The HVAC equipment market is projected to grow at a notable CAGR during the forecast period, i.e., 2021-2029, on the back of rapid urbanization and the rising trend of smart homes and work spaces. The unpredictable changes in weather and the rise in temperature are another factor projected to promote the usage of ventilation and cooling equipment, which in turn is anticipated to boost growth.
Research Nester published a report titled “Heat, Ventilation and Air-Conditioning (HVAC) Equipment Market: Global Demand Analysis & Opportunity Outlook 2029” which delivers detailed overview of the global heat, ventilation and air-conditioning (HVAC) equipment market in terms of market segmentation by equipment type, application, and by region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
The HVAC equipment market is projected to grow at a notable CAGR during the forecast period, i.e., 2021-2029, on the back of rapid urbanization and the rising trend of smart homes and workspaces since the past few years. Along with these, the unpredictable changes in weather and the rise in temperature globally are another factors projected to promote the usage of ventilation and cooling equipment, which in turn is anticipated to boost the growth of the market in the future.
On the basis of equipment type, the global HVAC equipment market is segmented into heating, ventilation, and cooling equipment, out of which the cooling equipment segment is anticipated to occupy a noteworthy market share during the forecast period, owing to the intensifying demand for these systems for industrial and commercial infrastructural activities, and their effectiveness to manage temperature in a short period of time.
Geographically, the heat, ventilation and air-conditioning (HVAC) equipment market is segmented into five major regions, namely North America, Europe, Asia Pacific, Latin America and the Middle East & Africa. The market in Asia Pacific is expected to grow at the highest rate over the forecast period.
This growth can be attributed to rising industrialization and the high demand for installing comfortable air conditioning systems in the region. As per our analysis, the industrial production in China witnessed a major hike in the beginning of 2021, depicting a whopping growth by 28%.
Owing to the growing emphasis of governments of several nations to further the use of energy efficient equipment in commercial and residential spaces is evaluated as one of the leading causes to drive market growth during the forecast period. Furthermore, the emergence of technologies, including, Internet of Things (IoT) and remote control access are estimated to provide new opportunities for the development of advanced HVAC equipment, therefore boosting the demand for these systems in the coming years.
However, the high cost of raw materials needed for manufacturing HVAC equipment is expected to operate as key restraint to the growth of the market till the end of 2029.