Global Residential HVAC Equipment Market Size To Exceed USD 83.10 Billion By 2033 | CAGR of 6.06%
Category: Machinery & EquipmentGlobal Residential HVAC Equipment Market Size To Exceed USD 83.10 Billion By 2033
According to a research report published by Spherical Insights & Consulting, the Global Residential HVAC Equipment Market Size Expected to Grow from USD 46.15 Billion in 2023 to USD 83.10 Billion by 2033, at a CAGR of 6.06% during the forecast period 2023-2033.
Get more details on this report -
Browse key industry insights spread across 270 pages with 115 Market data tables and figures & charts from the report on the "Global Residential HVAC Equipment Market Size, Share, and COVID-19 Impact Analysis, By Product Type (Heating Equipment, Cooling Equipment, Ventilation Equipment, Smart HVAC Systems), By Application (New Residential Construction, Replacement & Retrofit, Renovation & Upgrades), By Technology (Traditional HVAC Systems, Energy-efficient HVAC Systems, Smart HVAC Systems), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033. Get Detailed Report Description Here: https://www.sphericalinsights.com/reports/residential-hvac-equipment-market
The residential HVAC equipment market is the industry that designs, manufactures, distributes, and maintains heating, ventilation, and air conditioning systems for use in residential buildings. These systems are specifically designed to control indoor temperature, humidity, air quality, and airflow, and so provide comfort and energy efficiency within homes. Residential HVAC system demand is primarily driven by energy efficiency solutions, consumer awareness of indoor air quality, the desire for smart homes, and the replacement or upgrade of current HVAC units. Furthermore, due to climate change and extreme weather conditions like as heatwaves and cold snaps, the demand for reliable HVAC systems in residential dwellings is increasing rapidly. However, The residential HVAC equipment market has significant installation and maintenance costs, particularly for energy-efficient and smart devices. These products are intrinsically in violation of the minimal energy norms, which increases operational expenses.
The cooling equipment segment is expected to hold the largest share of the global residential HVAC equipment market during the projected timeframe.
Based on product type, the global residential HVAC equipment market is categorized as heating equipment, cooling equipment, ventilation equipment, and smart HVAC systems. Among these, the cooling equipment segment is expected to hold the largest share of the global residential HVAC equipment market during the projected timeframe. This is largely due to rising temperatures caused by global warming, rising demand for air conditioners in tropical climates, and increased usage of energy-efficient cooling technologies.
The replacement & retrofit segment is expected to grow at the fastest CAGR during the projected timeframe.
Based on the applications, the global residential HVAC equipment market is categorized as new residential construction, replacement & retrofit, and renovation & upgrades. Among these, the replacement & retrofit segment is expected to grow at the fastest CAGR during the projected timeframe. Increased awareness of the benefits of contemporary, energy-efficient systems, as well as government incentives for switching to environmentally friendly solutions, are boosting demand for replacement and retrofit applications. It is particularly prominent in developed areas when the housing stock is ageing.
The energy-efficient HVAC systems segment is expected to hold the largest share of the global residential HVAC equipment market during the projected timeframe.
Based on technology, the global residential HVAC equipment market is categorized as traditional HVAC systems, energy-efficient HVAC systems, and smart HVAC systems. Among these, the energy-efficient HVAC systems segment is expected to hold the largest share of the global residential HVAC equipment market during the projected timeframe. Consumers and governments are increasingly searching for sustainability and ways to reduce energy usage; therefore, HVAC systems are being developed to minimize energy use while providing optimal performance.
North America is projected to hold the largest share of the global residential HVAC equipment market over the forecast period.
Get more details on this report -
North America is projected to hold the largest share of the global residential HVAC equipment market over the forecast period. This is further fueled by the demand for energy-efficient and smart HVAC systems, as well as expanding home automation trends. Regulatory pressures, government incentives, and consumer awareness of energy savings and environmental concerns have resulted in massive expenditures in residential HVAC renovations in the United States and Canada.
Asia Pacific is expected to grow at the fastest CAGR growth of the global residential HVAC equipment market during the forecast period. Rapid urbanization, rising disposable incomes, and rising temperatures in China, India, and Southeast Asia have all contributed to the region's growth. Increased interest in energy-efficient HVACs and improved indoor air quality is adding to the speed of demand for advanced HVAC solutions.
Major vendors in the global residential HVAC equipment market are Carrier Corporation, Daikin Industries, Ltd., Trane Technologies, Lennox International Inc., Rheem Manufacturing Company, Mitsubishi Electric Corporation, Honeywell International Inc., Bosch Thermotechnology, Johnson Controls International plc, Fujitsu General Limited, American Standard, and Others.
Key Target Audience
- Market Players
- Investors
- End-users
- Government Authorities
- Consulting and Research Firm
- Venture capitalists
- Value-Added Resellers (VARs)
Recent Developments
- In June 2023, Johnson Controls-Hitachi Air Conditioning introduced air365 Max, a low-cost HVAC solution for professionals, architects, and building owners.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global Residential HVAC Equipment market based on the below-mentioned segments:
Global Residential HVAC Equipment Market, By Product Type
- Heating Equipment
- Cooling Equipment
- Ventilation Equipment
- Smart HVAC Systems
Global Residential HVAC Equipment Market, By Application
- New Residential Construction
- Replacement & Retrofit
- Renovation & Upgrades
Global Residential HVAC Equipment Market, By Technology
- Traditional HVAC Systems
- Energy-efficient HVAC Systems
- Smart HVAC Systems
Global Residential HVAC Equipment Market, By Regional
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
About the Spherical Insights & Consulting
Spherical Insights & Consulting is a market research and consulting firm which provides actionable market research study, quantitative forecasting and trends analysis provides forward-looking insight especially designed for decision makers and aids ROI.
Which is catering to different industry such as financial sectors, industrial sectors, government organizations, universities, non-profits and corporations. The company's mission is to work with businesses to achieve business objectives and maintain strategic improvements.
CONTACT US:
For More Information on Your Target Market, Please Contact Us Below:
Phone: +1 303 800 4326 (the U.S.)
Phone: +91 90289 24100 (APAC)
Email: inquiry@sphericalinsights.com, sales@sphericalinsights.com
Contact Us: https://www.sphericalinsights.com/contact-us
Need help to buy this report?