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

• Product

• End-user

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 Size

• HVAC Equipment Market Trends

• HVAC Equipment Market Analysis

• HVAC Equipment Market Five Forces Analysis

• HVAC Equipment Market Competitive Landscape

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.

• Carrier Global Corp. - The company offers HVAC equipment that includes air conditioners, furnaces, heat pumps, ductless systems, and evaporator coils.

• Daikin Industries Ltd. - The company offers HVAC equipment that includes air conditioning and refrigeration systems that are efficient, energy-saving, and cost-saving operations with advanced inverter and heat pump technologies.

• Danfoss AS - The company offers HVAC equipment that enhances air quality and indoor comfort levels, improves control and energy-saving possibilities, ensures better asset protection, reduces maintenance costs, and increases reliability.

• Haier Smart Home Co. Ltd. - The company offers HVAC equipment that is used for chiller plant optimization, cooling tower optimization, boiler control, and airflow control.

• FlaktGroup Holding GmbH

• Honeywell International Inc.

• Ingersoll Rand Inc.

• Johnson and Johnson

• LUVE Spa

• MIDEA Group

• Mitsubishi Electric Corp.

• Nortek Inc.

• OSTBERG GROUP AB

• Panasonic Holdings Corp.

• Regal Rexnord Corp.

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HVAC Equipment Market in Europe 2023-2027: Key Highlights

• CAGR of the market during the forecast period 2023-2027

• Detailed information on factors that will assist HVAC equipment market growth in Europe during the next five years

• Estimation of the HVAC equipment market size in Europe and its contribution to the parent market

• Predictions on upcoming trends and changes in consumer behavior

• The growth of the HVAC equipment market in Europe

• Analysis of the market's competitive landscape and detailed information on vendors

• Comprehensive details of factors that will challenge the growth of HVAC equipment market vendors in Europe

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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).

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Table of contents:

1 Executive Summary

• 1.1 Market overview

2 Market Landscape

• 2.1 Market ecosystem

3 Market Sizing

• 3.1 Market definition

• 3.2 Market segment analysis

• 3.3 Market size 2022

• 3.4 Market outlook: Forecast for 2022-2027

4 Historic Market Size

• 4.1 HVAC equipment market in Europe 2017 - 2021

• 4.2 By Product Segment Analysis 2017 - 2021

• 4.3 By end-user Segment Analysis 2017 - 2021

• 4.4 Geography Segment Analysis 2017 - 2021

5 Five Forces Analysis

• 5.1 Five forces summary

• 5.2 Bargaining power of buyers

• 5.3 Bargaining power of suppliers

• 5.4 Threat of new entrants

• 5.5 Threat of substitutes

• 5.6 Threat of rivalry

• 5.7 Market condition

6 Market Segmentation by Product

• 6.1 Market segments

• 6.2 Comparison by Product

• 6.3 Air conditioning equipment - Market size and forecast 2022-2027

• 6.4 Heating equipment - Market size and forecast 2022-2027

• 6.5 Ventilation equipment - Market size and forecast 2022-2027

• 6.6 Market opportunity by Product

7 Market Segmentation by End-user

• 7.1 Market segments

• 7.2 Comparison by End-user

• 7.3 Non-residential - Market size and forecast 2022-2027

• 7.4 Residential - Market size and forecast 2022-2027

• 7.5 Market opportunity by End-user

8 Customer Landscape

• 8.1 Customer landscape overview

9 Geographic Landscape

• 9.1 Geographic segmentation

• 9.2 Geographic comparison

• 9.3 Germany - Market size and forecast 2022-2027

• 9.4 UK - Market size and forecast 2022-2027

• 9.5 France - Market size and forecast 2022-2027

• 9.6 Italy - Market size and forecast 2022-2027

• 9.7 Rest of Europe - Market size and forecast 2022-2027

• 9.8 Market opportunity by geography

10 Drivers, Challenges, and Trends

• 10.1 Market drivers

• 10.2 Market challenges

• 10.3 Impact of drivers and challenges

• 10.4 Market trends

11 Vendor Landscape

• 11.1 Overview

• 11.2 Vendor landscape

• 11.3 Landscape disruption

• 11.4 Industry risks

12 Vendor Analysis

• 12.1 Vendors covered

• 12.2 Market positioning of vendors

• 12.3 Carrier Global Corp.

• 12.4 Daikin Industries Ltd.

• 12.5 Danfoss AS

• 12.6 Haier Smart Home Co. Ltd.

• 12.7 Honeywell International Inc.

• 12.8 Ingersoll Rand Inc.

• 12.9 Johnson and Johnson

• 12.10 LG Electronics Inc.

• 12.11 Mitsubishi Electric Corp.

• 12.12 OSTBERG GROUP AB

• 12.13 Panasonic Holdings Corp.

• 12.14 Robert Bosch GmbH

• 12.15 Samsung Electronics Co. Ltd.

• 12.16 Systemair AB

• 12.17 Zehnder Group AG

13 Appendix

• 13.1 Scope of the report

• 13.2 Inclusions and exclusions checklist

• 13.3 Currency conversion rates for US$

• 13.4 Research methodology

• 13.5 List of abbreviations

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