HVAC EQUIPMENT MARKET ANALYSIS

Hvac Equipment MarketSize and Trends

The global HVAC Equipment Market size was valued at US$ 195.0 million in 2022 and is anticipated to witness a compound annual growth rate (CAGR) of 6.6% from 2023 to 2030. HVAC equipment is an indoor and vehicular environment comfort technology that offers thermal comfort and adequate indoor air quality. HVAC plays a major role in residential structures such as apartment buildings, senior living facilities, hostels, single-family homes, medium to large industrial buildings, hospitals, skyscrapers, airplanes, trains, cars, submarines, and ships. Heating equipment cost-effectively provides the necessary heating environment. The HVAC industry is aiming to provide cost-effective equipment to cater to the energy needs of industrial and commercial customers and meet green technology/process requirements. HVAC players are introducing eco-friendly equipment by phasing out chlorofluorocarbons, hydro chlorofluorocarbons (CFCs and HCFCs), and other harmful refrigerant-based equipment.

Global HVAC Equipment Market Trends:

Increasing demand for smart air conditioning systems across residential and commercial applications

Unitary air conditioning systems are anticipated to show strong growth across the Asia Pacific region and in countries such as Brazil where construction activities are expected to remain high over the forecast period. Smart air conditioning systems across residential and commercial applications are gaining popularity. Features such as air conditioner operation through smartphones, Wi-Fi technology, and advanced sensing are being incorporated into the air conditioners presently.

HVAC equipment is anticipated to build truly high-efficiency units; unfortunately, increased efficiency would not come without increased cost and complexities. The usage of net-zero energy facilities is gaining momentum; in such a facility any building will produce as much energy as it consumes.