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1 Market overview
1.1 Definition and presentation
The HVAC market encompassesall equipment designed to control the temperature inside buildings, whether for private, industrial or commercial use. These include ventilation, heating and air-conditioning equipment such asgas-fired boilers, heat pumps, air-conditioning systems, solar equipment and wood-fired boilers, to name but a few...
Worldwide, the HVAC market is worth over $200 billion, and is set for sustained growth in the years ahead thanks to rising demand and the renewal of equipment designed to be more energy-efficient, an issue that will be exacerbated by soaring prices in 2022.
In Spain, the HVAC market peaked in 2008 with a record number of new buildings in the wake of the property bubble, and then saw a steady decline in sales until 2013, before slowly recovering to the present day. Among the main growth products in recent years, sales of cliamtizers and air purifiers have recorded record growth rates.
1.2 The global market
The HVAC (***) market is booming, fuelled by factors such as increasing urbanization, growing demand for thermal comfort in residential, commercial and industrial buildings , and increasingly stringent energy efficiency regulations. The rise of cutting-edge technologies such as energy-efficient air-conditioning systems, heat pumps and intelligent ventilation systems is also helping to drive the ...
1.3 The domestic market
The market for heating, ventilation and air-conditioning (***) systems grew significantly between **** and ****, with total sales for the sector risingfrom *.*** billion in **** to *.*** billion in ****. This growth is reflected in particular by the increase in theheating and air-conditioning sub-sector 's share of the overall HVAC market, from **.**% in **** to **% in ****.
Evolution of ...
1.4 Spain's changing energy mix
The Spanish government has set targets for changing the country's energy mix by ****. Compared to ****, fossil fuels are set to decrease by **% to **.*** million tonnes of oil equivalent. Nuclear power generation is set to fall by **% to *.* million tonnes of oil equivalent. Other forms of energy, which accounted for *,*** million tonnes ...
1.5 A less favorable economic environment for 2024, despite government support
While **** was an important year for the HVAC sector, with the communication of the RepowerEU plan by the European Commission, which calls for the deployment of * million heat pumps by **** , and ** million by ****, the economic environment for HVAC is more mixed for ****.
aFEC urges caution when making forecasts for ****. Indeed, several ...
2 Demand analysis
2.1 Growth driven by the residential sector and by heating and air-conditioning equipment
By ****, **% of HVAC sales were generated by the heating and air-conditioning sub-segment. Within this same market, residential demand is the sector's main demand, accounting for **.*% of sales.
Breakdown of HVAC market sales by sector Spain, ****, % of sales Source: ****
It can be seen, however, that all * business sectors are driving demand in ...
2.2 Focus on heat pumps
Heat pumps account for a significant share of the market. As part of a more efficient, energy-saving sustainable development approach, this technology represents a promising sub-segment of the HVAC market. By ****, systems enabling air conditioning, heating and water heating(***) will account for **.*% of sales. Air-to-air technologies accounted for **.*% of the market, ...
2.3 A climate and real estate structure conducive to the installation of air-conditioning systems in Spain
Housing stock:
In ****, Spain's housing stock comprised **,***,*** homes and offices. Of these, buildings with more than ** apartments account for **.**% of the total Spanish housing stock. Buildings with * to * apartments account for **.**% of the total, and two-unit buildings for *.**%. Finally, office buildings are in the minority, with a share of *.**%.
Breakdown of ...
3 Market structure
3.1 Value chain
According to the Bouygues Energie website, the HVAC value chain has four main components
Large companies oversee work for the public and corporate sectors. They can draw on their complementary activities and strong geographical coverage. Smaller companies focus on work and maintenance for private customers.
3.2 Market structure
While there are no official statistics on the number of HVAC equipment manufacturers or installers, the CNAE statistical code "**.* Instalaciones eléctricas, de fontanería y otras instalaciones" according to the nomenclature produced by theINE can tell us more about the sector. This CNAE code includes :
-Electrical, plumbing and HVAC ...
4 Offer analysis
4.1 Offer typology
Within the HVAC market, we find the following broad categories of submarkets:
air-conditioning equipment: These are devices designed to cool and sometimes heat ambient air in buildings, vehicles and other indoor environments. They can use various principles to cool the air, such as refrigerant gas compression, water evaporation, or sometimes even ...
4.2 Prices
in ****, according to Habitissimo, a professional estimate comparator, the average price of installing a ventilation system in Spain was ****€. Average floor and ceiling prices were ****€ and ****€.
Average installation costs for a ventilation system in Spain Spain, ****, € Source: ****
The table below shows the cost of installing different types of ventilation systems in ...
4.3 Supply trends
The incorporation of home automation tools into HVAC systems is one of today's leading technological innovations. These tools enable better control of energy consumption, always with a view to achieving greater savings and energy efficiency.
Efitherma, for example, offers to incorporate this type of system into its heat pumps. Features of ...
5 Regulations
5.1 Regulations
New for ****:
The Energy Efficiency Directive, revised and published in the Official Journal of the European Union in ****, establishes that member states must guarantee a collective reduction in final energy consumption of at least **.*% by ****. It explicitly mentions the need to replace old and inefficient water heaters to improve energy performance. ...
6 Positioning the players
6.1 Segmentation
The table below shows the ** companies with the highest sales in Spain in the HVAC sector:
- Véolia Groupe
- Carrier Global
- Remica, Sa
- Agefred Slu
- Nordes Ancin, S.a.
- Arce Clima Sistemas Y Aplicaciones Sl
- Socenergy Sl. (Obremo)
- Cofrico Sociedad Limitada
- Valtria
- MANTENIMIENTOS E INSTALACIONES ACLIMAR SL (Aclimar)
List of charts presented in this market study
- Trends in HVAC market size
- Breakdown of HVAC sales in Spain by sub-segment.
- Growth forecasts for the European HVAC market
- Worldwide HVAC market
- Distribution of housing types in Spain
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Latest news
Veolia's plan for growth in energy - 13/01/2024
- The group already generates a quarter of its sales (just over 10 billion out of almost 43 billion euros in 2022) from the operation of heating networks, the recovery of energy from waste and wastewater, and energy-related services.
- The Group, which has positioned itself in the field of "decarbonizing local energy", estimates that it will be worth 500 billion euros in Europe by 2030
- Services related to energy efficiency in buildings and industry could represent a market worth 200 billion euros by 2030
- Green energy supply and heating/cooling networks could be worth 150 billion euros by 2030.
- The operation of heating networks is Veolia's main energy business (revenues of 5.9 billion euros in 2022),
- Veolia operates more than 500 networks.
Veolia to sell its engineering subsidiary SADE - 27/11/2023
- SADE's annual sales are expected to reach around 1.1 billion euros in 2022.
- SADE employs around 6900 people.
Veolia aims to triple recycled water production worldwide - 03/07/2023
- Veolia is committed to tripling its production of recycled water by 2030, bringing it to 3 billion m3 in the long term.
- The group produced 1 billion m3 of recycled water last year, equivalent to the annual consumption of 18 million people.
- Veolia has 250 water recycling sites in 18 countries.
- Worldwide water recycling is estimated at just 11%.
- Wastewater reuse rates reach 89% in Israel, 40% in Singapore, 15% in Spain and less than 1% in France.
- The potential for wastewater reuse in France is 1.6 billion m3.
- Veolia acquired additional expertise in membrane filtration through its takeover bid for the Suez group.
Veolia: "The merger with Suez is a real success" | Veolia and Suez: A success! - 18/06/2023
- 40,000 new employees.
- Employee shareholding rate: 42%.
- Employees holding 6.5% of group capital.
- Additional sales from the acquisition: approximately 10 billion euros.
- Total sales of the new Veolia in 2022: 43 billion euros.
- Group present in the top 3 of their businesses: France, Spain, Australia, United States, Chile, etc.
- Global market for ecological transformation: 2,550 billion euros.
- Veolia's organic growth in 2022, excluding the Suez takeover: 15%.
Veolia, the white knight of the environment - 29/05/2023
- Veolia is present in 58 countries
- Business breakdown: water management (42.2%), waste (36.5%), energy (21.3%)
- Acquisition of Suez official in January 2022
- Veolia revenues: 42.8 billion euros, up 14.1% on a like-for-like basis
- Branch growth: Energy (44.7%), Water (8.2%), Waste (6.9%)
- Net income: up 29.7% to 1.16 billion euros
Veolia benefits from the ecological revolution - 04/03/2023
- Sales of 42.9 billion euros in 2026 23% of business in France, 40% in Europe (excluding France) and 37% in the rest of the world
- The main business is in water (17.2 billion euros), the second in waste management and recycling (14.6 billion) and the third in energy (10 billion euros)
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the HVAC market | Spain
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