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IMAP HVAC Sector Report Q1 2024

The global HVAC sector is a diverse and highly fragmented space that is benefitting from general economic and industry- specific tailwinds.

The positive outlook across the sector has generated a strong appetite from both strategic and financial buyers which has resulted in consistently high levels of M&A activity. 

Valuations across the sector vary depending on the business model, as median EBITDA multiples ranged between 8.5x and 13.0x, with upside existing for operators with a strong offering, customer base, reach and financial profile. 

The global HVAC equipment sector is forecast to grow at a CAGR of 6% between 2023 and 2030 to reach over €200bn in revenue.

The large universe of buyers and sellers, along with increasing levels of competition and high levels of deployable capital, is likely to fuel further consolidation. 

The report covers:

  • Key trends and M&A drivers in the sector
  • M&A activity by geography and buyer type
  • HVAC valuations analysis for public comparables and private companies

Download the full report below.


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