Global HVAC Packaged Unit Market Size By Product(Air Condenser HVAC Packaged Unit and Water Condenser HVAC Packaged Unit), By Application(Commercial and Residential), By Geographic Scope And Forecast

HVAC Packaged Unit Market Size And Forecast

HVAC Packaged Unit Market size was valued at USD 236.42 Billion in 2024 and is projected to reach USD 399.28 Billion by 2031, growing at a CAGR of 6.77% from 2024 to 2031.

Matured markets exhibit a high demand for elated demand for phonologically advanced and more energy-efficient HVAC Packaged Units Market. This has made HVAC packaged unit a preferred choice. Further, growing urbanization is also one of the reasons behind the HVAC Packaged Unit Market growth. The Global HVAC Packaged Unit Market report provides a holistic evaluation of the market. The report offers comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.

Global HVAC Packaged Unit Market Definition

HVAC packaged units are air conditioners used for conditioning in places such as restaurants, homes, telephone exchanges, small halls, and others. Thus, the whole unit cooling coil, air filter, air handling unit, and compressor are all lodged in a single casing. These are installed primarily on the rooftop and include both an air handler and condensers in a single cabinet. There are two types of HVAC packaged units available – air packaged air conditioners with water-cooled condensers and packaged air conditioners with air-cooled condensers. Heating, ventilation, and air conditioning (HVAC) units add to the aesthetic value of residential and commercial places. Companies are heavily investing in R&D to manufacture innovative products such as hybrid HVAC equipment that uses multiple sources of energy for heating and cooling applications.

Global HVAC Packaged Unit Market Overview

The HVAC Packaged Unit Market is growing with the escalated demand at commercial and residential bases of these products. A positive change in the living standards along with an improving macroeconomic scenario has led to a significant surge of various organized retail stores worldwide. The rapid growth of the organized commercial sector characterized by the rising number of hypermarkets, supermarkets, etc., is expected to boost the growth of the overall commercial chain, which in turn is expected to boost the overall sale of HVAC packaged units. Furthermore, the worldwide HVAC Packaged Unit Market is growing at a high pace due to the increasing preference for energy efficiency, availability of favorable government incentives, and the rising focus on the reduction of operating costs. These factors have positively anticipated in propelling the growth of the global HVAC Packaged Unit Market.

There are certain restrictions and barriers faced that will hinder the overall market growth. The factors such as higher installation cost of energy-efficient HVAC systems are limiting the market growth. Also, complex integrated systems and the integration of AI, IoT solutions into the existing systems is a difficult task that inhibits the overall growth of the global HVAC Packaged Unit Market. Nevertheless, the advancements in technologies, the rapid transformation of IoT within the HVAC industry, increasing penetration of VRF systems in residential and commercial applications, and constant efforts to develop next-generation low global warming potential refrigerants for HVAC systems offer favorable growth opportunities.

Global HVAC Packaged Unit MarketSegmentation Analysis

The Global HVAC Packaged Unit Market Segmented On The Basis Of Product, Application And Geography.

HVAC Packaged Unit Market, By Product

• Air Condenser HVAC Packaged Unit• Water Condenser HVAC Packaged Unit

Based on Product, the market is bifurcated into Air Condenser HVAC Packaged Unit and Water Condenser HVAC Packaged Unit. The air condenser HVAC packaged unit segment holds the largest market share during the forecast period. These types of equipment are used to heat buildings to a particular temperature, a practice rampant in cold countries. The rapid climate changes and increasing need for renewable energy sources are accelerating the demand for this segment.

HVAC Packaged Unit Market, By Application

• Commercial• Residential

Based on Application, the market is bifurcated into Commercial and Residential. The commercial segment is estimated to witness the highest CAGR during the forecast period. HVAC systems provide appropriate temperatures and ventilation conditions at offices, which helps in improving employee productivity, working conditions, and preventing health issues arising from improper humidity levels.

HVAC Packaged Unit Market, By Geography

• North America• Europe• Asia Pacific• Rest of the World

On the basis of regional analysis, the Global HVAC Packaged Unit Market is classified into North America, Europe, Asia Pacific, and Rest of the world. Asia-Pacific holds the largest market share. The increasing construction activities, rising population, substantial change in consumer habits towards the living preferences, strong governmental initiatives, and ongoing projects will boost the market in the APAC region.

Key Players

The “Global HVAC Packaged Unit Market” study report will provide a valuable insight with an emphasis on the global market. The major players in the market are Sumsung, Robert Bosch, Daikin corporation, Lennox international, AbsolutAire, Johnson controls, Haier, Magic Aire, Midea, Mitsubishi Electric, Carrier Corporation, Electrolux, Panasonic Corporation, FUJITSU, GREE ELECTRIC APPLIANCES.

Our market analysis also entails a section solely dedicated to such major players wherein our analysts provide an insight into the financial statements of all the major players, along with its product benchmarking and SWOT analysis. The competitive landscape section also includes key development strategies, market share and market ranking analysis of the above-mentioned players globally.

Key Developments

Partnerships, Collaborations and Agreements

• On October 2019, Panasonic collaborated with Welcome Air-Tech, a regional specialist in air handling units. The companies would develop an energy-efficient and sustainable air conditioning and ventilation solution for the commercial sector across Southeast Asia. The companies launched DX-AHU and variable refrigerant flow solution that provides an efficient and environmentally-friendly new indoor air quality solution, featuring WAT-Saver’s innovative and proven indoor AHU technology, alongside Panasonic’s energy-efficient outdoor variable refrigerant flow inverter technology solution.

• On May 2020, Panasonic collaborated with Quantum Cooling, an independent HVAC manufacturers’ representative firm. Under the collaboration, the latter company was aimed to distribute Panasonic VRF and mini-split systems, including its new ECO Ventilate Packaged Dedicated Outside Air Systems (DOAS), to the customers in Florida.

Mergers and Acquisitions

• On September 2019, Trane announced its acquisition of Arctic Chiller Group, an HVAC manufacturer based in Canada. This acquisition gave Trane access to high-efficiency air and water cooler modular and process chillers used for commercial HVAC applications.

• On August 2020, HomeServe, a leading provider of service plans, repair and installation services for the home, announced the acquisition of Birmingham, Alabama-based Worry Free Comfort Systems, Inc., known locally as Freedom Heating and Cooling, its first HVAC acquisition in Alabam

Product Launches and Product Expansions

• On January 2020, Mitsubishi Electric opened two new showrooms in Patiala and Sangrur cities of Punjab. These showrooms would display and sell Mitsubishi Electric’s Air-conditioning products including room air-conditioners, packaged air-conditioners, City Multi VRF systems, and Jet Towels to residential and commercial establishments.

• In February 2020, Johnson Controls International plc introduced wrap-around heat exchangers to its product line’s indoor and outdoor air handling unit. This new product is expected to offer efficient dehumidification benefits to the existing HVAC air handling systems.

Report Scope

Research Methodology of Market Research

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Reasons to Purchase this Report

• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors• Provision of market value (USD Billion) data for each segment and sub-segment• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions and acquisitions in the past five years of companies profiled• Extensive company profiles comprising of company overview, company insights, product benchmarking and SWOT analysis for the major market players• The current as well as the future market outlook of the industry with respect to recent developments (which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions• Includes an in-depth analysis of the market of various perspectives through Porter’s five forces analysis• Provides insight into the market through Value Chain• Market dynamics scenario, along with growth opportunities of the market in the years to come• 6-month post-sales analyst support

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