HVAC Packaged Unit Market - Global Market Share, Trends, Analysis and Forecast, 2023-2032
The global HVAC packaged unit market was estimated to be US$ 25.2 Billion in 2022 and is expected to grow at a CAGR of 7.3% between 2023 to 2032.
An HVAC packaged unit is a self-contained heating, ventilation, and air conditioning system that is typically installed outside a building or on a rooftop. These units are designed to provide temperature and humidity control for commercial and residential buildings, and they can be used in a variety of applications, including schools, hospitals, retail stores, and office buildings.
HVAC Packaged Unit Market Drivers
Growing construction industry in emerging economies is boosting the market growth
The Global HVAC Packaged Unit Market is driven by several major factors, including increasing demand for energy-efficient HVAC systems, the growing construction industry in emerging economies, and rising awareness about indoor air quality. Energy-efficient HVAC systems are in high demand due to rising energy costs and concerns about climate change. As a result, HVAC manufacturers are developing advanced technology to improve energy efficiency and reduce environmental impact.
Additionally, the construction industry is booming in emerging economies such as China and India, driving demand for HVAC packaged units in residential and commercial buildings. HVAC manufacturers are expanding their operations in these countries to tap into the growing market opportunities.
Rising awareness about indoor air quality is also driving the Global HVAC Packaged Unit Market. Poor indoor air quality can lead to health problems, and homeowners and building owners are increasingly looking for HVAC systems that can filter out pollutants and improve air quality.
HVAC manufacturers are developing advanced technology to improve indoor air quality by controlling humidity levels and providing adequate ventilation. The examples provided demonstrate how leading companies in the industry are investing in research and development to offer innovative solutions that address these market drivers. The Global HVAC Packaged Unit Market is expected to continue growing in the coming years, driven by these and other factors.
Application Segmentation of Global HVAC Packaged Unit Market
Commercial segment is the largest application segment of the HVAC packaged unit
Based on application, the commercial segment is the largest application segment of the Global HVAC Packaged Unit Market. This is due to the large number of commercial buildings such as office buildings, retail spaces, and industrial facilities that require heating and cooling systems.
The demand for HVAC packaged units in the commercial sector is driven by several factors such as the growing construction industry, increasing demand for energy-efficient HVAC systems, and the need for low-maintenance and cost-effective HVAC systems. HVAC packaged units are also preferred for commercial applications because they are easy to install and maintain, and can provide heating and cooling to multiple areas of a building.
The residential segment is also an important application segment of the Global HVAC Packaged Unit Market. Residential HVAC packaged units are designed to provide heating and cooling to single-family homes and multi-family residences.
The demand for HVAC packaged units in the residential sector is driven by factors such as increasing demand for energy-efficient and smart HVAC systems, rising awareness about indoor air quality, and the need for low-maintenance and cost-effective HVAC systems. HVAC packaged units are preferred for residential applications because they are compact and require less space than traditional split systems, and can provide both heating and cooling in one unit.
Regional Trends of the Global HVAC Packaged Unit Market
South America is a growing market for HVAC packaged units
Geographically, the global HVAC packaged unit market is segmented into North America, Europe, Asia-Pacific, Middle East and Africa, and South America.
Following are some of the major trends in these regions –
North America is one of the largest markets for HVAC packaged units due to the large number of commercial and residential buildings and the high demand for energy-efficient and smart HVAC systems. The region is also home to several leading HVAC packaged unit manufacturers such as Carrier Corporation, Johnson Controls, and Trane Technologies.
Europe is another significant market for HVAC packaged units due to the growing construction industry and the increasing demand for energy-efficient HVAC systems. The region is home to several prominent manufacturers such as Daikin Industries, Mitsubishi Electric Corporation, and Toshiba Corporation.
The Asia-Pacific region is expected to be the fastest-growing market for HVAC packaged units due to the rapid urbanization, industrialization, and construction activities in countries such as China, India, and Japan. The region is also home to several emerging manufacturers such as LG Electronics, Samsung Electronics, and Gree Electric Appliances.
The Middle East and Africa region is also a growing market for HVAC packaged units due to the increasing demand for energy-efficient and sustainable HVAC systems in commercial and residential buildings. The region is also investing heavily in infrastructure development, which is expected to drive the demand for HVAC systems in the coming years.
South America is a growing market for HVAC packaged units due to the increasing demand for energy-efficient and cost-effective HVAC systems in commercial and residential buildings. The region is also investing in infrastructure development, which is expected to drive the demand for HVAC systems in the coming years.
Key players and market strategies:
Companies operating in the Global HVAC Packaged Unit Market are adopting various growth strategies to expand their market presence and increase their revenue. Some of the major growth strategies adopted by these companies are as follows:
Product Innovation: Companies are continuously investing in research and development activities to develop innovative and energy-efficient HVAC packaged units that offer better performance and higher efficiency. For example, companies such as Carrier Corporation, Daikin Industries, and Mitsubishi Electric Corporation are focusing on developing smart HVAC systems that use advanced technologies such as IoT, AI, and machine learning.
Acquisition and Partnerships: Companies are also engaging in strategic acquisitions and partnerships to expand their product portfolio and reach new customers. For instance, Johnson Controls acquired Air Distribution Technologies, a leading manufacturer of HVAC systems in the US, to expand its presence in the North American market.
Expansion: Companies are expanding their operations in new geographies to tap into the growing demand for HVAC systems. For example, LG Electronics established a new manufacturing plant in India to cater to the growing demand for HVAC systems in the region.
Marketing and Branding: Companies are also investing heavily in marketing and branding activities to increase brand awareness and promote their products. For example, Trane Technologies launched a new advertising campaign to promote its energy-efficient HVAC systems.
Service and Support: Companies are also focusing on providing excellent customer service and support to maintain customer loyalty and increase customer retention. For example, Carrier Corporation offers after-sales services such as maintenance and repair services to ensure the smooth functioning of its HVAC systems.
Blue Star Limited, Carrier Global Corporation, Daikin Industries, Ltd., Emerson Electric Co., Fujitsu Limited, Gree Electric Appliances Inc., Hitachi, Ltd., Honeywell International Inc., Johnson Controls International plc, Lennox International Inc., LG Electronics Inc., Mitsubishi Electric Corporation, Panasonic Corporation, Rheem Manufacturing Company, Trane Technologies plc and many more.
Global HVAC Packaged Unit Market Segmentation:
By Application
- Commercial
- Residential
- Industrial
By Installation Type:
- Ground/Floor Mounted
- Ceiling Mounted/Ducted
- Rooftop Mounted
By Condenser Type:
- Air Condenser
- Water Condenser
By Region
- North America
- United States
- Canada
- Rest of North America
- Europe
- Germany
- United Kingdom
- Italy
- France
- Spain
- Rest of Europe
- Asia Pacific
- Japan
- India
- China
- Australia
- South Korea
- Rest of Asia Pacific
- Middle East & Africa
- UAE
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
- South America
- Brazil
- Rest of South America
- Introduction
- Research Objectives
- Report Assumptions
- Research Methodology
- Abbreviations
- Preface
- Market Definition
- Report Scope and Market Segmentation
- Research Highlights
- Market Synopsis: Global HVAC Packaged Unit Market
- Global HVAC Packaged Unit Market Qualitative Analysis
- Trends
- Market trends
- Technology Trends
- PESTLE Analysis (For 3 prominent countries)
- Market Influencers
- Driving Forces
- Hindering Forces
- Opportunities
- COVID-19 impact
- Porter’s Five Forces Analysis
- Value Chain Analysis
- Trends
- Global HVAC Packaged Unit Market Analysis and Forecast, by Installation Type
- Overview and definitions
- Key segment analysis
- Global HVAC Packaged Unit Market Estimates (US$ Mn), Installation Type, 2019 – 2032
- Ground/Floor Mounted
- Ceiling Mounted/Ducted
- Rooftop Mounted
- Global HVAC Packaged Unit Market Analysis and Forecast, by Condenser Type
- Overview and definitions
- Key segment analysis
- Global HVAC Packaged Unit Market Estimates (US$ Mn), Condenser Type, 2019 – 2032
- Air Condenser
- Water Condenser
- Global HVAC Packaged Unit Market Analysis and Forecast, by Application
- Overview and definitions
- Key segment analysis
- Global HVAC Packaged Unit Market Estimates (US$ Mn), Application, 2019 – 2032
- Commercial
- Residential
- Industrial
- Global HVAC Packaged Unit Market Analysis and Forecast, by Region
- Overview and definitions
- Key segment analysis
- Global HVAC Packaged Unit Market Estimates (US$ Mn), by Region, 2019 – 2032
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
- North America HVAC Packaged Unit Market Analysis and Forecast
- Overview and definitions
- Key segment analysis
- North America HVAC Packaged Unit Market Estimates (US$ Mn), Installation Type, 2019 – 2032
- Ground/Floor Mounted
- Ceiling Mounted/Ducted
- Rooftop Mounted
- North America HVAC Packaged Unit Market Estimates (US$ Mn), Condenser Type, 2019 – 2032
- Air Condenser
- Water Condenser
- North America HVAC Packaged Unit Market Estimates (US$ Mn), Application, 2019 – 2032
- Commercial
- Residential
- Industrial
- North America HVAC Packaged Unit Market Estimates (US$ Mn), by Country, 2019 – 2032
- United States
- Canada
- Rest of North America
- Europe HVAC Packaged Unit Market Analysis and Forecast
- Overview and definitions
- Key segment analysis
- Europe HVAC Packaged Unit Market Estimates (US$ Mn), Installation Type, 2019 – 2032
- Ground/Floor Mounted
- Ceiling Mounted/Ducted
- Rooftop Mounted
- North America HVAC Packaged Unit Market Estimates (US$ Mn), Condenser Type, 2019 – 2032
- Air Condenser
- Water Condenser
- Europe HVAC Packaged Unit Market Estimates (US$ Mn), Application, 2019 – 2032
- Commercial
- Residential
- Industrial
- Europe HVAC Packaged Unit Market Estimates (US$ Mn), by Country, 2019 – 2032
- Germany
- United Kingdom
- Italy
- France
- Spain
- Rest of Europe
- Asia Pacific HVAC Packaged Unit Market Analysis and Forecast
- Overview and definitions
- Key segment analysis
- Asia Pacific HVAC Packaged Unit Market Estimates (US$ Mn), Installation Type, 2019 – 2032
- Ground/Floor Mounted
- Ceiling Mounted/Ducted
- Rooftop Mounted
- Asia Pacific HVAC Packaged Unit Market Estimates (US$ Mn), Condenser Type, 2019 – 2032
- Air Condenser
- Water Condenser
- Asia Pacific HVAC Packaged Unit Market Estimates (US$ Mn), Application, 2019 – 2032
- Commercial
- Residential
- Industrial
- Asia Pacific HVAC Packaged Unit Market Estimates (US$ Mn), by Country, 2019 – 2032
- China
- Japan
- South Korea
- India
- Australia
- Rest of Asia Pacific
- Middle East & Africa HVAC Packaged Unit Market Analysis and Forecast
- Overview and definitions
- Key segment analysis
- Middle East & Africa HVAC Packaged Unit Market Estimates (US$ Mn), Installation Type, 2019 – 2032
- Ground/Floor Mounted
- Ceiling Mounted/Ducted
- Rooftop Mounted
- Middle East & Africa HVAC Packaged Unit Market Estimates (US$ Mn), Condenser Type, 2019 – 2032
- Air Condenser
- Water Condenser
- Middle East & Africa HVAC Packaged Unit Market Estimates (US$ Mn), Application, 2019 – 2032
- Commercial
- Residential
- Industrial
- Middle East & Africa HVAC Packaged Unit Market Estimates (US$ Mn), by Country, 2019 – 2032
- UAE
- Saudi Arabia
- South Africa
- Rest of MEA
- South America HVAC Packaged Unit Market Analysis and Forecast
- Overview and definitions
- Key segment analysis
- South America HVAC Packaged Unit Market Estimates (US$ Mn), Installation Type, 2019 – 2032
- Ground/Floor Mounted
- Ceiling Mounted/Ducted
- Rooftop Mounted
- South America HVAC Packaged Unit Market Estimates (US$ Mn), Condenser Type, 2019 – 2032
- Air Condenser
- Water Condenser
- South America HVAC Packaged Unit Market Estimates (US$ Mn), Application, 2019 – 2032
- Commercial
- Residential
- Industrial
- South America HVAC Packaged Unit Market Estimates (US$ Mn), by Country, 2019 – 2032
- Brazil
- Argentina
- Rest of South America
- Competition Analysis – Global HVAC Packaged Unit Market
- Market Composition
- Market Share Analysis (%), by Supplier (2022)
- Company Profiles
- Blue Star Limited
- Business overview
- Geographic presence
- Product portfolio
- Financial facts
- Relevant news and strategic view
- Carrier Global Corporation
- Daikin Industries, Ltd.
- Emerson Electric Co.
- Fujitsu Limited
- Gree Electric Appliances Inc.
- Hitachi, Ltd.
- Honeywell International Inc.
- Johnson Controls International plc
- Lennox International Inc.
- LG Electronics Inc.
- Mitsubishi Electric Corporation
- Panasonic Corporation
- Rheem Manufacturing Company
- Trane Technologies plc
- Blue Star Limited
- Conclusion & Recommendations
Frequently asked questions about this report
How large is the HVAC packaged unit market?
The HVAC packaged unit market was estimated to be US$ 25.2 Billion in 2022.
What are the major drivers for the global HVAC packaged unit market?
The HVAC packaged unit Market is driven by several major factors, including increasing demand for energy-efficient HVAC systems, growing construction industry in emerging economies, and rising awareness about indoor air quality.
What is the HVAC packaged unit market growth?
The HVAC packaged unit market is expected to grow at a CAGR of 7.3% between 2023 to 2032.
Which application is the largest in the HVAC packaged unit market?
The commercial segment is the largest application segment of the Global HVAC Packaged Unit Market. This is due to the large number of commercial buildings such as office buildings, retail spaces, and industrial facilities that require heating and cooling systems.
Which is the largest regional market for HVAC packaged unit?
North America is one of the largest markets for HVAC packaged units due to the large number of commercial and residential buildings and the high demand for energy-efficient and smart HVAC systems.
What are the key growth strategies of HVAC packaged unit market companies?
The major growth strategies adopted by these companies are also engaging in strategic acquisitions and partnerships to expand their product portfolio and reach new customers. For instance, Johnson Controls acquired Air Distribution Technologies, a leading manufacturer of HVAC systems in the US, to expand its presence in the North American market.
Who are the winners in the HVAC packaged unit market?
Blue Star Limited, Carrier Global Corporation, Daikin Industries, Ltd., Emerson Electric Co., Fujitsu Limited, Gree Electric Appliances Inc., Hitachi, Ltd., Honeywell International Inc., Johnson Controls International plc, Lennox International Inc., LG Electronics Inc., Mitsubishi Electric Corporation, Panasonic Corporation, Rheem Manufacturing Company and Trane Technologies plc are the winners in the HVAC packaged unit market.