CHICAGO, Feb. 27, 2024 /PRNewswire/ -- According to Arizton's latest research report, the Europe HVAC market is growing at a CAGR of 6.24% during 2023-2029.
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Browse In-Depth TOC on the Europe HVAC Market
336 - Pages??????????
103 - Tables??????????
101 - Figures?
Europe HVAC Market Report Scope
Report Attributes | Details |
Market Size (2029) | USD 92.48 Billion |
Market Size (2023) | USD 64.33 Billion |
CAGR (2023-2029) | 6.24 % |
Historic Year | 2020-2022 |
Base Year | 2023 |
Forecast Year | 2024-2029 |
Market Segmentation | Equipment, Heating, Air Conditioning, Ventilation, End-user, and Geography |
Regional Analysis | Western Europe, Nordic, and Central & Eastern Europe (CEE) |
Market Dynamics | • Rise in Commercial Construction and Projects • Airport Modernization • Growing VRF Systems • Favorable Government Policies and Incentives • Demand for Low GWP Refrigerant Solutions in Heating Equipment |
Modernization of Airports Creating Huge Market Opportunities
Airports are actively embarking on modernization plans and pumping hefty investments into mega airport modernization projects to improve their infrastructure and services. This ensures that they transform their facilities and operations into what they envision as a market leader as they serve a growing number of passengers, year after year. The advent of SMART Airports (recognizing the newest smart technology and advances in the construction of smart airports) with high HVAC efficiency is a major growth enabler of the HVAC industry. Airports in Iceland, Greece, and Luxembourg achieved a full recovery when compared with July 2023 figures. Those farthest from full recovery include Slovenia, Finland, Bulgaria, and Germany. The aim of new airport operators shifted from providing traditional services to an experience for air travelers and helping them to make the most of services available at airports (especially at international passenger terminals). Currently, airport operators seek passengers who spend most of their time in airports to generate more revenue per passenger (non-aircraft income). This is expected to boost the requirement for bigger and better HVAC facilities at the airport to cater to a larger crowd. Service and maintenance visits at airports are strictly punctual and are high revenue generators for the industry.
Western Europe to Contribute the Largest Market Share
The Western European HVAC market was valued at $36.08 billion in 2023 and is expected to register a CAGR of 6.54% during the forecast period. Major factors spiking the sales of HVAC equipment in Europe are rising average construction spending, increasing retail building construction projects, rising government spending on sustainable building development, industrial developments, rapid urbanization, changing climatic conditions, and growth in disposable income across European countries. Government regulations regarding eco-friendly refrigerants and energy-efficiency smart HVAC systems are expected to increase the demand for HVAC, particularly in Germany, the UK, France, and Italy, due to the construction of buildings. Global warming has been the focus area of many international organizations since the Paris Agreement in 2015. Directions and measures were rolled out to ensure that global warming does not exceed 35.6°F by 2100. Thus, climate change-related efforts received a highly positive response from many Western European countries. Many countries have set climate goals to achieve. They also compare the work of various countries to prevent further climate change. Thus, energy-efficient HVAC equipment has led the market in Western Europe over the last five years.
Growth Strategies of Key Vendors in the Europe HVAC Market
The industry is characterized by the presence of many market participants in each of the countries and each of the equipment categories. The HVAC industry is a beneficiary of significant government incentives to end-users, with government objectives meeting carbon emission targets and other climate change control measures. Government schemes stimulated the demand for energy-efficient equipment. With technological upheaval, the industry has seen an influx of affordable systems. Vendors that have advanced technology and meet standards set from an ecological perspective have a competitive edge over other vendors. Hence, although sustainability is a significant factor in the HVAC industry, incorporating technology and statutory standards is a step ahead in the competitive market. Players such as Fluidra have a strong position in the European pool and wellness equipment market, with a share of around 18%. It also keenly eyes expanding its footprint through the acquisition of pool-related players. Being a major shareholder in the heating market, such as the US, it is eyeing reaching one million connected swimming pools and over $10 million in revenue by 2025 through its brands such as Zodiac, Jandy, AstralPool, Polaris, and others. The diversified business goals and strategies, as per the geography, are leverage for the brand. For instance, it focuses on IoT-based heating appliances in Europe, whereas importance is given to market penetration and loyalty programs in Europe, Southern Hemisphere, and Asia.
The Europe HVAC Market Report Encompasses Crucial Data, Including:??????
CAGR (Compound Annual Growth Rate) during the forecast period: This metric provides insights into the annual growth rate of the Europe HVAC market over the specified time frame.??????
Detailed information on growth drivers: The report offers in-depth information on the factors that will propel the Europe HVAC market growth from 2023 to 2029. This includes an analysis of various market influences.??????
Precise estimation of market size: Accurate assessments of the Europe HVAC market size and its contribution and focusing on key market segments.??????
Predictions about upcoming trends and changes in consumer behavior: The report offers insights into anticipated trends and shifts in consumer behavior that are likely to impact the Europe HVAC market, helping businesses prepare for future market dynamics.??????
Geographical market growth: The report covers the development of the Europe HVAC market across different regions, including Western Europe, Nordic, and Central & Eastern Europe (CEE). This provides a comprehensive understanding of the market landscape across Europe.????
Competitive landscape analysis: A thorough examination of the market's competitive landscape is presented, including detailed information about companies operating in the Europe HVAC market. This includes an overview of key players, their market share, strategies, and key developments.??????
Analysis of growth challenges: The report includes a comprehensive analysis of factors that may pose challenges to the growth of companies in the Europe HVAC market, providing a well-rounded view of the market dynamics.????
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Key Company Profiles
- Aldes
- Daikin
- Johnson Controls
- Mitsubishi Electric
- Ostberg
- Pentair
- Robert Bosch
- Rheem Manufacturing Company
- Samsung
- Siemens AG
- Systemair
- Zehnder
- Alfa Laval
- Carrier
- Honeywell International Inc
- LG
- Panasonic
- Midea
- Regal
- Raytheon Technologies
- Flakt Group
- Swegon
- VTS Group
- Nuaire
- Nortek
- Hitachi
- LU-VE
- Vent-Axia
- Rosenberg
- S & P
- Wolf
- CIAT
- AL-KO GROUP
- Dynair
- Danfoss
- Lennox
- Backer Springfield
- Dunhambush
- TCL
- Trox
- Vaillant Group
- Viessmann Group
- Stiebel Eltron
- NIBE Group
- Uponor Corporation
- Glen Dimplex
- Ferroli
- Elco Burners
- BDR Thermea Group
- Biddle Air Systems
- Riello Group
- Ingersoll Rand
- Camfil
Market Segmentation
- Equipment
- Heating
- Air Conditioning
- Ventilation
- Heating
- Heat Pump
- Boiler Unit
- Furnace
- Others
- Air Conditioning
- RAC
- CAC
- Chiller
- Heat Exchanger
- Others
- Ventilation
- Air Handling Unit (AHU)
- Air filter
- Humidifier & Dehumidifier
- Fan Coil Unit
- Other Ventilation Equipment
- End-user
- Residential
- Commercial
- Others
- Geography
- Western Europe
- Germany
- France
- UK
- Italy
- Netherlands
- Spain
- Belgium
- Nordic
- Norway
- Denmark
- Sweden
- Finland
- Central & Eastern Europe (CEE)
- Russia
- Poland & Austria
- Hungary
- Czech Republic
Key Questions Answered in the Report:?????
How big is the Europe HVAC market?
What is the growth rate of the Europe HVAC market?
Which region dominates the Europe HVAC market share?
What are the significant trends in the Europe HVAC market?
Who are the key players in the Europe HVAC market?
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