May 16, 2014: World HVAC Equipment Demand to Reach $120 Billion by 2018
In the US, Recovery in Housing Market and Rebounding Consumer Confidence Will Support Sales Gains
CLEVELAND — Global demand for HVAC equipment is forecast to increase 5.7 percent annually to $120 billion by 2018, according to a new study from The Freedonia Group Inc., a Cleveland-based market research firm. Growth will be driven by an expansion of reliable energy sources and increases in income levels in China, India, and other developing countries, making HVAC equipment more accessible to a larger number of consumers. A recovery in the housing markets in the United States and Western Europe, along with rebounding consumer confidence levels, will also support sales gains.
According to analyst Pamela Safarek, “Additional demand will result from retrofits as older inefficient HVAC equipment is switched out for new high-efficiency models.”