Report : Europe HVAC System Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Component (Thermostat, Air Handling Units, Central ACs, Furnace, Heat Pump, Compressor, and Others), Type (Split System, Ductless System, and Packaged System), Implementation (New Installation and Retrofit), and Application (Residential, Commercial, and Industrial)
At 11.1% CAGR, the Europe HVAC System Market is speculated to be worth US$ 95,571.83 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the Europe HVAC system market was valued at US$ 50,772.07 million in 2022 and is expected to reach US$ 95,571.83 million by 2028, registering an annual growth rate of 11.1% from 2022 to 2028. Development of smart HVAC system and rise in demand for energy-efficient solutions are the critical factors attributed to the market expansion.
There is a growing penetration of IoT enabled devices across residential, commercial, and industrial sectors. Taking advantage of the same, and to provide their customers with unique solutions, HVAC manufacturers developed the smart HVAC system. These systems utilize wireless technology to communicate with nearby smart devices and adjust the indoor environment automatically. A smart HVAC system can understand the temperature or humidity of different rooms and adjust the climate accordingly. It can also customize the climate based on individual members’ preference present on the floor. Additionally, in commercial settings, these systems can aid in energy saving while providing a quieter environment. Furthermore, harnessing the power of artificial intelligence (AI) and machine learning (ML), such systems can be improvised for predictive maintenance, thus offering better cost savings and longer operational life. Owing to integration of such advanced technologies, adoption of smart HVAC systems has been rising across residential, commercial, and industrial sectors. HVAC manufacturers have been entering into collaborations with different ecosystem companies or improving their product offerings. In June 2020, Schneider Electric SE, Somfy Group and Danfoss A/S partnered with Assa Abloy AB to develop and deploy seamless smart solutions for commercial and residential applications. Several collaborations can offer customers with cutting edge connected solutions such as smart HVAC systems, which in turn is expected to positively impact the growth of HVAC system market.
On the contrary, lack of skilled technical workforce hurdles the growth of Europe HVAC system market.
- Based on component, the Europe HVAC system market is segmented into thermostat, air handling units, central ACs, furnace, heat pump, compressor, and others. The central ACs segment held 28.8% market share in 2022, amassing US$ 14,640.13 million. It is projected to garner US$ 29,197.91 million by 2028 to expand at 12.2% CAGR during 2022–2028.
- Based on type, the Europe HVAC system market is segmented into split system, ductless system, and packaged system. The split system segment held 44.7% market share in 2022, amassing US$ 22,692.75 million. It is projected to garner US$ 43,414.67 million by 2028 to expand at 11.4% CAGR during 2022–2028.
- Based on implementation, the Europe HVAC system market is bifurcated into new installation and retrofit. The new installation segment held 66.5% market share in 2022, amassing US$ 33,769.79 million. It is projected to garner US$ 59,948.14 million by 2028 to expand at 10.0% CAGR during 2022–2028.
- Based on application, the Europe HVAC system market is segmented into residential, commercial, and industrial. The residential segment held 45.2% market share in 2022, amassing US$ 22,966.79 million. It is projected to garner US$ 42,687.61 million by 2028 to expand at 10.9% CAGR during 2022–2028.
- Based on country, the Europe HVAC system market has been categorized into the UK, Germany, France, Italy, Russia, and rest of Europe. Our regional analysis states that Germany captured 32.6% market share in 2022. It was assessed at US$ 16,567.62 million in 2022 and is likely to hit US$ 29,082.51 million by 2028, exhibiting a CAGR of 9.8% during the forecast period.
Key players dominating the Europe HVAC system market are Carrier Global Corporation; Daikin Industries, Ltd.; Emerson Electric Co.; EVAPCO, Inc.; Honeywell International Inc.; Johnson Controls, Inc.; Lennox International Inc.; LG Electronics; Rheem Manufacturing Company; and Trane Biomet among others.
- In 2021, Johnson Controls announced a program in partnership with Fundient Capital LLC. The Ultimate Home Comfort™ is a 10-year residential HVAC program that provides homeowners with highly efficient heating and cooling options. The program is being offered through the YORK brand of Johnson Controls.
- In 2022, DAIKIN announced the expansion of its new heat pump heating factory in Poland. The company announced an investment of around US$$ 300 million toward the factory. The new production base will start operations in July 2024 to meet the rapidly increasing demand for heat pumps in Europe.
Contact Person: Sameer Joshi
Phone: +1- 646- 491- 9876
Email id: email@example.com