Heating, Ventilation and Cooling (HVAC) Market size was valued at $8.4 billion in 2021, and it is estimated to grow at a CAGR of 6.2% during 2022-2027. The growth is mainly attributed to the increasing adoption of split units owing to its easier installation, high energy efficiency, driving the Latin America HVAC Market. The continuous increase in the prices and availability of these raw materials and components such as cooling panels has been a major challenge for the growth of the HVAC equipment market. The Latin America HVAC Market report by IndustryARC covers complete analysis of the market, its major segments, growth factors, trends, drivers and challengers, key players and more.
Competitive Landscape :
The top 5 players in the Latin America HVAC industry are –
1. Johnson Controls International plc
2. United Technologies Corporation
3. Ingersoll-Rand plc
4. Daikin Industries Ltd
5. Mitsubishi Electric Corporation
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Segmental Analysis :
1. Air Conditioners held the major market share of 66.9% in 2021 owing to high adoption of HVAC systems in residential sector. There is high adoption of split type HVAC systems as it involves in easier installation process compared to traditional systems.
2. It also offers less maintenance and value added services as the energy efficiency of HVAC split system is high compared to other types. This is poised to propel the market. Rising VRF adoption in the region is also propelled to drive the AC market growth.
3. Commercial sector is the fastest growing segment in LATAM Heating, Ventilation and Cooling Market and is estimated to grow at a CAGR of 7.2% during forecast period 2022-2027 despite unstable economic performance in the region.
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Report Coverage |
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Report Attributes |
Details |
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By Cooling |
Cooling Towers (Evaporative Cooling Tower, Hybrid Cooling Tower), Air Conditioners (Split Unit, Central, Window and Others), Chillers (Centrifugal, Absorption, Screw, Water Cooled and Others), Coolers (Ducted, Windowed) |
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By Heating |
Heating Pump (Air to Water, Air to Air, Water to Air), Boilers (Gas Condensing, Oil Condensing, Steam Water and Others), Furnaces (Oil, Gas, Electric and Others), Space Heaters, Unitary Heaters |
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By Ventilation |
Ventilation Fans, Draft Inducers, Humidifiers, Air Filtration, Air Purification, Humidifiers, Dehumidifiers |
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By Geography |
North America, Europe, Asia-Pacific, South America and Rest of World |
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Market Drivers and Challenges :
1. Air Conditioners held the major market share of 66.9% in 2021 owing to high adoption of HVAC systems in residential sector. There is high adoption of split type HVAC systems as it involves in easier installation process compared to traditional systems.
2. Commercial sector is the fastest growing segment in LATAM Heating, Ventilation and Cooling Market and is estimated to grow at a CAGR of 7.2% during forecast period 2022-2027 despite unstable economic performance in the region.
3. Brazil dominated the LATAM Heating, Ventilation and Cooling Market in 2021 with a market share of 37.1%, followed closely by Mexico owing to implementation of new refrigerants in chillers and Air Conditioning units. The increasing demand in the residential and commercial infrastructure have led to the rise in urbanization.
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