Technology

HVAC Equipment Market Set to Soar to $409.6 Billion by 2031, Driven by Energy-Efficiency Demands: Market Research Intellect

Published

3 months ago

September 2, 2024

The HVAC Equipment Market is poised for substantial growth from 2024 to 2031, driven by several key factors. One of the primary drivers is the increasing demand for energy-efficient HVAC systems, fueled by global efforts to reduce carbon emissions and enhance energy sustainability. Technological advancements, such as the integration of smart technologies and IoT in HVAC systems, are further propelling market growth by offering improved energy management and system optimization.

LEWES, Del., Sept. 2, 2024 /PRNewswire/ — The global HVAC Equipment Market is expected to grow significantly between 2024 and 2031. The market was valued at approximately $234.63 billion in 2023, and it is projected to reach around $409.6 billion by 2031, with a compound annual growth rate (CAGR) of 7.5% during this forecast period.

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202 – Pages
126 – Tables
37 – Figures

Scope Of The Report

REPORT ATTRIBUTES

DETAILS

STUDY PERIOD

2020-2031

BASE YEAR

2023

FORECAST PERIOD

2024-2031

HISTORICAL PERIOD

2020-2023

UNIT

Value (USD Billion)

KEY COMPANIES PROFILED

Carrier Global Corporation, Daikin Industries Ltd., Johnson Controls International plc, Trane Technologies plc, Mitsubishi Electric Corporation, and LG Electronics Inc

SEGMENTS COVERED

By Product Type, By End-User Sector And By Geography

CUSTOMIZATION SCOPE

Free report customization (equivalent to up to 4 analyst working days) with purchase. Addition or alteration to country, regional & segment scope

HVAC Equipment Market Overview

Market Size and Growth
The global HVAC equipment market has been experiencing robust growth, driven by increased urbanization, industrial expansion, and rising consumer awareness about energy efficiency. global HVAC Equipment Market is expected to grow significantly between 2024 and 2031. The market was valued at approximately $234.63 billion in 2023, and it is projected to reach around $409.6 billion by 2031, with a compound annual growth rate (CAGR) of 7.5% during this forecast period. This growth is propelled by the need for advanced climate control systems in both residential and commercial sectors.Technological Advancements
Innovations in HVAC technology are central to market expansion. Smart HVAC systems, integrating IoT for remote monitoring and control, are gaining traction due to their energy-saving capabilities and enhanced user convenience. The adoption of variable refrigerant flow (VRF) systems and advanced heat pump technologies also contributes significantly to market growth, offering improved efficiency and performance.Energy Efficiency and Regulations
Energy efficiency is a major driver for the HVAC market, influenced by stringent regulations and standards aimed at reducing carbon footprints. Governments worldwide are implementing policies to encourage the use of energy-efficient HVAC systems, such as higher SEER (Seasonal Energy Efficiency Ratio) ratings and improved refrigerants. These regulations are pushing manufacturers to innovate and offer more sustainable solutions.Commercial Sector Demand
The commercial sector, including office buildings, retail spaces, and industrial facilities, constitutes a significant portion of the HVAC market. Increasing demand for climate control solutions in these spaces, driven by enhanced focus on employee comfort and productivity, is fueling market growth. Large-scale projects and retrofitting of existing buildings are also contributing to the increased demand for HVAC equipment.
Download Sample Report Now: https://www.marketresearchintellect.com/download-sample/?rid=1052370Residential Sector Growth
In the residential sector, the demand for HVAC systems is rising due to growing consumer expectations for comfort and energy efficiency. The increasing adoption of smart home technologies and the desire for advanced climate control systems are driving growth in this segment. Additionally, rising disposable incomes and homeownership rates are supporting the demand for high-quality HVAC solutions.Emerging Markets
Emerging markets, particularly in Asia-Pacific and Latin America, are experiencing rapid growth in the HVAC sector. Urbanization, economic development, and increasing infrastructure projects in these regions are driving the demand for HVAC equipment. As these markets continue to develop, they present significant opportunities for growth and expansion for HVAC manufacturers and suppliers.Challenges and Barriers
Despite the positive outlook, the HVAC equipment market faces challenges, including high initial costs and maintenance expenses. The complexity of installation and the need for skilled labor can also pose barriers to market growth. Additionally, fluctuating raw material prices and supply chain disruptions can impact the cost and availability of HVAC equipment.Competitive Landscape
The HVAC equipment market is highly competitive, with major players including Carrier, Trane Technologies, Lennox International, and Daikin Industries. Companies are focusing on product innovation, strategic mergers and acquisitions, and expanding their global presence to gain a competitive edge. The market is characterized by continuous technological advancements and efforts to meet evolving consumer and regulatory demands.

Geographic Dominance:

The HVAC equipment market exhibits notable geographic dominance, with North America and Asia-Pacific leading in market share. North America, driven by the United States and Canada, benefits from advanced infrastructure, stringent energy efficiency regulations, and high consumer demand for smart HVAC systems.

The region’s mature market and technological innovation contribute significantly to its dominance. Conversely, Asia-Pacific is experiencing rapid growth due to urbanization, increasing industrial activities, and rising disposable incomes, particularly in countries like China and India.

The region’s expanding construction sector and infrastructure development drive substantial demand for HVAC equipment. Europe also maintains a significant presence, bolstered by strong environmental regulations and a focus on energy-efficient systems. Meanwhile, Latin America and the Middle East show emerging potential, with growing investments in commercial and residential sectors contributing to gradual market expansion.

HVAC Equipment Market Key Players Shaping the Future

The HVAC Equipment market is significantly influenced by several key players, including Carrier Global Corporation, Daikin Industries Ltd., Johnson Controls International plc, Trane Technologies plc, Mitsubishi Electric Corporation, and LG Electronics Inc. These companies are known for their innovative technologies, energy-efficient solutions, and strong global presence, driving advancements and meeting diverse consumer needs across residential and commercial sectors.

HVAC Equipment Market Segment Analysis

The HVAC Equipment market is segmented based on By Product Type, By End-User Sector and Geography, offering a comprehensive analysis of the industry.

By Product Type

Heating Systems: Includes furnaces, heat pumps, and boilers, catering to various heating needs in residential and commercial spaces. Growth in this segment is driven by innovations in energy efficiency and smart controls.Cooling Systems: Encompasses air conditioners, chillers, and cooling towers. This segment benefits from rising temperatures and increased demand for air conditioning in both new constructions and retrofits.Ventilation Systems: Covers products like air handlers, duct systems, and ventilation fans. The focus here is on improving indoor air quality and energy recovery.

By End-User Sector

Residential: Includes single-family homes, apartments, and multi-family units. Growth is driven by increasing consumer demand for comfort, energy efficiency, and smart home integration.Commercial: Encompasses office buildings, retail spaces, and hospitality. The demand is influenced by factors such as building size, occupancy levels, and energy regulations.Industrial: Involves manufacturing facilities, warehouses, and large-scale production sites. This segment requires robust HVAC systems to manage large-scale climate control and ventilation needs.

By Geography:

North America: Dominated by the U.S. and Canada, with a focus on advanced HVAC technologies, energy efficiency, and regulatory compliance.Europe: Includes Western and Eastern Europe, with emphasis on energy efficiency standards and sustainability.Asia-Pacific: Features rapid growth driven by urbanization, industrial expansion, and increasing consumer demand in countries like China and India.Latin America: Emerging market with growing investments in infrastructure and residential construction driving HVAC demand.Middle East & Africa: Growing demand due to climate conditions and increasing infrastructure development.

Internet, Communication, and Technology (ICT):

The HVAC equipment market involves a complex interplay of manufacturing and construction processes that ensure the delivery of high-performance climate control systems. Manufacturing begins with design and engineering, focusing on creating innovative and efficient HVAC solutions. Key components such as compressors and fans are produced with precision, followed by assembly into complete systems. Modern HVAC units integrate advanced technologies, including smart controls and energy-efficient components, which are developed through ongoing research and innovation.

In construction, the process starts with site preparation and planning, followed by the installation of HVAC systems, including ductwork and electrical connections. Proper installation is critical to system performance and regulatory compliance. Quality control measures ensure that products meet performance and safety standards, and systems are tested to confirm they operate as intended. The supply chain and logistics play a crucial role, involving component sourcing, efficient distribution, and cost management. Additionally, the industry is increasingly focusing on sustainability, adopting eco-friendly practices and integrating renewable energy technologies.

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Technology

Right Choice Construction Awarded Ground-up West Houston STEM Academy Project

Published

19 minutes ago

November 22, 2024

HOUSTON, Nov. 22, 2024 /PRNewswire/ — Right Choice Construction is awarded the ground-up build of Genius Kids STEM Academy.

The state-of-the-art educational center will fulfill its mission of fostering a passion for STEM (Science, Technology, Engineering, and Math) among children in the rapidly growing communities west of Houston.

Dr. Ajmal Murad, CEO of Genius Kids STEM Academy, shares his excitement for the project: “We believe that nurturing a passion for STEM is crucial for shaping our community’s future. This center will serve as a valuable resource, empowering our children to explore their interests and develop critical thinking skills that will benefit them for years to come.”

Right Choice Construction has worked closely with Genius Kids STEM Academy to bring this 9,500 SQ FT vision to life.

“Our team is thrilled to collaborate with Genius Kids STEM on this exciting project,” says Right Choice Construction owner Danielle Wright. “Children are our future. We are proud to construct a learning environment that is both inspiring and conducive to the development of young minds.”

The structure’s design is tailored to reflect the school’s mission of facilitating an early education focused on science and discovery. Enlarged overhangs are incorporated into the building’s architecture to provide filtered natural light throughout the classroom spaces.

Project lead Eugenia Forgang of Houston based Daniel Scott Turner Design states, “We envisioned a low-roofed structure which stretches across the Katy Prairie. The school interiors weave a palette of natural materials designed to promote and support healthy indoor learning environments.”

The Katy-based STEM academy will support its community’s educational needs. Genius Kids aims to provide a cutting-edge space where children can engage in learning experiences that encourage curiosity and critical thinking.

About Right Choice Construction

Right Choice Construction is a woman-owned commercial construction company with over 25 years of experience in the industry. Right Choice Construction is a Certified City of Houston Women Business Enterprise (WBE) and Women-Owned Small Business (WOSB) under the Small Business Administration (SBA). Right Choice Construction specializes in ground-up construction, and its principles of compliance, quality and client satisfaction are at the core of its operations. Learn more at rightchoiceconstruction.com.

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SOURCE Right Choice Construction

Technology

Unanet Acquires GovPro AI to Enable Customers to Win More Business

Published

19 minutes ago

November 22, 2024

Cutting-edge AI technology complements Unanet’s CRM solution by automating proposal writing

DULLES, Va., Nov. 22, 2024 /PRNewswire/ — Unanet, the leading provider of project-based enterprise resource planning (ERP) and customer relationship management (CRM) for the government contracting (GovCon) and architecture, engineering, and construction (AEC) industries, today announced it has acquired Washington, D.C.-based GovPro AI, the leader in AI-powered proposal writing platforms for GovCons. By incorporating GovPro AI’s technology into the Unanet product portfolio, Unanet is offering customers a solution to one of their most challenging and growth-constraining problems: the enormous amount of time, money, and resources invested in responding to complex and highly technical requests for proposals (RFP).

“Unanet is continuing to deliver on its promise to solve real business challenges for our customers,” said Steve Karp, Chief Innovation Officer, Unanet. “In addition to helping customers across the GovCon and AEC industries respond to RFPs more efficiently, GovPro AI’s technology and team will accelerate Unanet’s broader AI strategy via thought leadership, new technologies, and class-leading R&D methodologies that will benefit all our customers. We are excited to welcome this talented team of innovators to Unanet and invest in their solution, so it evolves to meet the constantly changing needs of our customers.”

Unanet chose GovPro AI to improve GovCons’ business development processes due to its unique and compelling blend of expertise in GovCon procurement processes, as well as the secure application of AI to solve real-world business needs. GovPro AI’s platform uses AI to create a high-quality first proposal draft – known to GovCons as the ‘pink team’ draft – for virtually any federal RFP in a matter of hours. Unanet plans to extend GovPro AI’s technology into the AEC market in 2025.

Industry experts estimate the cost of responding to a single RFP can typically be $50,000 – $100,000 — a significant investment for most firms and outright cost-prohibitive for smaller ones. According to Unanet’s most recent GAUGE Report, 45% of GovCons cite lack of business development resources as a challenge, and 69% say they are having issues winning new contracts.

This solution, backed by Unanet’s industry-leading service and support, enables customers to win more business faster, at a lower cost, and more strategically. GovCons can use the GovPro AI platform to reduce their average RFP time-to-draft by 70% and cut proposal generation costs in half. Additionally, customers can better evaluate their ‘go/no go’ decision-making and pursue those opportunities with a higher probability of winning.

Unanet can now offer its customers an option for a robust, comprehensive business development package composed of Unanet CRM and GovPro AI technologies, so they have:

Opportunity identification and assessmentRelationship managementPipeline managementAI-powered proposal generation

“Unanet’s commitment is to empower our customers’ business success with modern, purpose-built technology and people-centric service,” said Craig Halliday, CEO of Unanet. “When customers tell us about their business challenges, we evaluate all available options and invest in solving those challenges with best-in-class solutions either through in-house development, partnerships, or via acquisition. We’re on the same team as our customers, and it’s our job to support and further their success.”

GovPro AI was the brainchild of Alexander Cohen, who began contract writing government RFPs to earn extra money in graduate school. After his work helped win over $150M in business, it soon became clear there was a significant market opportunity to start a dedicated business focused on RFP preparation. Cohen and his select team of highly experienced experts from some of the world’s largest and most successful technology companies, government agencies, and GovCons started GovPro AI. Their first solution was a secure, highly specified RFP response platform leveraging generative AI technology. The depth of talent, technology, and management expertise made GovPro AI stand-out among other automation solutions.

“Being part of the Unanet team means we can advance our innovation and refine the solution features,” said Alexander Cohen, Founder of GovPro AI. “I’m looking forward to exploring new use cases for customers and continuing to deliver a more efficient, modern way of improving business development.”

Unanet completed the acquisition this month. Terms of the agreement were not disclosed. Current GovPro AI customers will continue to have full access to the solution at their original terms, with the addition of the Unanet customer service commitment.

About Unanet
Unanet is a leading provider of project-based ERP and CRM solutions purpose-built for government contractors, architecture, engineering, construction, and professional services. More than 4,000 project-driven organizations depend on Unanet to turn their information into actionable insights, drive better decision-making, maintain regulatory compliance, and accelerate business growth. All backed by a people-centered team invested in the success of your projects, people, and financials. For more information, visit www.unanet.com.

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SOURCE Unanet

Technology

Vectorworks, Inc. Wins at the 2024 Construction Computing Awards

Published

19 minutes ago

November 22, 2024

Vectorworks Architect Named Architectural Design Software of the Year at 18th Annual Awards.

COLUMBIA, Md., Nov. 22, 2024 /PRNewswire-PRWeb/ — Global design and BIM software provider Vectorworks, Inc. announces its latest accomplishment—Vectorworks Architect has been named Architectural Design Software of the Year at this year’s Construction Computing Awards. Winners were selected through public voting and a panel of expert judges and announced on Nov. 7 at the Leonardo Royal Hotel London City.

Design is at the core of what we do, and with the latest enhancements in Vectorworks 2025, we’re reinforcing our commitment to providing design professionals with tools that bring their boldest visions to life at every phase

The Construction Computing Awards, commonly known as “The Hammers,” honor the technology, tools, and solutions that drive efficient design, construction, maintenance, and modification in projects ranging from commercial buildings to social housing and civil engineering.

“It’s a tremendous honor that Vectorworks Architect was recognized for quality and versatility,” said Vectorworks Chief Marketing Officer Jeremy Powell. “This award highlights our dedication to empowering designers to push boundaries and achieve absolute creative expression and efficiency. Design is at the core of what we do, and with the latest enhancements in Vectorworks 2025, we’re reinforcing our commitment to providing design professionals with tools that bring their boldest visions to life at every phase.”

Built to showcase your skill and creativity, Vectorworks Architect allows you to sketch, model, and document in a fully integrated workflow with the world’s most design-centric BIM solution. With superior 2D graphics, 3D modeling, and visualization tools, Architect is built to deliver absolute creative expression and maximum efficiency.

Winners will be featured in the November/December 2024 issue of CAD User and Construction Computing magazines. The complete list of winners and runners-up is available on the Construction Computing Awards website.

To learn more about Vectorworks Architect, visit vectorworks.net/architect or experience the software with a 7-day free trial. Learn more about the latest release of Vectorworks, its interactive features, and more by visiting vectorworks.net/2025.

About Vectorworks, Inc.
Vectorworks, Inc. is an award-winning design and BIM software provider serving the architecture, landscape architecture and design, and entertainment industries in 85 countries. Professionals worldwide are using Vectorworks on Mac and Windows to create, connect, and influence the next generation of design. Built with designers in mind since 1985, Vectorworks software offers you the freedom to follow your imagination wherever it leads you. Headquartered in Columbia, Maryland, with offices in the UK, Canada, Australia, and Japan, Vectorworks is a part of the Nemetschek Group. Learn how you can design without limits at vectorworks.net or follow @Vectorworks.

Media Contact

Kamica Price, Vectorworks, Inc., 443-542-0606, kprice@vectorworks.net, vectorworks.net

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SOURCE Vectorworks, Inc.; Vectorworks, Inc.