News

Oct 22, 2024

Heating, Ventilation, and Air Conditioning (HVAC) Equipment Market in Europe to grow by USD 10.8 Billion from 2024-2028, driven by data center expansion, with AI redefining the market landscape - Technavio | News | cnhinews.com

NEW YORK, Oct. 21, 2024 /PRNewswire/ -- Report with market evolution powered by AI - The Heating, Ventilation, and Air Conditioning (HVAC) Equipment Market in Europe size is estimated to grow by USD

NEW YORK, Oct. 21, 2024 /PRNewswire/ -- Report with market evolution powered by AI - The Heating, Ventilation, and Air Conditioning (HVAC) Equipment Market in Europe size is estimated to grow by USD 10.8 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of almost 5.57% during the forecast period. Growth in data centers fueling market growth is driving market growth, with a trend towards increasing focus on predictive maintenance. However, high market competition from APAC vendors poses a challenge - Key market players include Carrier Corp., Daikin Industries Ltd., Danfoss AS, FlaktGroup Holding GmbH, Haier Smart Home Co. Ltd., Honeywell International Inc., Ingersoll Rand Inc., Johnson and Johnson Services Inc., LG Electronics Inc., LUVE SpA, MIDEA Group Co. Ltd., Mitsubishi Electric Corp., Nortek, OSTBERG GROUP AB, Panasonic Holdings Corp., Regal Rexnord Corp., Robert Bosch GmbH, Samsung Electronics Co. Ltd., Systemair AB, and Zehnder Group AG.

Key insights into market evolution with AI-powered analysis. Explore trends, segmentation, and growth drivers- View the snapshot of this report

Heating, Ventilation, And Air Conditioning (Hvac) Equipment Market In Europe Scope

Report Coverage

Details

Base year

2023

Historic period

2018 - 2022

Forecast period

2024-2028

Growth momentum & CAGR

Accelerate at a CAGR of 5.57%

Market growth 2024-2028

USD 10.8 billion

Market structure

Fragmented

YoY growth 2022-2023 (%)

4.61

Regional analysis

Europe

Performing market contribution

Europe at 100%

Key countries

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

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 Services Inc., LG Electronics Inc., LUVE SpA, MIDEA Group Co. Ltd., Mitsubishi Electric Corp., Nortek, OSTBERG GROUP AB, Panasonic Holdings Corp., Regal Rexnord Corp., Robert Bosch GmbH, Samsung Electronics Co. Ltd., Systemair AB, and Zehnder Group AG

Market Driver

The European HVAC equipment market is experiencing significant growth due to the increasing adoption of Internet of Things (IoT) technology. IoT-enabled devices, such as wireless acoustic transmitters and steam trap monitors, are increasingly being used for monitoring HVAC system operations in industries. End-users are shifting towards predictive maintenance, which helps reduce downtime and enhance operational efficiency. Smart thermostats, equipped with sensors and Wi-Fi capability, enable remote temperature adjustment using smartphones or PCs. In large operational areas like oil and gas, chemicals, and petrochemical industries, IIoT-enabled HVAC systems are particularly beneficial. Real-time monitoring and control of HVAC equipment, along with alarm diagnostics, help minimize energy losses and reduce on-site service expenses. This integration of IIoT in industrial HVAC systems positively impacts market growth in Europe during the forecast period.

The European HVAC Equipment Market is experiencing significant growth due to trends like IoT, smart manufacturing, and industrial automation. Urbanization drives demand for temperature control systems, with a focus on energy-saving and low-carbon heat sources. Strategic investments in heat pumps and greenhouse gas emissions reduction are key. The energy crisis fuels the need for energy-efficient heating and cooling systems. Residential and commercial sectors prioritize indoor environmental conditions, including temperature, humidity, and air quality for comfort and safety. Product innovation in energy-efficient heating systems, ventilation systems, and air conditioning equipment is essential. Environmental regulations, such as F-gas, push for filtration technologies like HEPA filters and UV-C light sterilization. Construction trends include green building initiatives, renovating, and retrofitting, with a focus on building automation and smart technology for air quality improvement. Acquisitions and expansions continue in the market.

Request Sample of our comprehensive report now to stay ahead in the AI-driven market evolution!

Market Challenges

Discover how AI is revolutionizing market trends- Get your access now!

Segment Overview

This heating, ventilation, and air conditioning (hvac) equipment market in Europe report extensively covers market segmentation by

1.1 Non-residential- The European HVAC Equipment Market in the non-residential segment, which includes industrial and commercial industries, experienced varying trends in 2020. In the industrial sector, the oil and gas, chemical and petrochemical, and mining industries faced a decline in demand due to decreased investments and the shift towards cleaner energy sources. However, the need for explosion-proof HVAC systems to prevent dust-related explosions in explosion-prone environments will drive growth. In contrast, the commercial sector, which includes offices, airports, hotels, restaurants, retail, healthcare centers, and educational institutions, was primarily driven by government regulations aimed at reducing greenhouse gas emissions and minimum energy performance requirements for new and renovated buildings. The HVAC equipment market in Europe's commercial sector is expected to grow during the forecast period due to urbanization and the need for regulatory compliance. Despite the challenges faced by the non-residential segment in 2020 due to the COVID-19 pandemic, it is anticipated to register positive growth during the forecast period.

Download a Sample of our comprehensive report today to discover how AI-driven innovations are reshaping competitive dynamics

Research Analysis

The Heating, Ventilation, and Air Conditioning (HVAC) equipment market in Europe is experiencing significant growth due to various factors. Urbanization and the need for temperature control systems in both residential and commercial sectors are driving demand for HVAC equipment. The integration of Internet of Things (IoT), smart manufacturing, and industrial automation is leading to the development of energy-saving, low-carbon heat sources. Strategic investments in HVAC technology are also on the rise to address the energy crisis and reduce greenhouse gas emissions. Product innovation is a key focus area, with a shift towards more energy-efficient and indoor environmental conditioning solutions. Temperature, humidity, and air quality are crucial factors influencing comfort and safety in indoor spaces. Heat pumps, ventilation systems, and air conditioning systems are essential components of HVAC systems, with a growing emphasis on energy efficiency, indoor air quality, filtration, and carbon emissions reduction. Construction trends towards sustainable and energy-efficient buildings are further fueling the demand for advanced HVAC solutions.

Market Research Overview

The European HVAC Equipment Market is experiencing significant growth due to various factors. Urbanization and the need for temperature control systems in both residential and commercial sectors are driving demand for heating, ventilation, and air conditioning equipment. The integration of Internet of Things (IoT), smart manufacturing, and industrial automation is leading to product innovation and energy savings. Low-carbon heat sources and strategic investments in greenhouse gas emissions reduction are key trends in the market. Energy-efficient heating and cooling systems, including heat pumps, are gaining popularity due to energy-saving regulations and environmental concerns. The market is also witnessing acquisitions and expansions by key players. Indoor environmental conditions, such as temperature, humidity, and air quality, are crucial factors influencing market growth. Comfort, safety, and energy cost savings are primary considerations for consumers. The market is also witnessing the adoption of eco-friendly technologies, such as solar-powered HVAC systems and filtration technologies like HEPA filters and UV-C light sterilization. Construction trends and green building initiatives are also driving demand for energy-efficient and indoor air quality improvement solutions. Price volatility in raw materials and the energy crisis are challenges for market growth. Overall, the European HVAC Equipment Market is expected to continue growing due to the increasing demand for temperature control systems, energy savings, and eco-friendly technologies.

Table of Contents:

1 Executive Summary

2 Market Landscape

3 Market Sizing

4 Historic Market Size

5 Five Forces Analysis

6 Market Segmentation

7 Customer Landscape

8 Geographic Landscape

9 Drivers, Challenges, and Trends

10 Company Landscape

11 Company Analysis

12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides 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.

Contacts

Technavio Research

Jesse Maida

Media & Marketing Executive

US: +1 844 364 1100

UK: +44 203 893 3200

Email: [email protected]

Website: www.technavio.com/

View original content to download multimedia:https://www.prnewswire.com/news-releases/heating-ventilation-and-air-conditioning-hvac-equipment-market-in-europe-to-grow-by-usd-10-8-billion-from-2024-2028--driven-by-data-center-expansion-with-ai-redefining-the-market-landscape---technavio-302280350.html

SOURCE Technavio

Originally published on the BLOX Digital Content Exchange.

Sorry, there are no recent results for popular commented articles.