Heating & Cooling - Iceland | Statista Market Forecast

In Iceland, the revenue in the Heating & Cooling market is recorded at US$38.41m in 2024.
It is projected that the market will experience an annual growth rate of 5.46% (CAGR 2024-2029).
When compared globally, United States generates the highest revenue in this market, reaching US$126bn in 2024.
Taking into account the total population, the per person revenues in Iceland amount to US$101.70 in 2024.
The geothermal energy abundance in Iceland has led to a significant adoption of sustainable heating and cooling systems.

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

Driven by the minimal growth rate of the Heating & Cooling market, the DIY & Hardware Store market in Iceland nan is experiencing mild expansion. Rising awareness of energy efficiency and do-it-yourself home improvements contribute to this slow growth.

Customer preferences: With the rising awareness of eco-friendly and sustainable living, consumers in Iceland are increasingly prioritizing energy-efficient home solutions. This has led to a growing demand for smart heating and cooling systems that can be controlled remotely through smartphone apps. Additionally, there is a preference for DIY installation, as it allows for cost savings and customization. This trend is driven by the country's harsh climate and a desire for more control over energy consumption.

Trends in the market: In Iceland, the Heating & Cooling Market within the DIY & Hardware Store Market is seeing a shift towards energy-efficient and eco-friendly products due to increasing environmental awareness. Additionally, there is a growing trend of smart and connected heating and cooling systems, allowing for remote control and monitoring. These trends are significant as they align with the country's goal to become carbon neutral by 2040, and have potential implications for industry stakeholders as they may need to adapt their products and services to meet the demand for sustainable solutions. Furthermore, as Iceland's climate becomes more volatile, there is a rising need for reliable and efficient heating and cooling systems, creating opportunities for innovation and growth in the market.

Local special circumstances: In Iceland, the Heating & Cooling Market within the DIY & Hardware Store Market is heavily influenced by the country's harsh climate and geographical location. The long, cold winters contribute to a high demand for heating solutions, while the short, mild summers call for efficient cooling systems. Additionally, due to strict environmental regulations, there is a growing trend towards eco-friendly options such as geothermal heating. This unique set of circumstances sets Iceland apart from other markets, shaping consumer preferences and driving innovations in the industry.

Underlying macroeconomic factors: The DIY & Hardware Store Market in Iceland is affected by various macroeconomic factors, including the global economic climate, national economic stability, fiscal policies, and financial indicators. For the Heating & Cooling Market, these factors can impact the demand for these products and services. Economic prosperity and consumer confidence can lead to increased investments in home improvement, driving the demand for heating and cooling solutions. Similarly, government policies that promote sustainable energy usage can also influence market growth, as consumers seek energy-efficient options for their homes. Additionally, factors such as population growth, urbanization, and weather patterns can also impact the demand and supply of heating and cooling products in Iceland.

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.