PUNE, India — According to the 2017 HVAC equipment market report, the global HVAC equipment market to grow at a compound annual growth rate (CAGR) of 4.9 percent during the period 2017-2021.
The latest trend gaining momentum in the HVAC equipment market is rise in incorporation of building automation systems (BAS). BAS control and monitor HVAC systems that are incorporated in buildings.
BAS are embedded with digital communication tools that allow enhancing energy efficiency in these systems. Due to the rise in construction of building and retrofit projects, the number of BAS installations has increased significantly.
Another major driver is the growing construction sector, which plays a major role in driving the demand for HVAC equipment. With increasing construction of commercial and residential buildings, the demand for HVAC systems will increase, thereby driving the HVAC equipment market.
Further, the report states that one of the major factors hindering the growth of this market is high market competition. Competition has increased in the HVAC equipment market due to the presence of many regional and international players. Due to lower cost offerings of HVAC components by regional vendors, many international players are unable to retain their grip in the HVAC equipment market.
The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors.
For more information, visit http://bit.ly/RARHVACSTUDY.
Publication date: 7/6/2017