PREBOOK THIS REPORT - SAVE 10% SECOND EDITION

Europe HVAC Market - Industry Outlook and Forecast 2023-2028

TO BE PUBLISHED : Dec 2022 | Pages : 234

Up to $525 off Prebook this report

THE EUROPE HVAC MARKET SIZE WAS VALUED AT USD 61.26 BILLION IN 2022 AND IS EXPECTED TO REACH USD 86.49 BILLION BY 2028, GROWING AT A CAGR OF 5.92%.

The Europe HVAC Market Size, Share, & Trends Analysis Report by

  • Equipment: Heating (Heat Pump, Boiler Units, Furnaces, Others), Air Conditioning ( RAC, CAC, Chillers, Heat Exchangers, Others), and Ventilation ( Air Handling Units, Air filters, Humidifiers & Dehumidifiers, Fan Coil Units, Others)
  • Application: Residential and Commercial (Airports &Public, Office Spaces, Hospitality, Hospitals, Industrial & Others)
  • Geography: Western Europe (UK, Germany, France, Italy, Netherlands), Nordic (Norway, Denmark, Sweden, Others), and Central & Eastern Europe (Russia, Poland & Austria, Other CEE Countries)

Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2023–2028

Prebook Tag
Licence Types What are these?
10 % OFF

Save 10% on this report.
Discount already applied

GET ACTIONABLE INSIGHTS ON HOW COVID-19 IS IMPACTING YOUR BUSINESS
Enquire Now Download Free Sample

Most Exhaustive Report

icon-pages

234 Pages

icon-table

70 Tables

icon-chart

68 Charts

icon-region

3 Regions

icon-country

11 Countries

icon-company

43 Companies

icon-market

3 Market Segment

EUROPE HVAC MARKET REPORT SCOPE

Report Attribute Details
Market Size ( 2028) USD 86.49 BILLION
Market Size (2022) USD 61.26 BILLION
CAGR (2022-2028) 5.92%
Base Year 2022
Historic Year 2019-2021
Forecast Year 2023-2028
Market Segments Equipment, Application, Geography
Geographic Analysis Western Europe, Nordic, and Central & Eastern Europe
Countries Covered UK, Germany, France, Italy, Netherlands, Norway, Denmark, Sweden, Russia, Poland & Austria, and Other CEE Countries
KEY VENDORS Systemair, Johnson Controls, Zehnder, Ostberg, Aldes, Bosch, Daikin, Samsung, and Mitsubishi Electric

The Europe HVAC market was valued at USD 61.26 billion in 2022 and is expected to reach USD 86.49 billion by 2028, growing at a CAGR of 5.92% from 2023-2028. The market is undergoing tremendous modifications due to the increasing integration of IoT technology with HVAC products, making them more innovative and accessible. The emphasis on connecting several sensors within building ecosystems, including HVAC, has grown for achieving energy efficiency.

The growth of infrastructural construction is set to speed up significantly post-2021. These infrastructural projects in Europe are estimated to reach a total investment of about USD 14.8 trillion, expected to be completed by 2040, creating a massive demand for HVAC at these locations in Europe, further propelling the growth of the Europe HVAC market. In 2022, European countries witnessed drastic climate changes throughout the year. Rising temperatures and heat waves have increased HVAC systems in commercial and residential buildings to control indoor climate conditions. Hence such factors propel the sales of the HVAC systems in the forecast period.

Further, because of the highly competitive industry, R&D investments in the Europe HVAC market are limited and have substantial investments, mainly from prominent vendors. Moreover, the short time-to-market and narrow acceptance of new technologies add to the challenges for HVAC vendors. R&D investments are primarily on cost reduction of the production process and improvement of the existing product technology for value addition instead of developing new products.

MARKET TRENDS & DRIVERS

Replacement of Existing Equipment with Energy Efficient Product
In 2020, there was the steepest decline in the commercial sector due to the hard-hit hotel & motel industry and sports & convention centers. The commercial sector has been witnessing constant growth since 2021 with the reopening of the economy. Energy-efficient HVAC technologies for residential and commercial buildings have the potential to provide environmental and economic benefits in the Europe HVAC market. Optimizing energy-efficient HVAC technologies and proper installation planning helps to reach energy-saving potential by up to 40%. Therefore, replacing existing equipment with energy-efficient HVAC technologies will boost the growth of HAVC systems in the upcoming year.

Growing VRF Systems
VRF air conditioners are one of the fastest-growing multi-split air conditioners. Variable Refrigerant Flow (VRF) HVAC systems consist of outdoor units connected to various indoor units via refrigerant piping to give cooling and heating to individual zones. VRF system installations are increasing in European countries, with urban areas being the major demand generators, especially the commercial sector.

In Germany, centralized air conditioning solutions are growing in demand through chillers and VRF systems. However, in many places, VRF systems are replacing chillers. VRF sales are expected to rise in tune with global trends as they help save operational costs. The UK industry is strongly connected to the business trends of Europe and driven by construction activities in London. Hence, the VRF system will play a vital role in the Europe HVAC market.

SEGMENTATION INSIGHTS

INSIGHTS BY EQUIPMENT
HVAC commonly refers to heating, ventilation, cooling, collective heating, and cooling technologies used at commercial, residential, industrial, and public utility buildings. The Europe HVAC market can be divided into three categories based on functionality: heating, ventilation, and air conditioning. The Europe HVAC market in heating equipment is growing at a CAGR of over 6% during the forecast period. The heating equipment industry is characterized by intense competition, as the same has high traction in the cold climatic conditions of the region. The heating equipment is generally bulky; hence, the industry is characterized by many local/domestic vendors. Moreover, the service and maintenance required for these tools also bring in high revenue.

The air conditioning industry is characterized by the presence of many domestic and multi-national vendors, and the industry is seasonal in nature and characterized by modern technology. The CAC and RAC constitute a significant part of air conditioning. The Europe HVAC market in air conditioning was valued at USD 22.66 billion in 2022. France, Germany, Italy, the UK, and Spain are Europe's most prominent demand generators in the category and are expected to witness growth during the forecast period.

INSIGHTS BY APPLICATION
The Europe HVAC market by end-use can be categorized as residential and commercial sectors. The residential sector demand in 2022 is expected to grow due to the construction industry skyrocketing in European countries. The demand for new equipment and replacement is expected to be impacted as consumers seek to cut down on non-essential purchases. Europe HVAC market by residential sector is growing at a CAGR of 5.43% during the forecast period.

The commercial sector involves the use of HVAC for larger spaces. The Europe HVAC market by commercial sector was valued at USD 25.12 billion in 2022. The commercial sector affordability is high and is mainly driven by higher lifecycle costs and energy efficiency. The demand for newly constructed buildings is expected to take a hit, as the COVID-19 spread has adversely impacted the project timelines.

REGIONAL INSIGHTS

Several countries in Northern and Central Europe have been filled with harsh cold weather for almost all the year. Changing weather conditions and poor air quality maintenance are significant factors in the growth of the Europe HVAC market. The Western Europe region held the most important of Europe’s HVAC market share and was valued at US 34.26 billion in 2022. From a demand perspective, air conditioning systems lead the industry in Western Europe as the temperature rise in urban cities because of pollution, urbanization, and other similar factors.

The HVAC industry in Central & Eastern Europe was valued at USD 8.65 billion in 2022; the region’s industry is driven by both heating and air conditioning systems. The installation is becoming very common in CEE countries. The new HVAC technologies are being adopted as they are energy efficient and eco-friendly. The air or water heat pumps have shown impressive growth as traditional boiler units in the CEE countries. The market characteristics vary across CEE, and the demand for the equipment changes accordingly. The growing middle-class purchasing power and private investments in the construction sector are the major driving factors in the HVAC industry in Central & Eastern Europe.

COMPETITIVE LANDSCAPE

The HVAC industry, prior to the outbreak of COVID-19, was undergoing a transition, mainly on three fronts – regulations, technological upheaval, and the construction industry rebound in many countries. Post the COVID-19 outbreak, the industry is witnessing financial turmoil. The need for efficient HVAC has increased in the region, primarily driven by EU directions, objectives, and targets. The presence of many market participants in each country and equipment category characterizes the Europe HVAC market. The industry is a beneficiary of the government's large incentives to the end-users in tune with government objectives of meeting carbon emission targets and other climate change control measures.

One of the key players in the Europe HVAC market, Systemair’s ventilation products and systems are marketed under brands such as Frico, Fantech, and Menerga. Menerga is one of the leading brands in the region for air handling units in the segment comprising swimming pools, precision ventilation, and industrial applications. Germany is the largest European industry for Menerga’s products, and Frico offers airborne heating and air curtains in the region. It provides solutions for the indoor climate in residential and commercial sectors. Further, the Europe HVAC market is highly fragmented, and high competition is witnessed in the region due to regional, national, and local players. Therefore, Johnson Controls focuses on developing effective designs of HVAC systems in the residential and commercial sectors at effective price ranges to have a strong foothold in the industry.

Frequently Asked Questions

How big is the Europe HVAC market?

The Europe HVAC market size crossed USD 61.26 billion in 2022 and is expected to reach USD 86.49 billion by 2028.

What is the growth rate of the Europe HVAC market?

The Europe HVAC market share will grow at a CAGR of 5.92% from 2023-2028.

What are the major factors driving the growth of the Europe HVAC market?

The significant factors driving the Europe HVAC market growth are the replacement of existing equipment with energy-efficient products, the emergence of IoT and product innovations to aid replacements, and Europe's climatic conditions and heatwave propelling the demand for HVAC systems.

Who are the key players in the Europe HVAC market?

The key players in the Europe HVAC market are Systemair, Johnson Controls, Zehnder, Ostberg, Aldes, Bosch, Daikin, Samsung, and Mitsubishi Electric.

What is the growth rate of the UK HVAC market during the forecast period?

The UK HVAC market is expected to grow at the highest CAGR of over 7.7% from 2023-2028. The renewable heat incentive is one of the major initiatives of the HVAC market in the UK government that are expected to drive demand for new, energy-efficient HVAC equipment during the projected period.

What is the market size of the Residential Europe HVAC market?

Europe's residential sector HVAC market was valued at USD 36.13 billion in 2022.

Download Free Sample

The Europe HVAC market was valued at USD 61.26 billion in 2022 and is expected to reach USD 86.49 billion by 2028.

The following factors are likely to contribute to the growth of the Europe HVAC market during the forecast period:

  • Rising Construction Industry
  • Airport Modernization
  • Growing VRF Systems

Base Year: 2022

Forecast Year: 2023-2028

The report considers the present scenario of the Europe HVAC market and its dynamics for 2023-2028. It covers a detailed overview of several market growth enablers, restraints, and trends. The study covers both the demand and supply sides of the market. It also profiles and analyzes leading companies and several other prominent companies operating in the market.

Key Company Profiles

  • Systemair
    • Business Overview
    • Product Offerings
    • Key Strengths
    • Key Strategies
    • Key Opportunities
  • Johnson Controls
  • Zehnder
  • Ostberg
  • Aldes
  • Bosch
  • Daikin
  • Samsung
  • Mitsubishi Electric

 Other Prominent Vendors 

  • LG
    • Business Overview
    • Product Offerings
  • Panasonic
  • Carrier
  • Midea
  • Regal
  • Raytheon Technologies
  • Honeywell
  • Flakt Group
  • Beijer Ref
  • Flexit
  • Grundfos
  • Swegon
  • VTS
  • Nuaire
  • Nortek
  • Alfa Laval
  • Hitachi
  • Lu-Ve
  • Vent-Axia
  • Rosenberg
  • S & P
  • WOLF
  • CIAT
  • AL-KO
  • DynAIR
  • Danfoss
  • Lennox
  • Backer Springfield
  • Dunham-Bush
  • TCL
  • TROX
  • Vaillant Group
  • Ingersoll Rand
  • Camfil

Segmentation by Equipment 

  • Heating
    • Heat Pump
    • Boiler Units
    • Furnaces
    • Others
  • Air Conditioning
    • RAC
    • CAC
    • Chillers
    • Heat Exchangers
    • Others
  • Ventilation
    • Air Handling Units
    • Air filters
    • Humidifiers & Dehumidifiers
    • Fan Coil Units
    • Others

Segmentation by Application

  • Residential
  • Commercial
    • Airports &Public
    • Office Spaces
    • Hospitality
    • Hospitals
    • Industrial & Others

Segmentation by Geography

  • Western Europe
    • UK
    • Germany
    • France
    • Italy
    • Netherlands
  • Nordic
    • Norway
    • Denmark
    • Sweden
    • Others
  • Central & Eastern Europe
    • Russia
    • Poland & Austria
    • Other CEE Countries

Please reach us at enquiry@arizton.com

Please reach us at enquiry@arizton.com

Select a license type that suits your business needs

single-user Single User Licence
$3375.00
  • Report accessible by one user only
  • Free 10% or 3 days of customization
  • Free post-sale service assistance
  • Continuous support through email
Best Value Tag
5-user 5 User Licence
$3825.00
  • Report accessible by 5 users within the organization
  • Free 15% or 4.5 days of customization
  • Free post-sale service assistance
  • Continuous support through email and telephone
  • Free analyst hour
  • Free Upgrade: If an updated report published within 180 days of purchase, you will get the revised report free of charge
corporate.png Corporate Licence
$4725.00
  • Free Datasheet worth $1500
  • Report accessible by the entire organization
  • Free 20% or 6 days of customization
  • Free post-sale service assistance
  • Continuous support through email and telephone
  • Direct access to lead analysts
  • Free analyst hour
  • Free Upgrade: If an updated report published within 180 days of purchase, you will get the revised report free of charge
datasheet.png Datasheet Licence
$1350.00
  • Report accessible by 1 user only
  • Free 15% or 32 hours of customization
  • Free post-sale service assistance
  • Direct access to lead analysts

Our Clients

Prebook Tag
Licence Types What are these?
10 % OFF

Save 10% on this report.
Discount already applied

Interested in data center portfolio for this report?
Click here

Our Clients Speak

erick

"The report by Arizton was spot on. It not only gave us insight into the pro audio market, we used it to raise funds for our company. The data proved (to the VC we pitched to) that the market was large enough for our company to not only survive but also grow."

Erik Young
CEO, Co-founder
Audink Inc., DBA Audios
SPEAK WITH OUR ANALYST

Want to know more about the report or any specific requirement?

Click to Email +1-312-235-2040

Want to Customize the Report?

Click Here

Why Arizton?

  • 100% Customer Satisfaction
  • 24x7 availability – we are always there when you need us
  • 200+ Fortune 500 Companies trust Arizton's report
  • 80% of our reports are exclusive and first in the industry
  • 100% more data and analysis
  • 1000+ reports published till date