The global HVAC equipment market size reached USD 231.9 Billion in 2024. Looking forward, the analyst expects the market to reach USD 356.9 Billion by 2033, exhibiting a growth rate (CAGR) of 4.66% during 2025-2033. The market is driven by significant technological advancements, energy efficiency regulations and environmental sustainability awareness. This, along with the rising trend for smart and connected systems and urbanization in emerging economies and increasing number of green building initiatives are further driving HVAC equipment market growth.
Heating, ventilation, and air conditioning (HVAC) equipment is used to provide environmental comfort to occupants and allow appropriate air quantity in vehicles and homes. It includes heating, cooling, and hybrid split, duct-free, and packaged heating and air conditioning systems. It helps improve the air quality of an enclosed space and introducing conditioned air. It also helps replenish oxygen and remove moisture, smoke, dust, bacteria, and unwanted pollutants. Besides this, it is environment-friendly and saves construction space, installation time and cost, and minimizes power usage. As a result, HVAC equipment is extensively used in numerous industry verticals across the globe.
Additionally, the rising focus of leading manufacturers on retaining their market position through partnership, acquisition and business expansion is creating a positive market outlook. Furthermore, governments of various countries are implementing various initiatives to encourage individuals to use energy-efficient HVAC devices in their homes and workplaces. They are also increasing their spending capacity on sustainable building development, which is expected to propel the market growth in the coming years.
Heating, ventilation, and air conditioning (HVAC) equipment is used to provide environmental comfort to occupants and allow appropriate air quantity in vehicles and homes. It includes heating, cooling, and hybrid split, duct-free, and packaged heating and air conditioning systems. It helps improve the air quality of an enclosed space and introducing conditioned air. It also helps replenish oxygen and remove moisture, smoke, dust, bacteria, and unwanted pollutants. Besides this, it is environment-friendly and saves construction space, installation time and cost, and minimizes power usage. As a result, HVAC equipment is extensively used in numerous industry verticals across the globe.
HVAC Equipment Market Trends:
Rapid urbanization and the growing global population are resulting in the increasing construction of residential and commercial buildings, which are equipped with HVAC equipment. In addition, the expansion of hotels, restaurants, shopping malls, and movie theaters is catalyzing the demand for HVAC equipment as they help maintain a consistent temperature. Sudden changes in climate and rising temperature are significantly impacting energy consumption and air conditioning loads of buildings. This, in turn, is driving the demand for HVAC equipment. Apart from this, the increasing use of technologically advanced and energy-efficient variants of HVAC equipment is strengthening the market growth.Additionally, the rising focus of leading manufacturers on retaining their market position through partnership, acquisition and business expansion is creating a positive market outlook. Furthermore, governments of various countries are implementing various initiatives to encourage individuals to use energy-efficient HVAC devices in their homes and workplaces. They are also increasing their spending capacity on sustainable building development, which is expected to propel the market growth in the coming years.
Key Market Segmentation:
This report provides an analysis of the key trends in each segment of the market, along with forecasts at the global, regional, and country levels for 2025-2033. Our report has categorized the market based on type, system type and end user.Breakup by Type:
- Heating
- Air Conditioning
- Ventilation
- Others
Breakup by System Type:
- Central
- All-Air Systems
- All-Water Systems
- Air-Water Systems
- Water-Source Heat Pumps
- Heating and Cooling Panels
- Decentralized
- Local Heating Systems
- Local Cooling Systems
- Local Ventilation Systems
- Local Air-Conditioning Systems
- Split Systems
Breakup by End User:
- Residential
- Commercial
- Industrial
Breakup by Region:
- North America
- United States
- Canada
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Others
- Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Russia
- Others
- Latin America
- Brazil
- Mexico
- Others
- Middle East and Africa
Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players being Carrier Global Corporation, Daikin Industries Ltd., Danfoss AS, Emerson Electric Co., Honeywell International Inc., Johnson Controls International, Lennox International Inc, LG Electronics Inc., Mitsubishi Electric Corporation, Panasonic Holdings Corporation, Samsung Electronics Co. Ltd., Trane Technologies plc and Whirlpool Corporation.Key Questions Answered in This Report:
- What was the size of the global HVAC equipment market in 2024?
- What is the expected growth rate of the global HVAC equipment market during 2025-2033?
- What are the key factors driving the global HVAC equipment market?
- What has been the impact of COVID-19 on the global HVAC equipment market?
- What is the breakup of the global HVAC equipment market based on type?
- What is the breakup of the global HVAC equipment market based on the system type?
- What is the breakup of the global HVAC equipment market based on the end user?
- What are the key regions in the global HVAC equipment market?
- Who are the key players/companies in the global HVAC equipment market?
Table of Contents
1 Preface3 Executive Summary11 Value Chain Analysis13 Price Analysis
2 Scope and Methodology
4 Introduction
5 Global HVAC Equipment Market
6 Market Breakup by Type
7 Market Breakup by System Type
8 Market Breakup by End User
9 Market Breakup by Region
10 SWOT Analysis
12 Porters Five Forces Analysis
14 Competitive Landscape
List of Figures
List of Tables
Companies Mentioned
- Carrier Global Corporation
- Daikin Industries Ltd.
- Danfoss AS
- Emerson Electric Co.
- Honeywell International Inc.
- Johnson Controls International
- Lennox International Inc
- LG Electronics Inc.
- Mitsubishi Electric Corporation
- Panasonic Holdings Corporation
- Samsung Electronics Co. Ltd.
- Trane Technologies plc
- Whirlpool Corporation
Methodology
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 148 |
| Published | April 2025 |
| Forecast Period | 2024 - 2033 |
| Estimated Market Value ( USD | $ 231.9 Billion |
| Forecasted Market Value ( USD | $ 356.9 Billion |
| Compound Annual Growth Rate | 4.9% |
| Regions Covered | Global |
| No. of Companies Mentioned | 13 |
