This study examines the global HVAC equipment industry. Demand for HVAC equipment is segmented by product, market, and global geographic region. Historical data (2010, 2015, and 2020) and forecasts for 2025 and 2030 are presented for HVAC equipment demand and shipments are presented in current US dollars (including inflation) at the global, regional, and country regions. Select products are also provided in units; however, unit demand does not sum to a total market size.
HVAC equipment discussed includes:
- room air conditioners (both window units and through-the-wall air conditioners)
- heat pumps:
- air source heat pumps (also known as conventional heat pumps), including split heat pumps and packaged heat pumps
- geothermal heat pumps (including both ground source and water source types), which include closed loop and open loops systems
- unitary air conditioners (including split, multi-split and single package units)
- boilers, including:
- cast iron and steel types
- district heating boilers, including large-scale boilers and series of large-scale central boilers that generate hot water to provide heat for an industrial complex or a densely populated urban area
- warm air furnaces, also known as forced air furnaces
- other HVAC equipment, including absorption chillers, dehumidifiers, humidifiers, liquid chillers, packaged terminal air conditioners, and room and zone heaters
Excluded from the scope of this study are:
- portable versions of equipment such as air conditioners, heaters, dehumidifiers, and humidifiers
- sanitary hot water heat pumps
- heat pumps used to solely produce hot water, to heat pools, or to provide refrigeration
- products associated with combined heat and power generation systems
- ventilation systems, including air handlers and ductwork
- fluid circulation systems, including radiators used with boilers
- used and rental equipment
- equipment used in vehicles
Data are further segmented by residential and nonresidential markets:
- residential
- single-family detached houses
- single-family attached houses (e.g., townhouses)
- apartment or condominium buildings with multiple dwelling units
- manufactured homes, which are housing units constructed on a permanent chassis with wheels for on-road transportation to the site at which the unit will be placed
- nonresidential
- institutional buildings (e.g., healthcare and educational facilities, religious establishments)
- office and commercial structures (e.g., data centers, office buildings, retail establishments, hospitality facilities, warehousing and storage facilities not located on industrial sites, and other commercial structures such as banks and theaters)
- industrial facilities (e.g., manufacturing plants and associated offices)
- other nonresidential structures such as airport and bus terminals, recreational buildings, police stations, fire stations, and prisons
Housing units located in a structure whose primary purpose is something other than habitation, such as a small living space contained in a larger retail facility, are outside of the study’s scope.