HVAC Equipment Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 – 2023
Albany, NY -- (SBWIRE) -- 07/17/2015 -- According to a new market report published by Transparency Market Research HVAC Equipment Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 - 2022, the market for HVAC equipment globally is forecast to reach US$ 155.10 Bn by 2022. The demand for all types of HVAC equipment is expected to improve through 2022; however, sales of heat pumps in the heating segment and room air conditioners in the cooling segment will dominate the market through the forecasted period. Demand for unitary air conditioners is also expected to exhibit above average gains, globally.
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The global HVAC equipment market was valued at US$ 91.30 Bn in 2013 and is forecast to grow at a CAGR of 6.2% from 2014 to 2022. The HVAC equipment market is driven by factors such as increasing population, rise in new home sales, increasing construction expenditure, and growing industrialization among others. The HVAC industry is aiming to provide cost effective equipment to cater to the energy needs of industrial and commercial customers and meet green technology/process requirements. HVAC players are introducing eco-friendly equipment by phasing out chlorofluorocarbons and hydro chlorofluorocarbons (CFCs and HCFCs) and other harmful refrigerant based equipment.
Based on geographic regions, the HVAC equipment market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America. Global HVAC systems by geographic regions are witnessing sharp rise in demand across the North American region which is closely followed by Asia Pacific. Asia Pacific alone accounted for more than 50% of the global HVAC market, and is forecast to retain its leading position by 2022. The leading position of the Asia Pacific HVAC equipment market is due to robust economic developments in China, India and other countries. China is also the largest production base for HVAC systems and a key supplier to the European market.Growth in these regions is driven by local demand as well as demand from lucrative export markets such as Africa and Latin America, which are looking for low priced solutions.
Going by the global growth trends, industry players throughout the globe are adopting different strategies so as to ensure higher market shares. Market development and diversification are the strategies widely adopted across the Asia Pacific region, whereas North America and Europe are seeing product development and market penetration as key strategies adopted by industry players. Mergers and acquisitions have become common strategies to minimize the competition and bolster company's market dominance. Currently, Daikin Industries Ltd. and Carrier Corporation are leaders in the global HVAC equipment market. Daikin gained the leading position in the market post acquisition of North American giant Goodman. A significant share in the global HVAC equipment market is held by small and regional players, and thus leaves enough room for industry players to compete and gain a strong foothold.
This report analyzes the global HVAC Equipment market in terms of revenue (US$ Bn). The market has been segmented as follows:
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HVAC Equipment Market, by Equipment Type:
Room Air Conditioners
Unitary Air Conditioners
Coolers and Others
Ventilation Fans/Air Pumps
HVAC Equipment Market, by End-use Application:
HVAC Equipment Market, by Geography:
Rest of North America
Rest of Europe
Rest of Asia Pacific
Middle East and Africa (MEA)
Rest of MEA
Rest of Latin America
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