The global HVAC equipment market is estimated to account for US$ 195.0 Mn in terms of value by the end of 2022. Global HVAC equipment market is expected to grow by 2030, 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: Drivers
Rising urbanization, industrialization
Rising urbanization, industrialization, and migration are some of the key factors, which are driving the growth of the Global HVAC equipment market. Moreover, due to urbanization and industrialization, the number of businesses, manufacturing units, and residential complexes is increasing. And HVAC equipment has widely used in manufacturing units and residential complexes such factors are driving the growth of the global HAVC Equipment market.
Global HVAC Equipment Market: Restraints
Lack of skilled workers
Lack of skilled workers is expected to hinder the global HVAC equipment market growth over the forecast period. Designing and manufacturing HVAC equipment requires major craftsmanship and skilled labor. Currently, there is a lack of skilled workers in the HVAC industry, which is expected to hamper the market growth
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Key Takeaways:
The global HVAC equipment market was valued at US$ 195.0 Mn in 2022 and is forecast to reach a value of US$ 326.5 Mn by 2030 at a CAGR of 6.6% between 2023 and 2030.
The Residencial segment held a dominant position in the market and accounted for 41.6% share in the global variable frequency drive (VFD) market in 2022.
Global HVAC Equipment Market: Competitive Landscape
United Technologies Corporation (Carrier), LG Corporation, Daikin Industries. Ltd., AB Electrolux, Haier Inc., Lennox International Inc., Samsung Electronics, and Panasonic Corporation
Global HVAC Equipment Market: Recent Developments
In June 2021, Johnson Controls, an Ireland-based HVAC equipment provider, launched the Quantech QWC4 Water-Cooled System. The Quantech QWC4 chiller is used to reduce energy costs and carbon emissions with the help of variable-speed drive technology.
In April 2021, LG electronics, a South Korea-based electronics company, launched TVC featuring an LG DUALCOOL air conditioner for their customers. The AC has a one-of-a-kind DUAL Inverter Compressor for faster cooling.
