HVAC Equipment Market to Exceed $125 Billion by 2022
The market for HVAC equipment is highly mature and is expected to exhibit modest growth
SAN JOSE, Calif. — The global HVAC equipment market is expected to expand at a compound annual growth rate (CAGR) of 5.6 percent from 2015 to 2022, exceeding $125 billion by 2022, according to a new market report published by Credence Research Inc.
The market for HVAC equipment is highly mature and is expected to exhibit modest growth over the forecast period. This growth is primarily supported by improved residential construction expenditures across the globe and stringent government regulations promoting the use of energy-efficient HVAC solutions.
The report notes that the global HVAC equipment market is highly fragmented with the presence of a large number of domestic suppliers. The top four HVAC equipment manufacturers accounted for less than 45 percent of the global market revenue in 2014.
Manufacturers have concentrated their efforts on developing cost-effective, energy-efficient HVAC systems complying with government regulations and standards. Expanding business through strategic alliances and acquisitions is one of the major strategies adopted by the market leaders in the HVAC industry. In addition, maintaining healthy relationships with each participant in the supply chain and offering high-quality post-sales service are necessary to ensure success in the industry.
Some of the leading players identified in the report include AB Electrolux (Sweden), Daikin Industries Ltd. (Japan), Haier Inc. (China), Ingersoll-Rand Inc. (U.S.), Lennox International Inc. (U.S.), LG Corp. (South Korea), Panasonic Corp. (Japan), Samsung Electronics Co. Ltd. (South Korea), and United Technologies Corp. (Carrier) (U.S.).
More information is available here.
Publication date: 5/2/2016