HVAC equipment market
In a typical building, about 40% of the energy is used for heating, ventilation, and air conditioning (HVAC).
The market for HVAC systems will reach 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%.
Smart buildings will require a never-before-seen degree of innovation in the HVAC Equipment Market. The construction industry has 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 its 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 North America will edge ahead. However, in terms of sheer size, Asia Pacific stands as the largest geographical HVAC equipment market.
The demand for cooling systems is expected to be higher than that for heating systems. However, even if it is moderate, growth will be seen in all product segments of the global HVAC equipment market.
There will be a conspicuous rise in the sales of heat pumps and air conditioners.
Saving on energy bills has traditionally been the aim of consumers in both commercial and residential sectors, but now attention has also turned toward ‘green and clean’ products. This, along with regulation, has prompted companies in the HVAC equipment market to launch HCFC- and CFC-free components and products.
The most notable drivers for growth in the market will be a 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 moderate activity between 2008 and 2011, the construction sector is showing revival and resurgence in the Middle East and Asia Pacific. This 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 achieve success.
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