HVAC Aftermarket refers to service parts the company regularly uses, whether they are replacement parts or upgrades. To satisfy distributors, contractors, and customers, many companies are beginning to strengthen their focus on service parts. Due to the advancement of intelligent technology, the HVAC market is facing an intelligent future. HVAC Aftermarket includes systems that OEMs provide a one-stop-shop for all of the requirements after the purchase of an HVAC System through distributors and suppliers.
Global HVAC aftermarket estimated to grow at a significant rate during the forecast period, 2020–2027. The primary factors, such as the high cost of HVAC equipment repair and replacement. Additionally, the incorporation of building automation systems projected to propel the growth of the global HVAC aftermarket in the future period. The rising demand for controllers in the HVAC aftermarket is supported by government regulations and need to achieve accuracy, comfort, and safety in controlling and monitoring indoor climates. Moreover, the shifting trend towards rising investment pertaining to smart home applications and energy-efficient technologies which are expected to foster the global market growth. Expanding the development of commercial buildings and urban areas, including hospitals, residential complexes, offices, and educational institutes, will positively impact the HVAC aftermarket.
Furthermore, the infrastructure spending for the refurbishment of residential establishments is rising across the developed nations and will propel the HVAC aftermarket demand globally. Demand for heating and cooling technologies due to hot climatic conditions will foster the HVAC aftermarket. Further, rising acceptance of advanced IoT enabled solutions are anticipated to enhance the thermostat demand. Also, the replacement of HVAC equipment is as cost intensive as the repairing of HVAC equipment, which will foster the growth of the HVAC aftermarket in the anticipated periods. The growing commercial and construction activities of smart homes coupled with the development of heating and cooling technologies for residential and industrial establishments, will simultaneously trigger the growth of HVAC aftermarket. Additionally, the growing initiatives by HVAC OEMs to create even better and easier ways of providing replacement and service parts to distributors and contractors are driving the growth of the market in the analysis period.
The global HVAC aftermarket will drive in the future due to the continuing adoption of green technology and smart solution by the residential user and commercial users. Stringent government regulations for the development of sustainable standards and building codes will boost industry growth. Further, consumer awareness towards energy management systems is increasing along with the rising demand for sustainable heating & cooling technologies.
Building automation systems (BASs), which control and monitor the power, lighting, air conditioning, water supply, and drainage, fire protection, security, broadcasting, communication, and other equipment in the building to form a comprehensive system of computer control, management, and monitoring construction equipment automation system or building automation system.
The BAS technology has advanced further owing to its control, heating, and air conditioning system, to maintain the building, and to meet the requirements of the building by controlling the indoor temperature, humidity, and air quality. The requirements for the use of objects (for industrial buildings and laboratories) and provide users with a healthy and comfortable indoor environment.
Based on heating equipment, the global HVAC aftermarket classified into Heat Pumps, Furnaces, Unitary Heaters, Thermostat, and Boilers. The Heat Pumps segment held maximum HVAC Aftermarket market share in 2019. It is attributable to it is used to provide both heating and cooling and uses mechanical energy to remove heat from the air and move it either inside or outside.
The thermostat will be the fastest-growing segment in the forecast period. It is owing to the rising investment pertaining to smart home applications and energy-efficient technologies, which are expected to foster global market growth. Further, consumer awareness towards energy management systems is increasing along with the rising demand for sustainable heating & cooling technologies.
Based on ventilation equipment, the global HVAC aftermarket market segregated into air-handling units, air filters, dehumidifiers, ventilation fans, humidifiers, and air purifiers. The air-handling unit segment witnessed a higher revenue share in 2019 and likely to dominate the HVAC aftermarket market by 2027. It is primarily attributed to it is used to re-condition and circulate air and containing separate ventilators for supply and exhaust, heating coil, cooling coil, heating/cooling recovery system, air filter racks or chambers, sound attenuators, mixing chamber, and dampers.
The air filters will grow with a profitable growth rate in the estimated period. It is due to its applications for cleaning the air that circulates through the heating and cooling system.
Based on cooling equipment, the global HVAC Aftermarket classified into Unitary Air Conditioners, VRF Systems, Chillers, Room Air Conditioners, Coolers, and Cooling Towers. VRF Systems segment will hold significant market revenue by 2027. It is owing to it is used for the preservation of food, chemicals, proteins, enzymes, and vaccines, and it is vastly demanded in various industries such as healthcare, manufacturing, food production, and transportation.
Based on the HVAC controller, the global HVAC aftermarket classified into Sensors and Controllers & Controlled Devices. The sensors segment holds the largest market share in 2019 and estimated to dominate the global market. The major factors are the surge in the use of controllers in residential, commercial, and industrial areas to maintain energy efficiency.
Controllers & Controlled Devices held a major share of the HVAC aftermarket in 2019, on account of the rising demand for building automation systems, along with the technological advancements associated with the HVAC control unit.
Based on end-user, the global HVAC aftermarket classified into Residential and Non-Residential (Commercial and Industrial). The non-residential segment will witness a lucrative growth by 2027. It is due to the growing demand for HVAC maintenance and repairs in the healthcare, corporate offices, educational institutions, manufacturing, and industrial buildings, and offices, and retail stores.
The residential segment captured the largest market share in 2019, owing to the huge surge in services, and the requirement of HVAC systems in developing nations, along with regular maintenance that can reduce energy consumption and costs.
Based on geography, the global HVAC aftermarket market segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa. North America accounts for a significant share by 2027 in the HVAC aftermarket market. The growth in the region can be attributed to the presence of significant players, the high number of health-conscious consumers, and strict government regulation regarding pollution.
The Asia Pacific is projected to provide significant growth opportunities due to the growing disposable income, availability of cost-effective systems for more comfort, and rapid urbanization in developing economies like China, Japan, and India.
Companies such as Carrier Corporation, Daikin Industries, Ingersoll-Rand, Johnson Controls, Nortek, LG Electronics, AB Electrolux, Emerson Electric, Bosch Thermotechnik, Fujitsu, Haier, Lennox International, Samsung, Siemens, and Vaillant Group are the key players in the Global HVAC Aftermarket.
By Heating Equipment
By Ventilation Equipment
By Cooling Equipment
By HVAC Controllers
Global HVAC Aftermarket