The Residential HVAC Market to grow by USD 37,304.79 million from 2022 to 2027|The rise in demand for HVAC in the construction industry to boost the market growth- Technavio

NEW YORK, July 31, 2023 /PRNewswire/ -- The residential HVAC market is estimated to grow by USD 37,304.79 million from 2022 to 2027, according to Technavio. The market is estimated to grow at a CAGR of 8.47% during the forecast period. However, the growth momentum will progress For more insights on the historical (2017 to 2021) and forecast market size (2023 to 2027) - Request a sample report

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Residential HVAC Market - Segmentation Assessment

Segment Overview

Technavio has segmented the market based on type (HVAC equipment and HVAC services), and product (air conditioning system, heating system, and ventilating system)

• The HVAC equipment segment will account for a significant share of market growth during the forecast period. This segment comprises heating equipment, ventilation equipment, and air conditioning equipment. The increasing construction activities, particularly in the Middle East and Asian countries, will drive the demand for HVAC systems. Furthermore, underfloor heating (UFH) systems are becoming increasingly popular in these regions. Hence, these factors are expected to drive segment growth during the forecast period.

Geography Overview

By geography, the residential HVAC market is segmented into APAC, Europe, North America, Middle East and Africa, and South America. The report provides actionable insights and estimates the contribution of all regions to the growth of the global residential HVAC market.

• Europe is estimated to contribute 32% to the growth by 2027. APAC is another key region that contributes significantly to the growth of the global market. The growing demand for energy-efficient HVAC units in countries such as India and China is due to increased housing and population growth in the region. As more residential houses are being built, the need for such equipment is increasing. In addition, the implementation of new infrastructure development projects is expected to further increase the demand for energy-efficient HVAC solutions.

Insights on the market contribution of various segments, including country and region wise historic data (2017 to 2021), and forecast market size (2023 to 2027) - Download a Sample Report

Residential HVAC Market – Market Dynamics

Key drivers

The rise in demand for HVAC in the construction industry is a key factor driving market growth. The construction industry is growing worldwide, with APAC being the major market. The demand for HVAC systems has increased due to the rise of green buildings. Additionally, there is an increasing use of HVAC systems in residential settings. Ductless HVAC systems are an excellent choice for homes as they are highly efficient, flexible, and cost-effective. They consume less energy compared to central air conditioning and can be used to regulate the temperature of the entire house or specific rooms, making them a popular option. Hence, these factors are expected to drive market growth during the forecast period.

Major Trends

Power evaluation software program is a major trend in the market. Power evaluation software programs offer contractors the ability to access power data, leading to cost savings for their clients. With this program, users can calculate the lifetime power consumption and various parameters related to HVAC devices, enabling the monitoring of performance. This software benefits both clients and HVAC specialists, fostering innovation in HVAC systems. Hence, these factors are expected to drive market growth during the forecast period.

Significant Challenges

The high initial cost of HVAC equipment is a significant challenge restricting market growth. Deploying energy-efficient HVAC technology requires significant initial investment and installation costs. These advanced technologies typically cost more than traditional options, resulting in a longer break-even point for your return on investment. This increased effort could pose challenges for price-sensitive customers, especially in emerging markets. In developing countries such as India and China, residential property buyers are highly price sensitive and focus on the initial cost of HVAC equipment. Hence, the high initial cost is expected to restrict the market growth during the forecast period.

Insights on Market Drivers, trends, & Challenges, historic period (2017 to 2021), and forecast period(2023 to 2027)- Request a sample report!

What are the key data covered in this Residential HVAC Market report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the residential HVAC market between 2023 and 2027
• Precise estimation of the size of the residential HVAC market and its contribution to the market with a focus on the parent market
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the residential HVAC market across APAC, Europe, North America, Middle East and Africa, and South America
• A thorough analysis of the market's competitive landscape and detailed information about vendors
• Comprehensive analysis of factors that will challenge the growth of residential HVAC market vendors

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Table of Contents

1 Executive Summary

• 1.1 Market Overview
• Exhibit 01: Executive Summary – Chart on Market Overview
• Exhibit 02: Executive Summary – Data Table on Market Overview
• Exhibit 03: Executive Summary – Chart on Global Market Characteristics
• Exhibit 04: Executive Summary – Chart on Market by Geography
• Exhibit 05: Executive Summary – Chart on Market Segmentation by Type
• Exhibit 06: Executive Summary – Chart on Market Segmentation by Product
• Exhibit 07: Executive Summary – Chart on Incremental Growth
• Exhibit 08: Executive Summary – Data Table on Incremental Growth
• Exhibit 09: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

• 2.1 Market ecosystem
• Exhibit 10: Parent market
• Exhibit 11: Market Characteristics

3 Market Sizing

• 3.1 Market definition
• Exhibit 12: Offerings of vendors included in the market definition

• 3.2 Market segment analysis 
• Exhibit 13: Market segments

• 3.3 Market size 2022

• 3.4 Market outlook: Forecast for 2022-2027 
• Exhibit 14: Chart on Global - Market size and forecast 2022-2027 ($ million)
• Exhibit 15: Data Table on Global - Market size and forecast 2022-2027 ($ million)
• Exhibit 16: Chart on Global Market: Year-over-year growth 2022-2027 (%)
• Exhibit 17: Data Table on Global Market: Year-over-year growth 2022-2027 (%)

4 Historic Market Size

• 4.1 Global residential HVAC market 2017 - 2021 
• Exhibit 18: Historic Market Size – Data Table on global residential hvac market 2017 - 2021 ($ million)

• 4.2 Type Segment Analysis 2017 - 2021 
• Exhibit 19: Historic Market Size – Type Segment 2017 - 2021 ($ million)

• 4.3 Product Segment Analysis 2017 - 2021 
• Exhibit 20: Historic Market Size – Product Segment 2017 - 2021 ($ million)

• 4.4 Geography Segment Analysis 2017 - 2021 
• Exhibit 21: Historic Market Size – Geography Segment 2017 - 2021 ($ million)

• 4.5 Country Segment Analysis 2017 - 2021 
• Exhibit 22: Historic Market Size – Country Segment 2017 - 2021 ($ million)

5 Five Forces Analysis

• 5.1 Five forces summary
• Exhibit 23: Five forces analysis - Comparison between 2022 and 2027

• 5.2 Bargaining power of buyers 
• Exhibit 24: Chart on Bargaining power of buyers – Impact of key factors 2022 and 2027

• 5.3 Bargaining power of suppliers 
• Exhibit 25: Bargaining power of suppliers – Impact of key factors in 2022 and 2027

• 5.4 Threat of new entrants 
• Exhibit 26: Threat of new entrants – Impact of key factors in 2022 and 2027

• 5.5 Threat of substitutes 
• Exhibit 27: Threat of substitutes – Impact of key factors in 2022 and 2027

• 5.6 Threat of rivalry
• Exhibit 28: Threat of rivalry – Impact of key factors in 2022 and 2027

• 5.7 Market condition
• Exhibit 29: Chart on Market condition - Five forces 2022 and 2027

6 Market Segmentation by Type

• 6.1 Market segments
• Exhibit 30: Chart on Type - Market share 2022-2027 (%)
• Exhibit 31: Data Table on Type - Market share 2022-2027 (%)

• 6.2 Comparison by Type
• Exhibit 32: Chart on Comparison by Type
• Exhibit 33: Data Table on Comparison by Type

• 6.3 HVAC equipment - Market size and forecast 2022-2027 
• Exhibit 34: Chart on HVAC equipment - Market size and forecast 2022-2027 ($ million)
• Exhibit 35: Data Table on HVAC equipment - Market size and forecast 2022-2027 ($ million)
• Exhibit 36: Chart on HVAC equipment - Year-over-year growth 2022-2027 (%)
• Exhibit 37: Data Table on HVAC equipment - Year-over-year growth 2022-2027 (%)

• 6.4 HVAC services - Market size and forecast 2022-2027 
• Exhibit 38: Chart on HVAC services - Market size and forecast 2022-2027 ($ million)
• Exhibit 39: Data Table on HVAC services - Market size and forecast 2022-2027 ($ million)
• Exhibit 40: Chart on HVAC services - Year-over-year growth 2022-2027 (%)
• Exhibit 41: Data Table on HVAC services - Year-over-year growth 2022-2027 (%)

• 6.5 Market opportunity by Type 
• Exhibit 42: Market opportunity by Type ($ million)
• Exhibit 43: Data Table on Market opportunity by Type ($ million)

7 Market Segmentation by Product

• 7.1 Market segments
• Exhibit 44: Chart on Product - Market share 2022-2027 (%)
• Exhibit 45: Data Table on Product - Market share 2022-2027 (%)

• 7.2 Comparison by Product 
• Exhibit 46: Chart on Comparison by Product
• Exhibit 47: Data Table on Comparison by Product

• 7.3 Air conditioning system - Market size and forecast 2022-2027 
• Exhibit 48: Chart on Air conditioning system - Market size and forecast 2022-2027 ($ million)
• Exhibit 49: Data Table on Air conditioning system - Market size and forecast 2022-2027 ($ million)
• Exhibit 50: Chart on Air conditioning system - Year-over-year growth 2022-2027 (%)
• Exhibit 51: Data Table on Air conditioning system - Year-over-year growth 2022-2027 (%)

• 7.4 Heating system - Market size and forecast 2022-2027 
• Exhibit 52: Chart on Heating system - Market size and forecast 2022-2027 ($ million)
• Exhibit 53: Data Table on Heating system - Market size and forecast 2022-2027 ($ million)
• Exhibit 54: Chart on Heating system - Year-over-year growth 2022-2027 (%)
• Exhibit 55: Data Table on Heating system - Year-over-year growth 2022-2027 (%)

• 7.5 Ventilating system - Market size and forecast 2022-2027 
• Exhibit 56: Chart on Ventilating system - Market size and forecast 2022-2027 ($ million)
• Exhibit 57: Data Table on Ventilating system - Market size and forecast 2022-2027 ($ million)
• Exhibit 58: Chart on Ventilating system - Year-over-year growth 2022-2027 (%)
• Exhibit 59: Data Table on Ventilating system - Year-over-year growth 2022-2027 (%)

• 7.6 Market opportunity by Product 
• Exhibit 60: Market opportunity by Product ($ million)
• Exhibit 61: Data Table on Market opportunity by Product ($ million)

8 Customer Landscape

• 8.1 Customer landscape overview 
• Exhibit 62: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

9 Geographic Landscape

• 9.1 Geographic segmentation 
• Exhibit 63: Chart on Market share by geography 2022-2027 (%)
• Exhibit 64: Data Table on Market share by geography 2022-2027 (%)

• 9.2 Geographic comparison 
• Exhibit 65: Chart on Geographic comparison
• Exhibit 66: Data Table on Geographic comparison

• 9.3 APAC - Market size and forecast 2022-2027 
• Exhibit 67: Chart on APAC - Market size and forecast 2022-2027 ($ million)
• Exhibit 68: Data Table on APAC - Market size and forecast 2022-2027 ($ million)
• Exhibit 69: Chart on APAC - Year-over-year growth 2022-2027 (%)
• Exhibit 70: Data Table on APAC - Year-over-year growth 2022-2027 (%)

• 9.4 Europe - Market size and forecast 2022-2027 
• Exhibit 71: Chart on Europe - Market size and forecast 2022-2027 ($ million)
• Exhibit 72: Data Table on Europe - Market size and forecast 2022-2027 ($ million)
• Exhibit 73: Chart on Europe - Year-over-year growth 2022-2027 (%)
• Exhibit 74: Data Table on Europe - Year-over-year growth 2022-2027 (%)

• 9.5 North America - Market size and forecast 2022-2027 
• Exhibit 75: Chart on North America - Market size and forecast 2022-2027 ($ million)
• Exhibit 76: Data Table on North America - Market size and forecast 2022-2027 ($ million)
• Exhibit 77: Chart on North America - Year-over-year growth 2022-2027 (%)
• Exhibit 78: Data Table on North America - Year-over-year growth 2022-2027 (%)

• 9.6 Middle East and Africa - Market size and forecast 2022-2027 
• Exhibit 79: Chart on Middle East and Africa - Market size and forecast 2022-2027 ($ million)
• Exhibit 80: Data Table on Middle East and Africa - Market size and forecast 2022-2027 ($ million)
• Exhibit 81: Chart on Middle East and Africa - Year-over-year growth 2022-2027 (%)
• Exhibit 82: Data Table on Middle East and Africa - Year-over-year growth 2022-2027 (%)

• 9.7 South America - Market size and forecast 2022-2027 
• Exhibit 83: Chart on South America - Market size and forecast 2022-2027 ($ million)
• Exhibit 84: Data Table on South America - Market size and forecast 2022-2027 ($ million)
• Exhibit 85: Chart on South America - Year-over-year growth 2022-2027 (%)
• Exhibit 86: Data Table on South America - Year-over-year growth 2022-2027 (%)

• 9.8 US - Market size and forecast 2022-2027 
• Exhibit 87: Chart on US - Market size and forecast 2022-2027 ($ million)
• Exhibit 88: Data Table on US - Market size and forecast 2022-2027 ($ million)
• Exhibit 89: Chart on US - Year-over-year growth 2022-2027 (%)
• Exhibit 90: Data Table on US - Year-over-year growth 2022-2027 (%)

• 9.9 China - Market size and forecast 2022-2027 
• Exhibit 91: Chart on China - Market size and forecast 2022-2027 ($ million)
• Exhibit 92: Data Table on China - Market size and forecast 2022-2027 ($ million)
• Exhibit 93: Chart on China - Year-over-year growth 2022-2027 (%)
• Exhibit 94: Data Table on China - Year-over-year growth 2022-2027 (%)

• 9.10 Germany - Market size and forecast 2022-2027 
• Exhibit 95: Chart on Germany - Market size and forecast 2022-2027 ($ million)
• Exhibit 96: Data Table on Germany - Market size and forecast 2022-2027 ($ million)
• Exhibit 97: Chart on Germany - Year-over-year growth 2022-2027 (%)
• Exhibit 98: Data Table on Germany - Year-over-year growth 2022-2027 (%)

• 9.11 UK - Market size and forecast 2022-2027 
• Exhibit 99: Chart on UK - Market size and forecast 2022-2027 ($ million)
• Exhibit 100: Data Table on UK - Market size and forecast 2022-2027 ($ million)
• Exhibit 101: Chart on UK - Year-over-year growth 2022-2027 (%)
• Exhibit 102: Data Table on UK - Year-over-year growth 2022-2027 (%)

• 9.12 Japan - Market size and forecast 2022-2027 
• Exhibit 103: Chart on Japan - Market size and forecast 2022-2027 ($ million)
• Exhibit 104: Data Table on Japan - Market size and forecast 2022-2027 ($ million)
• Exhibit 105: Chart on Japan - Year-over-year growth 2022-2027 (%)
• Exhibit 106: Data Table on Japan - Year-over-year growth 2022-2027 (%)

• 9.13 Market opportunity by geography 
• Exhibit 107: Market opportunity by geography ($ million)
• Exhibit 108: Data Tables on Market opportunity by geography ($ million)

10 Drivers, Challenges, and Trends

• 10.1 Market drivers

• 10.2 Market challenges

• 10.3 Impact of drivers and challenges 
• Exhibit 109: Impact of drivers and challenges in 2022 and 2027

• 10.4 Market trends

11 Vendor Landscape

• 11.1 Overview

• 11.2 Vendor landscape
• Exhibit 110: Overview on Criticality of inputs and Factors of differentiation

• 11.3 Landscape disruption
• Exhibit 111: Overview on factors of disruption

• 11.4 Industry risks
• Exhibit 112: Impact of key risks on business

12 Vendor Analysis

• 12.1 Vendors covered
• Exhibit 113: Vendors covered

• 12.2 Market positioning of vendors 
• Exhibit 114: Matrix on vendor position and classification

• 12.3 AB Electrolux
• Exhibit 115: AB Electrolux - Overview
• Exhibit 116: AB Electrolux - Business segments
• Exhibit 117: AB Electrolux - Key news
• Exhibit 118: AB Electrolux - Key offerings
• Exhibit 119: AB Electrolux - Segment focus

• 12.4 Carrier Global Corp.
• Exhibit 120: Carrier Global Corp. - Overview
• Exhibit 121: Carrier Global Corp. - Business segments
• Exhibit 122: Carrier Global Corp. - Key news
• Exhibit 123: Carrier Global Corp. - Key offerings
• Exhibit 124: Carrier Global Corp. - Segment focus

• 12.5 Daikin Industries Ltd. 
• Exhibit 125: Daikin Industries Ltd. - Overview
• Exhibit 126: Daikin Industries Ltd. - Business segments
• Exhibit 127: Daikin Industries Ltd. - Key news
• Exhibit 128: Daikin Industries Ltd. - Key offerings
• Exhibit 129: Daikin Industries Ltd. - Segment focus

• 12.6 Danfoss AS
• Exhibit 130: Danfoss AS - Overview
• Exhibit 131: Danfoss AS - Business segments
• Exhibit 132: Danfoss AS - Key news
• Exhibit 133: Danfoss AS - Key offerings
• Exhibit 134: Danfoss AS - Segment focus

• 12.7 Fujitsu Ltd.
• Exhibit 135: Fujitsu Ltd. - Overview
• Exhibit 136: Fujitsu Ltd. - Business segments
• Exhibit 137: Fujitsu Ltd. - Key news
• Exhibit 138: Fujitsu Ltd. - Key offerings
• Exhibit 139: Fujitsu Ltd. - Segment focus

• 12.8 Gree Electric Appliances Inc. of Zhuhai 
• Exhibit 140: Gree Electric Appliances Inc. of Zhuhai - Overview
• Exhibit 141: Gree Electric Appliances Inc. of Zhuhai - Product / Service
• Exhibit 142: Gree Electric Appliances Inc. of Zhuhai - Key offerings

• 12.9 Haier Smart Home Co. Ltd. 
• Exhibit 143: Haier Smart Home Co. Ltd. - Overview
• Exhibit 144: Haier Smart Home Co. Ltd. - Business segments
• Exhibit 145: Haier Smart Home Co. Ltd. - Key offerings
• Exhibit 146: Haier Smart Home Co. Ltd. - Segment focus

• 12.10 Honeywell International Inc. 
• Exhibit 147: Honeywell International Inc. - Overview
• Exhibit 148: Honeywell International Inc. - Business segments
• Exhibit 149: Honeywell International Inc. - Key news
• Exhibit 150: Honeywell International Inc. - Key offerings
• Exhibit 151: Honeywell International Inc. - Segment focus

• 12.11 Johnson Controls International Plc 
• Exhibit 152: Johnson Controls International Plc - Overview
• Exhibit 153: Johnson Controls International Plc - Business segments
• Exhibit 154: Johnson Controls International Plc - Key news
• Exhibit 155: Johnson Controls International Plc - Key offerings
• Exhibit 156: Johnson Controls International Plc - Segment focus

• 12.12 Lennox International Inc. 
• Exhibit 157: Lennox International Inc. - Overview
• Exhibit 158: Lennox International Inc. - Business segments
• Exhibit 159: Lennox International Inc. - Key news
• Exhibit 160: Lennox International Inc. - Key offerings
• Exhibit 161: Lennox International Inc. - Segment focus

• 12.13 LG Electronics Inc.
• Exhibit 162: LG Electronics Inc. - Overview
• Exhibit 163: LG Electronics Inc. - Product / Service
• Exhibit 164: LG Electronics Inc. - Key offerings

• 12.14 MIDEA Group
• Exhibit 165: MIDEA Group - Overview
• Exhibit 166: MIDEA Group - Business segments
• Exhibit 167: MIDEA Group - Key offerings
• Exhibit 168: MIDEA Group - Segment focus

• 12.15 Panasonic Holdings Corp. 
• Exhibit 169: Panasonic Holdings Corp. - Overview
• Exhibit 170: Panasonic Holdings Corp. - Business segments
• Exhibit 171: Panasonic Holdings Corp. - Key news
• Exhibit 172: Panasonic Holdings Corp. - Key offerings
• Exhibit 173: Panasonic Holdings Corp. - Segment focus

• 12.16 Samsung Electronics Co. Ltd. 
• Exhibit 174: Samsung Electronics Co. Ltd. - Overview
• Exhibit 175: Samsung Electronics Co. Ltd. - Business segments
• Exhibit 176: Samsung Electronics Co. Ltd. - Key news
• Exhibit 177: Samsung Electronics Co. Ltd. - Key offerings
• Exhibit 178: Samsung Electronics Co. Ltd. - Segment focus

• 12.17 Trane Technologies Plc 
• Exhibit 179: Trane Technologies Plc - Overview
• Exhibit 180: Trane Technologies Plc - Business segments
• Exhibit 181: Trane Technologies Plc - Key news
• Exhibit 182: Trane Technologies Plc - Key offerings
• Exhibit 183: Trane Technologies Plc - Segment focus

13 Appendix

• 13.1 Scope of the report

• 13.2 Inclusions and exclusions checklist 
• Exhibit 184: Inclusions checklist
• Exhibit 185: Exclusions checklist

• 13.3 Currency conversion rates for US$ 
• Exhibit 186: Currency conversion rates for US$

• 13.4 Research methodology
• Exhibit 187: Research methodology
• Exhibit 188: Validation techniques employed for market sizing
• Exhibit 189: Information sources

• 13.5 List of abbreviations
• Exhibit 190: List of abbreviations

About Us

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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