This statistic shows the percentage of Canadian households with air conditioning from 2013 to 2017, by type. In 2017, 42 percent of all households owned a central air conditioner.

Percentage of households that used an air conditioner, and for those who did the type of air conditioner used. The data is from the Households and the environment survey.

The size of the HVAC Equipment Market in Canada market was valued at USD XX Million in 2023 and is projected to reach USD XXX Million by 2032, with an expected CAGR of 3.68% during the forecast period.The HVAC equipment market in Canada includes a wide range of products and services designed to control the indoor environment of residential and commercial buildings. HVAC systems regulate temperature, humidity, air quality, and air movement to ensure comfort, health, and energy efficiency.Basic items are furnaces, boilers, air conditioners, heat pumps, ventilation fans, air filters, and controls of HVAC equipment. These systems would ensure comfortable working and living spaces in Canada for the cold, freezing winters to the hot burning summers. In general, various sectors, ranging from residential to institutional buildings, can benefit from such equipment. In homes, the HVAC system will provide heating and cooling, thereby making the place comfortable to stay in all seasons. In offices, schools, and hospitals, the HVAC system maintains indoor air quality and temperature for healthy living and productivity of the occupants. The HVAC equipment is used for precise temperature and humidity control in manufacturing processes of industrial facilities, while institutional buildings such as hospitals and laboratories have specific requirements that are met through specialized HVAC systems. Recent developments include: February 2024: Rheem, a company that produces water heating and HVACR products, introduced its latest heat pump called the Endeavor Line Classic Plus Series Universal Heat Pump RD17AZ. The Rheem RD17AZ, which is Energy Star certified, was recognized as the most efficient unit for the year 2024, even in cold weather conditions. This heat pump is compatible with almost any HVAC system or can be used as a Universal Replacement with minimal modifications needed., January 2024: Carrier Corporation partnered with Montana Technologies to bring to market a cooling technology that reduces carbon emissions for HVAC systems. Carrier also agreed to provide USD 10 million in growth equity to help support the commercialization of Air Joule's dehumidification and cooling technology in Montana., September 2023: BrainBox AI and Trane Technologies collaborated to develop automated HVAC decarbonization controls. The primary goal of the collaboration is to enhance existing HVAC systems in multiple retail locations throughout North America. This collaboration came after BrainBox AI's purchase of ABB's energy management system for multi-site retailers in May.. Key drivers for this market are: Surge in Construction Activity. Potential restraints include: , High Cost of Implementation. Notable trends are: Surge in Construction Activities is Driving the Market.

According to Cognitive Market Research, the Gas Heat Pump Air Conditioning Systems Market Size will be USD XX Billion in 2024 and is set to achieve a market size of USD XX Billion by the end of 2033 growing at a CAGR of XX% from 2025 to 2033.

The North America Gas Heat Pump Air Conditioning Systems size was USD XX Million in 2021 and it is expected to reach USD XX Million in 2033. The Europe Gas Heat Pump Air Conditioning Systems market size was USD XX Million in 2021 and it is expected to reach USD XX Million in 2033. The Asia Pacific Gas Heat Pump Air Conditioning Systems market size was USD XX Million in 2021 and it is expected to reach USD XX Million in 2033. The South America Gas Heat Pump Air Conditioning Systems market size was USD XX Million in 2021 and it is expected to reach USD XX Million in 2033. The Middle East and Africa Gas Heat Pump Air Conditioning Systems of market size was USD XX Million in 2021 and it is expected to reach USD XX Million in 2033. Market Dynamics of the Gas Heat Pump Air Conditioning Systems Market

Key Drivers for Gas Heat Pump Air Conditioning Systems Market

Growing Need for HVAC Systems That Use Less Energy: In comparison to conventional electric air conditioners, GHP systems are more efficient and use less energy. In light of growing electricity costs, businesses are looking for affordable heating and cooling options. Increasing urbanization drives the market of Gas Heat Pump Air Conditioning Systems. Rapid urbanization worldwide fuels the demand for cooling solutions, significantly impacting the market for Gas Heat Pump Air Conditioning Systems (GHPS). As cities enlarge, the requirement for comfortable indoor environments in residential, commercial, and industrial buildings increases, driving up demand for efficient and reliable HVAC systems. GHPS, known for their high efficiency and ability to provide both heating and cooling, are well-positioned to meet this growing demand. The advantages of GHPS, such as lower operating costs compared to traditional electric systems, further contribute to their market growth. Increased urbanization leads to more buildings and infrastructure, all of which require cooling solutions. The efficiency and reliability of GHPS make them a necessary choice for developers and building owners looking to minimize energy consumption and reduce operational costs. For instance, March 2025, Samsung is expanding its global HVAC (Heating, Ventilation, and Air Conditioning) business by offering a wider range of custom B2B climate solutions, driven by the increasing demand for energy-efficient systems due to climate change and urbanization. They are particularly focusing on innovative heat pump technology like the EHS TDM (Time Division Multi) Plus, which combines heating and cooling functions in a single unit, and the WindFree™ 1-Way Cassette air conditioner for upscale markets. Key points about Samsung's HVAC expansion:** https://news.samsung.com/global/samsung-expands-global-hvac-reach-with-custom-b2b-climate-solutions

Environmental Regulations and Government Incentives: Adopting low-emission HVAC systems is encouraged by tax credits, subsidies, and other incentives offered by numerous nations. Commercial adoption is being pushed by adherence to energy efficiency regulations (such as LEED and ENERGY STAR). The combination of regulatory pressure and market incentives creates a favorable environment for gas heat pump air conditioning systems, leading to increased sales and adoption. By making heat pumps more economically viable, government support helps to drive market growth and contribute to broader environmental and energy efficiency goals. For instance, July 2024, The Canadian government, through the Ministry of Energy and Natural Resources, has launched the "Canada Green Buildings Strategy" (CGBS) with the primary goal of improving energy efficiency in Canadian homes and buildings, aiming to reduce greenhouse gas emissions while simultaneously saving Canadians money on their energy bills and creating jobs in the low-carbon economy. https://www.canada.ca/en/natural-resources-canada/news/2024/07/government-of-canadas-new-canada-green-buildings-strategy-a-plan-to-help-canadians-save-money-on-their-energy-bills.html

Key Restraints for Gas Heat Pump Air Conditioning Systems Market

Expensive initial installation costs: Compared to electric HVAC systems, GHP ...

The recent performance of the HVACR industry has been significantly influenced by fluctuations in the residential and commercial construction markets, regulatory changes, and global trade dynamics. Initially, low interest rates spurred residential construction activity, boosting demand for heating, ventilation, air conditioning, and refrigeration (HVACR) equipment. Rate hikes by the Federal Reserve in mid-2022 cooled this demand, especially affecting the financing of construction spending. As interest rates are expected to fall in 2025, a resurgence in residential construction could drive demand, particularly in the growing Southwest market. Commercial demand has been more volatile, initially declining during the pandemic but recovering with the rise of industries like data centers that require advanced climate control solutions. The HVACR industry faces stringent energy efficiency regulations, with manufacturers pressured to innovate due to varying standards across regions. This drive for energy efficiency could lead to higher short-term costs but opens opportunities for market differentiation. On a global scale, the HVACR industry has increasingly leaned on international supply chains, with significant portions of U.S. demand satisfied by imports. Despite tariffs on Chinese, Canadian, and Mexican goods raising production costs, international trade agreements like the USMCA facilitate U.S. exports to neighboring markets. Ongoing trade tensions, coupled with tariffs, pose challenges and could increase operational costs, inflationary pressures, and economic uncertainty, affecting consumer spending and business borrowing. Industry revenue is forecast to rise at a CAGR of 1.1% to $58.6 billion through the end of 2025, with expected growth of 1.5% during the current year. Interest rate cuts and lower inflation are expected to boost residential construction by making mortgages more affordable, increasing demand for HVAC systems in new homes. Nonresidential construction will also expand significantly in the next five years, with a corresponding rise in demand for HVACR equipment for new commercial buildings. This growth in residential and commercial construction will benefit HVACR manufacturers, suppliers, and service providers, creating job opportunities and stimulating economic activity. As consumer spending rises, particularly in dining out, restaurants will need more advanced refrigeration systems, further driving demand in the HVACR sector. The HVACR industry's export opportunities, especially to Canada and Mexico, are expected to grow, although challenges like tariffs may affect production costs. Imports, primarily from Mexico and China, are increasing due to lower labor costs, but are also likely to face uncertainty or additional costs due to tariffs. Reflecting these potential developments, industry revenue is expected to grow at a CAGR of 1.9% to $64.4 billion through the end of 2030.

This public-use microdata file is from the 1974 Canadian Family Expenditure Survey data. The survey was carried out in January, February and March 1975 and refers to calendar year 1974. The Survey of Family Expenditure of 1974 is the first survey since 1972 and was designed to provide information for persons living in private households in 14 major urban centres of Canada. Users should note that data on detailed food expenditure for 1974 were collected in a separate survey (see Statistics Canada Catalogue Number 62-542). The Food Survey had the same coverage as the Family Expenditure Survey of 1974.

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Residential HVAC Market Size 2025-2029

The residential HVAC market size is forecast to increase by USD 48.82 billion at a CAGR of 8.8% between 2024 and 2029. The market is experiencing significant growth, driven primarily by the increasing demand for energy-efficient heating and cooling systems in the construction industry.

Major Market Trends & Insights

APAC dominated the market and accounted for a 49% share in 2023.
The market is expected to grow significantly in Europe region as well over the forecast period.
Based on the Type, the HVAC euipment segment led the market and was valued at USD 58.79 billion of the global revenue in 2023.
Based on the Product, the air conditioning system segment accounted for the largest market revenue share in 2023.

Market Size & Forecast

2024 Market Size: USD 92.84 Billion
Future Opportunities: USD 48.82 Billion
CAGR (2024-2029): 8.8%
APAC: Largest market in 2023

The market is experiencing significant advancements, driven by the integration of smart grids and HVAC automation. Data analytics plays a crucial role in optimizing HVAC systems, enabling energy savings and improved customer satisfaction. HVAC innovation continues to evolve, with sustainable design and LEED certification gaining prominence in the industry. HVAC troubleshooting and repair techniques are being enhanced through remote monitoring and predictive maintenance. Building codes and regulations mandate higher energy efficiency standards, driving the demand for HVAC optimization software and commissioning services.

What will be the Size of the Residential HVAC Market during the forecast period?

Explore in-depth regional segment analysis with market size data - historical 2019-2023 and forecasts 2025-2029 - in the full report.
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The market is experiencing significant growth, driven primarily by the increasing demand for heating, ventilation, and air conditioning systems in the construction industry. HVAC financing, incentives, rebates, and warranties facilitate the adoption of advanced technologies. HVAC engineering and research are at the forefront of developing new solutions, while building automation systems and demand response programs enable better energy management. HVAC education and training programs ensure a skilled workforce, ensuring the industry remains at the forefront of technological advancements. The HVAC services segment is the second largest segment of the type and was valued at USD 27.24 billion in 2023.

This trend is particularly notable as new homes and renovations prioritize sustainable and technologically advanced HVAC solutions. Furthermore, the integration of power evaluation software in HVAC systems is revolutionizing energy management and efficiency, offering substantial cost savings for homeowners and property developers. However, market expansion is not without challenges. Regulatory hurdles impact adoption, as stringent energy efficiency standards and certifications necessitate considerable investment in research and development for manufacturers.

Additionally, inconsistencies in the supply chain, particularly regarding raw materials and component availability, can temper growth potential and necessitate effective risk management strategies for market participants. Companies seeking to capitalize on market opportunities must navigate these challenges while staying abreast of evolving consumer preferences and technological advancements to maintain a competitive edge. Smart home integration and home automation are transforming the industry, enabling efficiency optimization and allergen removal.

How is this Residential HVAC Industry segmented?

The residential HVAC industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD million' for the period 2025-2029, as well as historical data from 2019-2023 for the following segments.

Type

  HVAC equipment
  HVAC services


Product

  Air conditioning system
  Heating system
  Ventilating system


Geography

  North America

    US
    Canada


  Europe

    France
    Germany
    UK


  APAC

    Australia
    China
    India
    Japan
    South Korea


  Rest of World (ROW)

By Type Insights

The HVAC equipment segment is estimated to witness significant growth during the forecast period. The segment was valued at USD 58.79 billion in 2023. It continued to the largest segment at a CAGR of 7.02%. In the realm of residential and industrial HVAC systems, there is a growing emphasis on energy efficiency and sustainability. New home construction and home remodeling projects are integrating advanced HVAC technologies, such as energy-star certified heat pumps, air conditioning units with high SEER and HSPF ratings, and mini-split systems. These systems not only provide optimal temperature control but also contribute to energy savings. Additionally

This public-use microdata file combines data from the Homeowner Repair and Renovation Survey (funded by Canada Mortgage and Housing Corporation, Natural Resources Canada and Statistics Canada) and data from the Home Energy Retrofit Survey (funded by Natural Resources Canada). The surveys were carried out in March 1996 as a supplement to the Labour Force Survey and refer to the previous calendar year 1995. These surveys provide information about homeowners living in private households in the ten provinces of Canada. The file includes data for expenditures on: improving and maintaining homes; renovations and alterations; contract work; materials i.e. doors, windows, eavestroughing; additions such as rooms, garages or landscaping; painting, plumbing or re-roofing; and heating and air-conditioning equipment. Only homeowners who owned and occupied the current dwelling for 12 months in 1995 are included on this file. This is a change from the 1994 version of the file.

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HVAC Services Market Size 2024-2028

The hvac services market size is forecast to increase by USD 28.76 billion at a CAGR of 7.43% between 2023 and 2028.

The market is experiencing growth, driven by the increasing adoption of advanced monitoring systems and intelligent technologies in heating, ventilation, and air conditioning systems. These innovations enable improved energy efficiency, enhanced comfort, and better indoor air quality, making them highly desirable for both residential and commercial applications. However, the market is not without challenges. Fluctuating prices of HVAC system raw materials, such as copper and steel, pose significant cost pressures for manufacturers and service providers. This volatility can impact the overall profitability of the market and necessitate strategic sourcing and supply chain management. To capitalize on the growth opportunities and navigate these challenges effectively, companies must stay informed about market trends, invest in research and development, and build strong supplier relationships. By doing so, they can deliver cost-effective, high-quality solutions to their customers and maintain a competitive edge in the evolving HVAC services landscape.

What will be the Size of the HVAC Services Market during the forecast period?

Request Free SampleThe market in the US is experiencing significant growth due to the increasing demand for temperature control systems in both residential and commercial buildings. Ground-source heat pumps, a type of energy-efficient climate control technology, are gaining popularity in the market, particularly in sustainable buildings and affordable housing units. The federal tax credit for energy-saving products is driving the adoption of these systems, as they provide both heating and cooling capabilities while reducing energy consumption. Energy efficiency and indoor air quality are key factors influencing market growth. Comfort systems, including cooling and air conditioning, are essential for maintaining thermal comfort in various types of buildings, from residential spaces to industrial structures and commercial infrastructure. Climate control technologies, such as air quality systems and ventilation, are also integral to ensuring optimal indoor environments. The market's direction is towards the integration of advanced climate control technologies and the development of more energy-efficient and cost-effective solutions. This includes the implementation of smart technologies, which enable remote monitoring and control, as well as the use of renewable energy sources to power HVAC systems. Overall, the market is a dynamic and evolving sector that continues to play a crucial role in ensuring comfort, energy efficiency, and sustainability in various types of buildings.

How is this HVAC Services Industry segmented?

The hvac services industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD billion' for the period 2024-2028, as well as historical data from 2018-2022 for the following segments. Service TypeAir conditioning servicesHeating servicesVentilation servicesEnd-userNon-residentialResidentialImplementation TypeNew ConstructionRetrofit BuildingsNew ConstructionRetrofit BuildingsEquipment TypeHeatingVentilationAir ConditioningTechnologyTraditional HVAC SystemsSmart HVAC SystemsGeographyAPACChinaIndiaJapanEuropeFranceGermanyItalyUKNorth AmericaUSCanadaMiddle East and AfricaEgyptKSAOmanUAESouth AmericaArgentinaBrazil

By Service Type Insights

The air conditioning services segment is estimated to witness significant growth during the forecast period.Air conditioners are essential components in various sectors, including residential spaces, commercial buildings, and entertainment venues such as restaurants, theaters, and airports. These systems play a crucial role in maintaining optimal indoor temperatures and air quality, particularly in regions with extreme climates. The demand for energy-efficient air conditioning solutions is on the rise due to increasing economic growth in emerging markets and the potential for substantial energy savings. Moreover, the construction industry's expansion worldwide, deregulation of the real estate and construction sector, and the low maintenance requirements of modern air conditioning systems contribute to the market's growth. Eco-friendly refrigerants, smart thermostats, and programmable thermostats are gaining popularity as consumers and businesses seek to reduce their carbon footprint and save on energy costs. Inverter-type air conditioners and heat pumps are increasingly being adopted due to their energy efficiency and ability to provide both heating and cooling functions. Ground-source heat pumps and radiant cooling systems are also becoming more prevalent in green building design and LEED-certified projects. The HVAC industry is witnessing a shift tow

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HVAC Control Systems Market Size 2025-2029

The HVAC control systems market size is forecast to increase by USD 10.91 billion at a CAGR of 7.9% between 2024 and 2029.

The market is experiencing significant growth due to the rising demand for energy-efficient and reliable solutions. With an increasing focus on integrated building management systems, HVAC controls have become a crucial component in optimizing energy consumption and ensuring system performance. Additionally, the growing concern over environmental pollution and stringent government regulations on HVAC systems are driving market expansion. Companies are investing heavily in advanced technologies such as IoT, AI, and machine learning to develop smart systems that offer improved energy management, enhanced comfort, and reduced maintenance costs. The market is experiencing significant growth due to the integration of smart home technologies and the construction sector's focus on energy efficiency and building automation. 
However, challenges such as high implementation costs, complex installation processes, and cybersecurity concerns continue to pose challenges for market players. To capitalize on the opportunities presented by this market, companies must focus on developing cost-effective and user-friendly solutions while ensuring cybersecurity measures. By staying abreast of the latest trends and regulations, and collaborating with industry partners, companies can effectively navigate the competitive landscape and position themselves for long-term success.

What will be the Size of the HVAC Control Systems Market during the forecast period?

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The market encompasses advanced technologies that optimize heating, ventilation, and air conditioning (HVAC) systems in both residential and commercial buildings. This market is experiencing significant growth due to the increasing demand for energy efficiency and building automation. Smart homes and urban population expansion are key drivers, with systems integrating with lighting systems, occupant detection, and temperature and humidity sensing devices to reduce energy consumption and human intervention. Energy wastage is a major concern, making energy consumption reduction a priority.
Conventional HVAC systems are being replaced with intelligent systems, enabling real-time monitoring and adjustment. Technical complexities remain a challenge in implementing HVAC systems, but the benefits of improved energy efficiency and cost savings make the investment worthwhile for both residential buyers and commercial construction projects.

How is this HVAC Control Systems Industry segmented?

The systems industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD billion' for the period 2025-2029, as well as historical data from 2019-2023 for the following segments.

Product

  Sensors
  Controlled devices
  Controllers


End-user

  Automotive
  Residential
  Commercial
  Industrial


Type

  Temperature and humidity control system
  Integrated control system
  Ventilation control system


Geography

  APAC

    Australia
    China
    India
    Japan
    South Korea


  North America

    US
    Canada


  Europe

    Germany
    UK


  Middle East and Africa



  South America

By Product Insights

The sensors segment is estimated to witness significant growth during the forecast period. Systems enable fine tuning of temperature and humidity levels, reducing energy consumption and wastage. These systems utilize various sensors, including temperature, humidity, flow, pressure, and electric sensors, to optimize climate control and indoor air quality. Companies are investing in advanced technologies such as cloud computing, Artificial Intelligence (AI), Digital twin, and IoT integration to enhance the capabilities.

Preventative maintenance guidelines and regulations, as well as environmental requirements, are driving the adoption of systems in commercial applications, including shopping malls, educational institutions, healthcare institutions, and green buildings. Zone systems, wireless sensors, and ventilation systems are also gaining popularity. Cost savings and economic growth in the commercial sector further fuel market expansion.

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The sensors segment was valued at USD 8.14 billion in 2019 and showed a gradual increase during the forecast period.

Regional Analysis

APAC is estimated to contribute 44% to the growth of the global market during the forecast period. Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.

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The market in Asia Pacific (APAC) is experiencing significant growth

This survey is the first available using Canadian Family Expenditure data. The survey was carried out in February and March 1970 and refers to calendar year 1969. The Survey of Family Expenditures of 1969 is the first survey of national scope since 1948 and was designed to provide information for both urban and rural population. Expenditure details include information on household expenditures including: housing (type and value of dwelling, mortgage, additions, renovations and installations); characteristics of reference person and spouse (income by source, occupation, employment); household characteristics (members, employment insurance and social assistance indicators); food and shelter; household operation (communication, child care, household supplies); household furnishings and equipment; clothing (by age, sex of household members); transportation (public and private); health care; personal care; recreation; reading materials and other printed matter; education (tuition and supplies); tobacco products and alcoholic beverages; miscellaneous (interest payments, games of chance, taxes, insurance payments and pension contributions, money gifts and contributions); and total expenditure. It is recommended that users obtain a copy of "Family expenditures in Canada, 1969, Catalogue 62-535-XPB, 62-536 and 62-537" that contains further information on the survey, as well as tabulated results. Users should note that detailed data on food expenditures for 1969 were collected in a separate survey (see Catalogue No. 62-531-XPB and 62-532-XPB).

North America Residential Heat Recovery Ventilators (HRV) Market Outlook

According to our latest research, the global residential heat recovery ventilators (HRV) market size reached USD 3.2 billion in 2024, with North America contributing a significant portion at USD 1.05 billion. The global market is expected to grow at a CAGR of 7.1% from 2025 to 2033, reaching a projected value of USD 6.0 billion by 2033. This robust growth is primarily attributed to increasing demand for energy-efficient solutions, stricter building codes, and heightened awareness of indoor air quality across the region.

The North America residential HRV market is experiencing noteworthy growth due to evolving regulatory frameworks and a growing focus on sustainable living. Governments across the region, particularly in the United States and Canada, are implementing stringent energy efficiency standards for residential buildings, which is compelling homeowners and builders to adopt advanced ventilation solutions like HRVs. These devices play a critical role in reducing energy consumption by recovering heat from exhaust air and pre-conditioning incoming fresh air, thereby supporting both environmental goals and cost savings for consumers. Furthermore, the rising prevalence of extreme weather events and the need for better indoor climate control are intensifying the adoption of HRVs in both new constructions and retrofit projects.

Another pivotal growth driver in the North America residential HRV market is the increasing awareness of indoor air quality and its impact on health. With more people spending extended periods indoors, especially in the wake of the COVID-19 pandemic, there is heightened concern about pollutants, allergens, and humidity levels in homes. HRVs address these concerns by ensuring a continuous supply of fresh, filtered air while expelling stale air, thus reducing the risk of respiratory illnesses and improving overall well-being. This growing recognition of the health benefits associated with HRVs is prompting homeowners, property managers, and developers to prioritize these systems in both single-family and multi-family residential projects.

Technological advancements are further propelling the North America residential HRV market forward. Modern HRV systems now feature smart controls, integration with home automation platforms, and improved energy recovery efficiency, making them more attractive to tech-savvy consumers. Manufacturers are investing in R&D to enhance the performance, ease of installation, and maintenance of HRVs, which is expanding their appeal among a broader customer base. The shift towards eco-friendly refrigerants and materials in HRV production is also resonating with environmentally conscious consumers, further boosting market demand. These innovations are not only improving the functionality of HRVs but also making them more accessible and affordable for a wider segment of the population.

Regionally, the United States remains the dominant market for residential HRVs in North America, accounting for over 65% of the regional share in 2024. Canada follows closely, driven by its colder climate and stringent building codes that mandate energy-efficient ventilation solutions. Mexico, while still an emerging market for HRVs, is witnessing steady growth as urbanization accelerates and awareness of energy conservation increases. The overall regional outlook is highly positive, with significant investments in residential construction and renovation projects expected to fuel further expansion of the HRV market across North America.

Product Type Analysis

The North America residential HRV market is segmented by product type into plate heat exchangers, rotary heat exchangers, and others. Plate heat exchangers dominate the market due to their high efficiency, compact design, and relatively lower maintenance requirements. These systems utilize parallel plates to transfer heat between outgoing and incoming air streams without mixing the two,

The Survey of Household Spending provides detailed information on household expenditures, dwelling characteristics, and ownership of household equipment such as appliances, audio and video equipment, and vehicles. Expenditure categories include: shelter expenses, furnishings and equipment, cost of running the home, communications, child care, food, alcohol and tobacco products, clothing, gifts, medical and health care, transportation and travel, recreation, reading materials, education, taxes, insurance payments and pension contributions. Dwelling characteristics include: type of dwelling, repairs needed (major, minor, none), tenure, year of move, period of construction, number of rooms, number of bathrooms, principal heating equipment and fuel, age of principal heating equipment, principal heating fuel for hot water, and principal cooking fuel. Household equipment includes: washing machines, dryers, dishwashers, refrigerators, freezers, air conditioners, telephones, cellular phones, compact disc players, cable television, video cassette recorders, computers, modems, internet use from home, televisions, and vehicles. Characteristics of the household, reference person, and spouse of reference person are also provided. The annual Survey of Household Spending replaces the Family Expenditure (FAMEX) Survey which was conducted approximately every four years. The last FAMEX survey was for the reference year 1996. Content from the former annual Household Facilities and Equipment (HFE) Survey is also included in the Survey of Household Spending. The last HFE survey was for the reference year 1998. Please note that when comparing data to the HIFE files, HIFE Reference Year refers to the year in which the data was collected - based on previous year's income and spending. Therefore HIFE Reference Year 1998 collected data based on the 1997 income year. Conversely, the SHS (Survey of Household Spending) uses the term Reference Year to indicate the year of the income and spending rather than the year the data was collected. Therefore, in SHS, the 1998 Reference Year refers to 1998 income and spending, not the year (1999) in which the data was collected.

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Smart Thermostats Market Size 2024-2028

The smart thermostats market size is forecast to increase by USD 5.51 billion at a CAGR of 24.07% between 2023 and 2028.

The market is experiencing significant growth due to the increasing number of HVAC equipment users and the rising focus on integrated building management systems. These advanced thermostats offer energy efficiency and convenience, making them an attractive option for homeowners and businesses. Geofencing technology is a notable trend, enabling thermostats to automatically adjust temperature settings based on the location of occupants. The residential segment, particularly in residential construction, is expected to dominate the market due to the growing focus on energy efficiency and integrated building management systems. However, the high initial investment cost remains a challenge for some consumers, potentially hindering market demand. The market trends and analysis report delves deeper into these growth factors and provides insights into the future outlook of the market.

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The market is experiencing significant growth as part of the Internet of Things (IoT) revolution in HVAC systems. These advanced devices offer customer-centric services, enabling remote appliance control through smartphones and cloud-based platforms. Smart thermostats are integral components of the burgeoning smart home market, promoting energy efficiency and reducing electricity consumption. Utilizing motion sensors, temperature monitoring, and AI technologies, these devices optimize power usage and provide energy management solutions. Networking capabilities enable seamless integration with other smart gadgets and sciencesoft APIs, such as the Ecobee API with its HTTP-based interface. The market's expansion is driven by the potential for substantial energy savings and attractive return on investments, leading to increasing household and industrial adoption.

How is this Smart Thermostats Industry segmented and which is the largest segment?

The smart thermostats industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD billion' for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.

Technology

  Wi-fi
  ZigBee
  Others


Geography

  North America

    Canada
    Mexico
    US


  Europe

    Germany


  APAC

    China


  Middle East and Africa



  South America

By Technology Insights

The Wi-Fi segment is estimated to witness significant growth during the forecast period.

The global market for smart thermostats is primarily driven by Wi-Fi connectivity, which enables remote appliance control, customer-centric services, and energy efficiency. Smart thermostats, including heaters, coolers, air conditioners, and traditional HVAC systems, offer energy savings through temperature monitoring, motion sensors, and learning user behavior and patterns. These devices, which cost up to USD250 on average, can be controlled via smartphones using APIs such as ecobee's API or an HTTP-based interface.

Moreover, the residential and commercial segments are the largest adopters of smart thermostats, with infrastructure upgrades and energy efficiency standards driving demand. Energy consumption is reduced through networking, AI technologies, and geofencing. Despite data security concerns, the benefits of energy savings and return on investment outweigh the costs. Wi-Fi and ZigBee technology dominate the market, with the Wi-Fi segment accounting for the largest share due to its high bandwidth and energy efficiency. The market is expected to continue growing, with industrial adoption also increasing.

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The Wi-fi segment was valued at USD 963.10 billion in 2018 and showed a gradual increase during the forecast period.

Regional Analysis

North America is estimated to contribute 56% to the growth of the global market during the forecast period.

Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.

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The North American market for smart thermostats is experiencing significant growth, driven by the expansion of residential and commercial construction sectors and increasing energy efficiency regulations. Governments In the region are promoting the adoption of smart thermostats to reduce energy consumption in buildings. For instance, under the Canada Greener Homes Grant initiative, the Canadian government offers up to USD 50 for retrofitting smart thermostats when combined with another eligible retrofit. Eligible equipmen

This biennial household survey provides estimates of expenditures by households covering their complete budgets for the reference year. The survey was carried out in January, February and March 1997 and refers to calendar year 1996. Expenditure details include information on household expenditures including: housing (type and value of dwelling, mortgage, additions, renovations and installations); characteristics of reference person and spouse (income by source, occupation, employment); household characteristics (members, employment insurance and social assistance indicators); food and shelter; household operation (communication, child care, household supplies); household furnishings and equipment; clothing (by age, sex of household members); transportation (public and private); health care; personal care; recreation; reading materials and other printed matter; education (tuition and supplies); tobacco products and alcoholic beverages; miscellaneous (interest payments, games of chance, taxes, insurance payments and pension contributions, money gifts and contributions); and total expenditure. Users should note that detailed data on food expenditures for 1996 were collected in a separate survey. The Survey of Family Expenditures (FAMEX) has been integrated into the Survey of Household spending as of 1997.

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Smart Room Heater Market Size 2025-2029

The smart room heater market size is forecast to increase by USD 815.3 million, at a CAGR of 11.5% between 2024 and 2029.

The market is witnessing significant growth due to the integration of advanced technologies such as wireless connectivity, artificial intelligence, and machine learning. These innovations enable users to control their heating systems using mobile apps and geofencing technology. The increasing popularity of smart homes is driving the demand for smart room heaters, as they offer centralized control of heating and air conditioning systems. Strategic partnerships between market players and technology companies are further fueling market growth. Platinum-level features, such as advanced temperature control and energy efficiency, are becoming increasingly important to consumers. Overall, the market is poised for continued growth as technology continues to advance and consumers seek more convenient and efficient heating solutions.

What will be the size of the Smart Room Heater Market During the Forecast Period?

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The market encompasses a range of electric heating devices, including table top and tower models, catering to both residential and non-residential sectors. These intelligent heating solutions offer advanced features such as mobile apps, Wi-Fi connectivity, digital control panels, and touchscreen interfaces for user convenience. The market is driven by the growing trend towards smart homes and smart appliances, as consumers seek to optimize energy consumption and enhance comfort through zonal heating and wireless connectivity.
Portable, small, and lightweight smart room heaters are popular choices for their ease of use and adaptability to various spaces. With the integration of sensors and smart controls, these devices provide optimal heating solutions while minimizing energy waste. The market is expected to continue growing as technology advances and consumer demand for connected and efficient heating solutions increases.

How is this Smart Room Heater Industry segmented and which is the largest segment?

The smart room heater industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD million' for the period 2025-2029, as well as historical data from 2019-2023 for the following segments.

Type

  Without connectivity
  With connectivity


Distribution Channel

  Offline
  Online


Product Type

  Electric heaters
  Gas heaters
  Panel heaters
  Infrared heaters
  Smart thermostats and controls


Application

  Residential
  Non-residential


Geography

  Europe

    Germany
    UK
    France
    Italy
    Spain


  North America

    Canada
    US


  APAC

    China
    Japan


  South America

    Brazil


  Middle East and Africa

By Type Insights

The without connectivity segment is estimated to witness significant growth during the forecast period.

The market encompasses a range of heating solutions, including table top, tower, non-residential, residential, offline, online, and smart home-integrated options. These devices offer advanced features such as digital control panels, touchscreen interfaces, energy-saving functions, Wi-Fi and 3G/4G connectivity, presence detection, and smartphone applications. Central heating systems, air conditioners, and portable, small, and lightweight heaters are also part of this market. Advanced sensors, wireless connectivity, and smart controls enable optimal heating solutions and energy consumption monitoring.

Energy-efficient solutions, incentives, regulations, and energy conservation are significant factors influencing market growth. Safety features, such as tip-over protection, overheating detection, and child lock functions, are essential considerations. The market is fragmented, with key players offering various heating technologies, including infrared, ceramic, and oil-filled radiators. The integration of smart home systems, energy-efficient solutions, and home automation continues to drive market expansion.

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The without connectivity segment was valued at USD 514.60 million in 2019 and showed a gradual increase during the forecast period.

Regional Analysis

Europe is estimated to contribute 34% to the growth of the global market during the forecast period.

Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.

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The European market for smart room heaters is expected to expand significantly during the forecast period, driven by the growing trend of energy efficiency and the increasing adoption of smart home technology. With centralized heating s

The Survey of Household Spending provides detailed information on household expenditures, dwelling characteristics, and ownership of household equipment. Beginning with the 2006 reference year, data are collected during a personal interview using a computer assisted personal interview (CAPI) questionnaire on the laptop between January 1 and April 21, 2007. Information was gathered about the spending habits, dwelling characteristics and household equipment of Canadian households during 2006. The survey covered private households in the 10 provinces and in the three northern territories. (In order to reduce response burden for northern households, the SHS is conducted in the north only every second year, starting with 1999.) The Survey of Household Spending (first conducted for the 1997 reference year) includes most of the content from the former Family Expenditure Survey and the Household Facilities and Equipment Survey. Detailed information was collected about expenditures for consumer goods and services, changes in assets, mortgages and other loans, and annual income. This information was collected for the calendar year 2006 (the survey reference year). Information was also collected about dwelling characteristics (e.g., type and age of heating equipment) and household equipment (e.g., appliances, communications equipment, and vehicles). This type of information was collected as of December 31st of the reference year.

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Heat pump Market Size 2024-2028

The heat pump market size is forecast to increase by USD 43.45 billion, at a CAGR of 8.9% between 2023 and 2028. The market is witnessing significant growth due to the increasing demand for energy-efficient HVAC solutions in various sectors, driven primarily by increasing demand from the construction sector.

Major Market Trends & Insights

APAC dominated the market and accounted for a 43% share in 2022.
The market is expected to grow significantly in Europe region as well over the forecast period.
Based on the APPLICATION, the residential segment led the market and was valued at USD 58.83 billion of the global revenue in 2022.
Based on the PRODUCT, the air source heat pumps segment accounted for the largest market revenue share in 2022.

Market Size & Forecast

2024 Market Size: USD 88.07 Billion
Future Opportunities: USD 43.45 Billion
CAGR (2023-2028): 8.9%
APAC: Largest market in 2022

The market continues to evolve, driven by advancements in technology and shifting consumer preferences. Air handlers, an integral component of heating and cooling systems, are increasingly being integrated with smart home technology for enhanced comfort and energy efficiency. Ground-source heat pumps, leveraging the earth's constant temperature, offer sustainable heating and cooling solutions, while air-source heat pumps adapt to varying outdoor temperatures. Innovations such as UV-C light air purification systems, HEPA filters, and inverter technology enhance indoor air quality and energy savings. Renewable energy integration and split systems cater to diverse residential and commercial applications. Humidity control and cooling capacity expand the market's reach, with ducted and ductless systems catering to larger spaces.

What will be the Size of the Heat pump Market during the forecast period?

Explore in-depth regional segment analysis with market size data - historical 2018-2022 and forecasts 2024-2028 - in the full report.
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Rotary compressors, heat exchangers, and refrigerant lines remain essential components, while scroll compressors and expansion valves optimize system performance. Hybrid heat pumps, geothermal heat pumps, and water-source heat pumps cater to specific market segments. Air filtration and energy efficiency ratings continue to be key considerations for consumers, driving market growth. The ongoing market dynamics reflect the industry's commitment to innovation and sustainability.The commercial segment is the second largest segment of the application and was valued at USD 11.46 billion in 2022.

This trend is attributed to the energy efficiency and cost-effectiveness of heat pumps in providing heating and cooling solutions. Another key driver is the rising adoption of solar-powered heat pumps, which leverage renewable energy sources to reduce carbon emissions and lower operational costs. However, challenges persist in the market, including disposal difficulties and the adverse environmental impact of refrigerants.

Producers must address these issues through innovative solutions, such as developing more environmentally friendly refrigerants and improving recycling processes. Companies that successfully navigate these challenges and capitalize on market opportunities will be well-positioned to thrive in the evolving heat pump landscape.

How is this Heat pump Industry segmented?

The heat pump industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD billion' for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.

Application

  Residential
  Commercial
  Industrial


Product

  Air source heat pumps
  Ground source heat pumps
  Exhaust air heat pumps


Type

  Split Heat Pumps
  Monoblock Heat Pumps
  Integrated Heat Pumps


Refrigerant Type

  HFC
  Natural Refrigerants (Propane, CO2, Ammonia)
  HFO


Installation

  New Installations
  Retrofit Installations


Geography

  North America

    US
    Canada


  Europe

    France
    Germany
    Italy
    UK


  Middle East and Africa

    Egypt
    KSA
    Oman
    UAE


  APAC

    China
    India
    Japan


  South America

    Argentina
    Brazil


  Rest of World (ROW)

By Application Insights

The residential segment is estimated to witness significant growth during the forecast period. The segment was valued at USD 58.83 billion in 2022. It continued to the largest segment at a CAGR of 6.70%.

In the residential heating and cooling market, heat pumps have emerged as a popular alternative to traditional systems like furnaces and air conditioners. These innovative devices can efficiently heat and cool homes in moderate climates, where temperature extremes are uncommon. Air-source heat pumps, a common choice, extract heat from outdoor air during winter months and reve

The Survey of Consumer Finances (SCF) is conducted annually to obtain work experience and income information from Candian households. The Survey provides up-to-date information on the distribution and sources of income, before and after teaxes, for families and individuals. With this file, users may identify specific family types, such as two-parent and lone-parent families. Information is also provided on earnings, transfers, and total income for the head and the spouse of the census family unit, as well as personal and labour-related characteristics. This reference ear for this file is 1988.

This public-use microdata file presents data from the 2002 Survey of Household Spending (SHS) conducted in January through March 2003. Information about the spending habits, dwelling characteristics and household equipment of Canadian households during 2002 was obtained by asking people in the ten provinces to recall their expenditures for the previous calendar year (spending habits) or as of December 31 (dwelling characteristics and household equipment). Conducted since 1997, the Survey of Household Spending integrates most of the content found in the Family Expenditure Survey and the Household Facilities and Equipment Survey. Many data from these two surveys are comparable to the Survey of Household Spending data. However, some differences related to methodology, to data quality and to definitions must be considered before comparing these data. New for 2002 The detailed age of the reference person and spouse have been discontinued on the public-use file. Age groups, however, continue to be part of the file. The tenure of the previous dwelling of the spouse is no longer asked as part of the survey. Nineteen new variables were added at the request of Canada Mortgage.