Summary

Executive Summary

Azoth Analytics has released a research report titled “Global Heating, Ventilation, Air Conditioning, and Refrigeration (HVAC-R) Market (2023 Edition)” which provides a complete analysis of the Global Heating, Ventilation, Air Conditioning, and Refrigeration (HVAC-R) industry in terms of market segmentation By Product Type (Cooling, Refrigeration, Heating, and Ventilation or Indoor Air Quality), User Type (Commercial, Residential), By Region (North America, Europe, Asia-pacific, and ROW), and By Country for the historical period of 2019-2022, the estimates of 2023 and the forecast period of 2024-2029.

Global Heating, Ventilation, Air Conditioning, and Refrigeration (HVAC-R) Market attained a market value of USD 267.86 Billion in 2022 witnessing a growth of 3.37% during 2019-2022.

While air conditioning is ubiquitous in many warmer developed economies, emerging nations with a rising middle class are going to continue to drive unit demand. Once air conditioning is introduced, it quickly spreads from transportation hubs, commercial enterprises, and ultimately to the home, bolstering the market growth.

The emerging need to reduce volatile energy costs, and supportive government policies that are being introduced in pursuit of net zero carbon emissions will further accelerate the growth in future. The Global Heating, Ventilation, Air Conditioning, and Refrigeration (HVAC-R) Market is expected to grow in the forecast period and register a market value of USD 370.62 Billion in 2029 at a CAGR of 4.5% during the forecast period.

The Heating, Ventilation, Air Conditioning, and Refrigeration (HVAC-R) market are propelled by the ever-increasing old age population across the globe, burgeoning demand for sustainable, environmental products clubbed with growing awareness among consumers regarding the impact of these products on the environment will spur the market growth in future.

Factors such as a growing population, growing construction industry, and rising disposable incomes contribute to the market's expansion supported by increasing awareness related to the impact of bad air on the human body with an increasing number of people suffering from lung diseases will supplement the growth. Other features of the market include an increasing number of leading companies investing heftily in offering technologically advanced HVAC-R products coupled with burgeoning demand for cooling equipment including ACs and refrigerators during the summer season will infuse robust growth in the market in future.



Scope of the Report

• The report analyses the Heating, Ventilation, Air Conditioning, and Refrigeration (HVAC-R) Market by Value (USD Billion)

• The report presents the analysis of the Heating, Ventilation, Air Conditioning, and Refrigeration (HVAC-R) Market for the historical period of 2019-2022, the estimated year 2023 and the forecast period of 2024-2029.

• The report analyses the Heating, Ventilation, Air Conditioning, and Refrigeration (HVAC-R) Market By Product Type (Cooling, Refrigeration, Heating, and Ventilation or Indoor Air Quality).

• The report analyses the Heating, Ventilation, Air Conditioning, and Refrigeration (HVAC-R) Market By User Type (Commercial, Residential).

• The key insights of the report have been presented through the frameworks of SWOT and Porter’s Five Forces Analysis.

• Also, the major opportunities, trends, drivers and challenges of the industry has been analysed in the report.

• The report tracks competitive developments, strategies, mergers and acquisitions and new product development. The companies analysed in the report include Daikin, Ingersoll Rand, Panasonic, Midea Group, Haier, Gree Electric, Voltas, LG Electronics, Envicool, Mitsubishi Electric.

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Table of Contents

1. Market Background

1.1 Scope and Product Outlook

1.2 Executive Summary

1.3 Research Methodology

2. Strategic Recommendations

2.1 Invest in Advanced Cooling Technology

2.2 Expanding product portfolio to offer products with high energy efficiency ratings

3. Global Heating, Ventilation, Air Conditioning, and Refrigeration (HVAC-R) Market: Historic and Forecast (2019-2029)

3.1 Impact Analysis of Macro Economic Factors on Heating, Ventilation, Air Conditioning, and Refrigeration (HVAC-R) Market

3.2 GDP Per Capita, By Country (2022)

3.3 Share of People Living in the Urban Areas Across the Globe

3.4 Internet Users, By Country

3.5 Cellphone Users, By Country and Top 50 Countries With the Largest Percentage of Older Adults

3.6 Global Heating, Ventilation, Air Conditioning, and Refrigeration (HVAC-R) Market: Dashboard

3.7 Global Heating, Ventilation, Air Conditioning, and Refrigeration (HVAC-R) Market: Market Size and CAGR, 2019-2029 (USD Billion & CAGR)

3.8 Degree of Impact of COVID-19 on the Heating, Ventilation, Air Conditioning, and Refrigeration (HVAC-R) Market

3.9 Global Heating, Ventilation, Air Conditioning, and Refrigeration (HVAC-R) Market Segmentation: By Product Type

3.9.1 Global Heating, Ventilation, Air Conditioning, and Refrigeration (HVAC-R) Market, By Product Type Overview

3.9.2 Global Heating, Ventilation, Air Conditioning, and Refrigeration (HVAC-R) Market Size, By Cooling, By Value, 2019H-2029F (USD Billion & CAGR)

3.9.3 Global Heating, Ventilation, Air Conditioning, and Refrigeration (HVAC-R) Market Size, By Refrigeration, By Value, 2019H-2029F (USD Billion & CAGR)3.9.4 Global Heating, Ventilation, Air Conditioning, and Refrigeration (HVAC-R) Market Size, By Heating, By Value, 2019H-2029F (USD Billion & CAGR)

3.9.5 Global Heating, Ventilation, Air Conditioning, and Refrigeration (HVAC-R) Market Size, By Ventilation or Indoor Air Quality, By Value, 2019H-2029F (USD Billion & CAGR)

3.10 Global Heating, Ventilation, Air Conditioning, and Refrigeration (HVAC-R) Market Segmentation: By User Type

3.10.1 Global Heating, Ventilation, Air Conditioning, and Refrigeration (HVAC-R) Market, By User Type Overview

3.10.2 Global Heating, Ventilation, Air Conditioning, and Refrigeration (HVAC-R) Market Size, By Commercial, By Value, 2019H-2029F (USD Billion & CAGR)

3.10.3 Global Heating, Ventilation, Air Conditioning, and Refrigeration (HVAC-R) Market Size, By Residential, By Value, 2019H-2029F (USD Billion & CAGR)



4. Global Heating, Ventilation, Air Conditioning, and Refrigeration (HVAC-R) Market, Region Analysis

4.1 Regional Coverage of the Study

4.2 Regional Snapshot



5. North America Heating, Ventilation, Air Conditioning, and Refrigeration (HVAC-R) Market: Historic and Forecast (2019-2029)

5.1 North America Heating, Ventilation, Air Conditioning, and Refrigeration (HVAC-R) Market: Snapshot

5.2 North America Heating, Ventilation, Air Conditioning, and Refrigeration (HVAC-R) Market: Market Size and CAGR, 2019-2029 (USD Billion & CAGR)

5.3 North America Heating, Ventilation, Air Conditioning, and Refrigeration (HVAC-R) Market: Key Factors

5.4 North America Heating, Ventilation, Air Conditioning, and Refrigeration (HVAC-R) Market Segmentation: By Product Type

5.4.1 North America Heating, Ventilation, Air Conditioning, and Refrigeration (HVAC-R) Market, By Product Type Overview

5.4.2 North America HVAC-R Market Size, By Cooling, By Value, 2019H-2029F (USD Billion & CAGR)

5.4.3 North America HVAC-R Market Size, By Refrigeration, By Value, 2019H-2029F (USD Billion & CAGR)

5.4.4 North America HVAC-R Market Size, By Heating, By Value, 2019H-2029F (USD Billion & CAGR)

5.4.5 North America HVAC-R Market Size, By Ventilation or Indoor Air Quality, By Value, 2019H-2029F (USD Billion & CAGR)

5.5 North America Heating, Ventilation, Air Conditioning, and Refrigeration (HVAC-R) Market Segmentation: By User Type

5.5.1 North America Heating, Ventilation, Air Conditioning, and Refrigeration (HVAC-R) Market, By User Type Overview

5.5.2 North America HVAC-R Market Size, By Commercial, By Value, 2019H-2029F (USD Billion & CAGR)

5.5.3 North America HVAC-R Market Size, By Residential, By Value, 2019H-2029F (USD Billion & CAGR)

5.6 North America Heating, Ventilation, Air Conditioning, and Refrigeration (HVAC-R) Market Segmentation: By Country

5.6.1 United States Heating, Ventilation, Air Conditioning, and Refrigeration (HVAC-R) Market: Market Size and CAGR, 2019-2029 (USD Billion & CAGR)5.6.1.1 United States Heating, Ventilation, Air Conditioning, and Refrigeration (HVAC-R) Market, By Product Type

5.6.1.2 United States Heating, Ventilation, Air Conditioning, and Refrigeration (HVAC-R) Market, By User Type

5.6.2 Canada Heating, Ventilation, Air Conditioning, and Refrigeration (HVAC-R) Market: Market Size and CAGR, 2019-2029 (USD Billion & CAGR)

5.6.2.1 Canada Heating, Ventilation, Air Conditioning, and Refrigeration (HVAC-R) Market, By Product Type

5.6.2.2 Canada Heating, Ventilation, Air Conditioning, and Refrigeration (HVAC-R) Market, By User Type



6. Europe Heating, Ventilation, Air Conditioning, and Refrigeration (HVAC-R) Market: Historic and Forecast (2019-2029)

6.1 Europe Heating, Ventilation, Air Conditioning, and Refrigeration (HVAC-R) Market: Snapshot

6.2 Europe Heating, Ventilation, Air Conditioning, and Refrigeration (HVAC-R) Market: Market Size and CAGR, 2019-2029 (USD Billion & CAGR)

6.3 Europe Heating, Ventilation, Air Conditioning, and Refrigeration (HVAC-R) Market: Key Factors

6.4 Europe Heating, Ventilation, Air Conditioning, and Refrigeration (HVAC-R) Market Segmentation: By Product Type

6.4.1 Europe Heating, Ventilation, Air Conditioning, and Refrigeration (HVAC-R) Market, By Product Type Overview

6.4.2 Europe Heating, Ventilation, Air Conditioning, and Refrigeration (HVAC-R) Market Size, By Cooling, By Value, 2019H-2029F (USD Billion & CAGR)

6.4.3 Europe HVAC-R Market Size, By Refrigeration, By Value, 2019H-2029F (USD Billion & CAGR)

6.4.4 Europe Heating, Ventilation, Air Conditioning, and Refrigeration (HVAC-R) Market Size, By Heating, By Value, 2019H-2029F (USD Billion & CAGR)

6.4.5 Europe Heating, Ventilation, Air Conditioning, and Refrigeration (HVAC-R) Market Size, By Ventilation or Indoor Air Quality, By Value, 2019H-2029F (USD Billion & CAGR)

6.5 Europe Heating, Ventilation, Air Conditioning, and Refrigeration (HVAC-R) Market Segmentation: By User Type

6.5.1 Europe Heating, Ventilation, Air Conditioning, and Refrigeration (HVAC-R) Market, By User Type Overview

6.5.2 Europe Heating, Ventilation, Air Conditioning, and Refrigeration (HVAC-R) Market Size, By Commercial, By Value, 2019H-2029F (USD Billion & CAGR)

6.5.3 Europe Heating, Ventilation, Air Conditioning, and Refrigeration (HVAC-R) Market Size, By Residential, By Value, 2019H-2029F (USD Billion & CAGR)

6.6 Europe Heating, Ventilation, Air Conditioning, and Refrigeration (HVAC-R) Market Segmentation: By Country

6.6.1 United Kingdom HVAC-R Market: Market Size and CAGR, 2019-2029 (USD Billion & CAGR)

6.6.1.1 United Kingdom HVAC-R Market, By Product Type

6.6.1.2 United Kingdom HVAC-R Market, By User Type

6.6.2 France Heating, Ventilation, Air Conditioning, and Refrigeration (HVAC-R) Market: Market Size and CAGR, 2019-2029 (USD Billion & CAGR)

6.6.2.1 France Heating, Ventilation, Air Conditioning, and Refrigeration (HVAC-R) Market, By Product Type

6.6.2.2 France Heating, Ventilation, Air Conditioning, and Refrigeration (HVAC-R) Market, By User Type

6.6.3 Germany Heating, Ventilation, Air Conditioning, and Refrigeration (HVAC-R) Market: Market Size and CAGR, 2019-2029 (USD Billion & CAGR)

6.6.3.1 Germany Heating, Ventilation, Air Conditioning, and Refrigeration (HVAC-R) Market, By Product Type

6.6.3.2 Germany Heating, Ventilation, Air Conditioning, and Refrigeration (HVAC-R) Market, By User Type

6.6.4 Italy Heating, Ventilation, Air Conditioning, and Refrigeration (HVAC-R) Market: Market Size and CAGR, 2019-2029 (USD Billion & CAGR)

6.6.4.1 Italy Heating, Ventilation, Air Conditioning, and Refrigeration (HVAC-R) Market, By Product Type

6.6.4.2 Italy Heating, Ventilation, Air Conditioning, and Refrigeration (HVAC-R) Market, By User Type

6.6.5 Rest of Europe Heating, Ventilation, Air Conditioning, and Refrigeration (HVAC-R) Market: Market Size and CAGR, 2019-2029 (USD Billion & CAGR)

6.6.5.1 Rest of Europe Heating, Ventilation, Air Conditioning, and Refrigeration (HVAC-R) Market, By Product Type

6.6.5.2 Rest of Europe Heating, Ventilation, Air Conditioning, and Refrigeration (HVAC-R) Market, By User Type



7. Asia Pacific Heating, Ventilation, Air Conditioning, and Refrigeration (HVAC-R) Market: Historic and Forecast (2019-2029)

7.1 Asia Pacific Heating, Ventilation, Air Conditioning, and Refrigeration (HVAC-R) Market: Snapshot

7.2 Asia Pacific Heating, Ventilation, Air Conditioning, and Refrigeration (HVAC-R) Market: Market Size and CAGR, 2019-2029 (USD Billion & CAGR)

7.3 Asia Pacific Heating, Ventilation, Air Conditioning, and Refrigeration (HVAC-R) Market: Key Factors

7.4 Asia Pacific Heating, Ventilation, Air Conditioning, and Refrigeration (HVAC-R) Market Segmentation: By Product Type

7.4.1 Asia Pacific Heating, Ventilation, Air Conditioning, and Refrigeration (HVAC-R) Market, By Product Type Overview

7.4.2 Asia Pacific HVAC-R Market Size, By Cooling, By Value, 2019H-2029F (USD Billion & CAGR)

7.4.3 Asia Pacific HVAC-R Market Size, By Refrigeration, By Value, 2019H-2029F (USD Billion & CAGR)

7.4.4 Asia Pacific Heating, Ventilation, Air Conditioning, and Refrigeration (HVAC-R) Market Size, By Heating, By Value, 2019H-2029F (USD Billion & CAGR)

7.4.5 Asia Pacific Heating, Ventilation, Air Conditioning, and Refrigeration (HVAC-R) Market Size, By Ventilation or Indoor Air Quality, By Value, 2019H-2029F (USD Billion & CAGR)

7.5 Asia Pacific Heating, Ventilation, Air Conditioning, and Refrigeration (HVAC-R) Market Segmentation: By User Type

7.5.1 Asia Pacific Heating, Ventilation, Air Conditioning, and Refrigeration (HVAC-R) Market, By User Type Overview

7.5.2 Asia Pacific Heating, Ventilation, Air Conditioning, and Refrigeration (HVAC-R) Market Size, By Commercial, By Value, 2019H-2029F (USD Billion & CAGR)

7.5.3 Asia Pacific Heating, Ventilation, Air Conditioning, and Refrigeration (HVAC-R) Market Size, By Residential, By Value, 2019H-2029F (USD Billion & CAGR)

7.6 Asia Pacific Heating, Ventilation, Air Conditioning, and Refrigeration (HVAC-R) Market Segmentation: By Country

7.6.1 China Heating, Ventilation, Air Conditioning, and Refrigeration (HVAC-R) Market: Market Size and CAGR, 2019-2029 (USD Billion & CAGR)

7.6.1.1 China Heating, Ventilation, Air Conditioning, and Refrigeration (HVAC-R) Market, By Product Type

7.6.1.2 China Heating, Ventilation, Air Conditioning, and Refrigeration (HVAC-R) Market, By User Type

7.6.2 Japan Heating, Ventilation, Air Conditioning, and Refrigeration (HVAC-R) Market: Market Size and CAGR, 2019-2029 (USD Billion & CAGR)

7.7.2.1 Japan Heating, Ventilation, Air Conditioning, and Refrigeration (HVAC-R) Market, By Product Type

7.7.2.2 Japan Heating, Ventilation, Air Conditioning, and Refrigeration (HVAC-R) Market, By User Type

7.6.3 India Heating, Ventilation, Air Conditioning, and Refrigeration (HVAC-R) Market: Market Size and CAGR, 2019-2029 (USD Billion & CAGR)

7.6.3.1 India Heating, Ventilation, Air Conditioning, and Refrigeration (HVAC-R) Market, By Product Type

7.6.3.2 India Heating, Ventilation, Air Conditioning, and Refrigeration (HVAC-R) Market, By User Type

7.6.4 South Korea Heating, Ventilation, Air Conditioning, and Refrigeration (HVAC-R) Market: Market Size and CAGR, 2019-2029 (USD Billion & CAGR)

7.6.4.1 South Korea Heating, Ventilation, Air Conditioning, and Refrigeration (HVAC-R) Market, By Product Type

7.6.4.2 South Korea Heating, Ventilation, Air Conditioning, and Refrigeration (HVAC-R) Market, By User Type

7.6.5 Rest of Asia Pacific Heating, Ventilation, Air Conditioning, and Refrigeration (HVAC-R) Market: Market Size and CAGR, 2019-2029 (USD Billion & CAGR)

7.6.5.1 Rest of Asia Pacific Heating, Ventilation, Air Conditioning, and Refrigeration (HVAC-R) Market, By Product Type

7.6.5.2 Rest of Asia Pacific Heating, Ventilation, Air Conditioning, and Refrigeration (HVAC-R) Market, By User Type



8. Rest of the World Heating, Ventilation, Air Conditioning, and Refrigeration (HVAC-R) Market: Historic and Forecast (2019-2029)

8.1 Rest of the World Heating, Ventilation, Air Conditioning, and Refrigeration (HVAC-R) Market: Snapshot

8.2 Rest of the World Heating, Ventilation, Air Conditioning, and Refrigeration (HVAC-R) Market: Market Size and CAGR, 2019-2029 (USD Billion & CAGR)

8.3 Rest of the World Heating, Ventilation, Air Conditioning, and Refrigeration (HVAC-R) Market: Key Factors

8.4 Rest of the World HVAC-R Market Segmentation: By Product Type

8.4.1 Rest of the World HVAC-R Market, By Product Type Overview

8.4.2 Rest of the World HVAC-R Market Size, By Cooling, By Value, 2019H-2029F (USD Billion & CAGR)

8.4.3 Rest of the World HVAC-R Market Size, By Refrigeration, By Value, 2019H-2029F (USD Billion & CAGR)

8.4.4 Rest of the World HVAC-R Market Size, By Heating, By Value, 2019H-2029F (USD Billion & CAGR)

8.4.5 Rest of the World HVAC-R Market Size, By Ventilation or Indoor Air Quality, By Value, 2019H-2029F (USD Billion & CAGR)

8.5 Rest of the World Heating, Ventilation, Air Conditioning, and Refrigeration (HVAC-R) Market Segmentation: By User Type

8.5.1 Rest of the World Heating, Ventilation, Air Conditioning, and Refrigeration (HVAC-R) Market, By User Type Overview

8.5.2 Rest of the World Heating, Ventilation, Air Conditioning, and Refrigeration (HVAC-R) Market Size, By Commercial, By Value, 2019H-2029F (USD Billion & CAGR)

8.5.3 Rest of the World Heating, Ventilation, Air Conditioning, and Refrigeration (HVAC-R) Market Size, By Residential, By Value, 2019H-2029F (USD Billion & CAGR)



9. Market Dynamics

9.1 Impact Assessment of Market Dynamics on Global Heating, Ventilation, Air Conditioning, and Refrigeration (HVAC-R) Market

9.2 Drivers

9.3 Restraints

9.4 Trends



10. Industry Ecosystem Analysis

10.1 Macro-Economic Factor Assessment

10.2 Porter Analysis



11. Competitive Landscape

11.1 Competitive Positioning

11.2 Prominent Companies Market Share

11.3 Company Profiles

11.3.1 Daikin

11.3.2 Ingersoll Rand

11.3.3 Panasonic

11.3.4 Midea Group

11.3.5 Haier

11.3.6 Gree Electric

11.3.7 Voltas

11.3.8 LG Electronics

11.3.9 Envicool

11.3.10 Mitsubishi Electric