"Growth will also be driven by increased market penetration, stimulated by rising personal incomes that enable a wider array of individuals to purchase comfort equipment," stated the report. "Additionally, expanded infrastructure, leading to improved access to reliable electricity in developing countries, will provide the energy sources required to power HVAC equipment."
In another prediction, the report explained that it expects product development to grow at a rapid pace due to the rising interest in more efficient systems as well as further regulations.
The report includes a regional breakdown and cites the Asia/Pacific region as the largest regional market for HVAC equipment in 2013 with half of the global total. It predicts that this trend will continue to increase and that the continuing development of the Chinese market will account for 59 percent of regional sales in 2018 and almost 1/3 of additional demand through 2018.
The second largest market in 2013 was North America, totaling 16 percent of global demand in 2013. According to the report it accounted for 1/5 of global sales.
India is predicted to post double-digit growth of HVAC equipment sales through 2018.
"The U.S. market, along with Western Europe and Japan, will see improved sales rates through 2018 as these areas continue to recover from subdued construction activity, nonresidential investment, and consumer spending associated with the 2009 global recession."
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