HVAC Equipment Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 – 2023
Albany, NY -- (SBWIRE) -- 11/02/2015 -- In a typical building, about 40% of the energy dollars are drained into heating, ventilation, and air conditioning (HVAC). This substantiates the importance that HVAC systems hold in both residential and commercial buildings. With climatic conditions the world over undergoing a change, the need for heating, cooling, and ventilation functions is becoming stronger.
The demand for HVAC equipment is hinged on more HVAC systems being installed the world over. Transparency Market Research forecasts that the market for HVAC systems will touch US$155.10 billion dollars by 2020. In 2013, the global HVAC equipment market stood at US$91.30 billion. The CAGR of the HVAC equipment market through this seven-year period is pegged at 6.2%.
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These are the top observations about the HVAC equipment market:
Smart Buildings Will Necessitate a Never-Seen-Before Degree of Innovation in the HVAC Equipment Market: The construction industry has finally turned a corner with smart industrial, commercial, and residential buildings. The profound effect of this change is already visible – smart devices for homes and commercial buildings are making their presence felt on the market. However, this trend is still in infancy and is concentrated in the traditional markets of Europe and North America. The growth rate of both these regions in the HVAC equipment market will remain close, but NA will manage to scrape ahead. However, in terms of sheer size, Asia Pacific stands as the largest geographical HVAC equipment market.
None of the Major HVAC Equipment Product Categories Will See a Drop in the Near Future:
The demand for cooling systems is expected to be higher than that for heating systems. However, TMR's report's findings make it clear that even if it is moderate, growth will be observed in all product segments of the global HVAC equipment market. However, there will be a conspicuous rise in the sales of heat pumps and air conditioners. While the former is categorized under the heating function, the latter features as a segment within cooling functions.
Ecological Credentials of HVAC Equipment is a Big Factor Influencing Purchase Decisions:
Just as climate change has changed the status quo of the HVAC equipment market, it has also changed the way consumers make a purchase decision. Saving on energy bills has always been the aim of consumers in both commercial and residential sectors; now the attention has also turned toward purchasing 'green and clean' products. This has prompted companies in the HVAC equipment market to launch HCFC- and CFC-free components and products.
industrialization and New Home Sales Have a Strong Bearing on Demand Generation in HVAC Equipment Market:
There is no dearth of drivers in the global HVAC equipment market – but the most notable drivers will be proliferation of industrial units – both large and small – in emerging countries. Large countries such as India and China comprise different topographies with varying temperature characteristics. This creates a rather lucrative market for both cooling and heating functions. After witnessing tepid activity between 2008 and 2011, the construction sector is showing revival and resurgence in the Middle East and Asia Pacific. Increase in construction activity will cause a proportionate rise in the sales of HVAC equipment.
Smart homes are, by a long way, the biggest change to have hit the HVAC market, and companies that rise to the occasion will find much success.
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