Heating & Cooling - G20 | Statista Market Forecast

In 2024, the revenue in the Heating & Cooling market in the country in G20 amounts to US$177.30bn.
It is projected that the market will experience an annual growth rate of 2.83% (CAGR 2024-2029).
When comparing globally, United States generates the highest revenue with US$126bn in 2024.
In terms of per person revenues, US$50.08 is generated in 2024.
In Germany, the trend in the heating & cooling market is a shift towards renewable energy sources, such as geothermal and solar power.

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 Heating & Cooling market in G20 nan, part of the DIY & Hardware Store market, is experiencing slow growth due to factors such as low consumer demand and declining economic conditions. This market is facing challenges in terms of market saturation and competition, leading to negligible growth.

Customer preferences: As consumers prioritize sustainability and energy efficiency, there has been a growing demand for smart heating and cooling solutions within the DIY & Hardware Store Market. This trend is amplified by the increasing adoption of smart home technologies and the focus on reducing carbon footprint. Additionally, with the rise in extreme weather conditions, consumers are looking for products that can adapt to their changing needs and provide optimal temperature control. This has resulted in a shift towards more environmentally friendly and cost-effective options, such as solar-powered heating and cooling systems.

Trends in the market: In the G20 countries, the Heating & Cooling Market within the DIY & Hardware Store Market is seeing a trend towards sustainable and energy-efficient solutions. This is driven by increasing awareness and government regulations for reducing carbon emissions. This trend is expected to continue and gain momentum in the future, with a focus on smart and connected HVAC systems. This presents an opportunity for industry stakeholders to invest in innovative technologies and differentiate themselves in a competitive market. Additionally, there is a growing demand for eco-friendly refrigerants and materials, which could further shape the industry in the coming years.

Local special circumstances: In the G20 countries, the Heating & Cooling Market within the DIY & Hardware Store Market is heavily influenced by environmental regulations and government initiatives promoting energy efficiency. In countries such as Germany and Sweden, there is a strong focus on renewable energy and sustainable heating and cooling solutions, leading to a growing demand for eco-friendly products in the market. However, in countries like the United States and Australia, where energy costs are relatively low, the market is driven more by consumer preferences and cost-effectiveness rather than government policies. This dynamic creates unique challenges and opportunities for companies operating in the Heating & Cooling Market within the DIY & Hardware Store Market in different countries.

Underlying macroeconomic factors: The Heating & Cooling Market within the DIY & Hardware Store Market is driven by macroeconomic factors such as overall economic growth, consumer spending, and government policies. Countries with strong economic growth and rising household incomes are seeing higher demand for heating and cooling products as consumers have more disposable income to spend on home improvement projects. Additionally, government initiatives to promote energy efficiency and sustainability are encouraging consumers to invest in more efficient heating and cooling solutions. However, countries with slower economic growth and weaker consumer spending may see slower market growth for these products.

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.