Heating & Cooling - Nordics | Statista Market Forecast

In the Nordics, the revenue in the Heating & Cooling market for 2024 is projected to amount to US$1.94bn.
It is anticipated that the market will experience an annual growth rate of 4.35% (CAGR 2024-2029).
Among all countries, United States generates the highest revenue in the market, with a total of US$126bn in 2024.
When considering the population size, the per person revenue in 2024 is estimated to be US$69.25.
In the Nordics, the trend in the heating & cooling market is a strong focus on energy efficiency and sustainable solutions.

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 Nordics nan has seen minimal growth rate due to various factors such as low consumer spending on home improvement and increased competition from e-commerce platforms. Despite this, rising demand for energy-efficient heating and cooling systems may drive growth in the future.

Customer preferences: In recent years, there has been a growing interest in eco-friendly and sustainable living, especially in the Nordics. This trend has extended to the Heating & Cooling Market within the DIY & Hardware Store Market, with consumers seeking energy-efficient solutions for their homes. This is driven by not only a concern for the environment but also a desire to reduce energy costs. As a result, there has been an increase in demand for smart thermostats, solar-powered heating systems, and other sustainable heating and cooling options. This shift towards eco-friendly choices is influenced by the cultural value of protecting the environment and a growing awareness of the impact of climate change. Additionally, with an aging population, there is a greater emphasis on home comfort and convenience, leading to the adoption of smart home technology in the heating and cooling sector.

Trends in the market: In Nordics, there is an increasing demand for energy-efficient heating and cooling solutions, driven by government initiatives for sustainability and cost savings. In conjunction, DIY and hardware stores are seeing a rise in sales of smart thermostats and energy-efficient appliances. This trend is expected to continue, as consumers prioritize eco-friendly and cost-effective options. However, it also poses a challenge for industry stakeholders, as they must constantly innovate and offer cutting-edge products to meet these changing preferences. Additionally, with the rise of smart home technology, collaborations and partnerships with tech companies may become essential for success in this market.

Local special circumstances: In the Nordics, the Heating & Cooling market within the DIY & Hardware Store Market is heavily influenced by the region's cold climate and focus on sustainability. The market is seeing a rise in demand for energy-efficient and eco-friendly heating and cooling solutions, driven by both consumer preferences and government regulations promoting green practices. This has led to a unique market landscape, with a wide range of innovative and advanced options, including geothermal and air-source heat pumps, in addition to traditional systems.

Underlying macroeconomic factors: The Heating & Cooling Market within the DIY & Hardware Store Market in Nordics is impacted by macroeconomic factors such as energy policies, climate change regulations, and fluctuations in raw material prices. Countries with supportive energy policies and sustainable building practices are experiencing higher market growth compared to regions with strict regulations and rising energy costs. Additionally, the increasing focus on energy efficiency and adoption of renewable energy sources is driving the demand for innovative heating and cooling solutions in the Nordics.

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.