都市化はこの上昇曲線を続けると見込まれており、国連は2050年までに世界人口の68%が都市地域に住むと予測しています。都市人口の増加に伴い、建物内の適切な換気システムは、空気汚染レベルの低減、温度の調整、都市住民にとって健康的な環境の維持に役立ちます。換気システムは、汚染物質、バイ菌、悪臭の蓄積を取り除くのに役立ちます。また、部屋の温度を管理して快適さを高め、カビが生える可能性を減らすこともできます。

ヒートポンプが加熱機器セグメントを牽引します

ヒートポンプは、作業を利用して熱を冷たい場所から暖かい場所へ移動させる重要なHVAC機器です。このプロセスでは、冷媒サイクルを通じて熱エネルギーを移動させます。このため、冷たい場所は冷却され、暖かい場所は温まります。寒い天候の際には、ヒートポンプは外の冷たい空気から熱を抽出して家を温めることができます。逆に、暖かい天候では、ポンプは家から外の暖かい空気へ熱を移動させるように設計されています。熱を生成するのではなく、移動させる能力により、ヒートポンプは住居を暖めたり冷やしたりする他の方法と比較して、よりエネルギー効率が高いです。

• ヒートポンプは、あらゆる気候において従来の暖炉やエアコンに対する非常に効率的な選択肢を提供します。冷蔵庫に似て、ヒートポンプは電気を利用して、冷たい空間から暖かい空間に熱を移動させ、冷たい空間を冷やし、暖かい空間を暖めます。ヒートポンプの効率は、性能係数（COP）または季節性能係数（SCOP）によって測定されます。数値が高いほど、ヒートポンプの効率が高いことを示します。空間暖房に関して、ヒートポンプはエネルギー効率の点で一般的に電気抵抗ヒーターやその他のタイプのヒーターを上回ります。


• 熱ポンプは、その優れた効率性と電力網における再生可能エネルギー源の増加により、気候変動の緩和に大きく貢献する可能性があります。環境に優しい暖房および冷却システムの必要性が高まっており、優れたエネルギー効率を提供する熱ポンプの普及が進んでいます。これらのポンプは、コストを削減し、エネルギーを節約し、驚異的な効率で運転することで、最終消費者から需要を集めています。温室効果ガス排出削減の重要性に対する世界的な認識の高まりが、熱ポンプの需要をさらに後押ししています。


• ヒートポンプの需要は、エネルギー効率の良いソリューションへのニーズの高まりや、炭素排出を削減するための政府の取り組みなど、さまざまな要因によって成長する見込みです。2050年までにネットゼロ排出を達成するために、高効率電気ヒートポンプは建設業における暖房排出を削減するための重要な技術になると期待されています。国際エネルギー機関（IEA）は、2030年までに世界中で約6億台のヒートポンプが設置される可能性があると予測しています。また、2023年におけるエネルギー効率の良い建物への投資の価値は、欧州が他の地域よりも高かったです。中国におけるその市場への投資は約230億米ドルであり、アメリカ合衆国よりも低いです。これらの投資は、建物が世界の温室効果ガス排出の重要なシェアを占めているため、環境への影響を軽減するために必要です。

しかし、国際エネルギー機関（IEA）は、熱ポンプの利点にもかかわらず、現在、熱ポンプは世界の建物の暖房要件の約10%しか満たしていないと強調しています。2050年までのネットゼロエミッション（NZE）シナリオに沿うためには、世界の熱ポンプの在庫は2030年までにほぼ3倍に増加し、少なくとも20%の世界的な暖房需要を満たさなければなりません。その結果、様々な国の政府は、エネルギー効率の高い熱ポンプの設置を優先しており、補助金を提供することで消費者の需要が大幅に増加しています。これらの熱ポンプは効率を向上させるだけでなく、二酸化炭素排出量の削減にも寄与し、市場での存在感を拡大しています。
例えば、2023年初頭にフランス、アメリカ、アイルランド、オーストリアが補助金の水準を引き上げ、ヒートポンプの広範な採用のための堅固な基盤を確立しました。同時に、継続的な研究開発努力により、効率が向上し、最終ユーザーの特定のニーズに応える最先端のヒートポンプ技術が生まれています。メーカーは、消費者の期待を満たすために、信頼性が高く経済的なヒートポンプを丹念に設計しています。さらに、国際エネルギー機関（IEA）によると、2022年および2023年初頭に、多くの著名なメーカーは主にヨーロッパを拠点に、実施されれば世界の製造能力を30%以上増加させることとなる拡張戦略を発表しました。しかし、NZEシナリオに示された展開目標に整合させるために、既存の世界の製造能力は2030年までに4倍になる必要があります。

• アジア太平洋地域は、都市化の進展と可処分所得の増加により、大幅な成長が期待されています。この地域のボイラー市場は、持続可能な建築プロジェクトの進展やゼロエミッション建築の目標達成によって後押しされると予想されます。さらに、産業部門向けのボイラーは、一貫した政府の取り組みによる急速な産業化の影響で成長が見込まれています。

アジア太平洋地域、特にインドと中国では、産業用ボイラーの需要が大幅に増加すると予想されています。これらの国々は急速に世界の製造拠点として台頭しており、大規模な人口が食品・飲料、消費財、テキスタイルなどの産業での魅力的な成長の見通しを提供します。この重要な要因が、近い将来におけるアジア太平洋地域の産業用ボイラー市場の成長を促進すると考えられています。

• 中国北部の都市部では、現在、石炭ベースの地域暖房がスペース暖房における主な解決策です。従来の暖房方法は、中国人のライフスタイルと文化遺産に深く影響を与えてきました。しかし、中国の多くの家庭は今でも小型石炭ストーブに頼って暖をとっており、これが健康リスクをもたらす大気汚染の原因となっています。これらの問題に対処するため、中国政府は2017年に「クリーン暖房計画」を開始し、北部地域の70％の家庭を石炭からよりクリーンな暖房代替案に移行することを目指しています。その結果、中国は2060年までのカーボンニュートラリティを目指しており、大気汚染を削減するための成功した取り組みを行っています。


• 中国南部の都市部における住宅用暖房は、過去10年間で注目すべき成長を遂げました。暖房需要の大幅な増加は、持続可能性に関する大きな課題を提示しています。そのため、ヒートポンプはこの地域でますます人気が高くなり、中国全土で広く利用されています。空気源および地中熱ヒートポンプは、市場の相当な部分を獲得しており、現在は導入が急増しています。中国政府は、この発展を支援する上で重要な役割を果たしており、石炭から電気への転換プロジェクトを含むさまざまな政策を実施しています。

中国は、IEAによって述べられているように、最も多くのインストーラーを有しています。これは主に、特に南部地域で、建物の大部分が夏の冷房と冬の暖房のためにヒートポンプを利用しているためです。さらに、中国は空気の質を向上させるために、家庭の暖房における石炭への依存を減らすために積極的に取り組んでいます。中国とヨーロッパは、脱炭素化計画の一環としてヒートポンプをますます採用しています。過去5年間で、中国の建物暖房における石炭への依存は半分に削減されており、これは政府が電気暖房を補助するためのさまざまな施策を実施したおかげです。

• 1 イントロダクション

  • 1.1 調査の前提条件と市場の定義

  • 1.2 本調査の範囲

• 2 調査手法

• 3 エグゼクティブサマリー

• 4 市場についての洞察

  • 4.1 市場概要

  • 4.2 業界魅力度 - ポーターのファイブフォース分析

    • 4.2.1 サプライヤーの交渉力

    • 4.2.2 買い手の交渉力

    • 4.2.3 新規参入の脅威

    • 4.2.4 代替品の脅威

    • 4.2.5 競合・競争状況の激しさ

  • 4.3 業界バリューチェーン分析

  • 4.4 主要業績評価指標

• 5 市場ダイナミクス

  • 5.1 市場の促進要因

  • 5.2 市場の課題

    • 5.2.1 エネルギー効率の高いシステムの高いイニシャルコスト

    • 5.2.2 マクロ経済状況への依存

    • 5.2.3 利幅を制限する競争の激化

• 6 市場セグメンテーション

  • 6.1 加熱装置別

    • 6.1.1 製品タイプ別

      • 6.1.1.1 ボイラーと炉
      • 6.1.1.2 ヒートポンプ
      • 6.1.1.3 ユニバーサル・ヒーター

    • 6.1.2 エンドユーザー業界

      • 6.1.2.1 商業用
      • 6.1.2.2 住宅
      • 6.1.2.3 産業
      • 6.1.2.4 その他

    • 6.1.3 地域別

      • 6.1.3.1 北米
      • 6.1.3.2 ヨーロッパ
      • 6.1.3.3 アジア太平洋
      • 6.1.3.4 その他の地域

  • 6.2 換気装置別

  • 6.3 空調設備別

• 7 競合情勢

  • 7.1 企業プロファイル*

    • 7.1.1 Trane Inc. (Trane Technologies PLC)

    • 7.1.2 Midea Group

    • 7.1.3 NIBE Group

    • 7.1.4 Panasonic Corporation

    • 7.1.5 Mitsubishi Electric Corporation

    • 7.1.6 Daikin Industries Ltd

    • 7.1.7 Stiebel Eltron Gmbh & Co. KG

    • 7.1.8 Glen Dimplex Group

    • 7.1.9 Thermax Limited

    • 7.1.10 Wolf GMBH (Ariston Group)

    • 7.1.11 Reznor HVAC (Nortek Group)

    • 7.1.12 Beacon Morris (Mestek Inc.)

    • 7.1.13 Vaillant Group

    • 7.1.14 Alfa Laval AB

    • 7.1.15 Babcock & Wilcox Enterprises Inc

    • 7.1.16 Daikin Industries Ltd

    • 7.1.17 Greenheck Fan Corporation

    • 7.1.18 Systemair AB

    • 7.1.19 Johnson Controls International PLC

    • 7.1.20 FläktGroup

    • 7.1.21 TROX GmbH

    • 7.1.22 Trane Technologies PLC

    • 7.1.23 Swegon Group AB

    • 7.1.24 Rheem Manufacturing Company Inc

    • 7.1.25 Carrier Corporation

    • 7.1.26 Rhoss SPA (Nibe Group)

    • 7.1.27 Lennox International Inc

    • 7.1.28 Trane Technologies PLC

    • 7.1.29 Aermec SpA (Giordano Riello International Group SpA)

    • 7.1.30 Daikin Industries Ltd

    • 7.1.31 Midea Group

    • 7.1.32 Emicon Innovation and Comfort Srl

    • 7.1.33 Mitsubishi Electric Hydronics & It Cooling Systems

    • 7.1.34 Johnson Controls PLC

    • 7.1.35 Hitema International

    • 7.1.36 Systemair AB

    • 7.1.37 Lennox International Inc

    • 7.1.38 Carrier Corporation

    • 7.1.39 Rheem Manufacturing Company Inc

    • 7.1.40 Gree Electric Appliances

• 8 市場アウトルック

The HVAC Equipment Market size is estimated at USD 92.81 billion in 2024, and is expected to reach USD 137.01 billion by 2029, growing at a CAGR of 8.10% during the forecast period (2024-2029).

HVAC equipment can be applied in a wide range of locations and building types, such as shopping centers, industrial facilities, warehouses, etc., and ensures that a building has proper climate control with heating and cooling along with the necessary air pressure and air quality to make the occupants in the building comfortable and safe.

The rapid rise in industrialization and urbanization worldwide is one of the primary factors driving the market's growth. The movement of people from rural areas to live in towns and cities is one of the most significant population trends of modern times. More than half the world’s population (56.2%) lives in cities today. This trend toward greater urbanization can be seen in all regions of the world but is most pronounced in Latin America and the Caribbean, where more than 80 percent of the population now live in urban areas.

Urbanization looks set to continue to follow this upward curve, with the United Nations predicting that 68% of the global population will live in urban areas by 2050. With the increase in urban population, proper ventilation systems in buildings are useful in reducing air pollution levels, regulating temperature, and maintaining a healthy environment for urban residents. A ventilation system can help remove a build-up of pollutants, bacteria, and bad odors. It can also manage the temperature of a room to make it more comfortable and reduce the chance of mold growing.

According to the United Nations, the current world population of 7.6 billion is expected to reach 8.6 billion in 2030, 9.8 billion in 2050 and 11.2 billion in 2100. With roughly 83 million people being added to the world’s population every year, the upward trend in population size is expected to continue, even assuming that fertility levels will continue to decline.

Many governments worldwide offer tax incentives to encourage the installation of efficient HVAC (Heating, Ventilation, and Air Conditioning) equipment. This is part of a larger effort to reduce carbon emissions and mitigate the impact of climate change. By bolstering current supplies while accelerating the sustainable energy transition, the energy provisions of the Inflation Reduction Act will strengthen energy security and meaningfully reduce emissions, representing an important step toward a better future.

According to the European Commission, buildings in the European Union are responsible for around 40% of the energy consumption and 36% of greenhouse gas emissions, mainly from construction, usage, renovation, and demolition. HVAC systems account for a considerable share of energy usage in these buildings.

An HVAC is a complicated system made up of many different parts, including other factors such as the size of the home, type of HVAC system, HVAC brand, labor cost, climatic conditions, ductwork size, level of energy efficiency, come up with a high cost. Moreover, increasing focus on more advanced products, such as switching out a conventional heat pump for a geothermal heat pump, is expected to enhance the price charges associated with HVAC systems.

In the initial months of the outbreak of the COVID-19 pandemic, the HVAC market received a significant setback as many construction projects across the residential and construction sectors were halted globally, temporarily dampening the demand for HVAC equipment. However, governments worldwide highlighted the importance of a proper ventilation system to reduce the spread of the virus, which positively impacted the market's growth.

HVAC Equipment Market Trends

Heat Pumps to Drive the Heating Equipment Segment

• A heat pump is a significant HVAC equipment that utilizes work to transfer heat from a colder area to a hotter area by transferring thermal energy through a refrigeration cycle. This process cools the colder area while warming the hotter area. During chilly weather, a heat pump can extract heat from the cold outdoors to warm a house. Conversely, in warmer weather, the pump can be designed to transfer heat from the house to the warmer outdoors. Due to their ability to transfer heat instead of generating it, heat pumps are more energy-efficient compared to alternative methods of heating or cooling a residence.
• Heat pumps provide a highly efficient option to traditional furnaces and air conditioners in any climate. Similar to refrigerators, heat pumps utilize electricity to transfer heat from a colder area to a warmer area, resulting in a cooler cold space and a warmer warm space. The efficiency of a heat pump is measured by its coefficient of performance (COP) or seasonal coefficient of performance (SCOP). A higher number indicates a greater level of efficiency for the heat pump. Regarding space heating, heat pumps generally outperform electric resistance heaters and other types of heaters regarding energy efficiency.
• Due to their exceptional efficiency and the growing proportion of renewable energy sources in power networks, heat pumps have the potential to significantly contribute to mitigating climate change. The escalating need for environmentally friendly heating and cooling systems that offer superior energy efficiency is driving the widespread adoption of heat pumps. These pumps attract demand from end users by reducing costs, conserving energy, and operating with remarkable efficiency. The increasing global awareness of the importance of reducing greenhouse gas emissions further fuels the demand for heat pumps.
• The demand for heat pumps is poised to experience growth driven by the growing need for energy-efficient solutions and various factors, including government initiatives to reduce carbon emissions. In achieving net zero emissions by 2050, high-efficiency electric heat pumps are expected to be the key technology in reducing heating emissions in the construction industry. The International Energy Agency (IEA) predicts that by 2030, approximately 600 million heat pumps could be installed globally, and the value of investments in energy-efficient buildings in 2023 was higher in Europe than in other regions. Investments for that market in China are approximately USD 23 billion, lower than in the United States. These investments are necessary to reduce the environmental impact of buildings, as they are responsible for a significant share of global greenhouse gas emissions.
• Nevertheless, the International Energy Agency (IEA) has emphasized that despite their benefits, heat pumps currently only fulfill approximately 10% of the world's heating requirements in buildings. To align with the Net Zero Emissions by 2050 (NZE) scenario, the global heat pump inventory must nearly triple by 2030, providing coverage for at least 20% of the global heating demand. Consequently, governments of various nations are prioritizing the installation of energy-efficient heat pumps by offering subsidies, which has resulted in a significant surge in consumer demand. These heat pumps not only enhance efficiency but also contribute to the reduction of carbon emissions, thereby expanding their market presence.
• For instance, in early 2023, France, the United States, Ireland, and Austria followed suit by raising subsidy levels, establishing a solid groundwork for the widespread adoption of heat pumps. Concurrently, continuous research and development endeavors yield cutting-edge heat pump technologies that boast enhanced efficiency and cater to end users' specific needs. Manufacturers diligently craft dependable and economical heat pumps to fulfill consumers' aspirations. Furthermore, according to IEA, in the years 2022 and early 2023, several prominent manufacturers, primarily based in Europe, unveiled their expansion strategies that, if fully implemented, would result in a more than 30% increase in global manufacturing capacity. However, to align with the deployment goals outlined in the NZE Scenario, the existing global manufacturing capacity will have to quadruple by 2030.

Asia-Pacific Expected to Dominate the Heating Equipment Segment

• The Asia-Pacific region is expected to experience substantial growth due to increasing urbanization and rising disposable income. The boiler market in this region is expected to be boosted by the ongoing expansion of sustainable building projects and the achievement of zero-emission building targets. Furthermore, boilers for the industrial sector are anticipated to witness growth due to the rapid industrialization driven by consistent government initiatives to attract foreign direct investments (FDIs).
• The Asia-Pacific region, particularly India and China, is anticipated to experience a significant surge in demand for industrial boilers. These countries are rapidly emerging as global manufacturing hubs, and their large populations offer lucrative growth prospects for industries such as food and beverages, consumer goods, textiles, and more. This crucial factor is expected to drive the growth of the industrial boilers market in the Asia-Pacific region in the near future.
• In urban areas of northern China, coal-based district heating is currently the dominant solution for space heating. The traditional heating methods have profoundly impacted the lifestyles and cultural heritage of the Chinese people. However, a significant number of households in China still rely on small coal stoves for warmth, resulting in air pollution that poses health risks. To tackle these issues, the Chinese government initiated the "Clean Heating Plan" in 2017, aiming to shift 70% of households in the northern region away from coal and towards cleaner heating alternatives. As a result, China aims for carbon neutrality by 2060 and has engaged in a successful effort to reduce air pollution.
• Residential space heating has experienced remarkable growth in urban Southern China over the past ten years. The substantial rise in demand for space heating presents considerable sustainability challenges. Consequently, heat pumps have become increasingly popular in the region and are extensively utilized throughout China. Air- and ground-source heat pumps have successfully captured a significant portion of the market and are currently witnessing a surge in adoption. The Chinese government has played a crucial role in supporting this development by implementing various policies, including the coal-to-electricity project.
• China has the highest number of installers, as stated by the IEA. This is mainly because a significant portion of the building stock, especially in the country's southern region, utilizes heat pumps for both cooling during the summer and heating in the winter. Moreover, China has been actively working toward reducing its dependence on coal for domestic heating to enhance air quality. China and Europe are increasingly adopting heat pumps as part of its decarbonization plans. Over the past five years, China's reliance on coal for heating buildings has been cut in half, thanks to the government's implementation of various initiatives to subsidize electric heating.

HVAC Equipment Industry Overview

The HVAC equipment market is fragmented with major players like Trane Inc. (Trane Technologies PLC), Midea Group, NIBE Group, Panasonic Corporation, and Mitsubishi Electric Corporation. Players in the market are adopting strategies such as partnerships and acquisitions to enhance their product offerings and gain sustainable competitive advantage.

November 2023 - Mitsubishi Electric Corporation announced that it has developed an aluminum vertical flat tube (VFT) design that improves heat exchanger performance by up to an unprecedented 40% in heat-pump air conditioners used for heating and cooling. Compared to conventional aluminum horizontal flat tube (HFT) heat exchangers, Mitsubishi Electric's new VFT heat exchanger also reduces refrigerant charge thanks to its smaller internal volume of up to 20% compared to HFT designs.

December 2023 - Daikin Europe NV released a line of residential air-to-air heat pumps using difluoromethane (R32) as the refrigerant, with outdoor unit dimensions of 662 mm x 442 mm x 1022 mm. The output ranges from 2.5 kW to 3.5 kW, and the seasonal coefficient of performance (SCOP) is between 4.85 and 5.17.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

• 1 INTRODUCTION

  • 1.1 Study Assumptions and Market Definition

  • 1.2 Scope of the Study

• 2 RESEARCH METHODOLOGY

• 3 EXECUTIVE SUMMARY

• 4 MARKET INSIGHTS

  • 4.1 Market Overview

  • 4.2 Industry Attractiveness - Porter's Five Forces Analysis

    • 4.2.1 Bargaining Power of Suppliers

    • 4.2.2 Bargaining Power of Buyers

    • 4.2.3 Threat of New Entrants

    • 4.2.4 Threat of Substitutes

    • 4.2.5 Intensity of Competitive Rivalry

  • 4.3 Industry Value Chain Analysis

  • 4.4 Key Performance Indicators

• 5 MARKET DYNAMICS

  • 5.1 Market Drivers

    • 5.1.1 Supportive Government Regulations, Including Incentives for Saving Energy Through Tax Credit Programs

    • 5.1.2 Increasing Demand for Energy-efficient Devices

    • 5.1.3 Increased Construction and Retrofit Activity to Aid Demand

  • 5.2 Market Challenges

    • 5.2.1 High Initial Cost of Energy Efficient Systems

    • 5.2.2 Dependence on Macro-economic Conditions

    • 5.2.3 Growing Competition to Limit Margins

• 6 MARKET SEGMENTATION

  • 6.1 By Heating Equipment

    • 6.1.1 By Product Type

      • 6.1.1.1 Boilers and Furnaces
      • 6.1.1.2 Heat Pumps
      • 6.1.1.3 Unitary Heaters

    • 6.1.2 By End-user Industry

      • 6.1.2.1 Commercial
      • 6.1.2.2 Residential
      • 6.1.2.3 Industrial
      • 6.1.2.4 Others

    • 6.1.3 By Geography

      • 6.1.3.1 North America
      • 6.1.3.2 Europe
      • 6.1.3.3 Asia-Pacific
      • 6.1.3.4 Rest of the World

  • 6.2 By Ventilation Equipment

    • 6.2.1 By Type

      • 6.2.1.1 Air Handling Units
      • 6.2.1.2 Humidifiers and Dehumidifiers
      • 6.2.1.3 Air Filters
      • 6.2.1.4 Fan Coiling Units

    • 6.2.2 By End User

      • 6.2.2.1 Commercial
      • 6.2.2.2 Residential
      • 6.2.2.3 Industrial
      • 6.2.2.4 Others

    • 6.2.3 By Geography

      • 6.2.3.1 North America
      • 6.2.3.2 Europe
      • 6.2.3.3 Asia-Pacific
      • 6.2.3.4 Rest of the World

  • 6.3 By Air Conditioning Equipment

    • 6.3.1 By Product Type

      • 6.3.1.1 Unitary Air Conditioners
        • 6.3.1.1.1 Ducted Splits
        • 6.3.1.1.2 Ductless Mini-splits
        • 6.3.1.1.3 Indoor Packaged & Roof Tops
      • 6.3.1.2 Room Air Conditioners
      • 6.3.1.3 Packaged Terminal Air Conditioners
      • 6.3.1.4 Chillers

    • 6.3.2 By End User

      • 6.3.2.1 Commercial
      • 6.3.2.2 Residential
      • 6.3.2.3 Industrial
      • 6.3.2.4 Other End Users

    • 6.3.3 By Geography

      • 6.3.3.1 North America
      • 6.3.3.2 Europe
      • 6.3.3.3 Asia-Pacific
      • 6.3.3.4 Rest of the World

• 7 COMPETITIVE LANDSCAPE

  • 7.1 Company Profiles*

    • 7.1.1 Trane Inc. (Trane Technologies PLC)

    • 7.1.2 Midea Group

    • 7.1.3 NIBE Group

    • 7.1.4 Panasonic Corporation

    • 7.1.5 Mitsubishi Electric Corporation

    • 7.1.6 Daikin Industries Ltd

    • 7.1.7 Stiebel Eltron Gmbh & Co. KG

    • 7.1.8 Glen Dimplex Group

    • 7.1.9 Thermax Limited

    • 7.1.10 Wolf GMBH (Ariston Group)

    • 7.1.11 Reznor HVAC (Nortek Group)

    • 7.1.12 Beacon Morris (Mestek Inc.)

    • 7.1.13 Vaillant Group

    • 7.1.14 Alfa Laval AB

    • 7.1.15 Babcock & Wilcox Enterprises Inc

    • 7.1.16 Daikin Industries Ltd

    • 7.1.17 Greenheck Fan Corporation

    • 7.1.18 Systemair AB

    • 7.1.19 Johnson Controls International PLC

    • 7.1.20 FläktGroup

    • 7.1.21 TROX GmbH

    • 7.1.22 Trane Technologies PLC

    • 7.1.23 Swegon Group AB

    • 7.1.24 Rheem Manufacturing Company Inc

    • 7.1.25 Carrier Corporation

    • 7.1.26 Rhoss SPA (Nibe Group)

    • 7.1.27 Lennox International Inc

    • 7.1.28 Trane Technologies PLC

    • 7.1.29 Aermec SpA (Giordano Riello International Group SpA)

    • 7.1.30 Daikin Industries Ltd

    • 7.1.31 Midea Group

    • 7.1.32 Emicon Innovation and Comfort Srl

    • 7.1.33 Mitsubishi Electric Hydronics & It Cooling Systems

    • 7.1.34 Johnson Controls PLC

    • 7.1.35 Hitema International

    • 7.1.36 Systemair AB

    • 7.1.37 Lennox International Inc

    • 7.1.38 Carrier Corporation

    • 7.1.39 Rheem Manufacturing Company Inc

    • 7.1.40 Gree Electric Appliances

• 8 MARKET OUTLOOK