ID: PMRREP23671
Format: PPT*, PDF, EXCEL
Last Updated: 28 December 2022
Industry: Industrial Automation
Number of Pages: 314
[314 Pages] In 2023, the global HVAC packaged units market will be worth US$ 50,212.0 Mn. and is projected to expand steadily at a CAGR of 6.0% to reach a market valuation of close to US$ 89,922.0 Mn by 2033.
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Global HVAC Packaged Units Market Size (2022A) |
US$47,395.2 Mn |
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Estimated Market Size (2023E) |
US$50,212.0 Mn |
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Projected Market Value (2033F) |
US$ 89,922.0 Mn |
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Value CAGR (2023-2033) |
6.0% |
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Collective Share: Top 3 Countries (2023E) |
57 % |
Globally, there has been a fast expansion of retail stores during the previous decade. Expansion of current facilities and the establishment of new stores will raise demand for commercial HVAC systems, which will in turn enhance demand for HVAC packaged units. A rise in living standards, along with an improving macroeconomic environment, has resulted in a major increase in the number of organized retail stores globally. The rapid rise of the organized retail sector, as evidenced by the growing number of hypermarkets and supermarkets, is predicted to support the total food chain's growth. Furthermore, space constraints are projected to drive HVAC packaged unit sales.
North America is anticipated to hold a majority of the share in the market owing to the rapid growth in commercial and industrial sector in the country. According to PMR, North America will hold 45.1% of the market in 2023.
From 2017 to 2022, the global HVAC packaged units market expanded at a CAGR of around 3.4%. Data centres are poised for tremendous growth in the near future due to the rapid speed of technology. Data centre demand is being driven by the Internet of Things, mobile computing, and cloud computing. As global demand for data interchange develops, so does the size and pressure imposed on data centres, putting unprecedented limits on the operator's available space and power. A high efficiency spectrum of cooling systems is required for data centres, which maximises equipment performance while also regulating the data center's environmental impact.
Data centre heat removal is one of the most important but least known crucial IT infrastructure activities. To collect and transmit this undesirable energy to the outside atmosphere, precision cooling and heat rejection devices are used. The need for packaged HVAC systems is predicted to expand dramatically as the demand for cooling solutions in data centres grows. According to Persistence Market Research, the market will grow at a 6.0% CAGR through 2033.
“Rising Construction Activities to Propel the Demand for HVAC Packaged Units”
In recent years, residential and commercial construction industry has grown at a good pace. HVAC system is one of the important components of residential houses, flats, guest houses, farm houses, and commercial facilities as well. Furthermore, space constraints in high storied buildings drives the growth of the HVAC packaged units market.
Manufacturers are providing customized products to attract more customers and to deal with the competition. Therefore, continuous growth in the construction sector is expected to drive the growth of the HVAC packaged units market.
Additionally, Consumers are growing more knowledgeable, technologically smart, and environmentally conscious. Consumers are increasingly interested in being able to monitor and operate their HVAC systems in real time. This shift in behaviour will drive up demand for high-end HVAC packaged units with connectivity possibilities.
“Automation of HVAC Packaged Units Creates Striking Opportunities”
Customers and manufacturers alike are benefiting from the implementation of smart and environmentally friendly HVAC packaged units. The use of smart technologies in HVAC systems is a new industry trend. The user of an automated HVAC system can operate HVAC packaged unit operations such as temperature control and humidity management with a single tap through a mobile application. Furthermore, the introduction of artificial intelligence is creating potential opportunities for the market for HVAC packaged units.
Manufacturers are focusing on developing novel goods that are cost effective, compact in size, and provide great reliability. The devices are available in a variety of capacities and are ideal for both home and business settings.
Which is the most prominent market for HVAC Packaged Units manufacturers?
“U.S. Market to Drive High Sales of HVAC Packaged Units”
The HVAC Packaged Units market in the U.S. is expected to account for approximately 38.4% of global value in 2023. The growth is due to the increasing adoption of HVAC systems in the commercial sector, rising demand for energy-efficient products, and increased awareness of energy conservation in the U.S. region. Additionally, market players are concentrating on offering HVAC packaged units with higher performance and reliability to obtain a competitive advantage, and advancements in maintenance cost reduction will fuel market expansion.
Which Country is dominating the South Asia & Pacific HVAC Packaged Units Market?
“India is anticipated to hold largest market share in the South Asia & Pacific HVAC Packaged Units Market”
From 2023 to 2033, India is estimated to grow at a CAGR of 9.1%. Rising population and growing construction activities are two important factors driving market expansion in India. Rapid urbanisation and industrialisation are driving up demand for HVAC Packaged Units. Moreover, the introduction of the LEED-India projects, as well as the founding of the Indian Society of Heating, Refrigeration, and Air-Conditioning Engineering (ISHRAE), encourage the country's adoption of HVAC Packaged systems.
How the benefits of Rooftop mounted HVAC Packaged Units impacting the market growth?
“High Demand Predicted for the Garbage Trucks”
Rooftop units are often easier to install, even on residential properties, because the components are manufactured in a factory and are frequently optimised. Most of these units are also pre-installed, making it easier for professionals to install this sort of HVAC system. Rooftop units free up floor space that could otherwise be utilised for production or manufacturing. Alternatively, rather than employing the room for huge, heavy HVAC equipment. It is advantageous for repair and maintenance services in addition to saving rooftop space and assuring speedier installation. Every critical component is in one location, making it much easier to identify and resolve issues. Due to such benefits there is high demand for Rooftop Mounted HVAC packaged units.
Which End Use Sector of HVAC Packaged Units Generates Most Market Revenue?
“Commercial Sector will hold the largest market share in End Use Segment”
The commercial sector is estimated to account for around 66.5% of the market. Several trends, from green and smart technologies to automated systems, are projected to shape the future of the commercial HVAC industry. Additionally, rising demand from supermarkets, hypermarkets, and discount stores in new and upcoming retail food and beverage activities around the world. The retail sector has grown significantly in recent years, fueling demand for HVAC packaged units in the commercial sector.
The global HVAC packaged units industry is a fiercely competitive market. Various organisations are found to be participating in strategic mergers and acquisitions in order to better service their worldwide client base and expand their product offerings. Established players are looking for domestic players with a strong distribution network to help parent firms promote their product ranges and expand their client base across regions.
By Installation Type, the Global HVAC Packaged Units Market is segmented as:
By Condenser Type, the Global HVAC Packaged Units Market is segmented as:
By End Use, the Global HVAC Packaged Units Market is segmented as:
By Region, the Global HVAC Packaged Units Market is segmented as:
The HVAC Packaged Units Market is expected to total US$ 89,922.0 Mn in 2023.
The demand for HVAC Packaged Units will increase by 6.0% during the forecasted period from 2023 to 2033.
Daikin corporation, Johnson controls, Midea Group, Carrier Corporation, Panasonic Corporation, Trane Technologies, GREE ELECTRIC APPLIANCES, Mitsubishi Electric, SamSung, Bosch Thermotechnology Group, FUJITSUand others are the leading market players which hold around 50 to 55% of the global market.
The demand in China is expected to increase by 7.4% CAGR from 2023 to 2033 on a value basis.
U.S., Germany, China, India and Japan are the leading countries in the HVAC Packaged Units Market.
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Details |
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Forecast Period |
2023-2033 |
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Historical Data Available for |
2017-2022 |
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Market Analysis |
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Key Regions Covered |
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Key Countries Covered |
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Key Segments Covered |
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Key Companies Profiled |
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Report Coverage |
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Customization & Pricing |
Available upon Request |
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