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Report
Europe HVAC Market - Industry Outlook and Forecast 2023-2028
Market Report I 2022-12-07 I 250 Pages I Arizton Advisory & Intelligence
The Europe HVAC market is expected to grow at a CAGR of 2.64% during 2022-2027.
MARKET OVERVIEW
The market is undergoing tremendous modifications due to the increasing integration of IoT technology with HVAC products, making them more innovative and accessible. The emphasis on connecting several sensors within building ecosystems, including HVAC, has grown for achieving energy efficiency.
The growth of infrastructural construction is set to speed up significantly post-2021. These infrastructural projects in Europe are estimated to reach a total investment of about USD 14.8 trillion, expected to be completed by 2040, creating a massive demand for HVAC at these locations in Europe, further propelling the growth of the Europe HVAC market. In 2022, European countries witnessed drastic climate changes throughout the year. Rising temperatures and heat waves have increased HVAC systems in commercial and residential buildings to control indoor climate conditions. Hence such factors propel the sales of the HVAC systems in the forecast period.
Further, because of the highly competitive industry, R&D investments in the Europe HVAC market are limited and have substantial investments, mainly from prominent vendors. Moreover, the short time-to-market and narrow acceptance of new technologies add to the challenges for HVAC vendors. R&D investments are primarily on cost reduction of the production process and improvement of the existing product technology for value addition instead of developing new products.
MARKET TRENDS & DRIVERS
Replacement of Existing Equipment with Energy Efficient Product
- In 2020, there was the steepest decline in the commercial sector due to the hard-hit hotel & motel industry and sports & convention centers. The commercial sector has been witnessing constant growth since 2021 with the reopening of the economy. Energy-efficient HVAC technologies for residential and commercial buildings have the potential to provide environmental and economic benefits in the Europe HVAC market. Optimizing energy-efficient HVAC technologies and proper installation planning helps to reach energy-saving potential by up to 40%. Therefore, replacing existing equipment with energy-efficient HVAC technologies will boost the growth of HAVC systems in the upcoming year.
Growing VRF Systems
- VRF air conditioners are one of the fastest-growing multi-split air conditioners. Variable Refrigerant Flow (VRF) HVAC systems consist of outdoor units connected to various indoor units via refrigerant piping to give cooling and heating to individual zones. VRF system installations are increasing in European countries, with urban areas being the major demand generators, especially the commercial sector.
- In Germany, centralized air conditioning solutions are growing in demand through chillers and VRF systems. However, in many places, VRF systems are replacing chillers. VRF sales are expected to rise in tune with global trends as they help save operational costs. The UK industry is strongly connected to the business trends of Europe and driven by construction activities in London. Hence, the VRF system will play a vital role in the Europe HVAC market.
SEGMENTATION INSIGHTS
INSIGHTS BY EQUIPMENT
HVAC commonly refers to heating, ventilation, cooling, collective heating, and cooling technologies used at commercial, residential, industrial, and public utility buildings. The Europe HVAC market can be divided into three categories based on functionality: heating, ventilation, and air conditioning. The Europe HVAC market in heating equipment is growing at a CAGR of over 6% during the forecast period. The heating equipment industry is characterized by intense competition, as the same has high traction in the cold climatic conditions of the region. The heating equipment is generally bulky; hence, the industry is characterized by many local/domestic vendors. Moreover, the service and maintenance required for these tools also bring in high revenue.
The air conditioning industry is characterized by the presence of many domestic and multi-national vendors, and the industry is seasonal in nature and characterized by modern technology. The CAC and RAC constitute a significant part of air conditioning. The Europe HVAC market in air conditioning was valued at USD 22.66 billion in 2022. France, Germany, Italy, the UK, and Spain are Europe's most prominent demand generators in the category and are expected to witness growth during the forecast period.
Segmentation by Equipment
- Heating
o Heat Pump
o Boiler Units
o Furnaces
o Others
- Air Conditioning
o RAC
o CAC
o Chillers
o Heat Exchangers
o Others
- Ventilation
o Air Handling Units
o Air filters
o Humidifiers & Dehumidifiers
o Fan Coil Units
o Others
INSIGHTS BY APPLICATION
The Europe HVAC market by end-use can be categorized as residential and commercial sectors. The residential sector demand in 2022 is expected to grow due to the construction industry skyrocketing in European countries. The demand for new equipment and replacement is expected to be impacted as consumers seek to cut down on non-essential purchases. Europe HVAC market by residential sector is growing at a CAGR of 5.43% during the forecast period.
The commercial sector involves the use of HVAC for larger spaces. The Europe HVAC market by commercial sector was valued at USD 25.12 billion in 2022. The commercial sector affordability is high and is mainly driven by higher lifecycle costs and energy efficiency. The demand for newly constructed buildings is expected to take a hit, as the COVID-19 spread has adversely impacted the project timelines.
Segmentation by Application
- Residential
- Commercial
o Airports &Public
o Office Spaces
o Hospitality
o Hospitals
o Industrial & Others
REGIONAL INSIGHTS
Several countries in Northern and Central Europe have been filled with harsh cold weather for almost all the year. Changing weather conditions and poor air quality maintenance are significant factors in the growth of the Europe HVAC market. The Western Europe region held the most important of Europe's HVAC market share and was valued at US 34.26 billion in 2022. From a demand perspective, air conditioning systems lead the industry in Western Europe as the temperature rise in urban cities because of pollution, urbanization, and other similar factors.
The HVAC industry in Central & Eastern Europe was valued at USD 8.65 billion in 2022; the region's industry is driven by both heating and air conditioning systems. The installation is becoming very common in CEE countries. The new HVAC technologies are being adopted as they are energy efficient and eco-friendly. The air or water heat pumps have shown impressive growth as traditional boiler units in the CEE countries. The market characteristics vary across CEE, and the demand for the equipment changes accordingly. The growing middle-class purchasing power and private investments in the construction sector are the major driving factors in the HVAC industry in Central & Eastern Europe.
Segmentation by Geography
- Western Europe
o UK
o Germany
o France
o Italy
o Netherlands
- Nordic
o Norway
o Denmark
o Sweden
o Others
- Central & Eastern Europe
o Russia
o Poland & Austria
o Other CEE Countries
COMPETITIVE LANDSCAPE
The HVAC industry, prior to the outbreak of COVID-19, was undergoing a transition, mainly on three fronts - regulations, technological upheaval, and the construction industry rebound in many countries. Post the COVID-19 outbreak, the industry is witnessing financial turmoil. The need for efficient HVAC has increased in the region, primarily driven by EU directions, objectives, and targets. The presence of many market participants in each country and equipment category characterizes the Europe HVAC market. The industry is a beneficiary of the government's large incentives to the end-users in tune with government objectives of meeting carbon emission targets and other climate change control measures.
One of the key players in the Europe HVAC market, Systemair's ventilation products and systems are marketed under brands such as Frico, Fantech, and Menerga. Menerga is one of the leading brands in the region for air handling units in the segment comprising swimming pools, precision ventilation, and industrial applications. Germany is the largest European industry for Menerga's products, and Frico offers airborne heating and air curtains in the region. It provides solutions for the indoor climate in residential and commercial sectors. Further, the Europe HVAC market is highly fragmented, and high competition is witnessed in the region due to regional, national, and local players. Therefore, Johnson Controls focuses on developing effective designs of HVAC systems in the residential and commercial sectors at effective price ranges to have a strong foothold in the industry.
Key Company Profiles
- Systemair
- Johnson Controls
- Zehnder
- Ostberg
- Aldes
- Bosch
- Daikin
- Samsung
- Mitsubishi Electric
Other Prominent Vendors
- LG
- Panasonic
- Carrier
- Midea
- Regal
- Raytheon Technologies
- Honeywell
- Flakt Group
- Beijer Ref
- Flexit
- Grundfos
- Swegon
- VTS
- Nuaire
- Nortek
- Alfa Laval
- Hitachi
- Lu-Ve
- Vent-Axia
- Rosenberg
- S & P
- WOLF
- CIAT
- AL-KO
- DynAIR
- Danfoss
- Lennox
- Backer Springfield
- Dunham-Bush
- TCL
- TROX
- Vaillant Group
- Ingersoll Rand
- Camfil
KEY QUESTIONS ANSWERED
1. How big is the Europe HVAC market?
2. What is the growth rate of the Europe HVAC market?
3. What are the major factors driving the growth of the Europe HVAC market?
4. Who are the key players in the Europe HVAC market?
5. What is the growth rate of the UK HVAC market during the forecast period?
6. What is the market size of the Residential Europe HVAC market?
1 RESEARCH METHODOLOGY
2 RESEARCH OBJECTIVES
3 RESEARCH PROCESS
4 SCOPE & COVERAGE
4.1 MARKET DEFINITION
4.1.1 INCLUSIONS
4.1.2 EXCLUSIONS
4.1.3 MARKET ESTIMATION CAVEATS
4.2 BASE YEAR
4.3 SCOPE OF THE STUDY
4.4 MARKET SEGMENTATION
4.4.1 MARKET SEGMENTATION BY EQUIPMENT TYPE
4.4.2 MARKET SEGMENTATION BY HEATING
4.4.3 MARKET SEGMENTATION BY AIR CONDITIONER
4.4.4 MARKET SEGMENTATION BY VENTILATION EQUIPMENT
4.4.5 MARKET SEGMENTATION BY APPLICATION
4.4.6 MARKET SEGMENTATION BY GEOGRAPHY
5 REPORT ASSUMPTIONS & CAVEATS
5.1 KEY CAVEATS
5.2 CURRENCY CONVERSION
5.3 MARKET DERIVATION
6 PREMIUM INSIGHTS
7 MARKET AT A GLANCE
8 INTRODUCTION
8.1 OVERVIEW
8.1.1 ADVANTAGES OF SMART HVAC SYSTEM
8.1.2 DISADVANTAGES OF SMART HVAC SYSTEM
8.1.3 RISK MANAGEMENT
8.1.4 PROFIT MARGINS
8.1.5 MERGER & ACQUISITIONS AND PRODUCT DEVELOPMENT
8.1.6 ENVIRONMENTALLY FRIENDLY HVAC
8.1.7 RESIDENTIAL CONSTRUCTIONS
8.1.8 NON-RESIDENTIAL CONSTRUCTIONS
8.2 VALUE CHAIN
8.2.1 RAW MATERIAL SUPPLIERS & COMPONENTS
8.2.2 MANUFACTURERS
8.2.3 DEALERS /DISTRIBUTOR
8.2.4 RETAILERS
8.2.5 END-USERS
8.3 IMPACT OF COVID-19
9 MARKET OPPORTUNITY & TRENDS
9.1 REPLACEMENT OF EXISTING EQUIPMENT WITH ENERGY-EFFICIENT PRODUCTS
9.2 EMERGENCE OF IOT AND PRODUCT INNOVATIONS TO AID REPLACEMENTS
9.3 CLIMATIC CONDITIONS AND HEATWAVES PROPEL DEMAND FOR HVAC SYSTEM
10 MARKET GROWTH ENABLERS
10.1 RISING CONSTRUCTION INDUSTRY
10.2 AIRPORT MODERNIZATION
10.3 GROWING VRF SYSTEMS
11 MARKET RESTRAINTS
11.1 LACK OF SKILLED LABOR
11.2 STRINGENCY IN REGULATIONS
11.3 VULNERABILITY TO COVID-19
12 MARKET LANDSCAPE
12.1 MARKET OVERVIEW
12.1.1 KEY INSIGHTS
12.2 MARKET SIZE & FORECAST
12.2.1 VALUE
12.3 FIVE FORCES ANALYSIS
12.3.1 THREAT OF NEW ENTRANTS
12.3.2 BARGAINING POWER OF SUPPLIERS
12.3.3 BARGAINING POWER OF BUYERS
12.3.4 THREAT OF SUBSTITUTES
12.3.5 COMPETITIVE RIVALRY
13 EQUIPMENT
13.1 MARKET SNAPSHOT & GROWTH ENGINE
13.2 MARKET OVERVIEW
13.2.1 KEY INSIGHTS
13.3 HEATING
13.3.1 MARKET OVERVIEW
13.3.2 MARKET SIZE & FORECAST
13.3.3 MARKET BY GEOGRAPHY
13.3.4 HEAT PUMP: MARKET SIZE & FORECAST
13.3.5 BOILER UNIT: MARKET SIZE & FORECAST
13.3.6 FURNACE: MARKET SIZE & FORECAST
13.3.7 OTHERS: MARKET SIZE & FORECAST
13.4 AIR CONDITIONING
13.4.1 MARKET OVERVIEW
13.4.2 KEY TAKEAWAYS
13.4.3 MARKET SIZE & FORECAST
13.4.4 MARKET BY GEOGRAPHY
13.4.5 RAC: MARKET SIZE & FORECAST
13.4.6 CAC: MARKET SIZE & FORECAST
13.4.7 CHILLERS: MARKET SIZE & FORECAST
13.4.8 HEAT EXCHANGER: MARKET SIZE & FORECAST (INCLUDES COOLING TOWER)
13.4.9 OTHERS: MARKET SIZE & FORECAST
13.5 VENTILATION
13.5.1 MARKET OVERVIEW
13.5.2 MARKET SIZE & FORECAST
13.5.3 MARKET BY GEOGRAPHY
13.5.4 AIR HANDLING UNITS: MARKET SIZE & FORECAST
13.5.5 AIR FILTERS: MARKET SIZE & FORECAST
13.5.6 HUMIDIFIER & DEHUMIDIFIERS: MARKET SIZE & FORECAST
13.5.7 FAN COIL UNIT: MARKET SIZE & FORECAST
13.5.8 OTHERS: MARKET SIZE & FORECAST
14 END-USER
14.1 MARKET SNAPSHOT & GROWTH ENGINE (VALUE)
14.2 MARKET OVERVIEW
14.3 RESIDENTIAL
14.3.1 MARKET OVERVIEW
14.3.2 MARKET SIZE & FORECAST
14.3.3 MARKET BY GEOGRAPHY
14.4 COMMERCIAL
14.4.1 MARKET OVERVIEW
14.4.2 MARKET SIZE & FORECAST
14.4.3 MARKET BY GEOGRAPHY
14.4.4 OFFICE SPACES: MARKET SIZE & FORECAST
14.4.5 AIRPORT & PUBLIC UTILITIES: MARKET SIZE & FORECAST
14.4.6 HOSPITALITY: MARKET SIZE & FORECAST
14.4.7 HOSPITALS: MARKET SIZE & FORECAST
14.4.8 INDUSTRIAL AND OTHERS: MARKET SIZE & FORECAST
15 GEOGRAPHY
15.1 MARKET SNAPSHOT & GROWTH ENGINE (VALUE)
15.2 GEOGRAPHY OVERVIEW
16 WESTERN EUROPE
16.1 MARKET OVERVIEW
16.2 MARKET SIZE & FORECAST
16.3 EQUIPMENT
16.3.1 MARKET SIZE & FORECAST
16.4 END-USER
16.4.1 MARKET SIZE & FORECAST
16.5 KEY COUNTRIES
16.5.1 GERMANY: MARKET SIZE & FORECAST
16.5.2 FRANCE: MARKET SIZE & FORECAST
16.5.3 UK: MARKET SIZE & FORECAST
16.5.4 ITALY: MARKET SIZE & FORECAST
16.5.5 NETHERLANDS: MARKET SIZE & FORECAST
17 NORDIC
17.1 MARKET OVERVIEW
17.2 MARKET SIZE & FORECAST
17.3 EQUIPMENT
17.3.1 MARKET SIZE & FORECAST
17.4 END-USER
17.4.1 MARKET SIZE & FORECAST
17.5 KEY COUNTRIES
17.5.1 NORWAY: MARKET SIZE & FORECAST
17.5.2 DENMARK: MARKET SIZE & FORECAST
17.5.3 SWEDEN: MARKET SIZE & FORECAST
17.5.4 OTHER COUNTRIES IN NORDIC: MARKET SIZE & FORECAST
18 CENTRAL & EASTERN EUROPE (CEE)
18.1 MARKET OVERVIEW
18.2 MARKET SIZE & FORECAST
18.3 EQUIPMENT
18.3.1 MARKET SIZE & FORECAST
18.4 END-USER
18.4.1 MARKET SIZE & FORECAST
18.5 KEY COUNTRIES
18.5.1 RUSSIA: MARKET SIZE & FORECAST
18.5.2 POLAND & AUSTRIA: MARKET SIZE & FORECAST
18.5.3 OTHER CEE COUNTRIES: MARKET SIZE & FORECAST
19 COMPETITIVE LANDSCAPE
19.1 COMPETITION OVERVIEW
20 KEY COMPANY PROFILES
20.1 SYSTEMAIR
20.1.1 BUSINESS OVERVIEW
20.1.2 PRODUCT OFFERINGS
20.1.3 KEY STRATEGIES
20.1.4 KEY STRENGTHS
20.1.5 KEY OPPORTUNITIES
20.2 JOHNSON CONTROLS
20.2.1 BUSINESS OVERVIEW
20.2.2 PRODUCT OFFERINGS
20.2.3 KEY STRATEGIES
20.2.4 KEY STRENGTHS
20.2.5 KEY OPPORTUNITIES
20.3 ZEHNDER
20.3.1 BUSINESS OVERVIEW
20.3.2 PRODUCT OFFERINGS
20.3.3 KEY STRATEGIES
20.3.4 KEY STRENGTHS
20.3.5 KEY OPPORTUNITIES
20.4 OSTBERG
20.4.1 BUSINESS OVERVIEW
20.4.2 PRODUCT OFFERINGS
20.4.3 KEY STRATEGIES
20.4.4 KEY STRENGTHS
20.4.5 KEY OPPORTUNITIES
20.5 ALDES
20.5.1 BUSINESS OVERVIEW
20.5.2 PRODUCT OFFERINGS
20.5.3 KEY STRATEGIES
20.5.4 KEY STRENGTHS
20.5.5 KEY OPPORTUNITIES
20.6 BOSCH
20.6.1 BUSINESS OVERVIEW
20.6.2 PRODUCT OFFERINGS
20.6.3 KEY STRATEGIES
20.6.4 KEY STRENGTHS
20.6.5 KEY OPPORTUNITIES
20.7 DAIKIN
20.7.1 BUSINESS OVERVIEW
20.7.2 PRODUCT OFFERINGS
20.7.3 KEY STRATEGIES
20.7.4 EY STRENGTHS
20.7.5 KEY OPPORTUNITIES
20.8 SAMSUNG
20.8.1 BUSINESS OVERVIEW
20.8.2 PRODUCT OFFERINGS
20.8.3 KEY STRATEGIES
20.8.4 KEY STRENGTHS
20.8.5 KEY OPPORTUNITIES
20.9 MITSUBISHI ELECTRIC
20.9.1 BUSINESS OVERVIEW
20.9.2 PRODUCT OFFERINGS
20.9.3 KEY STRATEGIES
20.9.4 KEY STRENGTHS
20.9.5 KEY OPPORTUNITIES
21 OTHER PROMINENT VENDORS
21.1 LG
21.1.1 BUSINESS OVERVIEW
21.1.2 PRODUCT OFFERINGS
21.2 PANASONIC
21.2.1 BUSINESS OVERVIEW
21.2.2 PRODUCT OFFERINGS
21.3 CARRIER
21.3.1 BUSINESS OVERVIEW
21.3.2 PRODUCT OFFERINGS
21.4 MIDEA
21.4.1 BUSINESS OVERVIEW
21.4.2 PRODUCT OFFERINGS
21.5 REGAL
21.5.1 BUSINESS OVERVIEW
21.5.2 PRODUCT OFFERINGS
21.6 RAYTHEON TECHNOLOGIES
21.6.1 BUSINESS OVERVIEW
21.6.2 PRODUCT OFFERINGS
21.7 HONEYWELL
21.7.1 BUSINESS OVERVIEW
21.7.2 PRODUCT OFFERINGS
21.8 FLAKT GROUP
21.8.1 BUSINESS OVERVIEW
21.8.2 PRODUCT OFFERINGS
21.9 BEIJER REF
21.9.1 BUSINESS OVERVIEW
21.9.2 PRODUCT OFFERINGS
21.10 FLEXIT
21.10.1 BUSINESS OVERVIEW
21.10.2 PRODUCT OFFERINGS
21.11 GRUNDFOS
21.11.1 BUSINESS OVERVIEW
21.11.2 PRODUCT OFFERINGS
21.12 SWEGON
21.12.1 BUSINESS OVERVIEW
21.12.2 PRODUCT OFFERINGS
21.13 VTS
21.13.1 BUSINESS OVERVIEW
21.13.2 PRODUCT OFFERINGS
21.14 NUAIRE
21.14.1 BUSINESS OVERVIEW
21.14.2 PRODUCT OFFERINGS
21.15 NORTEK
21.15.1 BUSINESS OVERVIEW
21.15.2 PRODUCT OFFERINGS
21.16 ALFA LAVAL
21.16.1 BUSINESS OVERVIEW
21.16.2 PRODUCT OFFERINGS
21.17 HITACHI
21.17.1 BUSINESS OVERVIEW
21.17.2 PRODUCT OFFERINGS
21.18 LU-VE
21.18.1 BUSINESS OVERVIEW
21.18.2 PRODUCT OFFERINGS
21.19 VENT-AXIA
21.19.1 BUSINESS OVERVIEW
21.19.2 PRODUCT OFFERINGS
21.20 ROSENBERG
21.20.1 BUSINESS OVERVIEW
21.20.2 PRODUCT OFFERINGS
21.21 S & P
21.21.1 BUSINESS OVERVIEW
21.21.2 PRODUCT OFFERINGS
21.22 WOLF
21.22.1 BUSINESS OVERVIEW
21.22.2 PRODUCT OFFERINGS
21.23 CIAT
21.23.1 BUSINESS OVERVIEW
21.23.2 PRODUCT OFFERINGS
21.24 AL-KO
21.24.1 BUSINESS OVERVIEW
21.24.2 PRODUCT OFFERINGS
21.25 DYNAIR
21.25.1 BUSINESS OVERVIEW
21.25.2 PRODUCT OFFERINGS
21.26 DANFOSS
21.26.1 BUSINESS OVERVIEW
21.26.2 PRODUCT OFFERINGS
21.27 LENNOX
21.27.1 BUSINESS OVERVIEW
21.27.2 PRODUCT OFFERINGS
21.28 BACKER SPRINGFIELD
21.28.1 BUSINESS OVERVIEW
21.28.2 PRODUCT OFFERINGS
21.29 DUNHAM BUSH
21.29.1 BUSINESS OVERVIEW
21.29.2 PRODUCT OFFERINGS
21.30 TCL
21.30.1 BUSINESS OVERVIEW
21.30.2 PRODUCT OFFERINGS
21.31 TROX
21.31.1 BUSINESS OVERVIEW
21.31.2 PRODUCT OFFERINGS
21.32 VAILLANT GROUP
21.32.1 BUSINESS OVERVIEW
21.32.2 PRODUCT OFFERINGS
21.33 INGERSOLL RAND
21.33.1 BUSINESS OVERVIEW
21.33.2 PRODUCT OFFERINGS
21.34 CAMFIL
21.34.1 BUSINESS OVERVIEW
21.34.2 PRODUCT OFFERINGS
22 REPORT SUMMARY
22.1 KEY TAKEAWAYS
22.2 STRATEGIC RECOMMENDATIONS
23 QUANTITATIVE SUMMARY
23.1 MARKET BY GEOGRAPHY
23.1.1 MARKET SIZE & FORECAST
23.2 MARKET BY WESTERN EUROPE
23.2.1 MARKET SIZE & FORECAST BY EQUIPMENT
23.2.2 MARKET SIZE & FORECAST BY END-USER
23.3 MARKET BY NORDIC
23.3.1 MARKET SIZE & FORECAST BY EQUIPMENT
23.3.2 MARKET SIZE & FORECAST BY END-USER
23.4 MARKET BY CEE
23.4.1 MARKET SIZE & FORECAST BY EQUIPMENT
23.4.2 MARKET SIZE & FORECAST BY END-USER
23.5 MARKET BY EQUIPMENT
23.5.1 MARKET SIZE & FORECAST
23.6 MARKET BY EQUIPMENT
23.6.1 MARKET SIZE & FORECAST
23.7 MARKET BY EQUIPMENT
23.7.1 MARKET SIZE & FORECAST
23.8 MARKET BY END-USER
23.8.1 MARKET SIZE & FORECAST
23.9 MARKET BY COMMERCIAL APPLICATION
23.9.1 MARKET SIZE & FORECAST
24 APPENDIX
24.1 ABBREVIATIONS
LIST OF EXHIBITS
EXHIBIT 1 SEGMENTATION OF HVAC MARKET
EXHIBIT 2 MARKET SIZE CALCULATION APPROACH 2022
EXHIBIT 3 CHANGING TRENDS
EXHIBIT 4 QUARTERLY REVIEW OF THE MARKET IN 2022
EXHIBIT 5 STRUCTURED APPROACH TO PROFITABILITY GOAL
EXHIBIT 6 POLICY FRAMEWORK
EXHIBIT 7 VALUE CHAIN ANALYSIS OF EUROPE HVAC MARKET
EXHIBIT 8 IMPACT OF REPLACEMENT OF EXISTING EQUIPMENT WITH ENERGY-EFFICIENT PRODUCTS
EXHIBIT 9 LIST OF ENVIRONMENTAL POLLUTION CAUSED BY TRADITIONAL HVAC SYSTEM.
EXHIBIT 10 ADVANCED ENERGY-EFFICIENT HVAC TECHNOLOGIES
EXHIBIT 11 IMPACT OF EMERGENCE OF IOT AND PRODUCT INNOVATIONS TO AID REPLACEMENTS
EXHIBIT 12 SOME MODERN TECHNOLOGY OF IOT FOR HVAC SYSTEMS
EXHIBIT 13 BENEFITS OF SMART IOT SYSTEMS
EXHIBIT 14 IMPACT OF CLIMATIC CONDITIONS AND HEATWAVES PROPEL DEMAND FOR HVAC SYSTEM
EXHIBIT 15 TOP EUROPEAN COUNTRIES TEMPERATURE LEVELS BY 2022 (DEGREE CELSIUS)
EXHIBIT 16 IMPACT OF RISING CONSTRUCTION INDUSTRY
EXHIBIT 17 FIVE LARGEST DATA CENTER CONSTRUCTION PROJECTS INITIATED IN Q1 2022
EXHIBIT 18 EUROPE CONSTRUCTION DATA BY 2022
EXHIBIT 19 IMPACT OF AIRPORT MODERNIZATION
EXHIBIT 20 EUROPE COUNTRIES PASSENGER TRAFFIC GROWTH IN MARCH 2022 (YOY)
EXHIBIT 21 IMPACT OF GROWING VRF SYSTEMS
EXHIBIT 22 KEY ADVANTAGES OF VARIABLE REFRIGERANT FLOW SYSTEM:
EXHIBIT 23 KEY HIGHLIGHTS OF VARIABLE REFRIGERANT FLOW (VRF) SYSTEM GROWTH IN 2022
EXHIBIT 24 IMPACT OF LACK OF SKILLED LABOR
EXHIBIT 25 MEASURES TAKEN BY VARIOUS AGENCIES AND ORGANIZATIONS
EXHIBIT 26 IMPACT OF STRINGENCY IN REGULATIONS
EXHIBIT 27 OPERATION THERMOSTAT, A GOVERNMENT PLAN FOR ENERGY CONSUMPTION REDUCTION
EXHIBIT 28 IMPACT OF VULNERABILITY TO COVID-19
EXHIBIT 29 ENERGY CONSUMPTION IN EUROPE, 2020
EXHIBIT 30 HVAC MARKET IN EUROPE 2022-2028 ($ BILLION)
EXHIBIT 31 FIVE FORCES ANALYSIS 2022
EXHIBIT 32 INCREMENTAL GROWTH BY EQUIPMENT 2022 & 2028
EXHIBIT 33 HEATING EQUIPMENT MARKET IN EUROPE 2022-2028 ($ BILLION)
EXHIBIT 34 HEAT PUMP MARKET IN EUROPE 2022-2028 ($ BILLION)
EXHIBIT 35 BOILER UNIT MARKET IN EUROPE 2022-2028 ($ BILLION)
EXHIBIT 36 FURNACE MARKET IN EUROPE 2022-2028 ($ BILLION)
EXHIBIT 37 OTHERS HEATING EQUIPMENT MARKET IN EUROPE 2022-2028 ($ BILLION)
EXHIBIT 38 AIR CONDITIONING MARKET IN EUROPE 2022-2028 ($ BILLION)
EXHIBIT 39 RAC MARKET IN EUROPE MARKET 2022-2028 ($ BILLION)
EXHIBIT 40 CAC MARKET IN EUROPE 2022-2028 ($ BILLION)
EXHIBIT 41 CHILLERS MARKET IN EUROPE 2022-2028 ($ BILLION)
EXHIBIT 42 HEAT EXCHANGER MARKET IN EUROPE 2022-2028 ($ BILLION)
EXHIBIT 43 OTHERS AIR CONDITIONING MARKET IN EUROPE 2022-2028 ($ BILLION)
EXHIBIT 44 VENTILATION MARKET IN EUROPE 2022-2028 ($ BILLION)
EXHIBIT 45 AIR HANDLING UNIT MARKET IN EUROPE 2022-2028 ($ BILLION)
EXHIBIT 46 AIR FILTERS UNIT MARKET IN EUROPE 2022-2028 ($ BILLION)
EXHIBIT 47 HUMIDIFIERS & DEHUMIDIFIERS MARKET IN EUROPE 2022-2028 ($ BILLION)
EXHIBIT 48 FAN COIL UNIT MARKET IN EUROPE 2022-2028 ($ BILLION)
EXHIBIT 49 OTHERS VENTILATION EQUIPMENT MARKET IN EUROPE 2022-2028 ($ BILLION)
EXHIBIT 50 INCREMENTAL GROWTH BY END-USER 2022 & 2028 (VALUE)
EXHIBIT 51 CONSTRUCTION & HOUSING INSIGHTS 2015-2021
EXHIBIT 52 RESIDENTIAL SECTOR HVAC MARKET IN EUROPE 2022-2028 ($ BILLION)
EXHIBIT 53 YOY PERCENTAGE CHANGE IN CONSTRUCTION IN NETHERLANDS 2020-2022
EXHIBIT 54 COMMERCIAL SECTOR HVAC MARKET IN EUROPE 2022-2028 ($ BILLION)
EXHIBIT 55 HVAC MARKET IN EUROPE BY OFFICE SPACES 2022-2028 ($ BILLION)
EXHIBIT 56 HVAC MARKET IN EUROPE BY AIRPORTS & PUBLIC UTILITIES 2022-2028 ($ BILLION)
EXHIBIT 57 HVAC MARKET IN EUROPE BY HOSPITALITY 2022-2028 ($ BILLION)
EXHIBIT 58 HVAC MARKET IN EUROPE BY HOSPITALS 2022-2028 ($ BILLION)
EXHIBIT 59 GROWTH RATE OF INDUSTRIAL & OTHERS
EXHIBIT 60 HVAC MARKET IN EUROPE BY INDUSTRIAL AND OTHERS 2022-2028 ($ BILLION)
EXHIBIT 61 INCREMENTAL GROWTH BY GEOGRAPHY 2022 & 2028 (VALUE)
EXHIBIT 62 EUROPEAN COMMISSION: SPRING 2022 ECONOMIC FORECAST
EXHIBIT 63 VALUE OF CONSTRUCTION ACTIVITIES IN EUROPE IN 2020 ($ BILLION)
EXHIBIT 64 INCREMENTAL REVENUE OF KEY WESTERN EU COUNTRIES 2022-2028 ($ BILLION)
EXHIBIT 65 DEMAND FOR AIR CONDITIONERS IN EUROPE IN 2021 (MILLION UNITS)
EXHIBIT 66 HVAC MARKET IN WESTERN EUROPE 2022-2028 ($BILLION)
EXHIBIT 67 INCREMENTAL GROWTH BY GEOGRAPHY 2022 & 2028 (VALUE)
EXHIBIT 68 HVAC MARKET IN GERMANY 2022-2028 ($ BILLION)
EXHIBIT 69 HVAC MARKET IN FRANCE 2022-2028 ($ BILLION)
EXHIBIT 70 HVAC MARKET IN UK 2022-2028 ($ BILLION)
EXHIBIT 71 CONSUMPTION OF HVAC EQUIPMENT IN CONSTRUCTION INDUSTRY IN 2019
EXHIBIT 72 HVAC MARKET IN ITALY 2022-2028 ($ BILLION)
EXHIBIT 73 HVAC MARKET IN NETHERLANDS 2022-2028 ($ BILLION)
EXHIBIT 74 PRODUCTION OF APARTMENTS & SMALL HOUSES IN SWEDEN 2016-2022 ($ BILLION)
EXHIBIT 75 HVAC MARKET IN NORDIC 2022-2028 ($ BILLION)
EXHIBIT 76 INCREMENTAL GROWTH IN NORDIC 2022 & 20228(VALUE)
EXHIBIT 77 HVAC MARKET IN NORWAY 2022-2028 ($ BILLION)
EXHIBIT 78 HVAC MARKET IN DENMARK 2022-2028 ($ BILLION)
EXHIBIT 79 HVAC MARKET IN SWEDEN 2022-2028 ($ BILLION)
EXHIBIT 80 HVAC MARKET IN OTHER COUNTRIES IN NORDIC 2022-2028 ($ BILLION)
EXHIBIT 81 INCREMENTAL REVENUE OF CEE 2022-2028 ($ BILLION)
EXHIBIT 82 HVAC MARKET IN CEE 2022-2028 ($ BILLION)
EXHIBIT 83 INCREMENTAL GROWTH IN CEE 2022 & 2028
EXHIBIT 84 HVAC MARKET IN RUSSIA 2022-2028 ($ BILLION)
EXHIBIT 85 HVAC MARKET IN POLAND & AUSTRIA 2022-2028 ($ BILLION)
EXHIBIT 86 HVAC MARKET IN OTHER CEE COUNTRIES 2022-2028 ($ BILLION)
LIST OF TABLES
TABLE 1 KEY CAVEATS
TABLE 2 CURRENCY CONVERSION 2015?2022
TABLE 3 EUROPEAN COUNTRIES HEATING DEGREE DAYS, 2020?2021
TABLE 4 EUROPEAN COUNTRIES COOLING DEGREE DAYS, 2020 - 2021
TABLE 5 HEATING EQUIPMENT MARKET BY GEOGRAPHY 2019?2021 ($ BILLION)
TABLE 6 HEATING EQUIPMENT MARKET BY GEOGRAPHY 2022?2028 ($ BILLION)
TABLE 7 AIR CONDITIONING MARKET BY GEOGRAPHY 2019?2021 ($ BILLION)
TABLE 8 AIR CONDITIONING MARKET BY GEOGRAPHY 2022?2028 ($ BILLION)
TABLE 9 VENTILATION MARKET BY GEOGRAPHY 2019-2021 ($ BILLION)
TABLE 10 VENTILATION MARKET BY GEOGRAPHY 2022-2028 ($ BILLION)
TABLE 11 RESIDENTIAL SECTOR HVAC MARKET GEOGRAPHY 2019?2021 ($ BILLION)
TABLE 12 RESIDENTIAL SECTOR HVAC MARKET BY GEOGRAPHY 2022?2028 ($ BILLION)
TABLE 13 COMMERCIAL SECTOR HVAC MARKET GEOGRAPHY 2019?2021 ($ BILLION)
TABLE 14 COMMERCIAL SECTOR HVAC MARKET BY GEOGRAPHY 2022?2028 ($ BILLION)
TABLE 15 HVAC MARKET BY EQUIPMENT IN WESTERN EUROPE 2019?2021 ($ BILLION)
TABLE 16 HVAC MARKET BY EQUIPMENT IN WESTERN EUROPE 2022?2028 ($BILLION)
TABLE 17 HVAC MARKET BY END-USER IN WESTERN EUROPE 2019?2021 ($ BILLION)
TABLE 18 HVAC MARKET BY END-USER IN WESTERN EUROPE 2022?2028 ($ BILLION)
TABLE 19 HVAC MARKET BY EQUIPMENT IN NORDIC 2019?2022 ($ BILLION)
TABLE 20 HVAC MARKET BY EQUIPMENT IN NORDIC 2022?2028 ($ BILLION)
TABLE 21 HVAC MARKET BY END-USER IN NORDIC 2019?2021 ($ BILLION)
TABLE 22 HVAC MARKET BY END-USER IN NORDIC 2022?2028 ($ BILLION)
TABLE 23 HVAC MARKET BY EQUIPMENT IN CEE 2019?2021 ($ BILLION)
TABLE 24 HVAC MARKET BY EQUIPMENT IN CEE 2022?2028 ($ BILLION)
TABLE 25 HVAC MARKET BY END-USER IN CEE 2019?2021 ($ BILLION)
TABLE 26 HVAC MARKET BY END-USER IN CEE 2022?2028 ($ BILLION)
TABLE 27 SYSTEMAIR: MAJOR PRODUCT OFFERINGS
TABLE 28 JOHNSON CONTROLS: MAJOR PRODUCT OFFERINGS
TABLE 29 ZEHNDER: MAJOR PRODUCT OFFERINGS
TABLE 30 OSTBERG: MAJOR PRODUCT OFFERINGS
TABLE 31 ALDES: MAJOR PRODUCT OFFERINGS
TABLE 32 BOSCH: MAJOR PRODUCT OFFERINGS
TABLE 33 DAIKIN: MAJOR PRODUCT OFFERINGS
TABLE 34 SAMSUNG: MAJOR PRODUCT OFFERINGS
TABLE 35 MITSUBISHI ELECTRIC: MAJOR PRODUCT OFFERINGS
TABLE 36 LG: MAJOR PRODUCT OFFERINGS
TABLE 37 PANASONIC: MAJOR PRODUCT OFFERINGS
TABLE 38 CARRIER: MAJOR PRODUCT OFFERINGS
TABLE 39 MIDEA: MAJOR PRODUCT OFFERINGS
TABLE 40 REGAL: MAJOR PRODUCT OFFERINGS
TABLE 41 RAYTHEON TECHNOLOGIES: MAJOR PRODUCT OFFERINGS
TABLE 42 HONEYWELL: MAJOR PRODUCT OFFERINGS
TABLE 43 FLAKT GROUP: MAJOR PRODUCT OFFERINGS
TABLE 44 BEIJER REF: MAJOR PRODUCT OFFERINGS
TABLE 45 FLEXIT: MAJOR PRODUCT OFFERINGS
TABLE 46 GRUNDFOS: MAJOR PRODUCT OFFERINGS
TABLE 47 SWEGON: MAJOR PRODUCT OFFERINGS
TABLE 48 VTS: MAJOR PRODUCT OFFERINGS
TABLE 49 NUAIRE: MAJOR PRODUCT OFFERINGS
TABLE 50 NORTEK: MAJOR PRODUCT OFFERINGS
TABLE 51 ALFA LAVAL: MAJOR PRODUCT OFFERINGS
TABLE 52 HITACHI: MAJOR PRODUCT OFFERINGS
TABLE 53 LU-VE: MAJOR PRODUCT OFFERINGS
TABLE 54 VENT-AXIA: MAJOR PRODUCT OFFERINGS
TABLE 55 ROSENBERG: MAJOR PRODUCT OFFERINGS
TABLE 56 S & P: MAJOR PRODUCT OFFERINGS
TABLE 57 WOLF: MAJOR PRODUCT OFFERINGS
TABLE 58 CIAT: MAJOR PRODUCT OFFERINGS
TABLE 59 AL-KO: MAJOR PRODUCT OFFERINGS
TABLE 60 DYNAIR: MAJOR PRODUCT OFFERINGS
TABLE 61 DANFOSS: MAJOR PRODUCT OFFERINGS
TABLE 62 LENNOX: MAJOR PRODUCT OFFERINGS
TABLE 63 BACKER SPRINGFIELD: MAJOR PRODUCT OFFERINGS
TABLE 64 DUNHAMBUSH: MAJOR PRODUCT OFFERINGS
TABLE 65 TCL: MAJOR PRODUCT OFFERINGS
TABLE 66 TROX: MAJOR PRODUCT OFFERINGS
TABLE 67 VAILLANT: MAJOR PRODUCT OFFERINGS
TABLE 68 INGERSOLL RAND: MAJOR PRODUCT OFFERINGS
TABLE 69 CAMFIL: MAJOR PRODUCT OFFERINGS
TABLE 70 HVAC MARKET IN EUROPE BY GEOGRAPHY 2022?2028 ($ BILLION)
TABLE 71 HVAC MARKET IN WESTERN EUROPE BY EQUIPMENT 2022?2028 ($ BILLION)
TABLE 72 HVAC MARKET IN WESTERN EUROPE BY END-USER 2022?2028 ($ BILLION)
TABLE 73 HVAC MARKET IN NORDIC BY EQUIPMENT 2022?2028 ($ BILLION)
TABLE 74 HVAC MARKET IN NORDIC BY END-USER 2022?2028 ($ BILLION)
TABLE 75 HVAC MARKET IN CEE BY EQUIPMENT 2022?2028 ($ BILLION)
TABLE 76 HVAC MARKET IN CEE BY END-USER 2022?2028 ($ BILLION)
TABLE 77 HVAC MARKET IN EUROPE BY EQUIPMENT 2022?2028 ($ BILLION)
TABLE 78 HVAC MARKET IN EUROPE BY EQUIPMENT 2022?2028 ($ BILLION)
TABLE 79 HVAC MARKET IN EUROPE BY EQUIPMENT 2022?2028 ($ BILLION)
TABLE 80 HVAC MARKET IN EUROPE BY END-USER 2022?2028 ($ BILLION)
TABLE 81 HVAC MARKET IN EUROPE BY COMMERCIAL APPLICATION 2022?2028 ($ BILLION)
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