This Steam & Air-Conditioning Supply market report provides a comprehensive analysis of the market’s characteristics, size, and growth, including segmentation, regional and country-level breakdowns, competitive landscape, market shares, trends, and strategies. It also tracks historical and forecasted market growth across various geographies.
The steam & air-conditioning supply market size has grown strongly in recent years. It will grow from $96.82 billion in 2024 to $102.46 billion in 2025 at a compound annual growth rate (CAGR) of 5.8%. The growth in the historic period can be attributed to the expansion of power generation facilities, urbanization and commercial building boom, the rise of district heating systems, healthcare industry growth, environmental regulations, and energy efficiency.
The steam & air-conditioning supply market size is expected to see strong growth in the next few years. It will grow to $126 billion in 2029 at a compound annual growth rate (CAGR) of 5.3%. The growth in the forecast period can be attributed to renewable energy integration, urban heat island mitigation, electrification of heating systems, increased demand for healthcare infrastructure, and growing demand for industrial cooling. Major trends in the forecast period include the digitalization of energy systems, smart building technologies, advancements in HVAC technologies, demand response integration, and circular economy practices.
An anticipated rise in disposable income is likely to drive the growth of the steam and air-conditioning supply market in the future. Disposable income is defined as the amount of money available for spending and saving after income taxes have been deducted. As people's purchasing power increases, they are opting to purchase higher-priced, discretionary items that enhance comfort, such as steam and air-conditioning products. For example, in September 2024, the Office for National Statistics, a government department in the UK, reported that the electricity, gas, steam, and air-conditioning supply index in the UK rose to 106.5 in the first quarter of 2023, compared to 95.4 during the same period in 2022, reflecting an increase of 11.1 points. Thus, the growth of the steam and air-conditioning supply market is being fueled by an increase in disposable income.
Rapid urbanization is projected to propel the Steam and Air-Conditioning Supply market. Urbanization concentrates population in cities, necessitating temperature control systems in crowded urban areas. These systems ensure comfortable living and working conditions, contributing to the well-being and productivity of urban dwellers. Globally, over 50% of the population lives in urban areas in 2022, expected to reach 6 billion by 2045, highlighting the influence of urbanization on this market.
Key players in the steam and air-conditioning supply market are concentrating on creating innovative products, such as inverter air conditioners, to integrate advanced technology that enhances consumer convenience. Inverter air conditioners are energy-efficient systems that utilize variable-speed compressors to modify cooling or heating output in response to the room's temperature, ensuring consistent comfort while using less electricity. For example, in March 2023, LG Electronics Inc., a South Korean appliance manufacturer, introduced its super convertible 6-in-1 AI+ air conditioner line. This product range allows users to customize cooling modes, enabling them to adjust power consumption and cooling intensity according to room conditions. Featuring artificial intelligence (AI) technology, it improves energy efficiency, offers smart diagnostics, and provides precise climate control for greater user comfort.
Leading companies in the steam and air-conditioning supply market are concentrating on creating innovative products, such as Matter-enabled room air conditioners (RACs), aimed at improving indoor air quality and cooling efficiency. Matter-enabled RACs are intelligent air conditioning units that comply with the Matter connectivity standard, facilitating seamless integration and interoperability with other smart home devices, thereby enhancing control, automation, and energy efficiency. For instance, in February 2024, Panasonic Holdings Corporation, a Japan-based electronics firm, introduced its line of Matter-enabled room air conditioners. These units allow for smooth integration with various smart home ecosystems, enabling users to manage their air conditioning systems through multiple devices and platforms. The RACs from Panasonic offer improved energy management, intuitive automation, and user-friendly interfaces, ensuring maximum comfort while promoting energy efficiency.
Companies in the steam and air-conditioning supply sector are increasingly implementing zoned steam and air-conditioning systems due to their dependable efficiency and reduced energy consumption. These systems are designed to heat or cool designated areas by utilizing zone halves or zone dampers that are installed within the vents or ductwork. By targeting specific zones, zoned steam and air-conditioning systems use less energy to achieve the desired temperature. Additionally, advanced zoned systems can be integrated into existing traditional systems to address the specific requirements of users. According to HVAC.com, employing these traditional zoning techniques can lead to savings of up to 30% on annual energy consumption.
Steam and air-conditioning supply encompass the creation, gathering, and dispersal of steam and hot water used for heating, power generation, and diverse applications. This system delivers heated air, cooled air, and chilled water for various cooling purposes.
The primary categories include distributing steam and heated air, along with providing cooled air. Superheated steam, exceeding its boiling point at absolute pressure, is distributed through multi-brand stores, exclusive outlets, online platforms, and other channels. Its primary usage is among residential and commercial end-users.
The steam and air-conditioning supply market research report is one of a series of new reports that provides steam and air-conditioning supply market statistics, including steam and air-conditioning supply industry global market size, regional shares, competitors with a steam and air-conditioning supply market share, detailed steam and air-conditioning supply market segments, market trends and opportunities, and any further data you may need to thrive in the steam and air-conditioning supply industry. This steam and air-conditioning supply market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
Major companies operating in the steam & air-conditioning supply market include Carrier Corporation, Trane Inc., Daikin Applied Americas Inc., Goodman Manufacturing Company LP, Rheem Manufacturing Company, Siemens AG, Johnson Controls International PLC, United Technologies Corporation, Honeywell International Inc., Mitsubishi Electric Corporation, Schneider Electric SE, Nortek Global HVAC LLC, Asea Brown Boveri Ltd, Zamil Air Conditioners, York International Corporation, Spirax-Sarco Engineering plc, Lennox International Inc., SPX Corporation, BDR Thermea Group B.V., Viessmann Group, Babcock & Wilcox Enterprises Inc., Doosan Corporation, Weil-McLain, Greenheck Fan Corporation, AAON Inc., Cleaver-Brooks Inc., Hamon & Cie SA, Toshiba Carrier Corporation, AESYS Technologies LLC, Watsco Inc.
Western Europe was the largest region in the steam & air-conditioning supply market in 2024.The regions covered in the steam & air-conditioning supply market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, Africa. The countries covered in the steam & air-conditioning supply market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The steam and air conditioning supply market includes revenues earned by entities by providing electric power, natural gas, steam, hot water through a permanent infrastructure. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
This product will be delivered within 3-5 business days.
The steam & air-conditioning supply market size has grown strongly in recent years. It will grow from $96.82 billion in 2024 to $102.46 billion in 2025 at a compound annual growth rate (CAGR) of 5.8%. The growth in the historic period can be attributed to the expansion of power generation facilities, urbanization and commercial building boom, the rise of district heating systems, healthcare industry growth, environmental regulations, and energy efficiency.
The steam & air-conditioning supply market size is expected to see strong growth in the next few years. It will grow to $126 billion in 2029 at a compound annual growth rate (CAGR) of 5.3%. The growth in the forecast period can be attributed to renewable energy integration, urban heat island mitigation, electrification of heating systems, increased demand for healthcare infrastructure, and growing demand for industrial cooling. Major trends in the forecast period include the digitalization of energy systems, smart building technologies, advancements in HVAC technologies, demand response integration, and circular economy practices.
An anticipated rise in disposable income is likely to drive the growth of the steam and air-conditioning supply market in the future. Disposable income is defined as the amount of money available for spending and saving after income taxes have been deducted. As people's purchasing power increases, they are opting to purchase higher-priced, discretionary items that enhance comfort, such as steam and air-conditioning products. For example, in September 2024, the Office for National Statistics, a government department in the UK, reported that the electricity, gas, steam, and air-conditioning supply index in the UK rose to 106.5 in the first quarter of 2023, compared to 95.4 during the same period in 2022, reflecting an increase of 11.1 points. Thus, the growth of the steam and air-conditioning supply market is being fueled by an increase in disposable income.
Rapid urbanization is projected to propel the Steam and Air-Conditioning Supply market. Urbanization concentrates population in cities, necessitating temperature control systems in crowded urban areas. These systems ensure comfortable living and working conditions, contributing to the well-being and productivity of urban dwellers. Globally, over 50% of the population lives in urban areas in 2022, expected to reach 6 billion by 2045, highlighting the influence of urbanization on this market.
Key players in the steam and air-conditioning supply market are concentrating on creating innovative products, such as inverter air conditioners, to integrate advanced technology that enhances consumer convenience. Inverter air conditioners are energy-efficient systems that utilize variable-speed compressors to modify cooling or heating output in response to the room's temperature, ensuring consistent comfort while using less electricity. For example, in March 2023, LG Electronics Inc., a South Korean appliance manufacturer, introduced its super convertible 6-in-1 AI+ air conditioner line. This product range allows users to customize cooling modes, enabling them to adjust power consumption and cooling intensity according to room conditions. Featuring artificial intelligence (AI) technology, it improves energy efficiency, offers smart diagnostics, and provides precise climate control for greater user comfort.
Leading companies in the steam and air-conditioning supply market are concentrating on creating innovative products, such as Matter-enabled room air conditioners (RACs), aimed at improving indoor air quality and cooling efficiency. Matter-enabled RACs are intelligent air conditioning units that comply with the Matter connectivity standard, facilitating seamless integration and interoperability with other smart home devices, thereby enhancing control, automation, and energy efficiency. For instance, in February 2024, Panasonic Holdings Corporation, a Japan-based electronics firm, introduced its line of Matter-enabled room air conditioners. These units allow for smooth integration with various smart home ecosystems, enabling users to manage their air conditioning systems through multiple devices and platforms. The RACs from Panasonic offer improved energy management, intuitive automation, and user-friendly interfaces, ensuring maximum comfort while promoting energy efficiency.
Companies in the steam and air-conditioning supply sector are increasingly implementing zoned steam and air-conditioning systems due to their dependable efficiency and reduced energy consumption. These systems are designed to heat or cool designated areas by utilizing zone halves or zone dampers that are installed within the vents or ductwork. By targeting specific zones, zoned steam and air-conditioning systems use less energy to achieve the desired temperature. Additionally, advanced zoned systems can be integrated into existing traditional systems to address the specific requirements of users. According to HVAC.com, employing these traditional zoning techniques can lead to savings of up to 30% on annual energy consumption.
Steam and air-conditioning supply encompass the creation, gathering, and dispersal of steam and hot water used for heating, power generation, and diverse applications. This system delivers heated air, cooled air, and chilled water for various cooling purposes.
The primary categories include distributing steam and heated air, along with providing cooled air. Superheated steam, exceeding its boiling point at absolute pressure, is distributed through multi-brand stores, exclusive outlets, online platforms, and other channels. Its primary usage is among residential and commercial end-users.
The steam and air-conditioning supply market research report is one of a series of new reports that provides steam and air-conditioning supply market statistics, including steam and air-conditioning supply industry global market size, regional shares, competitors with a steam and air-conditioning supply market share, detailed steam and air-conditioning supply market segments, market trends and opportunities, and any further data you may need to thrive in the steam and air-conditioning supply industry. This steam and air-conditioning supply market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
Major companies operating in the steam & air-conditioning supply market include Carrier Corporation, Trane Inc., Daikin Applied Americas Inc., Goodman Manufacturing Company LP, Rheem Manufacturing Company, Siemens AG, Johnson Controls International PLC, United Technologies Corporation, Honeywell International Inc., Mitsubishi Electric Corporation, Schneider Electric SE, Nortek Global HVAC LLC, Asea Brown Boveri Ltd, Zamil Air Conditioners, York International Corporation, Spirax-Sarco Engineering plc, Lennox International Inc., SPX Corporation, BDR Thermea Group B.V., Viessmann Group, Babcock & Wilcox Enterprises Inc., Doosan Corporation, Weil-McLain, Greenheck Fan Corporation, AAON Inc., Cleaver-Brooks Inc., Hamon & Cie SA, Toshiba Carrier Corporation, AESYS Technologies LLC, Watsco Inc.
Western Europe was the largest region in the steam & air-conditioning supply market in 2024.The regions covered in the steam & air-conditioning supply market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, Africa. The countries covered in the steam & air-conditioning supply market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The steam and air conditioning supply market includes revenues earned by entities by providing electric power, natural gas, steam, hot water through a permanent infrastructure. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
This product will be delivered within 3-5 business days.
Executive Summary
Steam & Air-Conditioning Supply Global Market Report 2025 provides strategists, marketers and senior management with the critical information they need to assess the market.This report focuses on steam & air-conditioning supply market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
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Description
Where is the largest and fastest growing market for steam & air-conditioning supply ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The steam & air-conditioning supply market global report answers all these questions and many more.The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.
- The market characteristics section of the report defines and explains the market.
- The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
- The forecasts are made after considering the major factors currently impacting the market. These include: the Russia-Ukraine war, rising inflation, higher interest rates, and the legacy of the COVID-19 pandemic.
- Market segmentations break down the market into sub markets.
- The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
- The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
- The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.
Scope
Markets Covered:
1) By Type: Distribution of Steam and Heated Air; and Distribution of Cooled Air2) By Distribution Channel: Multi-Brand Stores; Exclusive Stores; Online; and Other Distribution Channels
3) By End User: Residential; Commercial
Subsegments:
1) By Distribution of Steam and Heated Air: Steam Piping Systems; Steam Traps and Valves; Radiant Heating Systems; Hot Air Distribution Systems2) By Distribution of Cooled Air: Air Handling Units (AHUs); Ducted Air Conditioning Systems; Chilled Water Distribution Systems; Split and Packaged Air Conditioning Systems
Key Companies Mentioned: Carrier Corporation; Trane Inc.; Daikin Applied Americas Inc.; Goodman Manufacturing Company LP; Rheem Manufacturing Company
Countries: Australia; China; India; Indonesia; Japan; South Korea; Bangladesh; Thailand; Vietnam; Malaysia; Singapore; Philippines; Hong Kong; New Zealand; USA; Canada; Mexico; Brazil; Chile; Argentina; Colombia; Peru; France; Germany; UK; Austria; Belgium; Denmark; Finland; Ireland; Italy; Netherlands; Norway; Portugal; Spain; Sweden; Switzerland; Russia; Czech Republic; Poland; Romania; Ukraine; Saudi Arabia; Israel; Iran; Turkey; UAE; Egypt; Nigeria; South Africa
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time Series: Five years historic and ten years forecast.
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita.
Data Segmentation: Country and regional historic and forecast data, market share of competitors, market segments.
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
Delivery Format: PDF, Word and Excel Data Dashboard.
Companies Mentioned
The major companies featured in this Steam & Air-Conditioning Supply market report include:- Carrier Corporation
- Trane Inc.
- Daikin Applied Americas Inc.
- Goodman Manufacturing Company LP
- Rheem Manufacturing Company
- Siemens AG
- Johnson Controls International PLC
- United Technologies Corporation
- Honeywell International Inc.
- Mitsubishi Electric Corporation
- Schneider Electric SE
- Nortek Global HVAC LLC
- Asea Brown Boveri Ltd
- Zamil Air Conditioners
- York International Corporation
- Spirax-Sarco Engineering plc
- Lennox International Inc.
- SPX Corporation
- BDR Thermea Group B.V.
- Viessmann Group
- Babcock & Wilcox Enterprises Inc.
- Doosan Corporation
- Weil-McLain
- Greenheck Fan Corporation
- AAON Inc.
- Cleaver-Brooks Inc.
- Hamon & Cie SA
- Toshiba Carrier Corporation
- AESYS Technologies LLC
- Watsco Inc.
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 175 |
| Published | April 2025 |
| Forecast Period | 2025 - 2029 |
| Estimated Market Value ( USD | $ 102.46 Billion |
| Forecasted Market Value ( USD | $ 126 Billion |
| Compound Annual Growth Rate | 5.3% |
| Regions Covered | Global |
| No. of Companies Mentioned | 31 |
