Equipment for HVAC Market

Q: Which region held the largest market share in the Global Equipment for HVAC Market?

Asia Pacific had the largest share of the global market. Read More

Q: Which Equipment led the Global Equipment for HVAC Market?

Cooling Equipment dominated the market in 2024. Read More

ID: MRFR/IA - E/9181-CR

113 Pages

Snehal Singh

May 2025

Equipment for HVAC Market Research Report Information By Equipment (Heating Equipment (Furnace, Boiler, Heat Pump and Others), Cooling Equipment (Air Conditioner, Chiller, and Others), Ventilation Equipment (Air Handling Unit (AHU), Rooftop Unit (RTU), Energy Recovery Ventilator (ERV), Exhaust Fans and Others), and Others), By END-USE (Residential, Commercial and Industrial), and by Region (North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America ) –Market Forecast Till 2035

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Summary Table of Contents Segmentation Download PDF

1. Market Overview

2. Market Trends

3. Market Segment Insights

4. Key Players and Competitive Insights

5. Industry Developments

6. Market Segmentation

7. Report Scope

8. Market Highlights

9. FAQs

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Equipment for HVAC Market Summary

As per Market Research Future Analysis, the Global Equipment for HVAC Market was valued at USD 231.51 Million in 2024 and is projected to grow to USD 464.84 Million by 2035, with a CAGR of 6.54% from 2025 to 2035. The growth is driven by rising demand for energy-efficient HVAC systems and increasing construction activities in residential and commercial sectors. The market is significantly influenced by urbanization and infrastructure expansion, necessitating robust HVAC systems for comfort and indoor air quality. The integration of smart home technology is also enhancing market opportunities, reflecting changing consumer preferences towards energy efficiency and convenience.

Key Market Trends & Highlights

Key trends shaping the HVAC market include technological advancements and increasing energy efficiency demands.

Cooling Equipment segment dominated the market with a value of USD 109,413.96 million in 2023, expected to reach USD 464.84 million by 2035.
Residential segment valued at USD 100,420.30 million in 2023, projected to grow to USD 173,753.39 million by 2032.
Asia-Pacific region accounted for the largest market share in 2024, anticipated to reach USD 9,985,00 million by 2035, growing at a CAGR of 5.73%.

Equipment for HVAC Market

CAGR

6.54%

Market Size & Forecast

2024 Market Size	USD 231.51 Million
2035 Market Size	USD 464.84 Million
CAGR	6.54%

Major Players

Major players include Honeywell International Inc, Ge Vernova Inc., Dandong Fuding Engineering Machinery Co., Ltd., Doosan Corporation, Ferralloy Inc., Parker-Hannifin Corporation, Emerson Electric Co, Eaton Corporation Plc, Sensata Technologies, and Danfoss.

Equipment for HVAC Market Trends

Growth In Smart Home Technology And Automation Integration

The integration of smart home technology and automation into the HVAC (Heating, Ventilation, and Air Conditioning) equipment market is a significant opportunity that reflects changing consumer preferences and technological advancements. Smart home technology encompasses a range of devices and systems that enhance convenience, efficiency, and control for homeowners.

In this context, HVAC systems equipped with smart features are becoming increasingly popular, enabling users to manage their heating and cooling needs more effectively. This trend is driven by the desire for energy efficiency, enhanced comfort, and improved indoor air quality.

One of the primary drivers behind the growth of smart HVAC systems is the increasing focus on energy efficiency. Homeowners are becoming more aware of their energy consumption and its impact on both the environment and their utility bills. Smart HVAC systems utilize advanced sensors and algorithms to optimize performance, adjusting heating and cooling based on real-time occupancy data and environmental conditions.

For example, a smart thermostat can learn the homeowner's schedule and preferences, automatically adjusting the temperature to save energy when the house is unoccupied. This level of control not only reduces energy costs but also contributes to a lower carbon footprint, aligning with global sustainability goals.

The ongoing transition towards energy-efficient technologies in the HVAC sector appears to be reshaping market dynamics, as regulatory frameworks increasingly emphasize sustainability and reduced carbon footprints.

U.S. Department of Energy

Equipment for HVAC Market Drivers

Rising Demand for Energy Efficiency

The Global Equipment for HVAC Market Industry experiences a notable surge in demand for energy-efficient solutions. Governments worldwide are increasingly implementing regulations aimed at reducing energy consumption and greenhouse gas emissions. For instance, the introduction of stricter energy efficiency standards has prompted manufacturers to innovate and develop advanced HVAC systems. This trend is expected to contribute significantly to the market's growth, with projections indicating a market value of 230.6 USD Billion in 2024. As consumers become more environmentally conscious, the shift towards energy-efficient HVAC equipment is likely to accelerate, driving the overall market forward.

Market Segment Insights

Global Equipment for HVAC

Based on Equipment, the global HVAC Equipment market has been segmented into Heating Equipment (Furnace, Boiler, Heat Pump and Others), Cooling Equipment (Air Conditioner, Chiller, and Others), Ventilation Equipment (Air Handling Unit (AHU), Rooftop Unit (RTU), Energy Recovery Ventilator (ERV), Exhaust Fans and Others), and Others.

The Cooling Equipment segment dominated the market with a value of USD 109,413.96 million in 2023 and is expected to reach USD 189,659.21 million by 2032. Further, this segment is likely to register a CAGR of 6.36% during the projected period.

Cooling equipment is crucial in maintaining comfortable indoor environments, particularly in warm climates or during the summer months. This segment includes air conditioners, chillers, and other cooling-related systems.Air conditioners are the most commonly used cooling systems globally.

They work by removing heat from indoor spaces and releasing it outside, thereby cooling the indoor air. AC units can be further divided into window units, split systems, and central air conditioning systems. Window and split systems are typically used for residential applications, while central air conditioning systems are common in large commercial and residential buildings. Technological advances have introduced energy-efficient AC systems that use eco-friendly refrigerants and smart thermostats for better temperature control.

Global Equipment for HVAC End-Use Insights

Based on End-Use, the global HVAC Equipment market has been segmented into Residential, Commercial and Industrial. The residential segment dominated the market with a value of USD 100,420.30 million in 2023 and is expected to reach USD 173,753.39 million by 2032. Further, this segment is expected to witness the highest growth with a CAGR of 6.34% over the forecast duration.

Chemical processing equipment: Stainless steel is also used in chemical processing equipment because it is resistant to the corrosive chemicals used in chemical processing. The residential HVAC equipment market focuses on heating, cooling, and air quality systems designed for use in homes, apartments, and other residential settings.

This segment is driven by the need for comfort and energy efficiency in living spaces. The most commonly used residential HVAC systems include split air conditioning units, heat pumps, furnaces, and packaged systems. These systems are typically smaller in scale compared to commercial and industrial applications but require high reliability, low noise levels, and ease of installation.Energy efficiency is one of the main drivers in this segment, especially as consumers become more environmentally conscious and governments push for stricter energy standards.

Many countries have introduced regulations and incentives to promote energy-efficient systems, like smart thermostats and HVAC units that comply with ENERGY STAR ratings. Technological advancements, such as IoT-enabled HVAC systems and smart home integrations, also play a crucial role in the growth of the residential market. Homeowners can now control their HVAC systems remotely, improving convenience and reducing energy consumption.

Figure 1: Global Equipment for HVAC Market, By End-Use, 2024 & 2035 (USD Million)

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Key Companies in the Equipment for HVAC Market market include

Future Outlook

Equipment for HVAC Market Future Outlook

The Global Equipment for HVAC Market is projected to grow at a 6.54% CAGR from 2025 to 2035, driven by technological advancements, energy efficiency demands, and increasing urbanization.

New opportunities lie in:

Invest in smart HVAC technologies to enhance energy efficiency and user control.
Expand product lines to include eco-friendly refrigerants and sustainable materials.
Leverage IoT for predictive maintenance services to reduce operational costs.

By 2035, the market is expected to exhibit robust growth, reflecting evolving consumer preferences and regulatory standards.

Market Segmentation

Regional Outlook

US
Canada
Mexico

Germany
France
UK
Spain
Italy
Rest of Europe

China
Japan
India
South Korea
Rest of Asia-Pacific

Saudi Arabia
UAE
South Africa
Rest of Middle East & Africa

Brazil
Argentina
Rest of South America

Global Equipment for HVAC Regional Outlook

US
Canada
Mexico

Germany
France
UK
Spain
Italy
Rest of Europe

China
Japan
India
South Korea
Rest of Asia-Pacific

Saudi Arabia
UAE
South Africa
Rest of Middle East & Africa

Brazil
Argentina
Rest of South America

Equipment for HVAC Market By End-Use Outlook (USD Million, 2019-2035)

Residential
Commercial
Industrial

Equipment for HVAC Market By Equipment Outlook (USD Million, 2019-2035)

Furnace
Boiler
Heat Pump
Others

Air Conditioner
Chiller
Others

Air Handling Unit (AHU)
Rooftop Unit (RTU)
Energy Recovery Ventilator (ERV)
Exhaust Fans
Others

Report Scope

Report Attribute/Metric	Details
Market Size 2024	USD 230,615.31 Million
Market Size 2025	USD 243,867.74 Million
Market Size 2035	464.84 (Value (USD Million & Kilotons))
Compound Annual Growth Rate (CAGR)	6.54% (2025 - 2035)
Base Year	2024
Market Forecast Period	2025 - 2035
Historical Data	2019- 2023
Market Forecast Units	Value (USD Million & Kilotons)
Report Coverage	Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends
Segments Covered	By Equipment, By End-Use and Region.
Geographies Covered	North America, Europe, Asia-Pacific, Middle East & Africa, and South America.
Countries Covered	The U.S., Canada, Mexico, Germany, France, Italy, UK, Spain, China, Japan, India, UAE, South Africa, Saudi Arabia, Argentina, and Brazil.
Key Companies Profiled	HONEYWELL INTERNATIONAL INC, GE VERNOVA INC., DANDONG FUDING ENGINEERING MACHINERY CO., LTD., DOOSAN CORPORATION., FERRALLOY INC., PARKER-HANNIFIN CORPORATION, EMERSON ELECTRIC CO, EATON CORPORATION PLC. SENSATA TECHNOLOGIES, SAGINOMIYA SEISAKUSHO, INC., JIANGSU MATCH-WELL ELECTRICAL PRODUCTS CO. LTD, ARROW ELECTRONICS INC, BASLER ELECTRIC, DIVERSITECH, DONGAN ELECTRIC MANUFACTURING COMPANY , HARTLAND CONTROLS LLC, LEFOO INDUSTRIAL CO. LTD , MOTORS & ARMATURES, INC , NOARK ELECTRIC , NUEVA GENERACION MANUFACTURAS S.A. DE C.V. , SEALED UNIT PARTS CO., INC, AMERICAN ZETTLER, INC , DANFOSS , MUELLER CO , SANHUA HOLDING GROUP , among others.
Key Market Opportunities	· Growth in smart home technology and automation integration · Advancements in HVAC technology and innovative product offerings
Key Market Dynamics	· Rising demand for energy-efficient HVAC systems · Increasing construction activities in residential and commercial sectors

Market Highlights

Equipment for HVAC Companies

Author

Snehal Singh

Assistant Manager - Research

High acumen in analyzing complex macro & micro markets with more than 6 years of work experience in the field of market research. By implementing her analytical skills in forecasting and estimation into market research reports, she has expertise in Packaging, Construction, and Equipment domains. She handles a team size of 20-25 resources and ensures smooth running of the projects, associated marketing activities, and client servicing.

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FAQs

How much is the Global Equipment for HVAC Market?

The Equipment for HVAC Market size is expected to be valued at USD 424,360.40 Million in 2035.

What is the growth rate of the Global Equipment for HVAC Market?

The global market is projected to grow at a CAGR of 5.91% during the forecast period, 2024-2035.

Which region held the largest market share in the Global Equipment for HVAC Market?

Asia Pacific had the largest share of the global market.

Who are the key players in the Global Equipment for HVAC Market?

The key players in the market are Astec Industries HONEYWELL INTERNATIONAL INC, GE VERNOVA INC., DANDONG FUDING ENGINEERING MACHINERY CO., LTD., DOOSAN CORPORATION., FERRALLOY INC., PARKER-HANNIFIN CORPORATION, EMERSON ELECTRIC CO, EATON CORPORATION PLC. SENSATA TECHNOLOGIES, SAGINOMIYA SEISAKUSHO, INC., JIANGSU MATCH-WELL ELECTRICAL PRODUCTS CO. LTD, ARROW ELECTRONICS INC, BASLER ELECTRIC, DIVERSITECH, DONGAN ELECTRIC MANUFACTURING COMPANY , HARTLAND CONTROLS LLC, LEFOO INDUSTRIAL CO. LTD , MOTORS & ARMATURES, INC , NOARK ELECTRIC , NUEVA GENERACION MANUFACTURAS S.A. DE C.V. , SEALED UNIT PARTS CO., INC, AMERICAN ZETTLER, INC , DANFOSS , MUELLER CO , SANHUA HOLDING GROUP , among others.

Which Equipment led the Global Equipment for HVAC Market?

Cooling Equipment dominated the market in 2024.

Which End-Use had the largest market share in the Global Equipment for HVAC Market?

The residential segment had the largest share of revenue on the global market.

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