HVAC equipment market size in Europe to grow by USD 9.49 billion between 2022 and 2027; Increasing use of renewable energy sources for HVAC systems to be key trend

Apr 02, 2023

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21 Apr, 2023, 22:30 ET

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NEW YORK, April 21, 2023 /PRNewswire/ -- Technavio has been monitoring the HVAC equipment market in Europe, and it is expected to grow by USD 9.49 billion between 2022 and 2027. The market will progress at a CAGR of 5.16% during the forecast period. This report aids business leaders with an up-to-date analysis that includes the study of the current market scenario, the latest trends and drivers that are likely to influence the market growth, and the overall market environment. Download Latest Sample PDF Report!

The increasing use of renewable energy sources for HVAC systems is identified as the key trend in the market. The use of renewable energy for HVAC systems is gaining prominence in both residential and commercial spaces. End-users are adopting renewable energy sources such as solar-powered space heating systems to cut down on the fuel costs incurred in heating. The system works in conjunction with the existing building heating system, such as an oil or gas-fired heater, or independently to provide heated air for indoor heating spaces. This hybrid system can also contribute to large-scale, cost-effective reductions in greenhouse gas emissions. With the growing concerns over the ecological damage caused by greenhouse gases, the demand for such systems will increase over the forecast period. All these factors will positively influence market growth.

The market is fragmented, and the degree of fragmentation will accelerate during the forecast period. Carrier Global Corp., Daikin Industries Ltd., Danfoss AS, FlaktGroup Holding GmbH, Haier Smart Home Co. Ltd., Honeywell International Inc., Ingersoll Rand Inc., Johnson and Johnson, LG Electronics Inc., LUVE Spa, MIDEA Group, Mitsubishi Electric Corp., Nortek Inc., OSTBERG GROUP AB, Panasonic Holdings Corp., Regal Rexnord Corp., Robert Bosch GmbH, Samsung Electronics Co. Ltd., Systemair AB, and Zehnder Group AG are some of the major market participants.

Although the growth in data centers fueling market growth will offer immense growth opportunities, the lack of skilled HVAC technicians will challenge the growth of market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments while maintaining their positions in the slow-growing segments.

The market is driven by the growth of data centers. Over the years, the number of data centers has increased substantially worldwide. Factors such as the ongoing migration of data from private servers to cloud-based solutions, industrial development, increased demand for colocation facilities, especially from SMEs, and rising investments in technologies increased the number of data centers. Data centers comprise highly sensitive electronic components that require stable operating temperature, humidity, airflow, and cleanliness to prevent equipment failure. Thus, with the growing number of data centers, the demand for HVAC equipment will grow significantly over the forecast period.

HVAC Equipment Market in Europe 2023-2027: Segmentation

The market growth in the air conditioning equipment segment will be significant over the forecast period. Air conditioning equipment plays an important role in changing the indoor environment, especially in hot and dry climates, and is a vital part of the infrastructure that supports modern spaces. The demand for air conditioning equipment is increasing, with the expanding construction industry, deregulation in the real estate and construction sector, and increasing air conditioning maintenance requirements.

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HVAC Equipment Market in Europe 2023-2027: Scope

Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. Our HVAC equipment market in Europe report covers the following areas:

HVAC Equipment Market in Europe 2023-2027: Major Challenge

The lack of skilled HVAC technicians will challenge the growth of the HVAC equipment market in Europe. The market is currently witnessing a growing shortage of skilled manpower among HVAC contractors, and this is expected to continue over the forecast period. The expanding gap in the supply of skilled workers has led countries such as Germany to ease their migration laws to make it easier for skilled workers from outside the European Union to move to Germany. However, the inability of workers to understand and operate advanced electronics and new technology prevents companies from achieving the desired results. Such challenges will reduce the growth potential of the market.

HVAC Equipment Market in Europe 2023-2027: Vendor Analysis

We provide a detailed analysis of around 25 vendors operating in the HVAC equipment market in Europe, including some of the key vendors. Backed with competitive intelligence and benchmarking, our research report on the HVAC equipment market in Europe is designed to provide entry support, customer profile, and M&As as well as go-to-market strategy support.

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HVAC Equipment Market in Europe 2023-2027: Key Highlights

Related Reports:

The HVAC systems market in India is expected to grow by USD 2.77 billion from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 9.97%. The market is segmented by product (split AC, window AC, and others) and application (non-residential and residential).

The HVAC equipment market in North America is expected to grow by USD 10.22 billion from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 5.15%. The market is segmented by product (air conditioning equipment, heating equipment, and ventilation equipment) and end-user (non-residential and residential).

HVAC Equipment Market in Europe: Scope

Report Coverage

Details

Base year

2022

Historic period

2017-2021

Forecast period

2023-2027

Growth momentum & CAGR

Accelerate at a CAGR of 5.16%

Market growth 2023-2027

USD 9.49 billion

Market structure

Fragmented

YoY growth 2022- 2023 (%)

4.52

Key countries

Germany, UK, France, Italy, and Rest of Europe

Competitive landscape

Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks

Key companies profiled

Carrier Global Corp., Daikin Industries Ltd., Danfoss AS, FlaktGroup Holding GmbH, Haier Smart Home Co. Ltd., Honeywell International Inc., Ingersoll Rand Inc., Johnson and Johnson, LG Electronics Inc., LUVE Spa, MIDEA Group, Mitsubishi Electric Corp., Nortek Inc., OSTBERG GROUP AB, Panasonic Holdings Corp., Regal Rexnord Corp., Robert Bosch GmbH, Samsung Electronics Co. Ltd., Systemair AB, and Zehnder Group AG

Market dynamics

Parent market analysis, market growth inducers and obstacles, fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and market condition analysis for the forecast period.

Customization purview

If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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Table of contents:

1 Executive Summary

2 Market Landscape

3 Market Sizing

4 Historic Market Size

5 Five Forces Analysis

6 Market Segmentation by Product

7 Market Segmentation by End-user

8 Customer Landscape

9 Geographic Landscape

10 Drivers, Challenges, and Trends

11 Vendor Landscape

12 Vendor Analysis

13 Appendix

About Us

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contact

Technavio ResearchJesse MaidaMedia & Marketing ExecutiveUS: +1 844 364 1100UK: +44 203 893 3200Email: [email protected]Website: www.technavio.com/

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