Revenue Associated with Residential HVAC Equipment Is Expected to Grow from $136 Billion in 2019 to $199 Billion in 2028
Global manufacturers are developing advanced systems to differentiate their products from rivals
A new report from Navigant Research analyzes the global market for residential HVAC systems, with a focus on innovations in the equipment, providing forecasts for revenue and unit shipments through 2028.
Growing pressures from standards bodies, regulators, and consumers are pushing the residential HVAC industry toward greater energy efficiency. More stringent building codes, broad carbon reduction goals, and a desire for increased innovation, are expected to reshape the market in coming years. Click to tweet: According to a new report from @NavigantRSRCH, revenue associated with residential HVAC equipment to grow from $136.4 billion in 2019 to $199.3 billion in 2028, at a compound annual growth rate (CAGR) of 4.3% globally.
“Consumers who have a growing awareness about advanced technologies in HVAC systems and a willingness to explore their options for more efficiently heating and cooling their homes have power in this evolving market,” Neil Strother, principal research analyst with Navigant Research. “These customers are willing to pay more for higher efficiency systems upfront if it means lower ongoing bills and a cleaner environment in the longer run.”
HVAC vendors that are aware of this changing dynamic are innovating a variety of options to answer consumer demand. According to the report, global manufacturers are competing for market share and developing advanced systems to differentiate their products from rivals.
The report, Residential Heating and Cooling Innovations, analyzes the global market for residential HVAC systems, with a focus on innovations in the equipment, like ductless heat pumps and the efficiency of mini-split systems. The study provides regional overviews of the forces influencing the residential HVAC market in different global regions such as Europe, Asia Pacific, Latin America, and the Middle East & Africa. Global market forecasts for revenue and unit shipments extend through 2028. The report also analyzes product alternatives such as geothermal systems and micro combined heat and power. An Executive Summary of the report is available for free download on the Navigant Research website.
* The information contained in this press release concerning the report, Residential Heating and Cooling Innovations, is a summary and reflects Navigant Research’s current expectations based on market data and trend analysis. Market predictions and expectations are inherently uncertain and actual results may differ materially from those contained in this press release or the report. Please refer to the full report for a complete understanding of the assumptions underlying the report’s conclusions and the methodologies used to create the report. Neither Navigant Research nor Navigant undertakes any obligation to update any of the information contained in this press release or the report.