Press release
Power Management IC Market: Competition to Heat up With Innovative Technologies Going Mainstream, finds TMR
Some such big names operating in the industry are Texas Instruments, STMicroelectronics, Renesas Electronics, Mitsubishi Electric, Maxim Integrated, Dialog Semiconductor PLC, ON Semiconductor, Linear Technology, Rohm Co Ltd., Fairchild Semiconductor, and Toshiba. The TMR report forecasts the global power management IC market to reach a staggering value of US$46.0 bn by 2019.
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Increasing Demand from Tourism Industry to Boost Demand for HVAC Equipment in Commercial Sector
In terms of application, the global market was led by the commercial sector in 2013. This sector is trailed by the residential sector in the same year. The demand for HVAC equipment in the commercial sector is due to the robust demand from the industries of tourism and construction. The commercial HVAC equipment market is anticipated to reach a valuation of US$ 64.49 bn by 2022, rising at a 6.20% CAGR between 2014 and 2022. On the other hand, the residential HVAC equipment market is poised to touch US$51.76 bn by 2022, rising at a 6.60% CAGR from 2014 and 2022.
On the basis of geography, North America led the market and is predicted to occupy a share of US$31.62 bn by 2022. In North America, the segment of air conditioning systems, alone, is predicted to take up a share of 68.1% by 2022. The market within segment is predicted to touch US$ 21.55 Bn by 2022. The skyrocketing demand from both the commercial and residential sectors will provide impetus to the development of the HVAC equipment market in North America. On the other hand, the segment of ventilation systems will experience sluggish growth, while the segment of heating equipment will witness a steady demand in this region. On the other hand, the Asia Pacific HVAC equipment market is the most promising market and is anticipated to record an exponential CAGR of 6.20% between 2014 and 2022. The growing disposable income and the increasing count of households in Asia Pacific will boost market growth within this region.
Technological Advancements will take Market to New Heights
The global HVAC equipment market is predicted to rise owing to strict regulations posed by governments in numerous nations for the stabilization of levels of greenhouse gas in the atmosphere and for the protection of environment, states a TMR analyst. In addition, a number of technological advancements in the market have met the expectation of customers, further fuelling the development of this market.
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Furthermore, the advancement in the commercial segment and the swift development of Asia Pacific are also amongst the chief factors providing impetus to the growth of this market. On the other hand, huge consumption of energy in HVAC equipment may become a roadblock in the development of the overall market. “Nonetheless, the introduction of energy efficient systems and the trend of smart homes have emerged as a key opportunity in this market”, says a TMR analyst.
This information is based on the findings of a report published by Transparency Market Research titled, “HVAC Equipment Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2022.”
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Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants, use proprietary data sources and various tools and techniques to gather, and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.
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