Belgium HVAC Market Size and Share
| Study Period | 2019 - 2030 |
| Base Year For Estimation | 2024 |
| Forecast Data Period | 2025 - 2030 |
| Market Size (2025) | USD 1.38 Billion |
| Market Size (2030) | USD 1.73 Billion |
| CAGR (2025 - 2030) | 4.60% |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Belgium HVAC Market Analysis by Mordor Intelligence
The Belgium HVAC Market size is estimated at USD 1.38 billion in 2025, and is expected to reach USD 1.73 billion by 2030, at a CAGR of 4.60% during the forecast period (2025-2030).
- Belgium has prioritized climate change in its legislation. Guided by the European Union's Green Deal, the government is enforcing stricter building codes and emission standards. Fossil fuel-powered heating systems are being phased out, with subsidies promoting heat pumps, solar panels, and other renewable energy systems. Policies focus on reducing energy poverty and achieving net-zero emissions. These include tax credits for households installing efficient heating systems and loans for businesses adopting sustainable technologies.
- The Belgium government has introduced measures to encourage the adoption of sustainable HVAC technologies. These include a reduced VAT rate on the purchase and installation of heat pumps, promoting eco-friendly heating solutions. Additionally, the VAT rate on fossil fuel-based boilers for properties older than ten years has increased from 6% to 21%. These initiatives are expected to support the growth of energy-efficient HVAC systems in Belgium.
- In May 2024, Belgium lawmakers enacted a comprehensive law with the primary objective of improving indoor air quality in publicly enclosed spaces. This legislation builds upon the framework established by an earlier law passed in November 2022. It outlines several critical compliance requirements that all public enclosed spaces must adhere to, starting from 1 January 2027. These extensive measures, aimed at enhancing indoor air quality standards, are expected to drive a significant increase in the demand for HVAC systems, which play a crucial role in ensuring clean and healthy indoor environments.
- Installing an HVAC system involves high upfront costs due to the need for ductwork, which is labor-intensive and expensive. The process includes setting up indoor and outdoor units and connecting ducts throughout the home. Maintenance also adds to running costs, as HVAC systems require regular servicing, such as duct cleaning and air filter replacements. This financial barrier may limit or delay adoption among small and medium-sized enterprises (SMEs) and residential consumers with limited budgets or cost constraints.
- Macroeconomic factors, such as economic and wage growth, are driving higher residential and SME spending on HVAC upgrades. Belgium's real GDP expanded by 0.4% in the first quarter of 2025 compared to the final quarter of 2024, according to the flash estimate released by the National Accounts Institute. This growth exceeded expectations and indicates a notable strengthening of growth dynamics when compared to the performance in previous quarters. As real GDP strengthens in Belgium, individuals are expected to have more income, leading to higher household spending on home upgrades.
Belgium HVAC Market Trends and Insights
Growth in Construction Sector to Fuel the Market Growth
- Belgium's construction sector has maintained steady momentum in recent years, driven by a combination of supportive government policies and the evolving demands for infrastructure development. According to the National Bank of Belgium, GDP from Construction in Belgium increased to EUR 6,020 million (USD 6,270.0 million) in Q4 2024 compared to EUR 5,970 million (USD 6,218.1 million) in Q3 2024. As the country continues to prioritize sustainability and urban development, both public and private stakeholders have significantly increased their investments across various construction segments, aiming to address these growing needs and contribute to the sector's overall progress.
- In 2024, Belgium's infrastructure saw a 4.4% uptick, building on a robust 4.9% growth in 2023. This surge in infrastructure initiatives was, in part, a response to local and regional elections, as governments typically ramp up investments in public works ahead of such events. Furthermore, spurred by the initiation of stimulus plans, Belgium witnessed a 1.3% growth in non-residential renovations in 2023.
- According to the European Economic Forecast, Belgium's GDP is projected to grow by 1.2% in 2025 and by 1.5% in 2026. This growth is largely attributed to a recovering construction sector, which has faced years of decline. In support of this recovery, the Belgian government is implementing its Regional Recovery Plan, designating a substantial EUR 4.3 billion (USD 4.8 billion) specifically for the construction sector in the Walloon region.
- With steady growth in the construction sector, especially in commercial, residential, and industrial projects, the demand for HVAC systems is increasing proportionately. Furthermore, increased renovation and retrofitting activity in Belgium is driving demand for the upgradation of outdated HVAC systems with modern HVAC retrofits, especially digitally controlled units.
Air Conditioning Equipment is Expected to Witness a Significant Growth
- Europe is the fastest-warming continent, with more extreme weather events expected as global temperatures rise. In 2024, Belgium faced severe thunderstorms and heavy summer rainfall, leading to flooding in Brussels and Antwerp. The country also experienced tropical-like heat in July, with temperatures reaching 30.5°C. Rising heatwaves in Belgium, driven by climate change, are boosting the demand for air conditioning systems across commercial and residential sectors.
- Belgium's urbanization rate increased to 98.19% in 2023. This highlights the country's highly urbanized structure, where a large portion of the population resides in major metropolitan areas such as Brussels, Antwerp, and Ghent. This trend has been supported by Belgium's consistent economic growth, high living standards, and well-developed infrastructure. High urbanization significantly augments air conditioning demand in densely populated areas.
- In 2024, Statbel, Belgium's statistical office, reported that Belgium's overall population density reached 383 inhabitants per km², marking an increase from 381 inhabitants per km² recorded in early 2023. Increasing population density often leads to more concentrated urban living, which reduces natural ventilation. As a result, the air conditioning demand rises to maintain thermal comfort in densely populated cities.
- According to Statistics Belgium, the construction output in Belgium reached 4.3% in November 2024 compared to 4% in October 2024. As cities in Belgium continue to expand and new residential and commercial buildings are constructed, the demand for HVAC systems, especially air conditioners, is experiencing significant growth. This increasing demand highlights the rising need for efficient cooling solutions, driven by the country's ongoing urbanization and the emergence of various infrastructure projects.
Competitive Landscape
The Belgium HVAC market is fragmented, with regional conglomerates and specialized players operating across various segments. While several large multinational companies dominate certain high-value segments, numerous regional and niche players contribute to the overall competition, making the market highly diverse. This fragmentation is driven by the wide range of applications of HVAC systems, allowing both large and small companies to coexist and thrive in the market.
Leading companies in the Belgium HVAC market include Johnson Controls International plc, Trane Technologies plc, Vasco, Vaillant Group, and STIEBEL ELTRON GmbH & Co. KG. These companies have established strong brand recognition and extensive global operations, enabling them to command significant market share. Their strengths lie in innovation, broad solutions portfolios, and strong distribution networks. These leaders often engage in strategic acquisitions and partnerships to maintain their competitive edge and expand their market reach.
In the Belgium HVAC market, companies that prioritize innovation stand a better chance of success. With industries pushing for advanced solutions, energy-efficient HVAC systems are emerging as a key differentiator. Furthermore, broadening service offerings and bolstering customer support are vital for nurturing long-term relationships and ensuring repeat business. Firms that tap into emerging markets and tailor their products to meet regional demands position themselves advantageously in this fragmented landscape.
Belgium HVAC Industry Leaders
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Johnson Controls International plc
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Trane Technologies plc
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Vasco
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Vaillant Group
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STIEBEL ELTRON GmbH & Co. KG
- *Disclaimer: Major Players sorted in no particular order
Recent Industry Developments
- March 2024: Daikin Europe N.V., which is headquartered in Brussels, Belgium, and operates as a subsidiary of Daikin Industries, has officially announced the acquisition of BKF Klima, a Danish distributor that specializes in Heating, Ventilation, and Air Conditioning (HVAC) solutions and was previously a part of Beijer REF. Through this strategic acquisition, Daikin aims to fully capitalize on its extensive research and development expertise while simultaneously establishing localized training centers designed to provide comprehensive educational opportunities for installers.
- January 2024: Carrier Global Corporation has acquired Viessmann Climate Solutions from the Viessmann Group. This acquisition is a significant move in Carrier's ongoing portfolio transformation, bolstering its leadership in intelligent climate and energy solutions.
Belgium HVAC Market Report Scope
HVAC is a comprehensive system designed to create and maintain comfortable indoor environmental conditions in residential, commercial, and industrial spaces. Heating is the first component, which involves warming interior spaces during cold weather through various methods such as furnaces, heat pumps, and radiant heating systems. These technologies convert energy into heat, distributing warmth evenly throughout a building to ensure occupant comfort and prevent temperature-related issues.
Ventilation represents the critical process of exchanging indoor and outdoor air, ensuring proper air circulation, removing pollutants, controlling humidity, and maintaining air quality. This aspect of HVAC involves mechanical and natural ventilation techniques that introduce fresh air, filter contaminants, and regulate oxygen levels. Proper ventilation is essential for preventing the buildup of harmful gases, reducing moisture-related problems, and creating a healthy indoor environment.
Air Conditioning focuses on cooling and dehumidifying interior spaces during warm weather. Modern air conditioning systems use refrigeration cycles to remove heat and moisture from the air, creating a comfortable and controlled climate. These systems range from central air conditioning units to ductless mini-splits, providing precise temperature management and improving overall indoor comfort. The integration of these three components- heating, ventilation, and air conditioning- creates a sophisticated environmental control system that adapts to changing weather conditions and occupant needs.
The study tracks the revenue accrued through the sale of HVAC product types by various players in Belgium. The study also tracks the key market parameters, underlying growth influencers, and major vendors operating in the industry, which supports the market estimations and growth rates over the forecast period. The study further analyses the overall impact of macroeconomic factors on the market. The report's scope encompasses market sizing and forecasts for the various market segments.
The Belgium HVAC Market is Segmented by product type (heating equipment [heat pumps (air source, ground source), furnaces (gas, electric, oil), boilers (condensing, non-condensing), unit heaters, and others (radiators & baseboard heaters, solar water heating systems)], ventilation equipment [air handling units (AHUs), energy recovery ventilators (ERVs)/heat recovery, ventilators (HRVs), exhaust and supply fans, dehumidifiers/humidifiers], air conditioning equipment [unitary air conditioners, variable refrigerant flow (VRF) systems, chillers (air-cooled, water-cooled), fan coil units (FCUs), and others (window and portable air conditioners)]) and end-user industry (residential, commercial, and industrial). The market sizes and forecasts are provided in terms of value (USD) for all the above segments.
| By Product Type | Heating Equipment | Heat Pumps (Air Source, Ground Source) | ||
| Furnaces (Gas, Electric, Oil) | ||||
| Boilers (Condensing, Non-condensing) | ||||
| Unit Heaters | ||||
| Others (Radiators & Baseboard Heaters, Solar Water Heating Systems) | ||||
| Ventilation Equipment | Air Handling Units (AHUs) | |||
| Energy Recovery Ventilators (ERVs)/Heat Recovery Ventilators (HRVs) | ||||
| Exhaust and Supply Fans | ||||
| Dehumidifiers/Humidifiers | ||||
| Air Conditioning Equipment | Unitary Air Conditioners | Split Air Conditioners | ||
| Packaged Terminal ACs (PTACs) | ||||
| Rooftop Packaged Units (RTUs) | ||||
| Variable Refrigerant Flow (VRF) Systems | ||||
| Chillers (Air-Cooled, Water-Cooled) | ||||
| Fan Coil Units (FCUs) | ||||
| Others (Window and Portable Air Conditioners) | ||||
| By End-user Industry | Residential | |||
| Commercial | ||||
| Industrial | ||||
| Heating Equipment | Heat Pumps (Air Source, Ground Source) | ||
| Furnaces (Gas, Electric, Oil) | |||
| Boilers (Condensing, Non-condensing) | |||
| Unit Heaters | |||
| Others (Radiators & Baseboard Heaters, Solar Water Heating Systems) | |||
| Ventilation Equipment | Air Handling Units (AHUs) | ||
| Energy Recovery Ventilators (ERVs)/Heat Recovery Ventilators (HRVs) | |||
| Exhaust and Supply Fans | |||
| Dehumidifiers/Humidifiers | |||
| Air Conditioning Equipment | Unitary Air Conditioners | Split Air Conditioners | |
| Packaged Terminal ACs (PTACs) | |||
| Rooftop Packaged Units (RTUs) | |||
| Variable Refrigerant Flow (VRF) Systems | |||
| Chillers (Air-Cooled, Water-Cooled) | |||
| Fan Coil Units (FCUs) | |||
| Others (Window and Portable Air Conditioners) | |||
| Residential |
| Commercial |
| Industrial |
Key Questions Answered in the Report
How big is the Belgium HVAC Market?
The Belgium HVAC Market size is expected to reach USD 1.38 billion in 2025 and grow at a CAGR of 4.60% to reach USD 1.73 billion by 2030.
What is the current Belgium HVAC Market size?
In 2025, the Belgium HVAC Market size is expected to reach USD 1.38 billion.
Who are the key players in Belgium HVAC Market?
Johnson Controls International plc, Trane Technologies plc, Vasco, Vaillant Group and STIEBEL ELTRON GmbH & Co. KG are the major companies operating in the Belgium HVAC Market.
What years does this Belgium HVAC Market cover, and what was the market size in 2024?
In 2024, the Belgium HVAC Market size was estimated at USD 1.32 billion. The report covers the Belgium HVAC Market historical market size for years: 2019, 2020, 2021, 2022, 2023 and 2024. The report also forecasts the Belgium HVAC Market size for years: 2025, 2026, 2027, 2028, 2029 and 2030.
Belgium HVAC Industry Report
Statistics for the 2025 Belgium HVAC market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Belgium HVAC analysis includes a market forecast outlook for 2025 to 2030 and historical overview. Get a sample of this industry analysis as a free report PDF download.
