Heating, ventilation, and air conditioning (HVAC) equipment market to reach US$155.1 bn by 2022, rising demand from asia pacific to drive growth
The rising demand for energy-efficient systems, coupled with the rise in consumer confidence, has led to the increased uptake of heating, ventilation, and air-condition (HVAC) equipment in recent years. Household consumers and end users from commercial and construction domains alike have become more inclined towards technologically innovative products to replace their traditional counterparts. Consequently, HVAC equipment suppliers are diversifying their product portfolios to cater to the consumer demand for advanced system design and technology. A recent report by Transparency Market Research, titled “HVAC Equipment Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 – 2022,” pegs the overall value of the global HVAC equipment market at US$91.3 bn in 2013. Rising at a positive CAGR of 6.20% between 2014 and 2022, the market is anticipated to reach US$155.1 bn by the end of the forecast period.
HVAC equipment is installed for the purpose of heating or cooling residential, industrial, and commercial buildings. These systems also provide fresh air to remove airborne contaminants such as odors emitted from furnishings or from cleaning chemicals used to clean indoors, or volatile organic compounds. In the forthcoming years, HVAC equipment is likely to witness rising demand from both residential and commercial market segments due to the drastic climate variations.
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Driven by the growing demand from the commercial sector, the rising expectation of consumers, climate variations, technological advancements, and the implementation of stringent government regulations, the demand for HVAC equipment is anticipated to soar high over the report’s forecast period. The market will also witness rising opportunities in Asia Pacific. On the flip side, the high amounts of energy consumed by HVAC equipment are a major challenge faced by the market. Nevertheless, the proliferation of green technologies, smart homes, and energy-efficient systems will give a significant boost to the market in the near future.
Based on type, the report classifies the global HVAC equipment market into heating and air conditioning equipment. By application, the global market for HVAC equipment is segmented into residential, commercial, and residential. Of these, the commercial sector accounted for the largest share in the market, while the residential sector is anticipated to exhibit healthy growth over the forecast period. However, in the next few years, the industrial segment is likely to lose its share in the HVAC market. Additionally, the tourism and construction industries account for the majority of the demand generated in the commercial segment.
Based on geography, the report segments the global HVAC equipment market into Asia Pacific, Europe, Latin America, the Middle East and Africa, and North America. Of these, Asia Pacific held more than 50% of the global market in 2013, thereby emerging as the largest regional market for HVAC equipment. The region is also anticipated to maintain its dominance in the global market over the report’s forecast period, particularly due to the robust economic growth in India and China. Till date, China has been the largest producer of HVAC equipment in the world. Apart from catering to the high international demand, the county also addresses local demand for low-priced HVAC equipment.
To present a holistic overview, the leading players in the global HVAC equipment market have been analyzed based on their company overview, financial structure, recent developments, product portfolio, and development status. Some of the companies profiled in the report include Lennox International Inc., AB Electrolux, Haier Ltd., Carrier Corporation, Panasonic Corporation, LG Corporation, Daikin Industries Ltd., and Samsung Electronics.
Transparency Market Research (TMR) is a market intelligence company driven by high-pedigree consultants and researchers. TMR leverages its Syndicated Research, Custom Research, and Market Consulting expertise to help businesses make accurate decisions. TMR’s exclusive blend of quantitative forecasting and trends analysis draws on proprietary data sources and techniques, while their data repository is continuously updated to reflect the latest trends.
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