HVAC Equipment Market is projected to be worth USD 368.14 billion by 2028, registering a CAGR of 7.51% during the forecast period (2021 - 2028), The market was valued at USD 211.87 billion in 2020.
HVAC equipment is utilized to protect the compressor and refrigeration circuit from any operational faults. This equipment is used to monitor and control numerous factors in HVAC systems, such as pressure and temperature. It also provides energy and regulates the voltage. The importance of fire safety solutions in assuring safety and reducing lives and property loss cannot be overstated. Several fire-related mishaps in residential, commercial, and industrial environments have resulted in several deaths in recent years. To avert such losses, architects and engineers must install fire protection systems in residential, commercial, and industrial structures. The fire-rated ventilation ducts are used in HVAC and fire protection insulation systems to prevent fires and hence protect the property from fire threats.
The fast development of the residential, commercial, industrial, and public sectors has resulted from population growth and increases in per capita disposable income in emerging economies such as South Africa, Qatar, Indonesia, Chile, and India. As part of their economic development, these countries concentrate on building diverse commercial, industrial, and public spaces. The growing use of HVAC and fire protection insulation systems in emerging countries is likely to provide lucrative growth possibilities for HVAC system manufacturers, allowing them to expand their operations in economies with high growth potential.
Based on Equipment, the global equipment for HVAC market has been segmented intopressure switches, pressure transducers, capacitors, contactors, transformers, filter drier, sight glasses, and reversing valves. The capacitors segment held a share of 34.17% of the global market. Based on region, the global market has been segmented into North America, Europe, Asia-Pacific, the Middle East & Africa, and South America. Asia-Pacific held a 42.12% share of the global equipment for HVACmarket.
COVID-19 has led to severe impact across all the industries around the world. The rapid spread has led governments across the globe to take stricter actions for the operations of industrial plants and offices, leading to stricter lockdowns. The lockdown had a notable impact on the power sector overall as power demand had decreased majorly from commercial and industrial sectors.
Fire safety solutions are crucial in ensuring safety and preventing fatalities and property loss. Over the past few years, several fire-related accidents in residential, commercial, and industrial spaces have led to numerous deaths. Hence, it is necessary for architects and engineers to install fire safety solutions in residential, commercial, and industrial buildings to avoid such losses. HVAC and fire protection insulation systems are the fire-rated ventilation ducts to preventfire and thus guard the property against fire hazards.
Fire protection is an essential part of enterprise safety, and enterprises must comply with the standards set by regulatory authorities. In the past few decades, there had been an increased adoption of various fire protection systems, including HVAC systems in residential, commercial, and industrial spaces. Furthermore, stringent regulations imposed by the government and regulatory bodies have compelled them to implement HVAC and fire protection insulation systems on their premises. These enterprises require HVAC systems to prevent the spread of fire and heat between two compartments in buildings.
The effective working of HVAC and fire protection insulation systems enhances the safety of residential, commercial, industrial, and public places, reducing the losses of lives and money. HVAC and fire protection insulation prevent the fire from spreading. The proper selection of a ductwork system is complex due to its construction, type, building dimensions, orientations, and other configurations.
The population growth and increase in per capita disposable income in emerging economies, such as South Africa, Qatar, Indonesia, Chile, and India, have led to the rapid development of the residential, commercial, industrial, and public sectors. These countries focus on developing various commercial, industrial, and public places as part of the country's economic growth. The increasing applications of HVAC and fire protection insulation systems in developing countries are expected to offer lucrative growth opportunities for the manufacturers ofHVAC systems and enable them to expand their operations in economies with significant growth potential.
Industrialization has been one of the major driving factors for the HVAC equipment market as these HVAC equipment are used in industries, thereby boosting the market for equipment for HVAC. . This process is accompanied by technological and organizational changes, which lead to higher productivity levels, improved living standards, population growth, urbanization, cultural changes, and shifts in the balance of power among the countries
A pressure switch is a type of switch that operates an electric contact when a pre-set fluid pressure has been reached on input. The switch makes an electric contact on pressure fall and pressure rise from a certain pressure level. It is comprised of several components, including the diaphragm, adjustment screw, lever, and contact.
Pressure transducers have diverseapplications in HVAC control. They measure pressure and convert the pressure reading into electric signals, which can be read by the controller. The electric signal may be analog or digital read by other devices such asalarms, controllers, and other closed-loop systems.
Capacitors are passive two-terminal electrical components that store energy electrostatically in an electric field. In an HVAC system, they are used to provide additional torque needed to get a unit running and the electricity needed to keep it running. There are two types of capacitors used in the HVAC system, i.e., start capacitor and run capacitor.
A contactor is an electrical device that controls the flow of electricity used for switching an electrical circuit on or off. These contactors are majorly used for controlling electric motors. They are primarily classified into auxiliary contact, power contact, and contact spring.
A transformer is a voltage control device widely used in the distribution and transmission of alternating current power. It can increase and decrease the voltage without changing the frequency of alternating current between the circuits. It works on the principle of electromagnetic induction and mutual induction.
A filter-drier has two main functions: adsorb system contaminants, moisture, acid, and wax and provide physical filtration. In an HVAC system, the filter driers are used as a combination of filter and dryer. The filter is utilized to remove any particle such as metal, dirt, or chips from entering the refrigerant flow control. There are two types of filters used in the HVAC system: liquid-line type and suction line type.
In an HVAC system, a sight glass can be fitted in a liquid line immediately after the filter driers, which is close to the expansion valve. The main function of the sight glass involves indicating whether the liquid refrigerant is always available at the expansion component and indicates the moisture content of the refrigerant is within an acceptable range.
Reversing valve is the key component in a heat pump, which provides cooling and heating from the system to the air-conditioned space by reversing the flow direction of the refrigerant. By reversing the refrigerant flow, the heat pump refrigeration cycle is changed from heating to cooling or vice versa.
North America is a prominent region in the equipment for HVAC market. A high adoption rate of HVAC systems has been witnessed across North America due to multiple such as highly energy-efficient system, most remarkably, and power-saving techniques. The construction sector is growing in this region, with increased activity within the commercial building, data centers, hospitals, institutes.
Europe is one of the prominent regions in the market owing to the growing demand for renewable energy sources and the increasing installation of capacitors in residential and commercial sectors.
The increased demand for HVAC equipment in the region can be attributed to factors such as industrial development, growing construction activities, and the rise in demand for fuel-efficient technologies. Furthermore, the rapidly increasing population rate, drastic climatic changes, and the easy availability of cost-effective systems are some significant factors that drive the market growth.
The Middle East & Africa comprises the UAE, Saudi Arabia, Israel, and South Africa. The UAE has been a premier leisure and tourism destination for quite some time now. Over the past decade, the country’s tourism sector has experienced rapid and sustained growth, becoming a key component of its economic diversification strategy.
South America comprises Brazil, Argentina, Chile, Peru, and Venezuela. In Brazil, the government introduced an infrastructure concessions program with the objective of developing the country's infrastructure and construction activity in the region. The development of the commercial and residential sectors is expected to accelerate the growth of the construction industry, which directly increases the demand for HVAC equipment in the region during the forecast period.
The global equipment for HVAC market is characterized by the presence of many local, regional, and global vendors. The market is highly competitive, with all the players continually competing to gain a larger market share. High competition, rapid technological advancements, frequent changes in government policies, and stringent environmental regulations are critical factors that could restrain the market growth. The vendors compete in terms of cost, product quality, reliability, and aftermarket services. Vendors must provide cost-effective and efficient products to survive and succeed in a competitive market environment.
The growth of the vendors is dependent on market conditions, government support, and industrial development. Thus, the vendors should focus on expanding their presence and improving their service. Sensata Technologies (US), Saginomiya Seisakuusho (Tokyo), Jiangsu Match Well Electrical Products Co., Ltd (China), Honeywell International Inc. (US), Arrow Electronic Inc. (US), Basler Electric (Illinois), Diversitech (US), Dongan Electronic Manufacturing Company (US), General Electric (US), Hartland Controls (US), Lefco Industrial Corporation Ltd (China), Motors&Armatures Inc. (US), Noark Electric (Czech Republic), Nueva Generaction Manufacture (México), Parker Hannifin Corporation (US), Sealed Unit Parts Co. Inc. (US), American Zettler (US), DANFOSS (Denmark), Emerson Electric (US),Mueller Co (US), SANHUA Holdings Group Co Ltd (China), and Eaton Corporation (Ireland)are some of the key players operating in the global market.
|Market Size||2028: USD 368.14 billion|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Sensata Technologies (US), Saginomiya Seisakuusho (Tokyo), Jiangsu Match Well Electrical Products Co., Ltd (China), Honeywell International Inc. (US), Arrow Electronic Inc. (US), Basler Electric (Illinois), Diversitech (US), Dongan Electronic Manufacturing Company (US), General Electric (US), Hartland Controls (US), Lefco Industrial Corporation Ltd (China), Motors&Armatures Inc. (US), Noark Electric (Czech Republic), Nueva Generaction Manufacture (México), Parker Hannifin Corporation (US), Sealed Unit Parts Co. Inc. (US), American Zettler (US), DANFOSS (Denmark), Emerson Electric (US),Mueller Co (US), SANHUA Holdings Group Co Ltd (China), and Eaton Corporation (Ireland)|
|Key Market Opportunities||
|Key Market Drivers||
Frequently Asked Questions (FAQ) :
Equipment for HVAC market is predicted to grow at 7.51% through forecast period of 2021-2028.
The forecast period for Equipment for HVAC market research report is 2021-2028.
Global Equipment for HVAC market is dominated by APAC region.