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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 anintegrated 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, with the grouping of interconnected mechanical systems, such as air conditioners, boilers, air purifiers and heat pumps.

The value of the global HVAC market shows steady growth from 2023 to 2028. Starting from $237.74 billion in 2023, it reaches $309.69 billion in 2028. This represents a 30.26 percent increase in six years, with a compound annual growth rate (CAGR) of 5.43 percent. The market is undergoing significant transformation due to the increasing integration of Internet of Things (IoT) technology with HVAC products, making them innovative and affordable. The emphasis on interconnecting different sensors within building ecosystems, including HVAC, has increased to achieve energy efficiency.

The European HVAC market shows steady growth from 2023 to 2029. Starting at $64.33 billion in 2023, it reaches $92.50 billion in 2029, marking a 43.78% increase in six years, at a CAGR of 6.24%. In recent years, European countries have also witnessed significant climate change. Rising temperatures and heat waves have increased the demand for HVAC systems in residential and commercial buildings to control indoor climatic conditions and support market growth.

The HVAC market in Italy shows an increase of 38.89% in seven years at a compound annual growth rate of 4.80%. There is also good news in terms of manufactured and sold productions, having increased by 23 .34% and 23.43% respectively.The growth is attributed to several factors. First, increasing demand for energy efficient solutions is a key factor. Italy, like many other European countries, is taking measures to reduce carbon emissions and improve energy efficiency by supporting the adoption of modern, more efficient HVAC systems. Second, infrastructure modernization plays an important role.

1.2 Global HVAC Market

The value of the global HVAC market shows steady growth from **** to ****. Starting from $***.** billion in ****, it reaches $***.** billion in ****. This represents a **.** percent increase over six years, with a compound annual growth rate (***) technology with HVAC products, making them innovative and affordable. The emphasis on interconnecting different sensors within building ecosystems, including HVAC, has increased to achieve energy efficiency. In ****, the major economies in APAC, including China, Japan, and India, experienced an increase in commercial construction activities due to the expansion of companies in various sectors opening offices in different regions to capture the potential customer base. In the APAC region, growing demand for energy-efficient HVAC systems and strict regulations on the use of explosion-proof HVAC equipment are driving adoption in various sectors. This will provide tremendous growth opportunities in the HVAC market. In addition, countries in the Middle East are witnessing drastic climate changes. Rising temperatures and heat waves have increased the demand for HVAC systems in commercial and residential buildings to control indoor climatic conditions, further fueling the growth of the HVAC market. Filtration can also improve indoor air quality and provide comfort to residents. These factors drive sales growth in the Middle East and Africa region during ...

1.3 The European market

The European HVAC market shows steady growth from **** to ****. Starting at $**.** billion in ****, it reaches $**.** billion in ****, marking an increase of **.** percent in six years, at a CAGR of *.** percent. The market is undergoing tremendous changes due to the increasing integration of IoT technology with HVAC products, making HVAC systems smarter, innovative, efficient, adaptable, and accessible to users' needs. Emphasis on interconnecting different sensors within building ecosystems, including HVAC, has developed to achieve energy efficiency.

European HVAC market value Europe, ****-****, in US$ billion Aritzon

HVAC systems provide comfortable air conditions and thermal balance in residential or commercial environments. These systems generally ensure good air quality and control heat and humidity. Commonly they include various mechanical and electrical equipment that provide thermal comfort to the occupants of the room or building. They are used in various sectors, such as industrial, commercial (***), residential, and institutional. In addition, technological innovations along with the sustainable development index have driven significant changes in the HVAC industry, which have enabled substantial growth in the European HVAC market in recent years. European countries have also witnessed significant climate change in recent years. Rising temperatures and heat waves have increased the demand for HVAC systems in residential and ...

1.4 The Italian market

The HVAC market in Italy shows steady growth from **** to ****. Starting at $*.* billion in ****, it is expected to reach $*.** billion in ****, marking a **.**% increase in seven years and a compound annual growth rate of *.**%.

Italian HVAC market value Italy, ****-****, in US$ billion NextMsc

The growth of the HVAC market in Italy can be attributed to several factors. First, increasing demand for energy-efficient solutions is a key factor. Italy, like many other European countries, is taking measures to reduce carbon emissions and improve energy efficiency by supporting the adoption of modern, more efficient HVAC systems. Second, infrastructure modernization plays an important role. As new buildings, both residential and commercial, are renovated and constructed, the need to install advanced HVAC systems increases. Increasingly stringent regulations on building energy performance are driving the installation of more efficient and innovative technologies. In addition, climate changes, with hotter summers and colder winters, increase the demand for HVAC systems to maintain comfortable indoor climatic conditions. Finally, technological innovation and the integration of the Internet of Things (***) make HVAC systems smarter and more adaptable, incentivizing businesses and consumers to invest in these solutions to improve environmental control and reduce operating costs.

From **** to ****, production sold of HVAC ...

1.5 Imports and Exports

From **** to ****, HVAC exports from Italy under HS code **** steadily increased from $*.** billion in **** to $*.** billion in ****. Imports, after decreasing in ****, grew to $*.** billion in ****, then declined slightly to $*.** billion in ****. The coverage ratio, which measures the ratio of exports to imports, showed significant changes: starting at *.** in ****, it peaked at *.** in ****, fell below unity in **** and **** (***), and rose again to *.** in ****. These data indicate that despite fluctuations, Italy has maintained a positive trade balance in HVAC, except for the period ****-****, when imports exceeded exports.

Exports, Imports, and HVAC Coverage Rate Italy, ****-****, in US$ billion UNComtrade

In ****, Germany was the main destination of HVAC exports from Italy, taking **.** percent of the total. This was followed by France with **.** percent and Spain with *.** percent. The United Kingdom, Poland, the Netherlands and Austria account for *.**%, *.**%, *.**% and *.**% of exports, respectively. The "Other" countries category makes up **.**% of exports, indicating significant distribution to smaller or diversified markets as well. These data show a strong dependence on major European trading partners, with Germany in the lead, but also a good diversification of Italian HVAC exports on a global scale. Main countries of destination for HVAC exports Italy, ****, in % UNComtrade

In ****, China was the main ...

1.6 Inflation suffered by the sector

The HVAC industry in Italy has faced many challenges due to inflation, which has increased the cost of materials and components, such as copper and aluminum, used in the production of air conditioning and heating systems. This increase has led to higher final prices for consumers, affecting demand. Energy costs, which are essential to the operation of HVAC systems, have also increased, prompting companies to improve the energy efficiency of their products, but at the price of greater investment. To mitigate the impact of inflation, many companies have invested in innovative technologies and more energy-efficient solutions, such as high-efficiency heat pumps and smart technologies. These investments, although costly, have been necessary to maintain competitiveness in the market. The Italian government has introduced incentives to promote energy efficiency and sustainability, stimulating demand for modern, more efficient HVAC systems. Inflation has also complicated the global supply chain, causing delays and increasing transportation and production costs. Companies have had to adapt their sourcing strategies, seeking alternative suppliers or localizing production more. Consumers, who have become more cost-conscious, have postponed the purchase of new systems, opting to maintain and upgrade existing systems. In response to these changes, HVAC companies have offered more flexible solutions and ...

2 Demand analysis

2.1 Overview of demand

From **** to ****, the HVAC spending item in Italy showed considerable changes in terms of current euros. Starting from *.** euros in ****, spending decreased to *.** euros in ****. In ****, it rose again to *.** euros, then fell again to *.** euros in **** and *.** euros in ****. In ****, spending increased significantly, reaching *.** euros, the highest value in the period under consideration. These data indicate a fluctuation in HVAC spending, with a downward trend between **** and ****, followed by a marked recovery in ****.

HVAC expenditure item [***] Italy, ****-****, in current &euro Istat

Data on the Single National Price (***) of energy in Italy between **** and **** show considerable volatility. In the second quarter of ****, the price was €*.**/kWh, rising gradually until it peaked at €*.**/kWh in the third quarter of ****, marking an increase of ***.* percent. Thereafter, prices declined to *.*** €/kWh in the first quarter of **** and stabilized around *.*** €/kWh in the second quarter of ****. Overall, there was an increase of **.** percent from the second quarter of **** to the second quarter of ****. This trend reflects fluctuations in the energy market, likely influenced by geopolitical, economic, and supply and demand factors.

Single national price (***) Italy, ****-****, in (***) NewsAuto

From **** to ****, HVAC production in Italy showed overall growth in terms of quantity realized, measured in ...

2.2 Geographical distribution of demand

Data on average household spending on HVAC in Italy show significant regional differences. Households in the Northeast and Northwest spend an average of *.** euros, the highest figure among all regions. In the Center, average spending is significantly lower at *.** euros. Households in the South and Islands both spend *.** euros on average. These differences may reflect various factors, including different climate needs, disposable income and consumption habits in different areas of the country.

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2.3 Trends in HVAC demand

Trends in online searches in Italy for air conditioning, heating system, and ventilation from **** to **** show clear seasonal trends.

Searches for air conditioning peak during the summer months, with a peak of **.** in July **** and another peak of ** in July ****. During the winter months, interest drops dramatically, reaching a low in December **** with a value of *.*. This seasonal trend reflects the increase in demand during warmer periods.

Searches for heating systems increase significantly in the fall and winter months, with a peak of **.* in November **** and another of **.* in October ****. In the spring and summer months, interest declines, reaching a low of ** in June ****. This pattern indicates a greater need for heating during cold periods.

Searches for ventilation show less seasonal variation than the other two categories, remaining relatively stable throughout the year. Values range from a low of * in August **** to a high of * in May **** and January ****. This suggests a more constant demand for ventilation systems, independent of the seasons.

In summary, the data show a clear seasonality for air conditioning and heating systems, with peaks corresponding to periods of greatest climatic need. Research for ventilation, on the other hand, remains relatively constant throughout the year.

The numbers represent ...

2.4 New demand trends

New trends in Heating, Ventilation, and Air Conditioning (***) offerings are evolving rapidly to meet the growing needs for energy efficiency, sustainability, and advanced technology represent a significant advancement in the HVAC industry, driven by the need for sustainability, efficiency, and improved comfort for end users. With the increasing adoption of innovative technologies, the future of HVAC appears to be increasingly oriented toward green and smart solutions.

Energy Efficiency and Sustainability:

Energy-efficient HVAC systems: Systems are designed to reduce energy consumption and CO* emissions. Technologies such as inverter compressors and heat recovery systems are increasingly common. Renewable Energy Source: ****

Home Automation and Artificial Intelligence:

Smart Systems: Connectivity and IoT allow HVAC systems to be controlled and monitored through smartphones and other digital interfaces. These smart systems optimize operation based on real-time usage data. Automation and AI: Artificial intelligence is used to predict heating and cooling needs, automatically adjusting settings to improve energy efficiency and occupant comfort (***).

Indoor Air Quality:

Air Purification Technologies: Modern HVAC systems are equipped with advanced filters, ionizers, and UV technologies to improve indoor air quality, something that has become crucial especially since the COVID-** pandemic. Air Quality Monitoring: Built-in sensors continuously monitor air quality, automatically adjusting the system ...

3 Market structure

3.1 Italian market structure

As far as the Italian market is concerned, there is no Ateco code that groups enterprises and employees into a single HVAC section. We considered for manufacturing the codes [***]. Data on the number of enterprises active in the manufacture of refrigeration and ventilation equipment and stationary domestic air conditioners in Italy show a varied trend between **** and ****. In ****, there were *** enterprises, with a significant increase in **** to **** enterprises. Thereafter, the number of enterprises decreases slightly, reaching a low of **** in ****, then rising slightly to **** in ****. Overall, from **** to ****, there is an increase of *.* percent in the total number of enterprises, despite some intermediate fluctuations. This trend indicates growth in the sector, with a slight contraction during the most acute period of the pandemic in **** and ****.

Number of enterprises active in the manufacture of non-domestic refrigeration and ventilation equipment, manufacture of stationary household air conditioners [***] Italy, ****-****, in number Istat

Data on the legal form of enterprises active in the manufacture of non-domestic use equipment for refrigeration and ventilation, and the manufacture of fixed domestic air conditioners in Italy in **** show a clear predominance of limited liability companies (***) have a marginal presence. This suggests that the limited liability company structure prevails in ...

3.2 Operation of an HVAC system

The large enclosures that house air conditioners on the roofs of residential and commercial buildings are examples of HVAC systems, the visible component of which is used primarily in large industrial plants, high-rise buildings, apartment buildings, and large indoor spaces. These systems are also essential in environments where there are hygienic regulations that require control of the temperature and humidity of outdoor air taken in.

Heating and cooling systems commonly used in homes are also HVAC systems. Although they may differ in appearance, many of the basic principles governing their operation and efficiency apply to smaller personal devices as well as to large commercial installations.

The following diagram illustrates the basic operation of an HVAC system.

The building automation device, which may be a building management system or a single wall-mounted device, allows the room temperature to be regulated through the activation of heating or cooling coils. Outdoor air, once filtered, is passed through such coils to be heated or cooled before being fed into the living space, at the same time, indoor air is routed from the space to the control system.

However, smaller air conditioning systems can operate in the reverse way: they take heat from inside the room ...

3.3 Distribution channels

The distribution channels for HVAC (***) systems in Italy include a variety of players and strategies; these channels often work in synergy to ensure that HVAC products are available to end customers with the quality and support needed for efficient installation and operation.

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3.4 The main players in the market

The major HVAC manufacturing companies are:

Daikin: Founded in **** in Osaka, Japan, is a global leader in the HVAC industry, with a presence in more than *** countries. The company develops, manufactures, and markets heating, ventilation, air conditioning, and refrigeration systems, including refrigerants. It is known for its commitment to innovation and sustainability, as evidenced by its "Environmental Vision ****," which aims to achieve carbon neutrality by ****. The company's "Fusion **" strategy focuses on continued growth and expansion in emerging markets(***). The company has also set goals to achieve zero CO₂ emissions in its HVAC-R locations and plants by **** and is actively promoting the adoption of heat pumps, particularly in the European market.

Carrier: Established in **** by Willis Carrier, it is one of the leading companies in the HVAC industry. Based in Palm Beach Gardens, Florida, it is a global leader in smart climate and energy solutions. The company offers a full range of products including air conditioners, heat pumps, VRF systems and air purification units. Its reputation is enhanced by its dedication to energy efficiency, technological innovation and environmental sustainability. Its HVAC systems are designed to provide reliable and durable performance, ensuring home comfort and reducing operating costs. Its affiliated brands include Bryant, ...

4 Supply analysis

4.1 Supply analysis

In the HVAC (***) industry, market offerings can be divided into several categories depending on the type of service and product offered, the following cover the full spectrum of HVAC solutions available in the market, each with specific applications, benefits, and features.

Source: ****

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4.2 The price analysis

The consumer price index for heating appliances and air conditioners in Italy showed a significant fluctuation between **** and ****. Starting from a value of **.* in ****, the index decreased to **.* in ****, marking a decrease of * percent. Thereafter, there was an increase, culminating in a value of ***.* in ****, equivalent to an increase of **.* percent over **** and **.* percent over ****. This trend reflects a significant increase in prices in recent years, especially from **** onward.

Consumer Price Index for Whole Household Heating Appliances and Air Conditioners [***] (***) - annual averages Italy, ****-****, index Istat

The consumer price index for heating appliances and air conditioners in Italy shows an upward trend between May **** and May ****. In May ****, the index was ***.*, growing to a peak of ***.* in December ****, an increase of **.* percent. In subsequent months, the index showed some variability, but maintained high values, standing at ***.* in May ****. Overall, compared to May ****, there was an increase of *.*% through May ****. Whole-house consumer price index for heating appliances and air conditioners [***] (***) - monthly data Italy, ****-****, index Istat

4.3 New supply trends

The HVAC (***) industry is evolving rapidly, driven by a number of innovative trends that reflect technological, environmental, and market changes. The industry is responding with innovations that not only improve performance and reduce operating costs, but also contribute to a healthier and more sustainable environment.

Energy Efficiency and Sustainability:

High Efficiency Systems: New HVAC units are designed to be more energy efficient, reducing consumption and CO* emissions. They use variable-speed compressors, permanent magnet motors, and advanced heat exchange technologies. Use of Environmentally Friendly Refrigerants: The adoption of refrigerants with low global warming potential (***), is promoted.

Integration of Smart Technologies:

Smart and Connected HVAC: Modern HVAC systems are equipped with advanced sensors and IoT capabilities, enabling remote monitoring and control via smartphones and apps. This enables more precise and personalized indoor climate management. Predictive Maintenance: Through real-time data analysis, systems can predict and signal the need for maintenance work before failures occur, reducing downtime and repair costs.

Indoor Air Quality (***):

Air Purification Systems: Growing interest in health and well-being has led to the adoption of advanced filtration and purification technologies, such as HEPA filters, ionizers, and UV-C purifiers, to improve indoor air quality. IAQ Monitoring: HVAC systems now include sensors to continuously ...

5 Regulations

5.1 Regulation

In energy matters, the national reference standard is Law ** of Jan. *, **** "Regulations on the rational use of energy, energy saving and development of renewable sources of energy"; this has been followed by other laws and legislative decrees, mostly of an implementing nature, including:

presidential Decree No. *** of August **, ****, "Regulations containing standards for the design, installation, operation and maintenance of thermal systems in buildings for the purpose of energy consumption containment, in implementation of Article *, paragraph *, of Law No. ** of January *, ****." legislative Decree No. *** of August **, ****, transposing Directive ****/**/EC, which establishes the criteria and conditions for improving the energy performance of buildings in order to encourage the development, enhancement, integration of renewable energy sources and energy diversification. The Decree also regulates the operation and maintenance of systems, introducing periodic inspections for HVAC systems; legislative Decree No. *** of May **, ****, implementing Directive ****/**/EC on energy end-use efficiency and energy services, which establishes a framework of measures aimed at improving energy end-use efficiency, both to limit the problem related to the supply of resources and to limit air pollution. Within the Decree, calculation methodologies for energy certification are identified with reference to the technical specification UNI TS ****, parts * and * (***); presidential Decree. April *, ****, No. ** "Regulations for ...

6 Positioning of actors

6.1 Market segmentation

  • Daikin
  • Carrier
  • Mitsubishi (MEHITS)
  • Clivet
  • Aermec
  • Siemens
  • Ferroli
  • Haier HVAC Italy Trading
  • York
  • Ferguson

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