MOUNTAIN VIEW, Calif. — Analysis from Frost & Sullivan finds that the global HVAC equipment market earned revenues of $80.67 billion in 2014 and estimates this to reach $108.93 billion in 2020, despite the market’s maturity. The study covers unitary equipment, applied equipment, chillers, heat pumps, and ductless systems. While unitary equipment dominates the market, it is expected to lose share to ductless systems in the forecast period.
The demand for energy-efficient systems and rise in consumer confidence has increased the uptake of HVAC equipment, says Frost & Sullivan. For HVAC equipment manufacturers, keeping pace with market trends such as the adoption of smart technologies is key to capturing market share. Expanding sales channels through partnerships and acquisitions will also bode well for industry players.