According to HVAC Market - By Product Type (Heating Equipment, Ventilation Equipment, Air Conditioning Equipment, Chillers, Cooling Towers), By End Use (Residential, Commercial, and Industrials), By Installation, By Distribution Channel & Forecast, 2024-2032, published by Global Market Insights, the HVAC market was valued at around USD 294 billion in 2023. And its CAGR is expected to be 5.6% between 2024 and 2032. Therefore, the HVAC market is thriving and promising.
What’s HVAC?
HVAC is the abbreviation of Heating, Ventilation and Air Conditioning. It includes all of the heating and cooling equipment that keep indoor spaces comfortable throughout all seasons, no matter the temperature and humidity is outside. HVAC system controls heating, cooling, ventilation, and humidity in an enclosed space like a home, office, factory, hotel, school, and hospital, and it ensures the comfort and safety of the occupants in this space.
Regarding product types, HVAC can be divided into heating equipment, ventilation products, air conditioner, and cooling equipment. For usage, they also can be further segmented as domestic equipment, industrial one, and commercial model.
What’re the functions of HVAC?
* Heating equipment can keep you stay in a safe and warm room in the chilly winters. The common heating equipment includes heat pumps, boilers, gas furnaces, radiators, space heaters, electric fireplaces, and portable heaters.
* Ventilation equipment can make you live healthy and comfortable. It is the process of bringing fresh air into an enclosed space, and removing polluted air away so that makes sure people breath clean and fresh air to protect them from respiratory diseases.
* Air conditioner can lower temperature within indoor environment during the heat summers. It keeps you cool, and makes you feel comfortable whether you are working, exercising, reading, and sleeping. Because of rising temperature related to Global Warming, air conditioner is a necessity in most homes and businesses to reduce the heat.
So why HVAC can boost your business?
* Firstly, as governments pursue to reduce greenhouse gas (GHG) emissions, clean energy is in the spotlight. Here comes electrical HVAC solutions from upgrading the traditional HVAC systems powered by fossil fuel. With the rising demand of energy-efficient and sustainable HVAC products, clients also look forward to selecting suitable products. The trick is how to find most competitive products in the market.
* Secondly, we need green HVAC to survive in the summers and winters. As the impact of global warming, 2023 was the warmest year since global temperature records began in 1850 at 1.18°C (2.12°F) above the 20th century average of 13.9°C (57.0°F), according to the 2023 Global Climate Report from NOAA National Centers for Environment Information. With over 2,300 people died from extreme heat, 2023 witnessed a new record of heat-related deaths reached new records in US (source: AP). Air conditioner and heater can protect us from extreme heat and cold, so summers and winters are key seasons for HVAC sales.
* Lastly, living a healthy life becomes the trend all over the world. Though there are several factors cause respiratory diseases, air pollution is a particular cause in vulnerable populations, especially for children, the elder, people with lung diseases, and people with furry pets. In addition, more and more people now pay attention to their health conditions, hence HVAC then is a great solution for removing air pollution and keep a fresh air for all human beings.
So investing in HVAC business is worth a try for either a start-up or well-known company. Then it comes to another question: how to find reliable supplier to order HVAC products and start business?
Bansa Rose is an international OEM/ODM appliance supplier based in Hong Kong, China, and our products cover air purifiers to range hoods. We have been working with lots of factories, who are committed to appliance industries over 20 years, to maintain our competitiveness and productivity. For detailed information, please review our previous article: 5 Ways to Find the Fittest OEM Home Appliance Supplier in China.
