Steam & Air-Conditioning Supply Global Market Report 2024

The steam & air-conditioning supply market size has grown strongly in recent years. It will grow from $101.67 billion in 2023 to $107.67 billion in 2024 at a compound annual growth rate (CAGR) of 5.9%. The expansion witnessed in the historic period can be attributed to multiple factors, including the growth of power generation facilities, the surge in urbanization leading to a boom in commercial building construction, the rise of district heating systems, the expansion of the healthcare industry, and the influence of environmental regulations promoting energy efficiency.

The steam & air-conditioning supply market size is expected to see strongly grown in the next few years. It will grow to $134.8 billion in 2028 at a compound annual growth rate (CAGR) of 5.8%. The projected growth in the upcoming period is expected to stem from several factors, including the integration of renewable energy sources, efforts to mitigate urban heat islands, the shift towards electrifying heating systems, increased demands for healthcare infrastructure, and a rising need for industrial cooling solutions. Notable trends anticipated during this phase encompass the digitalization of energy systems, advancements in smart building technologies, innovations in HVAC systems, the integration of demand response mechanisms, and the adoption of circular economy practices.

The Steam & Air-Conditioning Supply market is witnessing growth attributed to increased disposable income, corporate profits, and industrial output, leading to heightened demand for air-conditioning and heating, especially in urban settings. As disposable income rises, people opt for costly comfort-oriented products like steam & air-conditioning. For instance, trading economies reported India's Disposable Personal Income increased from US $ 2,525.49 billion in 2021, driving growth in this market.

Rapid urbanization is projected to propel the Steam and Air-Conditioning Supply market. Urbanization concentrates population in cities, necessitating temperature control systems in crowded urban areas. These systems ensure comfortable living and working conditions, contributing to the well-being and productivity of urban dwellers. Globally, over 50% of the population lives in urban areas in 2022, expected to reach 6 billion by 2045, highlighting the influence of urbanization on this market. Innovations are a dominant trend in the Steam and Air-Conditioning Supply market, with major companies introducing technologies like the Experience Zone to meet consumer expectations by providing real-time experience spaces. For example, in 2021, Voltas Limited launched the Experience Zone to showcase a new range of their air conditioners, catering to evolving consumer demands.

Key companies in the Steam and Air-Conditioning Supply market are introducing innovative products, leveraging advanced technologies for efficient, high-performance heating, ventilation, and air conditioning (HVAC) systems. In 2021, Panasonic launched the nanoe X Air Conditioners, leveraging nanoe X technology to inhibit bacteria and viruses, focusing on consumer health and well-being by eliminating pollutants.

Companies in the Steam and Air-Conditioning Supply market are adopting zoned systems for their efficiency and lower energy consumption in 2021. These systems utilize zone dampers within vents or ducts to control specific areas' heating or cooling, offering significant energy savings of up to 30% on annual usage, as per HVAC.com.

Major companies operating in the steam & air-conditioning supply market report are Carrier Corporation, Trane Inc., Daikin Applied Americas Inc., Goodman Manufacturing Company LP, Rheem Manufacturing Company, Siemens AG, Johnson Controls International PLC, United Technologies Corporation, Honeywell International Inc., Mitsubishi Electric Corporation, Schneider Electric SE, Nortek Global HVAC LLC, Asea Brown Boveri Ltd., Zamil Air Conditioners, York International Corporation, Spirax-Sarco Engineering PLC, Lennox International Inc., SPX Corporation, BDR Thermea Group B.V., Viessmann Group, Babcock & Wilcox Enterprises Inc., Doosan Corporation, Weil-McLain, Greenheck Fan Corporation, AAON Inc., Cleaver-Brooks Inc., Hamon & Cie SA, Toshiba Carrier Corporation, AESYS Technologies LLC, Watsco Inc.

Western Europe was the largest region in the steam & air-conditioning supply market in 2023.the regions covered in the steam & air-conditioning supply market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, Africa. The countries covered in the steam & air-conditioning supply market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary categories include distributing steam and heated air, along with providing cooled air. Superheated steam, exceeding its boiling point at absolute pressure, is distributed through multi-brand stores, exclusive outlets, online platforms, and other channels. Its primary usage is among residential and commercial end-users.

The steam and air-conditioning supply market research report is one of a series of new reports provides steam and air-conditioning supply market statistics, including steam and air-conditioning supply industry global market size, regional shares, competitors with a steam and air-conditioning supply market share, detailed steam and air-conditioning supply market segments, market trends and opportunities, and any further data you may need to thrive in the steam and air-conditioning supply industry. This steam and air-conditioning supply market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The steam and air conditioning supply market includes revenues earned by entities by providing electric power, natural gas, steam, hot water through a permanent infrastructure. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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