Europe: HVAC Equipment Demand by Product & Market, 2007 - 2022

EASTERN EUROPE

Table 7-1 | Eastern Europe: HVAC Equipment Supply & Demand, 2007 - 2022 (million dollars)

Table 7-2 | Eastern Europe: HVAC Equipment Demand by Product & Market, 2007 - 2022

Table 7-3 | Russia: HVAC Equipment Supply & Demand, 2007 - 2022 (million dollars)

Table 7-4 | Russia: HVAC Equipment Demand by Product & Market, 2007 - 2022

Table 7-5 | Poland: HVAC Equipment Supply & Demand, 2007 - 2022 (million dollars)

Table 7-6 | Poland: HVAC Equipment Demand by Product & Market, 2007 - 2022

Table 7-7 | Other Eastern Europe: HVAC Equipment Supply & Demand, 2007 - 2022 (million dollars)

Table 7-8 | Other Eastern Europe: HVAC Equipment Demand by Product & Market, 2007 - 2022

ASIA/PACIFIC

Table 8-1 | Asia/Pacific: HVAC Equipment Supply & Demand, 2007 - 2022 (million dollars)

Table 8-2 | Asia/Pacific: HVAC Equipment Demand by Product & Market, 2007 - 2022

Table 8-3 | China: HVAC Equipment Supply & Demand, 2007 - 2022 (million dollars)

Table 8-4 | China: HVAC Equipment Demand by Product & Market, 2007 - 2022

Table 8-5 | Japan: HVAC Equipment Supply & Demand, 2007 - 2022 (million dollars)

Table 8-6 | Japan: HVAC Equipment Demand by Product & Market, 2007 - 2022

Table 8-7 | India: HVAC Equipment Supply & Demand, 2007 - 2022 (million dollars)

Table 8-8 | India: HVAC Equipment Demand by Product & Market, 2007 - 2022

Table 8-9 | South Korea: HVAC Equipment Supply & Demand, 2007 - 2022 (million dollars)

Table 8-10 | South Korea: HVAC Equipment Demand by Product & Market, 2007 - 2022

Table 8-11 | Australia: HVAC Equipment Supply & Demand, 2007 - 2022 (million US dollars)

Table 8-12 | Australia: HVAC Equipment Demand by Product & Market, 2007 - 2022

Table 8-13 | Indonesia: HVAC Equipment Supply & Demand, 2007 - 2022 (million dollars)

Table 8-14 | Indonesia: HVAC Equipment Demand by Product & Market, 2007 - 2022

Table 8-15 | Other Asia/Pacific: HVAC Equipment Supply & Demand, 2007 - 2022 (million dollars)

Table 8-16 | Other Asia/Pacific: HVAC Equipment Demand by Product & Market, 2007 - 2022

AFRICA/MIDEAST

Table 9-1 | Africa/Mideast: HVAC Equipment Supply & Demand, 2007 - 2022 (million dollars)

Table 9-2 | Africa/Mideast: HVAC Equipment Demand by Product & Market, 2007 - 2022

Table 9-3 | Saudi Arabia: HVAC Equipment Supply & Demand, 2007 - 2022 (million dollars)

Table 9-4 | Saudi Arabia: HVAC Equipment Demand by Product & Market, 2007 - 2022

Table 9-5 | Turkey: HVAC Equipment Supply & Demand, 2007 - 2022 (million dollars)

Table 9-6 | Turkey: HVAC Equipment Demand by Product & Market, 2007 - 2022

Table 9-7 | Other Africa/Mideast: HVAC Equipment Supply & Demand, 2007 - 2022 (million dollars)

Table 9-8 | Other Africa/Mideast: HVAC Equipment Demand by Product & Market, 2007 - 2022

INDUSTRY STRUCTURE

Table 10-1 | Global HVAC Equipment Sales by Company, 2017 (million dollars)

Table 10-2 | Selected Acquisitions & Divestitures

Table 10-3 | Selected Cooperative Agreements

APPENDIX

Table 11-1 | Relevant HS Codes

Table 11-2 | Relevant NAICS & SIC Codes

Table 11-3 | Relevant NACE Codes

Table 11-4 | Relevant SITC Codes

Table 11-5 | Abbreviations & Acronyms Used in Study

Table 11-6 | Countries in North America

Table 11-7 | Countries in Central & South America

Table 11-8 | Countries in Western Europe

Table 11-9 | Countries in Eastern Europe

Table 11-10 | Countries in the Asia/Pacific Region

Table 11-11 | Countries in the Africa/Mideast Region

Table 11-12 | Global Gross Domestic Product by Region & Country, 2007 - 2022 (billion 2016 dollars)

Table 11-13 | Global Population by Region & Country, 2007 - 2022 (million persons)

Table 11-14 | Global Building Construction Expenditures by Region & Country, 2007 - 2022 (billion 2016 dollars)

Table 11-15 | Global Residential Building Construction Expenditures by Region & Country, 2007 - 2022 (billion 2016 dollars)

Table 11-16 | Global Nonresidential Building Construction Expenditures by Region & Country, 2007 - 2022 (billion 2016 dollars)

List of Figures

EXECUTIVE SUMMARY

Figure 1-1 | Global HVAC Equipment Market

GLOBAL MARKET FACTORS

Figure 2-1 | Key Trends in the Global HVAC Equipment Market

GLOBAL SUPPLY & DEMAND

Figure 3-1 | Global HVAC Equipment Trends by Region

NORTH AMERICA

Figure 4-1 | North America: Key Findings in the HVAC Equipment Market

Figure 4-2 | North America: HVAC Equipment Market Key Indicators, 2017

Figure 4-3 | North America: HVAC Equipment Demand, 2005 - 2017

Figure 4-4 | United States: HVAC Equipment Market Key Indicators, 2017

Figure 4-5 | United States: HVAC Equipment Demand, 2005 - 2017

Figure 4-6 | Canada: HVAC Equipment Market Key Indicators, 2017

Figure 4-7 | Canada: HVAC Equipment Demand, 2005 - 2017

Figure 4-8 | Mexico: HVAC Equipment Market Key Indicators, 2017

Figure 4-9 | Mexico: HVAC Equipment Demand, 2005 - 2017

CENTRAL & SOUTH AMERICA

Figure 5-1 | Central & South America: Key Findings in the HVAC Equipment Market

Figure 5-2 | Central & South America: HVAC Equipment Market Key Indicators, 2017

Figure 5-3 | Central & South America: HVAC Equipment Demand, 2005 - 2017

Figure 5-4 | Brazil: HVAC Equipment Market Key Indicators, 2017

Figure 5-5 | Brazil: HVAC Equipment Demand, 2005 - 2017

Figure 5-6 | Other Central & South America: HVAC Equipment Market Key Indicators, 2017

Figure 5-7 | Other Central & South America: HVAC Equipment Demand, 2007 - 2017

WESTERN EUROPE

Figure 6-1 | Western Europe: Key Findings in the HVAC Equipment Market

Figure 6-2 | Western Europe: HVAC Equipment Market Key Indicators, 2017

Figure 6-3 | Western Europe: HVAC Equipment Demand, 2005 - 2017

Figure 6-4 | Germany: HVAC Equipment Market Key Indicators, 2017

Figure 6-5 | Germany: HVAC Equipment Demand, 2005 - 2017

Figure 6-6 | United Kingdom: HVAC Equipment Market Key Indicators, 2017

Figure 6-7 | United Kingdom: HVAC Equipment Demand, 2005 - 2017

Figure 6-8 | Italy: HVAC Equipment Market Key Indicators, 2017

Figure 6-9 | Italy: HVAC Equipment Demand, 2005 - 2017

Figure 6-10 | France: HVAC Equipment Market Key Indicators, 2017

Figure 6-11 | France: HVAC Equipment Demand, 2005 - 2017

Figure 6-12 | Spain: HVAC Equipment Market Key Indicators, 2017

Figure 6-13 | Spain: HVAC Equipment Demand, 2005 - 2017

Figure 6-14 | Other Western Europe: HVAC Equipment Market Key Indicators, 2017

Figure 6-15 | Other Western Europe: HVAC Equipment Demand, 2005 - 2017

EASTERN EUROPE

Figure 7-1 | Eastern Europe: Key Findings in the HVAC Equipment Market

Figure 7-2 | Eastern Europe: HVAC Equipment Market Key Indicators, 2017

Figure 7-3 | Eastern Europe: HVAC Equipment Demand, 2005 - 2017

Figure 7-4 | Russia: HVAC Equipment Market Key Indicators, 2017

Figure 7-5 | Russia: HVAC Equipment Demand, 2005 - 2017

Figure 7-6 | Poland: HVAC Equipment Market Key Indicators, 2017

Figure 7-7 | Poland: HVAC Equipment Demand, 2005 - 2017

Figure 7-8 | Other Eastern Europe: HVAC Equipment Market Key Indicators, 2017

Figure 7-9 | Other Eastern Europe: HVAC Equipment Demand, 2005 - 2017

ASIA/PACIFIC

Figure 8-1 | Asia/Pacific: Key Findings in the HVAC Equipment Market

Figure 8-2 | Asia/Pacific: HVAC Equipment Market Key Indicators, 2017

Figure 8-3 | Asia/Pacific: HVAC Equipment Demand, 2005 - 2017

Figure 8-4 | China: HVAC Equipment Market Key Indicators, 2017

Figure 8-5 | China: HVAC Equipment Demand, 2005 - 2017

Figure 8-6 | Japan: HVAC Equipment Market Key Indicators, 2017

Figure 8-7 | Japan: HVAC Equipment Demand, 2005 - 2017

Figure 8-8 | India: HVAC Equipment Market Key Indicators, 2017

Figure 8-9 | India: HVAC Equipment Demand, 2005 - 2017

Figure 8-10 | South Korea: HVAC Equipment Market Key Indicators, 2017

Figure 8-11 | South Korea: HVAC Equipment Demand, 2005 - 2017

Figure 8-12 | Australia: HVAC Equipment Market Key Indicators, 2017

Figure 8-13 | Australia: HVAC Equipment Demand, 2005 - 2017

Figure 8-14 | Indonesia: HVAC Equipment Market Key Indicators, 2017

Figure 8-15 | Indonesia: HVAC Equipment Demand, 2005 - 2017

Figure 8-16 | Other Asia/Pacific: HVAC Equipment Market Key Indicators, 2017

Figure 8-17 | Other Asia/Pacific: HVAC Equipment Demand, 2007 - 2017

AFRICA/MIDEAST

Figure 9-1 | Africa/Mideast: Key Findings in the HVAC Equipment Market

Figure 9-2 | Africa/Mideast: HVAC Equipment Market Key Indicators, 2017

Figure 9-3 | Africa/Mideast: HVAC Equipment Demand, 2007 - 2017

Figure 9-4 | Saudi Arabia: HVAC Equipment Market Key Indicators, 2017

Figure 9-5 | Saudi Arabia: HVAC Equipment Demand, 2007 - 2017

Figure 9-6 | Turkey: HVAC Equipment Market Key Indicators, 2017

Figure 9-7 | Turkey: HVAC Equipment Demand, 2007 - 2017

Figure 9-8 | Other Africa/Mideast: HVAC Equipment Market Key Indicators, 2017

Figure 9-9 | Other Africa/Mideast: HVAC Equipment Demand, 2007 - 2017

INDUSTRY STRUCTURE

Figure 10-1 | Global HVAC Equipment Market Share, 2017 (billion dollars)

Figure 10-2 | Global HVAC Equipment: First Market Leader

Figure 10-3 | Global HVAC Equipment: Second Market Leader

Figure 10-4 | Global HVAC Equipment: Third Market Leader

Figure 10-5 | Global HVAC Equipment: Fourth Market Leader

Figure 10-6 | Global HVAC Equipment: Fifth Market Leader

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Global HVAC Equipment

How will the COVID-19 coronavirus impact the global economy? The Freedonia Group is tracking recent developments and analyzing their impact in an easy to follow Economic Impact Tracker.

Featuring 87 tables and 75 figures – now available in Excel and Powerpoint!

Key Findings in the Global HVAC Equipment Study:

Factors driving HVAC equipment sales include:

China to Post Largest and Fastest HVAC Equipment Gains

Heat Pumps to See Best Dollar Growth; Room Air Conditioners, Greatest Unit Gains

Purchase Global HVAC Equipment by the Section