Heating & Cooling - Burkina Faso | Statista Market Forecast

In Burkina Faso, the revenue in the Heating & Cooling market is projected to reach US$5.08m in 2024.
This market segment is expected to experience a steady annual growth rate of 6.70% (CAGR 2024-2029).
When compared to the global market, United States generates the highest revenue in this sector, reaching a staggering US$126bn in 2024.
In terms of per capita revenue, in Burkina Faso generates US$0.21 in 2024, reflecting the market's potential and economic impact on the country's population.
Despite the warm climate in Burkina Faso, the demand for efficient cooling systems is rising due to urbanization and increased income levels.

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 Burkina Faso is seeing minimal growth due to factors such as a lack of access to digital technologies and low health awareness among consumers. Online services are not as convenient in this region, impacting the market's growth rate.

Customer preferences: With the rise of environmentally conscious consumers, there has been a growing demand for energy-efficient heating and cooling options in Burkina Faso. This trend is largely driven by the country's efforts to combat climate change and promote sustainable living. As a result, DIY and hardware stores are seeing an increase in sales of eco-friendly heating and cooling systems. Additionally, there is a growing emphasis on products that use renewable energy sources, such as solar-powered air conditioners and heat pumps. This shift towards more sustainable options reflects a shift in consumer preferences towards environmentally responsible choices.

Trends in the market: In Burkina Faso, the Heating & Cooling Market within the DIY & Hardware Store Market is experiencing a shift towards eco-friendly and energy-efficient products. This trend is driven by increasing consumer awareness and government initiatives promoting sustainable practices. With the country's hot and dry climate, there is a growing demand for air conditioning units and cooling systems. However, there is also a push towards renewable energy sources such as solar-powered air conditioners. As a result, industry stakeholders are investing in new technologies and partnerships to meet the changing demands and provide more sustainable solutions. This trend is expected to continue in the future, shaping the market and influencing purchasing decisions.

Local special circumstances: In Burkina Faso, the Heating & Cooling market within the DIY & Hardware Store Market is influenced by the country's hot and dry climate, making air conditioning and cooling products essential for households. Additionally, the strong cultural preference for DIY repairs and maintenance drives the demand for heating and cooling systems and parts in hardware stores. Government regulations promoting energy efficiency and the use of renewable energy sources also play a significant role in shaping the market.

Underlying macroeconomic factors: The Heating & Cooling Market within the DIY & Hardware Store Market in Burkina Faso is heavily influenced by macroeconomic factors such as the country's economic stability, consumer spending power, and government policies. As a developing country, Burkina Faso is experiencing steady economic growth, which is driving the demand for home improvement products. Favorable government policies, such as tax breaks for homeowners and incentives for energy-efficient products, are also contributing to the growth of the heating & cooling market within the DIY & Hardware Store Market. Additionally, with the country's hot climate and increasing urbanization, there is a growing need for cooling solutions, leading to a higher demand for such products in the DIY & Hardware Store Market.

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.