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.
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.
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.
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.
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.
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.
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.
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.
| Report Attribute | Details |
|---|---|
| Market size value in 2021 | USD 3.2 Billion |
| Market size forecast in 2028 | USD 4.5 Billion |
| Base Year | 2021 |
| Historical Period | 2018 to 2020 |
| Forecast Period | 2022 to 2028 |
| Revenue Growth Rate | CAGR of 5% from 2022 to 2028 |
| Number of Pages | 223 |
| Number of Tables | 360 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Companies Strategic Developments, Company Profiling |
| Segments covered | Product Type, Distribution Channel, End User, Region |
| Country scope | US, Canada, Mexico, Germany, UK, France, Russia, Spain, Italy, China, Japan, India, South Korea, Singapore, Malaysia, Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria |
| Growth Drivers |
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| Restraints |
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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.
Free Valuable Insights: Global Portable HVAC Equipment Market size to reach USD 4.5 Billion by 2028
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.
By Product Type
By End User
By Distribution Channel
By Geography
The global Portable HVAC Equipment Market size is expected to reach $4.5 billion by 2028.
Increasing demand for portable air conditioners are driving the market in coming years, however, Negative effects on one's health from a poorly maintained HVAC system restraints the growth of the market.
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.
The expected CAGR of the Portable HVAC Equipment Market is 5.0% from 2022 to 2028.
The Residential segment acquired maximum revenue share in the Global Portable HVAC Equipment Market by End User in 2021 thereby, achieving a market value of $2.6 billion by 2028.
The North America market dominated the Global Portable HVAC Equipment Market by Region in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $1.5 billion by 2028.
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