HVAC Equipment Market (By Product: Heating, Ventilation, Cooling; By End-use: Residential, Commercial, Industrial) - Global Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2022 - 2030

The global HVAC equipment market was valued at USD 130 billion in 2021 and is expected to reach USD 221.60 billion by 2030, poised to grow at a compound annual growth rate (CAGR) 6.1% during the forecast period 2022 to 2030.

Growth Factors:

Varied climatic conditions and the need to maintain an ambient environment in a building is a key trend that is expected to impact the market over the forecast period. In recent times, the availability of smart features and energy efficiency have been key purchase criteria for most customers, and the trend is expected to gain traction over the next few years.

Although the prospects look supportive, the supply chain shortages amidst the pandemic impacted the market for HVAC(Heating, ventilation, and air conditioning)systems in 2020; however, the market entered recovery from H32020 onwards as manufacturing activities gradually resumed post a strict lockdown. In the Asia Pacific, the market for HVAC systems is anticipated to witness healthy growth over the mid-term. An increase in multi-family and individual homeowners is creating avenues for future growth. The HVAC industry is gradually shifting focus on energy efficiency. Green initiatives are the focus area for several OEMs with an emphasis on saving money while reducing greenhouse emissions. Therefore, over the recent years, there has been a shift toward eco-friendly HVAC units. This includes products that consume less power and operate on renewable sources of energy thereby reducing energy costs.

As such over the last few years the use of geothermal cooling and heating equipment has been on a rise, subsequently reducing dependence on fuel-based equipment. Customer inclination towards comfort is creating avenues for growth. To meet the demand OEMs are developing products that are not just energy-efficient but also incorporate the latest technologies offering better connectivity. Today buildings constructed are “green” resulting in an increase in installations of thermostats, sensors, and smart meters that can be controlled from a smartphone or PC. The software enabled HVAC systems are also trending, and are expected to create opportunities over the forecast period. Technology is slowly making in-roads in the HVAC field, creating favorable long-term growth avenues.

Report Scope of the HVAC Equipment Market

Report Highlights


Market Size in 2030

USD 221.60 Billion

Growth Rate

CAGR 6.1% From 2022 to 2030

Largest Market

Asia Pacific

Fastest Growing Market

North America

Base Year


Forecast Period

2022 to 2030

Segments Covered

Product, End User, Geography

Companies Mentioned

Carrier Corporation, Daikin Industries Ltd., Ingersoll Rand, Johnson Controls, Trane Technologies, LG Electronics, Hitachi Ltd., United Technologies, Electrolux, Emerson Electric Co., Honeywell International Inc, Lennox International Inc.

Product Insights

The cooling segment dominated the market for HVAC systems and accounted for the largest revenue share of 54.9% in 2021. According to the data published by the International Energy Agency (IEA), cooling accounts for over 10.2% of the world’s electricity consumption. The statistics are huge and probably explain why the cooling segment has dominated the HVAC(Heating, ventilation, and air conditioning) equipment market over the years.  Growing population and disposable incomes particularly in the hotter regions globally have instigated the usage of air conditioners, subsequently favoring the demand for cooling systems such as air conditioners (AC), unitary ACs, etc. The cooling segment from 2022 to 2030 is projected to grow at an approximate CAGR of 6.2%.

Apart from cooling, heating is also a major segment exhibiting gradual growth over the years. As of 2021, the segment captured over 20.4% share of the market. The segment over the long term is projected to gain traction as the market gradually transitions from a fuel-based working model to efficient low-carbon solutions. Further, the proliferation of solar-based heat pumps will also create avenues for segment growth over the forecast period.

End-use Insights

The residential segment dominated the market for HVAC systems and accounted for the largest revenue share of 40.6% in 2021. An increase in multi-family and individual homeowners is creating avenues for the residential HVAC segment. As such in 2021 the segment was approximately valued at more than USD 50.9 billion. In developed parts of the world, the demand for residential HVAC(Heating, ventilation, and air conditioning) is expected to be more or less stagnant; however, the demand from newer markets particularly developing markets will be slightly on a higher end. This is primarily ascribed to the growing population in emerging markets and market maturity in developed markets.

Commercial HVAC space offers huge opportunities for growth. The segment is projected to witness a CAGR exceeding 6.7% in the market for HVAC systems from 2022 to 2030. Several trends including green and smart technology to automated systems are expected to play a pivotal role in shaping the future of the commercial HVAC market. As the COVID-19 pandemic becomes an endemic, and permanent WFH models slowly transition to a hybrid working model, the demand for HVAC in commercial settings is anticipated to witness an uptick.

Regional Insights

Asia Pacific dominated the HVAC systems market and accounted for a revenue share of over 40.2% in 2021. Increasing urbanization, growing population, and increasing consumer disposable income are key success factors to the region's tremendous growth over the years. Lately, the commercial sector has been growing creating prospects for future regional growth.

North America, closely followed by Europe was the second-largest consumer of HVAC systems in 2021. The market for HVAC systems as such has reached maturity; however, replacement sales due to aging infrastructure or retrofit projects are creating alternate revenue streams for OEMs apart from expansion into the services and maintenance category. The region is anticipated to witness a CAGR exceeding 5.2% over the forecast period.

Some of the prominent players in the HVAC Equipment Market include:

  • Carrier Corporation
  • Daikin Industries, Ltd.
  • Emerson Electric Co.
  • Hitachi Ltd.
  • Johnson Controls International plc
  • Lennox International, Inc.
  • Trane Technologies 

Segments Covered in the Report

This research report offers market revenue, sales volume, production assessment and prognoses by classifying it on the basis of various aspects. Further, this research study investigates market size, production, consumption and its development trends at global, regional, and country level for the period of 2017 to 2030 and covers subsequent region in its scope:

  • By Product
    • Heating
    • Ventilation
    • Cooling
  • By End-use
    • Residential
    • Commercial
    • Industrial

By Geography

North America

  • U.S.
  • Canada


  • Germany
  • France
  • United Kingdom
  • Rest of Europe

Asia Pacific

  • China
  • Japan
  • India
  • Southeast Asia
  • Rest of Asia Pacific

Latin America

  • Brazil
  • Rest of Latin America

Middle East & Africa (MEA)

  • GCC
  • North Africa
  • South Africa
  • Rest of Middle East & Africa

Key Points Covered in HVAC Equipment Market Study:

  • Growth of HVAC Equipment in 2022
  • Market Estimates and Forecasts (2017-2030)
  •  Brand Share and Market Share Analysis
  •  Key Drivers and Restraints Shaping Market Growth
  •  Segment-wise, Country-wise, and Region-wise Analysis
  •  Competition Mapping and Benchmarking
  •  Recommendation on Key Winning Strategies
  •  COVID-19 Impact on Demand for HVAC Equipment and How to Navigate
  •  Key Product Innovations and Regulatory Climate
  •  HVAC Equipment Consumption Analysis
  •  HVAC Equipment Production Analysis

Report Detail

  • Report Code:6456
  • No. of Pages:150+
  • Format:PDF/PPT/Excel

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