Industrial HVAC market size to grow by USD 4,714.13 million between 2022 and 2027; Growth driven by increasing demand for energy-efficient HVAC systems - Technavio

NEW YORK, March 31, 2023 /PRNewswire/ -- The global industrial HVAC market size is estimated to increase by USD 4,714.13 million between 2022 and 2027. However, the market's growth momentum will decelerate at a CAGR of 6.5% during the forecast period. The market is driven by the increasing demand for energy-efficient HVAC systems. Industries such as oil and gas, food and beverages, and power consume a lot of electricity. The increasing consumption of energy in these industries has led regulatory authorities to implement stringent regulations related to energy efficiency. This has compelled process and discrete industries to shift from traditional HVAC systems to more energy-efficient ones. All these factors are driving the growth of the global industrial HVAC market. Discover some insights on market size, historic period (2017 to 2021), and forecast period (2023-2027) before buying the full report - Request a sample report

Global Industrial HVAC market – Vendor Analysis

The global industrial HVAC market is fragmented. The market comprises many regional and international vendors that are focused extensively on increasing their R&D efforts to develop technologically advanced products. Strategic consolidation activities are expected to play a vital role for key vendors in increasing the geographical presence, expanding the product portfolio, gaining access to supply and distribution channels, and boosting sales. Many international vendors are targeting the Asian market and are investing in new manufacturing facilities.

The threat of new entrants in the industrial HVAC systems market remains low, as the prospective new players are unable to compete with the existing established vendors in the market. International vendors provide superior industrial HVAC systems in terms of product quality, features, and aftermarket services. Hence, new entrants find it very difficult to compete with them. Some of the key vendors covered in the report include:

• ALFA LAVAL - The company offers a comprehensive range of high-quality heat exchangers and components for cooling applications and applies knowledge and experience gained from numerous completed projects around the world.
• Carrier Global Corp. - The company offers industrial HVAC services through innovative controls and building automation systems in Carrier systems for commercial purposes.
• Daikin Industries Ltd. - The company offers industrial HVAC such as Split Air Conditioner, water heat pumps, heating systems, air purifiers, medium and low-temperature refrigeration, and water cooler chillers.
• Emerson Electric Co. - The company offers industrial HVAC such as ventilation air conditioners with energy recovery ventilators and DX kits for air handling applications.
• Furukawa Electric Co. Ltd.
• Hitachi Ltd.
• Honeywell International Inc.
• Ingersoll Rand Inc.
• Johnson Controls International Plc
• Lennox International Inc.
• LG Electronics Inc.
• MIDEA Group Co. Ltd.
• Mitsubishi Electric Corp.
• Panasonic Holdings Corp.
• Samsung Electronics Co. Ltd.

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Global Industrial HVAC Market - Segmentation Assessment

Segment Overview
Technavio has segmented the market based on end-user (process industry and discrete industry), type (HVAC equipment and HVAC services), and geography (APAC, Europe, North America, South America, and Middle East and Africa).

• The market growth in the process industry segment will be significant during the forecast period. The introduction of government regulations and rising energy costs are compelling end-users in process industries to reduce the consumption of energy. In addition, growing awareness about improving energy efficiency and environmental sustainability is increasing the adoption of industrial HVAC systems among end-users in the process industry.

Geography Overview
The report provides actionable insights and estimates the contribution of all regions to the growth of the global industrial HVAC market.

• APAC will account for 49% of the market growth during the forecast period. Improvements in the economy have attracted significant investments across industries such as oil and gas, chemical, and petrochemical in South Asia. In addition, the rising demand for power has increased the number of new power generation projects across APAC. Many such factors are creating significant growth opportunities for vendors operating in the region.

For insights on global, regional, and country-level parameters with growth opportunities from 2017 to 2027 - Download a Sample Report

Global Industrial HVAC Market – Market Dynamics

Key Trends – 

The increasing use of renewable energy sources for HVAC systems is identified as the key trend in the market. The introduction of stringent regulations has increased the focus on renewable energy worldwide. The adoption of renewable energy is changing the energy mix of industrial heating. Several industrial operators are adopting solar space heating systems in conjunction with existing building heating systems to provide heated air. This allows end-users to considerably cut down costs. This hybrid setup will also provide large-scale, cost-effective reductions in greenhouse gas emissions. This trend is expected to have a positive impact on the growth of the market over the forecast period.

Major challenges – 

Environmental pollution caused by HVAC systems will hinder the growth of the market. Concerns over air pollution are increasing in both developed and developing countries such as the US, China, and India. HVAC systems can cause noise and air pollution, as they release hazardous gases such as hydrochlorofluorocarbons and chlorofluorocarbons into the environment. These gases trap heat and lead to the depletion of the earth's ozone layer. In addition, HVAC systems consume a lot of electricity, which puts a strain on the power generation sector. Many such challenges are reducing the growth potential of the market.

Drivers, trends, and challenges have an impact on market dynamics, which can impact businesses. Find more insights in a sample report!

What are the key data covered in this industrial HVAC market report?

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

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Related Reports:

• The commercial HVAC market is estimated to grow at a CAGR of 4.43% between 2022 and 2027. The size of the market is forecasted to increase by USD 24.63 million. The market is segmented by application (equipment and services), type (heat pump, furnaces, boilers, and unitary heaters), and geography (APAC, North America, Europe, South America, and Middle East and Africa).
• The HVAC equipment market is estimated to grow at a CAGR of 6.22% between 2022 and 2027. The size of the market is forecast to increase by USD 48.34 billion. The market is segmented by end-user (non-residential and residential), product (air conditioning equipment, heating equipment, and ventilation equipment), and geography (APAC, Europe, North America, Middle East and Africa, and South America).

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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 End-user
• Exhibit 06: Executive Summary – Chart on Market Segmentation by Type
• 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 industrial HVAC market 2017 - 2021
• Exhibit 18: Historic Market Size – Data Table on Global industrial HVAC market 2017 - 2021 ($ million)

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

• 4.3 Type Segment Analysis 2017 - 2021 
• Exhibit 20: Historic Market Size – Type 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 End-user

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

• 6.2 Comparison by End-user 
• Exhibit 32: Chart on Comparison by End-user
• Exhibit 33: Data Table on Comparison by End-user

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

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

• 6.5 Market opportunity by End-user 
• Exhibit 42: Market opportunity by End-user ($ million)

7 Market Segmentation by Type

• 7.1 Market segments 
• Exhibit 43: Chart on Type - Market share 2022-2027 (%)
• Exhibit 44: Data Table on Type - Market share 2022-2027 (%)

• 7.2 Comparison by Type 
• Exhibit 45: Chart on Comparison by Type
• Exhibit 46: Data Table on Comparison by Type

• 7.3 HVAC equipment - Market size and forecast 2022-2027
• Exhibit 47: Chart on HVAC equipment - Market size and forecast 2022-2027 ($ million)
• Exhibit 48: Data Table on HVAC equipment - Market size and forecast 2022-2027 ($ million)
• Exhibit 49: Chart on HVAC equipment - Year-over-year growth 2022-2027 (%)
• Exhibit 50: Data Table on HVAC equipment - Year-over-year growth 2022-2027 (%)

• 7.4 HVAC services - Market size and forecast 2022-2027
• Exhibit 51: Chart on HVAC services - Market size and forecast 2022-2027 ($ million)
• Exhibit 52: Data Table on HVAC services - Market size and forecast 2022-2027 ($ million)
• Exhibit 53: Chart on HVAC services - Year-over-year growth 2022-2027 (%)
• Exhibit 54: Data Table on HVAC services - Year-over-year growth 2022-2027 (%)

• 7.5 Market opportunity by Type 
• Exhibit 55: Market opportunity by Type ($ million)

8 Customer Landscape

• 8.1 Customer landscape overview 
• Exhibit 56: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

9 Geographic Landscape

• 9.1 Geographic segmentation 
• Exhibit 57: Chart on Market share by geography 2022-2027 (%)
• Exhibit 58: Data Table on Market share by geography 2022-2027 (%)

• 9.2 Geographic comparison 
• Exhibit 59: Chart on Geographic comparison
• Exhibit 60: Data Table on Geographic comparison

• 9.3 APAC - Market size and forecast 2022-2027
• Exhibit 61: Chart on APAC - Market size and forecast 2022-2027 ($ million)
• Exhibit 62: Data Table on APAC - Market size and forecast 2022-2027 ($ million)
• Exhibit 63: Chart on APAC - Year-over-year growth 2022-2027 (%)
• Exhibit 64: Data Table on APAC - Year-over-year growth 2022-2027 (%)

• 9.4 Europe - Market size and forecast 2022-2027
• Exhibit 65: Chart on Europe - Market size and forecast 2022-2027 ($ million)
• Exhibit 66: Data Table on Europe - Market size and forecast 2022-2027 ($ million)
• Exhibit 67: Chart on Europe - Year-over-year growth 2022-2027 (%)
• Exhibit 68: Data Table on Europe - Year-over-year growth 2022-2027 (%)

• 9.5 North America - Market size and forecast 2022-2027
• Exhibit 69: Chart on North America - Market size and forecast 2022-2027 ($ million)
• Exhibit 70: Data Table on North America - Market size and forecast 2022-2027 ($ million)
• Exhibit 71: Chart on North America - Year-over-year growth 2022-2027 (%)
• Exhibit 72: Data Table on North America - Year-over-year growth 2022-2027 (%)

• 9.6 South America - Market size and forecast 2022-2027
• Exhibit 73: Chart on South America - Market size and forecast 2022-2027 ($ million)
• Exhibit 74: Data Table on South America - Market size and forecast 2022-2027 ($ million)
• Exhibit 75: Chart on South America - Year-over-year growth 2022-2027 (%)
• Exhibit 76: Data Table on South America - Year-over-year growth 2022-2027 (%)

• 9.7 Middle East and Africa - Market size and forecast 2022-2027 
• Exhibit 77: Chart on Middle East and Africa - Market size and forecast 2022-2027 ($ million)
• Exhibit 78: Data Table on Middle East and Africa - Market size and forecast 2022-2027 ($ million)
• Exhibit 79: Chart on Middle East and Africa - Year-over-year growth 2022-2027 (%)
• Exhibit 80: Data Table on Middle East and Africa - Year-over-year growth 2022-2027 (%)

• 9.8 China - Market size and forecast 2022-2027
• Exhibit 81: Chart on China - Market size and forecast 2022-2027 ($ million)
• Exhibit 82: Data Table on China - Market size and forecast 2022-2027 ($ million)
• Exhibit 83: Chart on China - Year-over-year growth 2022-2027 (%)
• Exhibit 84: Data Table on China - Year-over-year growth 2022-2027 (%)

• 9.9 US - Market size and forecast 2022-2027
• Exhibit 85: Chart on US - Market size and forecast 2022-2027 ($ million)
• Exhibit 86: Data Table on US - Market size and forecast 2022-2027 ($ million)
• Exhibit 87: Chart on US - Year-over-year growth 2022-2027 (%)
• Exhibit 88: Data Table on US - Year-over-year growth 2022-2027 (%)

• 9.10 Germany - Market size and forecast 2022-2027
• Exhibit 89: Chart on Germany - Market size and forecast 2022-2027 ($ million)
• Exhibit 90: Data Table on Germany - Market size and forecast 2022-2027 ($ million)
• Exhibit 91: Chart on Germany - Year-over-year growth 2022-2027 (%)
• Exhibit 92: Data Table on Germany - Year-over-year growth 2022-2027 (%)

• 9.11 UK - Market size and forecast 2022-2027
• Exhibit 93: Chart on UK - Market size and forecast 2022-2027 ($ million)
• Exhibit 94: Data Table on UK - Market size and forecast 2022-2027 ($ million)
• Exhibit 95: Chart on UK - Year-over-year growth 2022-2027 (%)
• Exhibit 96: Data Table on UK - Year-over-year growth 2022-2027 (%)

• 9.12 Japan - Market size and forecast 2022-2027
• Exhibit 97: Chart on Japan - Market size and forecast 2022-2027 ($ million)
• Exhibit 98: Data Table on Japan - Market size and forecast 2022-2027 ($ million)
• Exhibit 99: Chart on Japan - Year-over-year growth 2022-2027 (%)
• Exhibit 100: Data Table on Japan - Year-over-year growth 2022-2027 (%)

• 9.13 Market opportunity by geography 
• Exhibit 101: 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 102: Impact of drivers and challenges in 2022 and 2027

• 10.4 Market trends

11 Vendor Landscape

• 11.1 Overview

• 11.2 Vendor landscape 
• Exhibit 103: Overview on Criticality of inputs and Factors of differentiation

• 11.3 Landscape disruption 
• Exhibit 104: Overview on factors of disruption

• 11.4 Industry risks 
• Exhibit 105: Impact of key risks on business

12 Vendor Analysis

• 12.1 Vendors covered 
• Exhibit 106: Vendors covered

• 12.2 Market positioning of vendors 
• Exhibit 107: Matrix on vendor position and classification

• 12.3 ALFA LAVAL 
• Exhibit 108: ALFA LAVAL - Overview
• Exhibit 109: ALFA LAVAL - Business segments
• Exhibit 110: ALFA LAVAL - Key offerings
• Exhibit 111: ALFA LAVAL - Segment focus

• 12.4 Carrier Global Corp. 
• Exhibit 112: Carrier Global Corp. - Overview
• Exhibit 113: Carrier Global Corp. - Business segments
• Exhibit 114: Carrier Global Corp. - Key news
• Exhibit 115: Carrier Global Corp. - Key offerings
• Exhibit 116: Carrier Global Corp. - Segment focus

• 12.5 Daikin Industries Ltd. 
• Exhibit 117: Daikin Industries Ltd. - Overview
• Exhibit 118: Daikin Industries Ltd. - Business segments
• Exhibit 119: Daikin Industries Ltd. - Key news
• Exhibit 120: Daikin Industries Ltd. - Key offerings
• Exhibit 121: Daikin Industries Ltd. - Segment focus

• 12.6 Emerson Electric Co. 
• Exhibit 122: Emerson Electric Co. - Overview
• Exhibit 123: Emerson Electric Co. - Business segments
• Exhibit 124: Emerson Electric Co. - Key offerings
• Exhibit 125: Emerson Electric Co. - Segment focus

• 12.7 Furukawa Electric Co. Ltd. 
• Exhibit 126: Furukawa Electric Co. Ltd. - Overview
• Exhibit 127: Furukawa Electric Co. Ltd. - Product / Service
• Exhibit 128: Furukawa Electric Co. Ltd. - Key offerings

• 12.8 Hitachi Ltd. 
• Exhibit 129: Hitachi Ltd. - Overview
• Exhibit 130: Hitachi Ltd. - Business segments
• Exhibit 131: Hitachi Ltd. - Key news
• Exhibit 132: Hitachi Ltd. - Key offerings
• Exhibit 133: Hitachi Ltd. - Segment focus

• 12.9 Honeywell International Inc. 
• Exhibit 134: Honeywell International Inc. - Overview
• Exhibit 135: Honeywell International Inc. - Business segments
• Exhibit 136: Honeywell International Inc. - Key news
• Exhibit 137: Honeywell International Inc. - Key offerings
• Exhibit 138: Honeywell International Inc. - Segment focus

• 12.10 Ingersoll Rand Inc. 
• Exhibit 139: Ingersoll Rand Inc. - Overview
• Exhibit 140: Ingersoll Rand Inc. - Business segments
• Exhibit 141: Ingersoll Rand Inc. - Key offerings
• Exhibit 142: Ingersoll Rand Inc. - Segment focus

• 12.11 Johnson Controls International Plc 
• Exhibit 143: Johnson Controls International Plc - Overview
• Exhibit 144: Johnson Controls International Plc - Business segments
• Exhibit 145: Johnson Controls International Plc - Key news
• Exhibit 146: Johnson Controls International Plc - Key offerings
• Exhibit 147: Johnson Controls International Plc - Segment focus

• 12.12 Lennox International Inc. 
• Exhibit 148: Lennox International Inc. - Overview
• Exhibit 149: Lennox International Inc. - Business segments
• Exhibit 150: Lennox International Inc. - Key offerings
• Exhibit 151: Lennox International Inc. - Segment focus

• 12.13 LG Electronics Inc. 
• Exhibit 152: LG Electronics Inc. - Overview
• Exhibit 153: LG Electronics Inc. - Business segments
• Exhibit 154: LG Electronics Inc. - Key news
• Exhibit 155: LG Electronics Inc. - Key offerings
• Exhibit 156: LG Electronics Inc. - Segment focus

• 12.14 MIDEA Group Co. Ltd. 
• Exhibit 157: MIDEA Group Co. Ltd. - Overview
• Exhibit 158: MIDEA Group Co. Ltd. - Business segments
• Exhibit 159: MIDEA Group Co. Ltd. - Key offerings
• Exhibit 160: MIDEA Group Co. Ltd. - Segment focus

• 12.15 Mitsubishi Electric Corp. 
• Exhibit 161: Mitsubishi Electric Corp. - Overview
• Exhibit 162: Mitsubishi Electric Corp. - Business segments
• Exhibit 163: Mitsubishi Electric Corp. - Key news
• Exhibit 164: Mitsubishi Electric Corp. - Key offerings
• Exhibit 165: Mitsubishi Electric Corp. - Segment focus

• 12.16 Panasonic Holdings Corp. 
• Exhibit 166: Panasonic Holdings Corp. - Overview
• Exhibit 167: Panasonic Holdings Corp. - Business segments
• Exhibit 168: Panasonic Holdings Corp. - Key news
• Exhibit 169: Panasonic Holdings Corp. - Key offerings
• Exhibit 170: Panasonic Holdings Corp. - Segment focus

• 12.17 Robert Bosch GmbH 
• Exhibit 171: Robert Bosch GmbH - Overview
• Exhibit 172: Robert Bosch GmbH - Business segments
• Exhibit 173: Robert Bosch GmbH - Key news
• Exhibit 174: Robert Bosch GmbH - Key offerings
• Exhibit 175: Robert Bosch GmbH - Segment focus

13 Appendix

• 13.1 Scope of the report

• 13.2 Inclusions and exclusions checklist 
• Exhibit 176: Inclusions checklist
• Exhibit 177: Exclusions checklist

• 13.3 Currency conversion rates for US$ 
• Exhibit 178: Currency conversion rates for US$

• 13.4 Research methodology 
• Exhibit 179: Research methodology
• Exhibit 180: Validation techniques employed for market sizing
• Exhibit 181: Information sources

• 13.5 List of abbreviations 
• Exhibit 182: List of abbreviations

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