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HVAC Equipment Market to Exhibit 6.20% CAGR from 2014-2022 on Account of Frequent Climatic Variations
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The global market for HVAC equipment is driven by technological developments, stringent government regulations, increased demand from the commercial sector, rising consumer expectations, climate variations, and strong demand from Asia Pacific. On the other hand, the HVAC equipment market is faced by a major challenge – increased energy consumption. However, ongoing trends such as smart homes, green technologies, and energy-efficient systems are anticipated to present several opportunities for growth over the next seven years.
On the basis of type, the HVAC equipment market is fragmented into heating (furnaces, heat pumps, and boilers), ventilation (humidifiers/dehumidifiers and air pumps/ventilation fans), and air conditioning (room air conditioners, coolers, unitary air conditioners, and others).
By application, the HVAC equipment market is segmented into industrial, residential, and commercial. The commercial sector held the largest share of the overall market and demand for HVAC equipment from this segment accounts for over one third of the global market. While the residential sector is undergoing healthy growth, the industrial sector is anticipated to lose market share by 2022. In the commercial sector, the tourism and construction industries make up for most of the demand for HVAC equipment.
On the basis of geography, the global HVAC equipment market is divided into North America, Latin America, Asia Pacific, Europe, and the Middle East and Africa. Asia Pacific dominated the global HVAC equipment market in 2013, accounting for over 50% of the overall market. This region is anticipated to retain its dominant position through 2022, driven by robust economic development in countries such as India and China. China is by far the largest producer of HVAC equipment and demand for the same stems from Europe, Latin America, and Africa. Local demand for low-priced HVAC solutions also drives the China market.
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The research report identifies the most promising companies operating in the HVAC equipment market and analyzes them on the basis of parameters such as company overview, financial standing, recent developments, product portfolio, and business strategies. The leading players contributing towards the growth of the HVAC equipment market include AB Electrolux, Lennox International Inc., Carrier Corporation, Haier Ltd., Panasonic Corporation, Daikin Industries Ltd., LG Corporation, and Samsung Electronics.
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