A new market research report released by the Freedonia Group is expecting a rise in the global demand for HVAC equipment annually until 2018. An executive summary of the 425 page report explained that it estimates the annual rise to be approximately six percent per year to $113 billion in 2018. The gains predicted were attributed to continued expansion in building construction activity worldwide, along with improved spending in developed areas as the global recession of 2009 and subsequent slow recovery limited the market during the 2008-2013 period.
"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."