Heating & Cooling - Armenia | Statista Market Forecast

Armenia's Heating & Cooling market in 2024 generates a revenue of US$22.37m.
It is projected to experience an annual growth rate of 7.40% (CAGR 2024-2029).
When compared globally, United States leads the market with a revenue of US$126bn in 2024.
In terms of per capita figures, in Armenia generates a revenue of US$8.05 per person in 2024.
Armenia is experiencing a growing demand for energy-efficient heating and cooling systems to combat the harsh winters and hot summers.

Definition:

In the segment of Heating & Cooling, the focus lies on various heating and cooling systems which can be found inside buildings. Included in this segment regarding cooling are mainly air conditioners and cooling supplies.

Additional Information:

The market consists of revenue and average revenue per capita data. Per capita figures take into account the whole population. This market includes only B2C (business to consumer) sales. B2B (business to business) sales (e. g., hardware for coffee shops, offices, etc.) are excluded. For more information on the displayed data, click the info button on the right hand side of each box.

Air conditioners & coolers
Heating systems & heaters
Stoves, fireplaces & chimneys
Heating & cooling supplies

Air treatment devices (purifier, humidifier, etc.)
Ventilators
Solar systems for heating support

The DIY & Hardware Store Market in Armenia has been experiencing minimal growth, impacted by factors such as low purchasing power, limited infrastructure, and lack of consumer awareness. Despite this, the Heating & Cooling Market continues to grow, driven by the increasing demand for energy-efficient and cost-effective products.

Customer preferences: As Armenia's population continues to age, there is a growing demand for more energy-efficient and user-friendly heating and cooling solutions. Consumers are now looking for products that not only provide comfort and convenience but also reduce energy consumption and environmental impact. This trend is further driven by the increasing emphasis on sustainable living and the government's efforts to promote eco-friendly practices. As a result, DIY and hardware stores are now offering a wider range of eco-friendly heating and cooling options, such as smart thermostats and energy-efficient air conditioning units.

Trends in the market: In Armenia, the Heating & Cooling Market within the DIY & Hardware Store Market is experiencing a surge in demand for energy-efficient products. With an increasing focus on sustainability and cost-effectiveness, consumers are seeking out products that can reduce their energy consumption and save them money in the long run. This trend is expected to continue, with more government initiatives and regulations promoting eco-friendly products. Industry stakeholders in Armenia should take note of this trend and stock their stores accordingly to cater to the growing demand for energy-efficient heating and cooling solutions. This shift towards greener options may also present opportunities for collaboration with eco-friendly brands and partnerships with energy-saving technology companies. As the trend towards energy efficiency and sustainability gains momentum, it is important for industry stakeholders to stay aligned with consumer preferences and adapt to changing market needs.

Local special circumstances: In Armenia, the Heating & Cooling Market within the DIY & Hardware Store Market is influenced by the country's harsh winters and hot summers, making the demand for these products high. Also, as a small and developing country with limited resources, consumers often turn to DIY solutions, making hardware stores a popular destination. Furthermore, government regulations and subsidies for energy-efficient products drive the market towards more environmentally friendly options.

Underlying macroeconomic factors: The Heating & Cooling Market within the DIY & Hardware Store Market in Armenia is affected by macroeconomic factors such as the country's economic health, global economic trends, and fiscal policies. The growth of the market is closely tied to the overall economic conditions in Armenia, including GDP growth, inflation, and consumer confidence. In addition, government policies related to energy efficiency and environmental regulations also impact the demand for heating and cooling products. Global economic trends, such as fluctuations in commodity prices and exchange rates, can also influence the market in Armenia. Moreover, investments in infrastructure development, particularly in the construction sector, also play a significant role in driving the demand for heating and cooling products in the country.

Data coverage:

Data encompasses B2C enterprises. Figures are segmented by product type and consist of the following: Paint, Wallpaper & Supplies, Tools & Machines, Hardware and Building Materials, Lawn & Garden, Heating & Cooling, Bathroom Hardware, and Floor Covering.

Modeling approach / Market size:

Market sizes are determined by a top-down approach, based on a specific rationale for each market segment. As a basis for evaluating markets, we use national statistical offices, international institutions, in-house market research, and resources from the Statista platform. Next we use relevant key market indicators and data from country-specific associations such as product value, import value, and export value to determine domestic supply. This data helps us to estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, exponential trend smoothing. The main drivers are turnover indices, GDP per capita, and consumer spending per capita.

Additional Notes:

The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.

This report presents a comprehensive analysis and additional information on the Consumer market, in a PDF format.

The heating, ventilation, and air conditioning (HVAC) technology provides environmental comfort through thermal manipulation (heating and air conditioning) and acceptable indoor air quality (ventilation). Sometimes refrigeration is also included in the field as HVACR. The HVAC industry is largely fueled by regional regulations and differences: Asia was said to have one of the largest HVAC market sizes, with a larger demand for air conditioners than in other regions. Meanwhile, Italy was one of the European countries with the biggest heat pump markets in 2020. Due to these differences between countries, there is little to no comparative information on this competitive market. In the United States alone, for example, a certain level of fragmentation can be observed, as the number of employees in the plumbing and HVAC industry varied widely from state to state.