Increasing construction activities in residential and commercial sectors is driving the Global Equipment for HVAC Market, are expected to drive market expansion in the near future at a CAGR of 5.91% during the forecast period 2024 to 2035

Market Research Future (MRFR) has published a cooked research report on the “Global Equipment for HVAC Market” that contains information from 2019 to 2035.

The Global Equipment for HVAC Market is estimated to register a CAGR of 5.91% during the forecast period of 2024 to 2035.

MRFR recognizes the following companies as the key players in the Global Equipment for HVAC Market— 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.

Market Highlights

The Global Equipment for HVAC Market is estimated to register a CAGR of 5.91% during the forecast period and is estimated to reach USD 424,360.40 Million by 2035.

The global HVAC (Heating, Ventilation, and Air Conditioning) equipment market has witnessed a significant surge in demand for energy-efficient systems in recent years. This trend is largely driven by growing awareness of the environmental impact of energy consumption, escalating energy costs, and the pressing need for sustainable solutions. Energy-efficient HVAC systems are designed to provide optimal comfort while minimizing energy consumption, which not only benefits consumers in terms of reduced utility bills but also contributes to environmental conservation efforts.

The increasing emphasis on sustainability and environmental protection has played a pivotal role in shaping consumer preferences and regulatory frameworks. Governments worldwide are implementing stringent regulations and standards aimed at reducing greenhouse gas emissions and promoting energy efficiency. For instance, the introduction of energy performance labels and standards like SEER (Seasonal Energy Efficiency Ratio) and EER (Energy Efficiency Ratio) incentivizes consumers to opt for energy-efficient HVAC systems. These regulations not only guide consumers in making informed choices but also encourage manufacturers to innovate and develop advanced technologies that enhance energy efficiency. As a result, energy-efficient HVAC systems are increasingly becoming the preferred choice among consumers and businesses alike.

Moreover, the rising costs of energy have made energy efficiency a crucial consideration for both residential and commercial consumers. With fluctuating energy prices, particularly in the wake of geopolitical tensions and economic instability, consumers are seeking ways to reduce their overall energy consumption and associated costs. Energy-efficient HVAC systems, which often utilize advanced technologies such as variable speed drives, smart thermostats, and heat recovery systems, can significantly reduce energy usage compared to traditional systems. By investing in these technologies, consumers can achieve long-term savings on their energy bills while ensuring consistent and comfortable indoor climates. This economic incentive drives demand for energy-efficient solutions, further reinforcing the trend in the HVAC market.

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Segment Analysis

The Global Equipment for HVAC Market has been segmented based By Equipment, By End-Use

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.

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.

Regional Analysis

Based on region, the Global 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.

Key Findings of the Study

• The Global Equipment for HVAC Market is expected to reach USD 424,360.40 Million by 2035, at a CAGR of 5.91% during the forecast period.


• The Asia Pacific region accounted for the fastest growing in the global market.


• Based on Equipment, the Cooling Equipment segment was attributed to holding the largest market in 2023.


• 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 are the key market players.