HVACR Systems Market to Reach $130.7 Billion by 2024
Boosted by the demand for refrigeration equipment in cold storage and food processing
ALBANY, N.Y. — The global HVACR systems market, which stood at a value of $81.1 billion in 2015, is likely to progress at a compound annual growth rate (CAGR) of 5.5 percent between 2016 and 2020, reaching an opportunity worth $130.7 billion by the end of the forecast period, according to a new report by Transparency Market Research (TMR).
Boosted by the augmenting demand for refrigeration equipment in cold storage and food processing units, the shipment volume of HVACR systems is estimated to rise at a CAGR of 8 percent over the same forecast period. Evaporators have emerged as the most valued product in this market in the last few years and are expected to remain so throughout the forecast period. The revenue generated by evaporators is estimated to cross $34.1 billion by 2024.
HVACR SYSTEMS TO CONTINUE TO WITNESS STRONG DEMAND IN ASIA-PACIFIC
Geographically, the worldwide market for HVACR systems is spread across South America, North America, the Middle East and Africa, Asia-Pacific, and Europe. Among these, Asia-Pacific acquired the leading position in 2015 with a share of nearly 36 percent in the overall market. Thanks to the robust rise in the tourism industry, researchers expect this regional market to maintain its dominance during the forecast period. Due to the high pace of urbanization, Australia, India, Japan, China, and South Korea are likely to drive the market for HVACR systems in Asia-Pacific over the next few years.
Apart from this, North America and Europe are also expected to register a healthy rise in their respective markets for HVACR systems market in the forthcoming years, states the research report.
MUSHROOMING OF NEW HOTELS, RESTAURANTS, CAFES TO REFLECT POSITIVELY ON DEMAND
"As new hotels, restaurants, and cafes mushroom across the world, HVACR systems gain a significant rise in their demand," says the author of this study. The expansion in the global tourism industry has boosted the emergence of a number of hotels, restaurants, and cafes worldwide.
To maintain the quality of food products and to meet the standard for food safety, the adoption of HVACR systems has increased considerably in these enterprises, and the trend is likely to remain so over the forecast period. The rising consumption of processed food and beverages is also expected to fuel the demand for HVACR systems in the coming years, notes the study.
HIGH TOTAL COST OF REFRIGERATOR COUNTERS TO LIMIT ADOPTION
While the future prospects of the global HVACR systems look bright, the high total cost associated with refrigerator counters is likely to hamper the market from growing steadily. Besides, the implementation of the Montreal Protocol and Kyoto Protocol is also projected to limit the adoption of these systems in countries in agreement with these protocols, resulting negatively on the overall market in the long run.
According to the new report, the global market for HVACR systems demonstrates a highly competitive and fragmented structure with no clear leadership. Only a few companies, such as Carrier Corp., Daikin Industries Ltd., Haier Electronics Group Co. Ltd., and Mitsubishi Corp. have been able to establish themselves as key vendors of HVACR systems throughout the world.
Currently, the leading market players are focusing aggressively on developing energy efficient refrigeration systems in order to curb the energy consumption of equipment. However, over the forthcoming years, these companies are likely to begin engaging in mergers, acquisitions, and various strategic partnerships in a bid to expand their business through new service additions and geographical presence.
More information is available here.
Publication date: 12/5/2016