HVAC Market Growing Steadily at 7% CAGR to 2020 as Construction Booms
New construction in the residential, commercial, and industrial sectors has increased demand
PUNE, India — The global HVAC market is forecast to grow steadily at a compound annual growth rate (CAGR) of 7 percent from 2016 to 2020, according to a new report available from ReportsnReports. Rapid growth in the construction and real estate markets worldwide is having a positive impact on the HVAC market. In addition, urbanization and industrialization have been on the rise in developing countries.
New construction in the residential, commercial, and industrial sectors has increased the demand for HVAC systems. Moreover, government regulations introduced by countries worldwide are driving demand for high efficiency equipment.
Advances in monitoring systems and intelligent technology are expected to aid the growth of the HVAC market. Monitoring systems help in tracking the energy consumption of a building while intelligent technology controls the energy output of an HVAC system. The integration of the Internet of things (IoT) with HVAC systems is also opening new avenues for the market in terms of revenue. The report predicts the commercial building sector to be the early adopter of this technology, as this integration will enhance the efficiency and reliability of building automation systems (BAS).
Segmented by equipment and services, the HVAC equipment segment dominated the market during 2015, with a market share of around 69 percent.
Segmented by nonresidential and residential, the nonresidential building segment accounted for 67 percent of the market share during 2015. Health care and educational institutions, manufacturing and industrial buildings, as well as offices and retail stores comprised the nonresidential users of HVAC systems.
Geographically, Asia Pacific (APAC) accounted for 51 percent of the market share during 2015 and is expected to grow at a CAGR of 7 percent during the forecast period. The report further anticipates China to retain its market leadership until the end of the forecast period.
According to the report, the key players in the global HVAC market are Carrier, Daikin Industries, Ingersoll-Rand, Johnson Controls, and LG. The other prominent companies in the market are AB Electrolux, Bosch Thermotechnik, Fujitsu, GD Midea, Gree Electric Appliances, Haier, Hitachi, Lennox International, Nortek, Paloma Industries, Samsung, Siemens, and Vaillant Group.
More information is available here.
Publication date: 12/21/2015