PUBLISHER: KBV Research | PRODUCT CODE: 1219672
PUBLISHER: KBV Research | PRODUCT CODE: 1219672
The Global Portable HVAC Equipment Market size is expected to reach $4.5 billion by 2028, rising at a market growth of 5.0% CAGR during the forecast period.
Portable HVAC equipment is an appliance or equipment used to maintain a place's temperature and ventilation. Equipment for heating, ventilation and air conditioning includes fans, heaters, and air conditioners. Due to its many benefits, including its portability and ease of cleaning, portable HVAC equipment is frequently utilized in both home and commercial settings.
In developing nations, the requirement for electronic gadgets is rising significantly due to increasing disposable incomes and consumer standards of living. HVAC is the application of various technologies to regulate the humidity, temperature, and air quality in a closed space. These systems' main objective is to provide appropriate thermal comfort and better indoor air quality.
Mechanical engineering's HVAC system design subfield is founded on fluid mechanics, thermodynamics, and heat transport laws. HVAC can also be referred to as HVACR or HVAC&R where R stands for refrigeration. HVAC system plays an important role in residential structures like single-family homes, apartment complexes, hotels, and elderly care facilities.
HVAC systems are also widely used in commercial spaces like medium- to large offices, industrial buildings, skyscrapers, and hospitals, as well as in transportation like cars, trains, airplanes, and ships. HVAC systems are considered an integral part of marine environments where healthy and safe building conditions are governed concerning humidity and temperature using outside air. The high usage of these systems has also prompted manufacturers to introduce portability.
COVID-19 Impact Analysis
When manufacturers examined how COVID-19 affected the markets, they noted comparable problems in the building industry. Most construction projects moved more slowly, while others were abandoned, and some HVAC manufacturing companies had to halt manufacturing lines for a few weeks. Supply networks were disrupted, distributors cut back on inventory, installers stayed home from work, and HVAC manufacturers tightly monitored their spending. While equipment prices remained the same, labor, transportation, and components costs slowly increased, placing pressure on manufacturers' profit margins. As a result, the pandemic had an adverse impact on the portable HVAC equipment market.
Market Growth Factors
Increasing demand for portable air conditioners
A portable air conditioner or spot cooler of 18000 BTU or more is employed for industrial purposes. Commercial portable air conditioners have several advantages. These include preventing product faults that can occur due to temperature and humidity, spot cooling without a significant expenditure for an air conditioning system to an entire facility, and lowering the risk of human mistakes and worker impairment. In addition, preserving clean air and an environment conducive to productive work in industrial facilities can also help to increase worker productivity and quality of work. This would further aid in propelling the growth of the portable HVAC equipment market.
Rising need for automated portable HVAC systems in homes and offices
One of the smart building technologies that are increasingly being used is building automation, which automates processes, reduces human interaction, improves HVAC system efficiency, stops energy waste, and decreases expenses. After the COVID-19 pandemic, organizations have again restarted. Ordinarily, offices have enough space to accommodate few people. However, there are significant operational expenditures as a result of the old HVAC systems and office lighting's high energy consumption and constant operation. As a result, the portable HVAC equipment market is guaranteed to grow in the coming years.
Market Restraining Factors
Negative effects on one's health from a poorly maintained HVAC system
Mold and mildew favor damp, dark settings. Additionally, badly maintained HVAC equipment may be causing moisture and humidity to build up in undetectable places. For example, unintentionally circulating mold and mildew into the area by turning on contaminated heating or air conditioning. Particle removal is the goal of HVAC filters. However, if they aren't routinely cleaned or changed, they could gather excessive allergens and disperse things like dander, pollen, and dust mites throughout the house. All of these factors operate against preserving a healthy environment inside a structure and impede market expansion.
Distribution Channel Outlook
Based on distribution channel, the portable HVAC equipment market is categorized into hypermarkets/supermarkets, specialty stores, departmental stores, online retail, and others. The hypermarkets/supermarkets segment garnered the highest revenue share in the portable HVAC equipment market in 2021. Supermarkets and hypermarkets typically cover a vast space and include a variety of brands all in one location. For further convenience and accessibility, they are specifically placed close to residential areas. Because of this, most people choose to purchase white products from supermarkets and hypermarkets.
Product Type Outlook
On the basis of product type, the portable HVAC equipment market is divided into portable fans, portable heaters, and portable air conditioners. The portable fans segment acquired the largest revenue share in the portable HVAC equipment market in 2021. A corded or battery-operated compact fan that can be moved easily from one location to another is referred to as a portable fan. On the market, manufacturers have a variety of portable fans to choose from. As a result, customers are drawn to portable fans that are simple to clean and transfer from one location to another. The segment's advancement is due to the increasing demand for portable fans in corporate offices and homes, which are growing in number.
End User Outlook
Based on end user, the portable HVAC equipment market is segmented into residential and commercial. The commercial segment procured a significant revenue share in the portable HVAC equipment market in 2021. Hotels, restaurants, businesses, hospitals, commercial complexes, and offices make up the commercial component of the portable HVAC equipment market. The market's leading competitors are continuously changing how the business sector must meet its requirements by updating and improving current portable HVAC equipment. As a result, numerous product introductions have recently, particularly for the commercial market.
On the basis of region, the portable HVAC equipment market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The North America region acquired the highest revenue share in the portable HVAC equipment market in 2021. The demand for new and cutting-edge consumer electronics items is expected to increase due to the growing popularity of energy-efficient major household appliances as a result of the lowering energy consumption rate. The rising demand for energy-efficient devices drives the market for portable HVAC equipment in North America.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include LG Electronics (LG Corporation), Panasonic Holdings Corporation, Carrier Global Corporation, Daikin Industries, Ltd., Emerson Electric Co., Hitachi, Ltd., AB Electrolux (Electrolux), Blue Star Limited, Haier Smart Home Co., Ltd. (Haier Group Corporation), and Dyson Limited.
Strategies Deployed in Portable HVAC Equipment Market
Jan-2023: Daikin Comfort Technologies North America, Inc., took over Williams Distributing, Co, a distribution powerhouse for heating, ventilation, and air conditioning (HVAC) equipment. Through this acquisition, Daikin would be able to strengthen its position in the Great Lakes region with the help of Williams's professional team members, focused customer service, and vast locations. Moreover, this acquisition would lead to another important step on the way to making Daikin the Prime indoor comfort solutions provider in North America.
Aug-2022: Carrier Global Corporation took over Toshiba Carrier Corporation, a manufacturer of air conditioning and heating systems. Through this acquisition, Carrier Global Corporation would be able to explore and reach new development opportunities in the rapid growing, energy-efficient VRF and heat pump markets.
Aug-2021: Electrolux acquired La Compagnie du SAV (CSAV), a provider of independent service with expertise in repairing domestic appliances. This acquisition would boost the service network in France enabling Electrolux to address the need of rising market demand in the after-sales service area.
Jun-2021: Carrier acquired a controlling stake of Guangdong Giwee Group and its subsidiaries that include Guangdong Chigo Heating & Ventilation Equipment Co., Ltd. This acquisition aimed to expand Carrier's access to the swiftly expanding variable refrigerant flow (VRF) and light commercial market. Following this acquisition, Carrier also intended to expand Carrier's geographic footprint and market position.
Mar-2021: Carrier Global Corporation collaborated with Emerson, a global technology, software, and engineering leader providing innovative solutions. In this collaboration, Emerson joined the Carrier Alliance program, under which Emerson would continue to offer leading-edge software & technologies from its air conditioning and cold chain businesses like valves, compressors, and sensors, to a wide variety of products within the Carrier portfolio.
Dec-2020: Daikin Air-conditioning India took over the air handling business of Ahmedabad-based Citizen Industries. This acquisition aimed to improve Daikin's product positioning in the commercial air-conditioning market and also help the company to strengthen its presence in the expanding commercial air-conditioning market.
Dec-2020: Carrier Global Corporation entered into an agreement with Danfoss, a Danish multinational company. In addition, Danfoss also joined the Carrier Alliance program. Under the agreement, Danfoss would supply numerous components that include valves, compressors, heat exchangers, and drives across Carrier's HVAC and Refrigeration portfolios. The agreement also included that Danfoss would supply Carrier-branded replacement compressors.
Nov-2020: Emerson took over 7AC, provider of heating and air conditioning products and services. Under this acquisition, 7AC would offer a one-step solution, which demonstrates more energy efficiency and air quality than the prevailing top-class products.
Market Segments covered in the Report:
By Product Type
By End User
By Distribution Channel
Unique Offerings from KBV Research
List of Figures