Heating & Cooling - Ghana | Statista Market Forecast

In Ghana, the revenue generated in the Heating & Cooling market in 2024 amounts to US$135.70m.
It is projected that the market will experience an annual growth rate of 6.30% (CAGR 2024-2029).
When compared to other countries, United States has the highest revenue in this market, reaching US$126bn in 2024.
Taking into account the total population figures, each person in Ghana contributes US$3.90 in revenue in 2024.
Ghana's heating and cooling market is experiencing a surge in demand for energy-efficient solutions due to rising electricity costs and a growing awareness of climate change.

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 Ghana has been slowly growing, impacted by factors such as high costs of heating and cooling equipment and low awareness of energy efficiency. Despite this minimal growth, the market is still driven by consumer demand for convenient and affordable options.

Customer preferences: As Ghana's economy continues to grow, there is a noticeable increase in demand for high-quality and efficient heating and cooling products within the DIY and hardware store market. This is largely driven by consumers' desire for more comfortable and modern living spaces. Additionally, there is a growing trend towards eco-friendly and energy-efficient solutions, as awareness of environmental issues increases. This has led to a rise in the popularity of products such as smart thermostats and energy-efficient air conditioners, as consumers become more conscious of their impact on the environment.

Trends in the market: In Ghana, the Heating & Cooling Market within the DIY & Hardware Store Market is seeing a rise in energy-efficient products, driven by government initiatives and consumer awareness. Additionally, there is a growing trend towards smart home solutions, where heating and cooling systems can be controlled remotely. These trends have significant implications for industry stakeholders, as they must adapt their products and services to meet the demand for energy efficiency and smart technology. It also presents opportunities for partnerships and collaborations between hardware stores and technology companies in order to offer bundled solutions to customers.

Local special circumstances: In Ghana, the Heating & Cooling Market within the DIY & Hardware Store Market is heavily influenced by the country's climate and construction practices. With a tropical climate, demand for cooling solutions is high, while traditional construction methods prioritize natural ventilation over heating systems. This dynamic drives the popularity of energy-efficient and cost-effective cooling options in the market. Additionally, government initiatives promoting sustainable energy usage also impact the demand for heating and cooling solutions in the DIY & Hardware Store Market.

Underlying macroeconomic factors: The Heating & Cooling Market within the DIY & Hardware Store Market in Ghana is primarily influenced by macroeconomic factors such as the overall economic health of the country, government policies, and global economic trends. Countries with stable economic conditions and a growing middle class are expected to have a higher demand for these products as consumers look to improve their living standards. Additionally, government initiatives promoting energy efficiency and sustainable development are also driving the growth of this market in Ghana. Other factors such as rising disposable incomes and increasing urbanization also play a significant role in shaping 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.