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

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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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About Us: Market Research Intellect

Welcome to Market Research Intellect, where we lead the way in global research and consulting, proudly serving over 5,000 esteemed clients worldwide. Our mission is to empower your business with cutting-edge analytical research solutions, delivering comprehensive, information-rich studies that are pivotal for strategic growth and critical revenue decisions.

Unmatched Expertise: Our formidable team of 250 highly skilled analysts and subject matter experts (SMEs) is the backbone of our operations. With extensive training in advanced data collection and governance, we delve into over 25,000 high-impact and niche markets. Our experts seamlessly integrate modern data collection techniques, robust research methodologies, and collective industry experience o produce precise, insightful, and actionable research.

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On World Cleanup Day 2024, VIAIM’s Newly Launched Service Upgrade Provides Added Multilingual Support and Commitment to Environmental Goals, Helping to Shape a More Sustainable Future

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SINGAPORE, Sept. 20, 2024 /PRNewswire/ — VIAIM,  an AI technology hardware company deeply rooted in the smart office sector, is marking the inaugural World Cleanup Day 2024, which falls on September 20, with the official launch of a service package upgrade, reinforcing its dedication to both innovation and environmental responsibility.

This upgrade introduces Malay and Thai language support, expanding the total number of supported languages from 11 to 13. With these additions, VIAIM is taking another step towards making seamless cross-cultural communication more accessible, especially for users across Southeast Asia. At the same time, the Company continues to align its operations with sustainability efforts, lowering the usage threshold for customers and offering environmentally friendly solutions that contribute to a greener planet.

As part of VIAIM’s latest service package upgrade, users enjoy enhanced features designed to make their work and daily lives more efficient. These include free transcription and translation time, along with increased access to To-do List and Summary functions, providing customers with more comprehensive functionality at no additional cost.

These upgrades not only reflect the brand’s core philosophy of “user-first”, but also emphasize VIAIM’s commitment to continuously enhancing user experiences. Now, users can manage tasks more effectively, saving time and reducing the need for additional services, making their workflow more streamlined and productive.

Beyond product and service innovations, VIAIM remains committed to its environmental goals, aligning with global best practices in environmental, social, and governance (ESG) initiatives. VIAIM believes that, just as its users seek to improve their daily lives through technology, the company must contribute to a better world for future generations.

VIAIM is fully committed to environmental protection and sustainable development through its use of molded pulp, an environmentally friendly material for packaging while maintaining a laser focus on technology upgrades that reflect its customer-centric philosophy. The company utilizes molded pulp, an eco-friendly packaging material, to minimize environmental impact, while its smart office solutions contributes to a paperless workplace, further reducing waste. This dual focus on customer convenience and sustainability enhances the overall value that VIAIM delivers to its global customer base.

“Innovation serves as a breakthrough in technology and is also a cornerstone of environmental and social responsibility,” said TOM, Product Manager of VIAIM. “With our latest service upgrades, we not only improve the user experience but also make it easier for our customers to participate in sustainable practices. By embracing these advancements, users can contribute to environmental preservation, while enjoying the benefits of advanced cross-language support and smarter office tools. VIAIM’s mission is to bridge technological innovation with social responsibility, inviting our customers to join us in creating a brighter, more sustainable future.”

About VIAIM

VIAIM is an innovative technology company in the consumer-goods sector. With a focus on versatile, multimodal interactions, we strive to provide effective solutions that meet users’ specific needs. By harnessing state-of-the-art technology, we bring our visionary ideals to life, helping people embrace the incredible possibilities the Company offers.

CONTACT:
Qian Wang
wangqian@vision-intelligence.tech

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SOURCE VIAIM

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G42 Collaborates with NVIDIA to Deliver Next-Generation Climate Solutions Using Earth-2

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ABU DHABI, UAE, Sept. 20, 2024 /PRNewswire/ — G42, a leader in AI and cloud computing, today announced that it is partnering with NVIDIA to advance climate technology with a focus on developing AI solutions aimed at dramatically enhancing the accuracy of weather forecasting globally.

The collaboration builds on NVIDIA’s Earth-2, an open platform that accelerates climate and weather predictions with interactive, AI-augmented, high-resolution simulation. G42 and NVIDIA will initially focus on a square-kilometer resolution weather forecasting model that improves the accuracy of meteorological predictions.

Key to this initiative is the establishment of a new operational base and Climate Tech Lab in Abu Dhabi. This state-of-the-art facility will serve as a hub for research and development, driving forward both companies’ commitment to environmental sustainability. This facility will also mobilize the creation of tailored climate and weather solutions that leverage over 100 petabytes of geophysical data assets.

Peng Xiao, Group CEO of G42, said, “This initiative with NVIDIA is a testament to our commitment to applying AI in ways that not only innovate but also solve critical global challenges. Establishing the Earth-2 Climate Tech Lab in Abu Dhabi allows us to leverage our unique capabilities and insights to foster a sustainable future for the world.”

In addition to fostering innovation in climate technology, the initiative will focus on building a robust framework for integrating enhanced weather prediction capabilities with comprehensive data metrics and visualization. This will assist organizations worldwide in achieving their sustainability goals through well-informed, data-driven environmental strategies.

“Our collaboration with G42 marks a pivotal step toward harnessing AI to understand and predict climate phenomena with unprecedented accuracy,” said Jensen Huang, founder and CEO of NVIDIA. “The Earth-2 Climate Tech Lab will propel environmental solutions using the most advanced accelerated computing and AI technology to benefit millions of people around the world.”

By uniting G42’s AI expertise with NVIDIA’s computational acumen, this partnership aims to deliver transformative climate solutions that combine scientific accuracy with real-world applicability, driving impactful change across industries and ecosystems.

About G42

G42 is a technology holding group, a global leader in creating visionary artificial intelligence for a better tomorrow. Born in Abu Dhabi and operating worldwide, G42 champions AI as a powerful force for good across industries. From molecular biology to space exploration and everything in between, G42 realizes exponential possibilities, today.
To know more visit www.g42.ai.

Media contacts
Media and PR Team, G42
media@g42.ai

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Kawasaki and CB&I Sign Strategic Collaborative Agreement for Promoting Commercial-Use Liquefied Hydrogen Supply Chain

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HOUSTON, Sept. 19, 2024 /PRNewswire/ — Kawasaki Heavy Industries, Ltd. (Kawasaki) and CB&I, a wholly owned unrestricted subsidiary of McDermott, announced today their signing of a strategic agreement for promoting a commercial-use liquefied hydrogen (LH2) supply chain and realizing a zero-carbon-emission society. The signing ceremony took place at Gastech Exhibition & Conference in Houston on September 18, 2024.

“We are very pleased for this opportunity to build and launch a commercial liquefied hydrogen supply chain in cooperation with CB&I,” said Motohiko Nishimura, President, Energy Solutions & Marine Engineering Company, Kawasaki Heavy Industries, Ltd. “By taking advantage of both companies’ strengths and specialized know-how, we aim to cost down hydrogen, strengthen hydrogen supply chain competitiveness, and accelerate the transition to a zero-carbon society.”

Both companies will use their specialized know-how to provide infrastructure that will enable commercial-scale international LH2 supply chains in order to help achieve carbon-neutrality. By leveraging our combined expertise to deliver large-scale LH2 infrastructure solutions, CB&I and Kawasaki are removing barriers, driving down costs and enhancing scalability across the entire supply chain.

“This strategic partnership represents a significant advancement in liquid hydrogen storage capabilities,” said Mark Butts, Senior Vice President of CB&I. “Our technical expertise and extensive experience in liquid hydrogen storage position us at the forefront of the energy transition, delivering reliable storage solutions and executing projects worldwide with proven success.”

Under this agreement, the companies will provide infrastructure to advance the global realization of a sustainable energy economy and meet decarbonization targets. This collaboration will reduce LH2 infrastructure costs and contribute to more widespread use of this clean and efficient energy source.

About CB&I
CB&I is the world’s leading designer and builder of storage facilities, tanks, and terminals. With more than 60,000 structures completed throughout its 130-year history, CB&I has the global expertise and strategically located operations to provide its customers world-class storage solutions for even the most complex energy infrastructure projects. CB&I is a wholly owned unrestricted subsidiary of McDermott. To learn more, visit www.cbi.com.

About McDermott
McDermott is a premier, fully-integrated provider of engineering and construction solutions to the energy industry. Our customers trust our technology-driven approach engineered to responsibly harness and transform global energy resources into the products the world needs. From concept to commissioning, McDermott’s innovative expertise and capabilities advance the next generation of global energy infrastructure—empowering a brighter, more sustainable future for us all. Operating in over 54 countries, McDermott’s locally-focused and globally-integrated resources include more than 30,000 employees, a diversified fleet of specialty marine construction vessels and fabrication facilities around the world. To learn more, visit www.mcdermott.com.

About Kawasaki Heavy Industries, Ltd.
Kawasaki Heavy Industries, Ltd. is general engineering manufacturer with over 125 years of experience manufacturing products spanning land, sea and air. Kawasaki established the Kawasaki Group’s new vision statement, “Group Vision 2030: Trustworthy Solutions for the Future,” and is focusing on three fields, “A Safe and Secure Remotely-Connected Society,” “Near-Future Mobility,” and “Energy and Environmental Solutions” in order to provide solutions for social issues. For “Energy and Environmental Solutions” in particular, by securing the technology necessary for the entire supply chain (for production, transportation, storage and utilization) ahead of the rest of the world, Kawasaki aims to bring about a society that utilizes hydrogen, the ultimate clean energy that emits no carbon dioxide when used. To learn more, visit https://global.kawasaki.com/en.

Forward-Looking Statements
McDermott cautions that statements in this communication which are forward-looking, and provide other than historical information, involve risks, contingencies and uncertainties. These forward-looking statements include, among other things, statements about the expected benefits from the collaboration agreement discussed in this press release.  Although we believe that the expectations reflected in those forward-looking statements are reasonable, we can give no assurance that those expectations will prove to have been correct. Those statements are made by using various underlying assumptions and are subject to numerous risks, contingencies and uncertainties, including, among others: adverse changes in the markets in which we operate or credit or capital markets; our inability to successfully execute on contracts in backlog; changes in project design or schedules; the availability of qualified personnel; changes in the terms, scope or timing of contracts, contract cancellations, change orders and other modifications and actions by our customers and other business counterparties; changes in industry norms; actions by lenders, other creditors, customers and other business counterparties of McDermott and adverse outcomes in legal or other dispute resolution proceedings. If one or more of these risks materialize, or if underlying assumptions prove incorrect, actual results may vary materially from those expected. You should not place undue reliance on forward-looking statements. This communication reflects the views of McDermott’s management as of the date hereof. Except to the extent required by applicable law, McDermott undertakes no obligation to update or revise any forward-looking statement.

For media inquiries, please use the contact information below:

Reba Reid
Global Media Relations
+1 281 588 5636
RReid@McDermott.com

Kristi Krupala-Grove
CB&I Media Relations
+1 346 313 9636
KKrupala2@mcdermott.com

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SOURCE McDermott International, Ltd

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