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1Q 2023

Market Data: Residential HVAC

Global Residential Heating and Cooling Equipment Market Analysis and Forecasts: 2022-2031

Although the residential HVAC market has grown continuously with technological advances in heating and cooling, its growth potential remains substantial, particularly in developing regions in extremely hot or cold climates. For example, according to the International Energy Agency, most homes in “hot countries” are still without a first air conditioner (AC). The percentage of households equipped with AC for select countries in 2018 showed that the adoption rate for emerging countries was still low, though developed countries showed a much higher adoption rate. Similarly, emerging countries in cold climates offer significant market opportunities for heating.

If HVAC industry stakeholders (e.g., manufacturers, utilities, etc.) are to take advantage of this market opportunity, they must consider suitable solutions for entry into multiple local markets, since no one solution fits all global regions. HVAC systems that suit local needs will likely vary from region to region and culture to culture, as will sales channels and installation methods.

Additionally, climate change and decarbonization efforts require sustainable heating and cooling solutions, which will depend, in part, on suiting an HVAC solution to a region. This will require considering and combining multiple solutions for decarbonizing residential HVAC systems.

This report reviews the different types of residential HVAC (heating and cooling), with regional forecasts segmented by five world regions: North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Global market forecasts, broken out by segment and region, extend through 2031.

Pages 34
Tables | Charts | Figures 29
  • What are the market drivers and barriers for the residential HVAC market?
  • What are some key technology trends shaping the residential HVAC market?
  • How is the residential HVAC market expected to grow over the next decade?
  • How is residential HVAC market revenue expected to differ by region?
  • What can stakeholders build on opportunities in the residential HVAC market?
  • Policymakers
  • National or public organization for standardization
  • Manufacturers in the residential HVAC market
  • Utilities
  • Investor community focused on residential construction and real estate
  • Homebuilders, construction contractors

1. Executive Summary

1.1   Introduction

1.2   Market Forecast

2. Market Issues

2.1   Market Drivers

2.1.1   Policies That Stimulate Replacement Demand

2.1.2   Climate Change Driving HVAC Installation

2.1.3   Increased Market Opportunities for Products to Meet Changing Regional Needs

2.1.4   Solutions to Meet Customer Needs

2.1.5   Business Model Advances

2.1.5.1   As a Service

2.1.5.2   Increased E-Commerce

2.1.6   Demand from New Housing Construction and Old Equipment Replacement

2.2   Market Barriers

2.2.1   Barriers to Market Growth in China

2.2.2   Siloed Products

2.2.3   Shortage of Technicians for a Growing Market Segment

2.2.4   Potential Economic Recession Risk

2.3   Market Trends for Sustainable Heating and Cooling

2.3.1   Electrification

2.3.2   Clean Gas

2.3.3   Efficient Fossil Fuel-Based System

2.3.4   Hybrid Systems

2.3.5   Industry Case Study

3. Market Forecasts

3.1      Forecast Methodology

3.2   Forecast Scope

3.3   Market Overview

3.4   Regional Forecasts

3.4.1   North America

3.4.2   Europe

3.4.3   Asia Pacific

3.4.4   Latin America

3.4.5   Middle East & Africa

3.5   Forecasts by Housing Type

3.6   Forecasts by Installation Type

4. Conclusions and Recommendations

4.1   Policymakers

4.2   Utilities

4.3   Manufacturers

5. Acronym and Abbreviation List

6. Table of Contents

7. Table of Charts and Figures

8. Scope of Study, Sources and Methodology, Notes

  • Residential HVAC Equipment Shipments by Region, World Markets: 2022-2031
  • Residential HVAC Equipment Revenue by Region, World Markets: 2022-2031
  • Residential HVAC Equipment Revenue by Type, North America: 2022-2031
  • Residential HVAC Equipment Revenue by Type, Europe: 2022-2031
  • Residential HVAC Equipment Revenue by Type, Asia Pacific: 2022-2031
  • Residential HVAC Equipment Revenue by Type, Latin America: 2022-2031
  • Residential HVAC Equipment Revenue by Type, Middle East & Africa: 2022-2031
  • Residential HVAC Equipment Revenue by Household Type, World Markets: 2022-2031
  • Residential HVAC Equipment Revenue by Installation Type, World Markets: 2022-2031
  • Anaerobic Digestion Process
  • Residential HVAC Equipment Shipments by Region, World Markets: 2022-2031
  • Residential HVAC Equipment Shipments by Type, North America: 2022-2031
  • Residential HVAC Equipment Shipments by Type, Europe: 2022-2031
  • Residential HVAC Equipment Shipments by Type, Asia Pacific: 2022-2031
  • Residential HVAC Equipment Shipments by Type, Latin America: 2022-2031
  • Residential HVAC Equipment Shipments by Type, Middle East & Africa: 2022-2031
  • Residential HVAC Equipment Revenue by Region, World Markets: 2022-2031
  • Residential HVAC Equipment Revenue by Type, North America: 2022-2031
  • Residential HVAC Equipment Revenue by Type, Europe: 2022-2031
  • Residential HVAC Equipment Revenue by Type, Asia Pacific: 2022-2031
  • Residential HVAC Equipment Revenue by Type, Latin America: 2022-2031
  • Residential HVAC Equipment Revenue by Type, Middle East & Africa: 2022-2031
  • Residential HVAC Equipment Revenue by Household Type, World Markets: 2022-2031
  • Single Family HVAC Equipment Revenue by Region, World Markets: 2022-2031
  • Multifamily HVAC Equipment Revenue by Region, World Markets: 2022-2031
  • Residential HVAC Equipment Revenue by Installation Type, World Markets: 2022-2031
  • HVAC Equipment First Installation Revenue by Region, World Markets: 2022-2031
  • HVAC Equipment Replacement Revenue by Region, World Markets: 2022-2031
  • Technology Segment
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Industry Insight May 13, 2022
Hybrid Heating Can Support Decarbonization