Summary of our market study

The global HVAC market has been witnessing significant growth, characterized by trends such as increasing demand for energy-efficient solutions and the adoption of green technologies with a shift towards natural refrigerants. As per the data provided from Section 1.2, the market size for HVAC systems and services in 2021 stood at $206.6 billion, with an expected compound annual growth rate (CAGR) of 5.0% from 2021 to 2030, projecting a market size of $319.9 billion by 2030. Section 1.3 highlights the European HVAC market, which is set to expand from $61.26 billion in 2022 to an estimated $86.49 billion by 2028, growing at a rate of 5.9%.

The Italian HVAC market reflects these growth trends similarly, with positive overall sales increases in monosplit and multisplit systems in both volume (+23 percent) and value (+26 percent), as reported by Assoclima. Despite the Covid-19 pandemic, the sector has proven to be strategic, with government incentives like the Superbonus contributing to market growth. The ongoing conflict and the European Commission's REPowerEU strategy underscore the role of HVAC systems in the energy transition, particularly in Europe. Additionally, from 2018 to 2021, Italy experienced a trade deficit in HVAC system imports and exports, with imports amounting to $974 million and exports tallying $658 million in 2021. France emerged as the main trading partner for Italy's HVAC system exports with a value of $118 million in 2021.

Trends and Prospects in the HVAC Sector

Within the HVAC market, technological innovation and sustainability are the prevailing trends. As energy efficiency becomes a focal point, consumers and industries alike are leaning towards sophisticated systems that minimize environmental impact. This inclination towards green technologies is reflected in the shift from synthetic to natural refrigerants and the adoption of Cooling as a Service (CaaS) business models, which offer HVAC systems on a rental basis, mitigating the financial burden of outright purchases. Furthermore, digital cooling is revolutionizing the landscape by harnessing household data to enhance system performance based on user behavior, improving both energy consumption and comfort levels.

The heating and cooling segment is particularly noteworthy, embodying a substantial portion of this growth, with future forecasts predicting significant elevations in market value for various types of HVAC equipment. In Italy, the HVAC market is also experiencing growth, aligning with global patterns. Factors contributing to this growth include increased sensitivity to sustainability, technological advancements, and innovative service delivery models like CaaS. 

The Italian HVAC market also emerges as a substantial player in foreign trade, although it leans towards a trade deficit with imports valuing nearly $1 billion and exports just over half a billion dollars. France is the primary export partner, whereas the Czech Republic leads imports into Italy. Despite the deficit, exports to notable countries like France, Spain, and Germany remain strong, while imports from countries like China and Belgium are significant. The COVID-19 pandemic has underscored the importance of HVAC systems in both air quality management and energy transition. Italy's Superbonus and other incentives have propelled market expansion. During the pandemic, sales of specific HVAC products like mono and multisplit systems have seen substantial upsurges, highlighting the sector's strategic significance in supporting both the energy transition and national economies during times of crisis. In terms of HVAC system operations, large commercial buildings and residential complexes commonly use these systems to ensure hygienic standards are met through temperature and humidity control. Smaller systems often serve to cool indoor spaces.

Key Players in the HVAC Market Landscape

In the dynamic and ever-evolving HVAC market, several enterprises stand out for their significant contributions to the installation, maintenance, and innovation of heating, ventilation, and air conditioning systems. These companies play a crucial role in shaping the future of climate control technologies and driving industry standards. Let's delve into some of the standout companies making waves in the HVAC sector.

  • Siram S.P.A stands at the forefront with its comprehensive range of services that cover the design, implementation, and management of energy-efficient solutions. Their expertise spans across energy conservation measures, energy management, and building automation systems, making them a go-to provider for energy optimization needs.
  • Engie Servizi S.P.A, is well-recognized for its solutions in energy and multi-technical services. Engie's approach focuses on integrating and managing complex energy systems while striving for sustainability and innovation. Their services are crucial in facilitating the transition towards a more energy-efficient and lower carbon future. Diving into cooperative business models,
  • AR.CO Works cooperative consortium company brings together various professionals and companies to offer a wide spectrum of HVAC services. Their collaborative approach ensures a diverse set of skills and expertise, guaranteeing quality service delivery.
  • In the realm of smart solutions, Iren Smart Solutions S.P.A emerges as a contemporary leader. They leverage advanced technological platforms to deliver smart energy solutions that are both sustainable and cost-effective, evidencing their commitment to driving the smart revolution in energy systems.
  • GETEC ITALIA S.P.A plays a pivotal role in enhancing industrial and commercial energy efficiency. Their robust services range from planning and construction to operating energy systems, all aiming to optimize customers' energy consumption and reduce environmental impacts.
  • Lastly, Manital Consortium Company for INT Services demonstrates its agility and flexibility in delivering high-quality HVAC services. Their strength lies in their ability to tailor services to the unique demands of their clients, ensuring high customer satisfaction and enduring business relationships.

The common thread among these companies is their dedication to advancing the HVAC industry through innovation, sustainability, and customer-centric services. As they progress, they'll likely continue to set new benchmarks and contribute to the greener, more efficient buildings of the future.

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Summary and extracts

1 Market Overview

1.1 Definition and presentation

The HVAC market includes all systems that provide heating, ventilation, and air conditioning for a building, whether tertiary or industrial. It means an integrated system for air quality and thermal comfort, i.e., a set of technologies, machines and systems used in indoor environments for indoor environmental well-being.

The use of an HVAC system makes it possible to manage all the main factors that determine the indoor microclimate of an environment so that it is healthy, pleasant, and energy sustainable.

An HVAC system has some specific characteristics. The first peculiarity is the grouping of interconnected mechanical systems, such as air conditioners, boilers, air purifiers, and heat pumps [Lg]

Globally, this market can certainly be described as growing. It is estimated that market will grow at a CAGR of 5.0% to reach $319.9 billion by 2030. This growth is due to increasing demand for products that represent energy efficient solutions.

In Italy, too, this market can be considered to be growing given also the new trends that are slowly becoming established.

One of the main trends driving this market is the interest in new, much more sophisticated technological systems such as the transition from synthetic to natural refrigerants. Thus, the approach is becoming increasingly green as the new generations place great importance on sustainability and respect for the surrounding environment.

Another important trend to consider is CaaS (Cooling as a service), which proposes a new business system for offering HVAC systems to customers. This new method involves a change in that new systems would no longer be purchased but rented, all to avoid rather high expenses.

The last trend to consider is digital cooling. This trend involves a digitization of air conditioning systems through data referred to Italian households and allows for better performance based on people's habits.

List of charts presented in this market study

  • Global sales forecast for the heating and cooling segment
  • World's largest exporters of air conditioners
  • Size of the heating, ventilation and air conditioning (HVAC) market in selected countries.
  • Turnover and production value of the non-domestic refrigeration and ventilation equipment manufacturing sector
  • Turnover and production value of the furnace, burner and heating system manufacturing sector
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Latest news

Samsung Digital City in Suwon - 27/07/2023
  • Samsung has a market share of over 60% of smartphone sales in South Korea.
  • Samsung is the world's number-one smartphone and TV sales group.
  • More than 37,000 employees work at Samsung's Suwon campus.
  • The Suwon facility covers more than 170 hectares
Mitsubishi Electric invests $1.9 billion in silicon carbide - 05/06/2023
  • Total investment by Mitsubishi Electric in the development and production of silicon carbide chips: 260 billion yen ($1.9 billion) by March 202
  • Amount earmarked for the creation of a 200 mm-diameter silicon carbide wafer fabrication plant: 100 billion yen ($720 million).
  • Silicon carbide technology is key to the electrification and decarbonization of transport and industry.
  • Silicon carbide power electronic components cost 5 to 6 times more than their conventional silicon equivalents.
  • Coherent is the world's second-largest supplier of silicon carbide substrates, behind Wolfspeed, according to Yole Développement.
  • Mitsubishi Electric is the world's sixth-largest manufacturer of silicon carbide power electronics, and Japan's second-largest behind Rohm.
  • The automotive sector is expected to account for 80% of the silicon carbide components market by 2027.
  • Mitsubishi Electric mainly targets railways, high-voltage industrial applications and household appliances
Samsung wins the key battle of the 3-nanometer chip - 30/06/2022
  • Samsung begins mass production of semiconductors with exceptionally fine etching
  • This generation of chips has an etch fineness of 3 nm.
  • The world's leading semiconductor foundries are vying with each other to invest heavily in constantly reducing the engraving on their transistors, in order to offer chip designers ever more efficient manufacturing solutions
  • 45% reduction in power consumption and 23% improvement in power compared with 5 nm products
  • By 2022, TSMC will have invested 42 billion euros in the modernization and expansion of its foundries

Companies quoted in this study

This study contains a complete overview of the companies in the market, with the latest figures and news for each company. :

Mitsubishi Electric
Carrier Global
Samsung Group
Johnson Controls International plc
Daikin Industries, Ltd.
LG Electronics
Lennox International
Samsung Italia
Daikin Italia
LG eletronics Italia SPA
Aggreko Italia
INTERNATIONAL POWER COMPONENTS S.R.L.

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