Equipment for HVAC Market Size was valued at USD 215.34 Billion in 2023. The Equipment for HVAC market industry is projected to grow from USD 231.51 Billion in 2024 to USD 384.34 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 6.54% during the forecast period (2024 - 2032). Rising need from developing nations and technologies for fire prevention is increasingly needed, are the key market drivers contributing to the market’s growth and expansion.
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
The rising technologies for fire prevention drive Market CAGR for Equipment for HVAC. Fire safety technologies are critical for assuring safety and reducing deaths and property loss. Multiple fires have occurred in homes, businesses, and factories in recent years, resulting in multiple fatalities. To avert such losses, designers and engineers must incorporate fire safety systems in homes, businesses, and factories.
HVAC and fire-resistant barrier systems are flame-rated ducts for ventilation that prevent fires while safeguarding the property from fire threats. Fire ductwork systems remove dangerous gases, smoke, and burns to assure safety and safeguard buildings, property, and people. HVAC and fire-resistant systems for insulation are used in factories, public spaces, retail stores, and manufacturing facilities.
Additionally, these systems must adhere to regulatory agencies' fire rules and standards. Furthermore, HVAC and fire-resistant insulating devices prohibit fire from spreading from one location to another. These systems must be checked regularly to improve functionality throughout a crisis and safeguard assets on the premises, reducing loss's degree. Thus, it has contributed to a growing demand for fire prevention remedies, which is likely to fuel the development of the HVAC equipment market over the forecast time frame.
The Internet of Things (IoT) has enabled the creation of smart HVAC systems that can be remotely controlled, tracked, and maintained via a centralized platform in the HVAC sector. This quick transformation in the HVAC industry will result in its development and expansion in real-time data analysis and the establishment of precise and efficient HVAC system control.
COVID-19 has sharply decreased the need for HVAC equipment, particularly in countries with total lockdowns. Producers continue to produce HVAC equipment to avoid the danger of fire since they are crucial supplies for utility and numerous other businesses. However, sectors with end-uses, such as homes, businesses, and transport, have seen a sharp fall in the market. This is because of a drop in both residential and commercial buildings.
Furthermore, owing to worldwide lockdowns, transportation utilization has decreased significantly, significantly lowering vehicle breakdowns and resulting in an additional drop in the need for HVAC equipment. Yet, with many economies resuming economic activity in June, consumer demand for HVAC equipment is predicted to gradually boost its median growth rate during the second quarter of 2021.
For instance, US Department of Energy assessments of commercial structures stated that HVAC equipment accounts for more than 40% of a building's energy consumption. HVAC systems require a lot of energy. Thus, advances in the efficiency of equipment correlate to considerable savings in building running expenses.
Thus, it is anticipated that throughout the projection period, demand for Equipment for HVAC will increase due to the rising technologies for fire prevention. Thus, driving the Equipment for HVAC market revenue.
The Equipment for HVAC market segmentation, based on Equipment, includes Pressure Switches, Pressure Transducers, Capacitors, Contactors, Transformers, Filter Drier, Sight Glasses, and Reversing Valves. The Pressure Transducers dominated the market, accounting for 32% of the market share (USD 64.1 billion). In worldwide economies, category growth is driven by cost-effectiveness and reliable technology.
It also provides a stable and controlled output to boost overall market growth and revenue. It is expected that capacitors will grow significantly during the projected timeframe.
Figure 1: Equipment for HVAC Market, by Equipment, 2022 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
By region, the research provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The North American Equipment for the HVAC market area will dominate this market because the government supports environmentally friendly green technologies in this region through subsidies and tax incentives. In addition, the growing number of established industries will boost market growth in this region.
Further, the major countries studied in the market report are the US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: Equipment for HVAC Market Share by Region 2022 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Europe region’s Equipment for the HVAC market accounts for the second-highest market share because the region's tourism and real estate industries are expanding. Further, German Equipment for the HVAC market holds the largest market share. The UK Equipment for the HVAC market is anticipated to grow and expand significantly in the European region during the projected timeframe.
The Asia-Pacific Equipment for HVAC Market is expected to grow significantly during the projected timeframe. This is due to expanding population, rapid urbanization, and rising per capita or disposable income levels, as well as the existence of low-cost equipment manufacturers. Moreover, China’s Equipment for the HVAC market holds the largest market share. The Indian Equipment for HVAC market is anticipated to grow and expand rapidly during the projected timeframe in the Asia-Pacific region.
Leading market players invested heavily in research and development (R&D) to increase their production capacity and develop innovative products, which will help the Equipment for the HVAC market expand further. Market participants are also undertaking organic and inorganic approaches to expand and strengthen their footprint, with important market developments including new product lines, contractual deals, mergers and acquisitions, capital expenditure, and strategic alliances with other organizations. The Equipment for the HVAC industry must offer cost-effective and innovative solutions to survive in a moderately fragmented market.
Manufacturing locally to increase production capacity and minimize operational expenses is one of the key business strategies organizations use in the Equipment for HVAC industry to offer lucrative benefits to their clients and capture the untapped market share. The Equipment for the HVAC industry has offered significant advantages and technological advancements in fire prevention.
Major players in the Equipment for the HVAC market, including Sensata Technologies, Saginomiya Seisakusho, Jiangsu match well electrical products co ltd., Honeywell International Inc., Arrow Electronics Inc., Basler Electric, Diversitech, Dongan Electric Manufacturing Company, General Electric, Hartland Controls, Lefco Industrial Co Ltd., Motors & Armatures Inc., Noark Electric, Nueva Generation Manufacture, Parker Hannifin Corporation, Sealed Unit Parts Co Inc, American Zettler, Danfoss, Emerson Electric, Mueller Co., Sanhua Holdings Group Co Ltd., and Eaton Corporation., are attempting to capture market share by investing in R&D operations to offer innovative solutions.
Arrow Electronics, Inc. provides commercial and industrial customers with electronic parts and computer hardware. The business sells various goods, including systems for computers, accessories, programs, and mass storage solutions, to manufacturers of Original Equipment (OEM) and commercial clients globally. The firm was rated 104th in 2022 in the Fortune 500 ranking of the top organizations in the USA based on total sales.
In June 2021, Arrow Electronics Inc and ROOQ collaborated in June 2021 to develop a sensor technology, the ROOQ BOX, which allows boxers to evaluate and review their progress utilizing information that was formerly only accessible in laboratory settings.
Sensata Technologies B.V. is a manufacturer of automobile components. The amount of pressure, force, position, and accelerating switches and sensors are accessible, as well as motors, compressors, safeguards, breaker panels, and thermostats. Sensata Technologies has clients all around the world. It is based in Attleboro, Massachusetts, and is a $3 billion worth company with over 21,000 workers globally.
They assist their clients in meeting more complex architectural and operational performance standards by offering a diverse spectrum of detectors, electrically protected elements, and sensor-rich systems that provide useful business data. In April 2021, Sensata Technologies purchased Xirgo Technologies Subsidiary Holdings, an established telematics and information analytics provider LLC, in April 2021. This purchase was part of the company's expansion strategy for the transport and logistics end markets, bolstering its standing as a data insight supplier.
June 2021:Arrow Electronics Inc and ROOQ collaborated in June 2021 to develop a sensor technology, the ROOQ BOX, which allows boxers to evaluate and review their progress utilizing information formerly only accessible in laboratory settings.
April 2021:Sensata Technologies purchased Xirgo Technologies Subsidiary Holdings, an established telematics and information analytics provider LLC, in April 2021. This purchase was part of the company's expansion strategy for the transport and logistics end markets, bolstering its standing as a data insight supplier.
April 2021:Saginomiya Seisakusho launched the creation of the CRH 2021, together with its associated business in China, Foshan Hualu Automated Controls. Different designs, including carbon dioxide and reduced warming potential coolants, have been launched onto the marketplace to help with atmospheric protection.
| Report Attribute/Metric | Details |
| Market Size 2023 | USD 215.34 Billion |
| Market Size 2024 | USD 231.51 Billion |
| Market Size 2032 | USD 384.34 Billion |
| Compound Annual Growth Rate (CAGR) | 6.54% (2024-2032) |
| Base Year | 2023 |
| Market Forecast Period | 2024-2032 |
| Historical Data | 2018- 2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Equipment and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the World |
| Countries Covered | The US, Canada, German, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | Sensata Technologies, Saginomiya Seisakusho, Jiangsu match well electrical products co ltd., Honeywell International Inc., Arrow Electronics Inc., Basler Electric, Diversitech, Dongan Electric Manufacturing Company, General Electric, Hartland Controls, Lefco Industrial Co Ltd., Motors & Armatures Inc., Noark Electric, Nueva Generation Manufacture, Parker Hannifin Corporation, Sealed Unit Parts Co Inc, American Zettler, Danfoss, Emerson Electric, Mueller Co., Sanhua Holdings Group Co Ltd., and Eaton Corporation. |
| Key Market Opportunities | Rising need from developing nations |
| Key Market Dynamics | Technologies for fire prevention are increasingly needed |
Equipment for HVAC Market Highlights:
Frequently Asked Questions (FAQ) :
The Equipment for HVAC market size was valued at USD 215.34 Billion in 2023.
The market is expected to grow at a CAGR of 6.54% during the forecast period, 2024-2032.
North America holds the largest share of the Equipment for the HVAC market.
The key players in the market are Sensata Technologies, Saginomiya Seisakusho, Jiangsu match well electrical products co ltd., Honeywell International Inc., Arrow Electronics Inc., Basler Electric, Diversitech, Dongan Electric Manufacturing Company, General Electric, Hartland Controls, Lefco Industrial Co Ltd., Motors & Armatures Inc., Noark Electric, Nueva Generation Manufacture, Parker Hannifin Corporation, Sealed Unit Parts Co Inc, American Zettler, Danfoss, Emerson Electric, Mueller Co., Sanhua Holdings Group Co Ltd., and Eaton Corporation.
The Pressure Transducers category dominated the market in 2022.
Team Lead - Research Anshula mandaokar holds an academic degree in chemical engineering and has been contributing to the field for more than 5 years. she has expertise in market research and business consulting and serves as a team lead for a reputed market research firm under the chemicals and materials domain spectrum. she has worked on multiple projects, generating explicit results in a quick turnaround time. her understanding of data interpretation justifies her role as a leader.
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