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

Equipment for HVAC Market Summary

As per MRFR Analysis, the Global Equipment for HVAC Market was valued at USD 230,615.31 Million in 2024 and is projected to grow to USD 424,360.40 Million by 2035, with a CAGR of 5.91% from 2024 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 189,659.21 million by 2032.
• 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%.

Market Size & Forecast

2024 Market Size: USD 230,615.31 Million

2035 Market Size: USD 424,360.40 Million

CAGR: 5.91%

Largest Regional Market Share in 2024: Asia-Pacific.

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.

Rising demand for energy-efficient HVAC systems And Increasing construction activities in residential and commercial sectors is driving the Global Equipment for HVAC Market.

As per Analyst at MRFR ”The global HVAC (Heating, Ventilation, and Air Conditioning) equipment market is significantly influenced by the increasing construction activities in both the residential and commercial sectors. This surge in construction is a direct response to various factors, including population growth, urbanization, and the expansion of infrastructure. As cities grow, the demand for housing, commercial spaces, and public facilities rises, necessitating a robust HVAC system to ensure comfort and maintain indoor air quality”

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

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.

Equipment for HVAC Market Segment Insights

Global Equipment for HVAC Equipment Insights

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)

Global Equipment for HVAC Regional Insights

Based on region, the Equipment for HVAC Market has been segmented into North America, Europe, Asia-Pacific, Middle East & Africa, And South & Central America. Asia-Pacific accounted for the largest market share in 2024 and is anticipated to reach USD 9,985,00 million by 2035. However, Asia-Pacific is projected to grow at the highest CAGR of 5.73% during the forecast period.

The region's booming construction sector, particularly in countries like China, India, and Southeast Asian nations, is one of the primary drivers of market expansion. The development of smart cities and infrastructure projects is fueling demand for advanced HVAC systems in residential, commercial, and industrial buildings. The demand for more sophisticated HVAC systems in high-rise residential buildings and large commercial complexes has significantly increased due to the growth of real estate and the rising middle-class population in these markets.

China and India stand out as the largest contributors to market growth in the Asia Pacific region. China, being the world's largest construction market, has a robust demand for HVAC systems across both urban residential and commercial projects. Additionally, the Chinese government's initiatives to reduce carbon emissions and improve energy efficiency have accelerated the adoption of energy-efficient HVAC systems.

Similarly, India is witnessing growing demand for HVAC equipment due to urbanization, rising disposable incomes and increased a areness of climate control The overnment’s push to ard sustainable development is further encouraging the adoption of green building concepts, which often incorporate energy-efficient HVAC solutions.

The European HVAC (Heating, Ventilation, and Air Conditioning) equipment market has experienced steady growth driven by several critical factors, including stringent energy efficiency regulations, increasing urbanization, and the ongoing shift toward renewable ener y The European Union’s strict re ulations on ener y consumption and carbon emissions are some of the most si nificant drivers of this market.

Key directives, such as the Energy Performance of Buildings Directive (EPBD) and the Ecodesign Directive, mandate higher energy efficiency standards, pushing demand for advanced HVAC systems that meet or exceed these requirements. As a result, HVAC manufacturers are increasingly focusing on developing energy-efficient and eco-friendly products, such as heat pumps, which are gaining traction across the region, especially in Northern Europe, where cold weather boosts the demand for efficient heating solutions.

Another notable trend impacting the European HVAC equipment market is the increasing adoption of smart HVAC systems. With advancements in the Internet of Things (IoT) and smart home technologies, the demand for connected HVAC systems is on the rise. Consumers are increasingly seeking systems that offer better control over temperature, humidity, and energy consumption via smartphones and other smart devices.

The integration of AI and predictive analytics into these systems has further enhanced their efficiency by enabling predictive maintenance and energy optimization. This shift is evident across both the residential and commercial sectors, where smart systems are viewed as not only improving comfort but also reducing operational costs, which aligns with Europe’s focus on sustainability and ener y conservation.

Figure 2: Global Equipment for HVAC Market, by region, 2024 & 2035 (USD Million)

Further, the major countries studied in the market report are the U.S., Canada, Mexico, Germany, France, Italy, UK, Spain, Japan, UAE, South Africa, Saudi Arabia, Argentina, and Brazil.

Global Equipment for HVAC Key Market Players & Competitive Insight

Many global, regional, and local vendors characterize the Equipment for HVAC Market. The market is highly competitive, with all the players competing to gain market share. Intense competition, rapid advances in technology, frequent changes in government policies, and environmental regulations are key factors that confront market growth.

The vendors compete based on cost, product quality, reliability, and government regulations. Vendors must provide cost-efficient, high-quality products to survive and succeed in an intensely competitive market.

The Major Players In The Market 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, 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. Equipment For Hvac Market Is A Consolidated Market Due To Increasing Competition, Acquisitions, Mergers And Other Strategic Market Developments And Decisions To Improve Operational Effectiveness.

Key Companies in the Equipment for HVAC Market 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


• 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

Equipment for HVAC Market Segmentation

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

• 
  Heating Equipment
  
  
  
  • Furnace
  
  
  • Boiler
  
  
  • Heat Pump
  
  
  • Others
  
  
  
  


• 
  Cooling Equipment
  
  
  
  • Air Conditioner
  
  
  • Chiller
  
  
  • Others
  
  
  
  


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


• Others

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

• Residential


• Commercial


• Industrial

Global Equipment for HVAC Regional Outlook

• 
  North America
  
  
  
  • US
  
  
  • Canada
  
  
  • Mexico
  
  
  
  


• 
  Europe
  
  
  
  • Germany
  
  
  • France
  
  
  • UK
  
  
  • Spain
  
  
  • Italy
  
  
  • Rest of Europe
  
  
  
  


• 
  Asia-Pacific
  
  
  
  • China
  
  
  • Japan
  
  
  • India
  
  
  • South Korea
  
  
  • Rest of Asia-Pacific
  
  
  
  


• 
  Middle East and Africa
  
  
  
  • Saudi Arabia
  
  
  • UAE
  
  
  • South Africa
  
  
  • Rest of Middle East & Africa
  
  
  
  


• 
  South America
  
  
  
  • Brazil
  
  
  • Argentina
  
  
  • Rest of South America
  
  
  
  

Report Attribute/Metric	Details
Market Size 2024	USD 230,615.31 Million
Market Size 2025	USD 243,867.74 Million
Market Size 2035	USD 424,360.40 Million
Compound Annual Growth Rate (CAGR)	5.91% (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