ALBANY, N.Y. — The global HVAC equipment market is expected to exceed $139 billion by 2018, growing at a compound annual growth rate (CAGR) of 8.9 percent from 2012 to 2018, according to “HVAC Equipment Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2012 - 2018,” a new report published by Transparency Market Research.

Factors such as changes in energy regulations, technological developments by manufacturers to meet these energy efficiency requirements, and growing demand across the commercial sector, especially in the Asia Pacific region, are some of the key growth drivers. However, the magnitude of the impact of these factors on the market varies on a regional basis.

Asia Pacific in particular is experiencing high growth due to robust economic activities, resulting in increased urbanization and a rise in consumer spending. In addition, growth across North America is showing signs of recovery, particularly in the residential sector. Growth in the nonresidential sector, particularly the industrial segment, is slow due to dormancy in industrial activities. The commercial segment for HVAC equipment, however, is growing at a healthy rate. The commercial segment alone accounted for approximately 40 percent of market share in 2012.