Global HVAC Equipment Market to Exhibit 6.20% CAGR from 2014-2022 on Account of Frequent Climatic Variations

Heating, Ventilation, and Air Conditioning (HVAC) equipment implement heating or cooling for residential, industrial or commercial buildings. The HVAC systems also provide fresh outdoor air to remove interior airborne contaminants such as volatile organic compounds and odors emitted from interior furnishings or various cleaning chemicals among others. The HVAC equipment are anticipated to penetrate into both residential and commercial market segments in the coming years. The industrial segment is another key segment that is expected to witness moderate growth over the forecast period. The demand for air conditioning equipment was the largest globally and thus, this segment dominated the HVAC equipment market in 2013.

Key factors driving the global HVAC equipment market include rising urbanization, increase in new households and average construction spending, and rise in disposable income. Another key driver of this market is the growing demand from commercial segment and high growth and demand for HVAC products in the Asia Pacific region. However, a major factor restraining the growth of HVAC equipment market is high energy consumption of HVAC equipment. The market opportunities in the coming years are related to the growing trend of smart homes, development of energy efficient systems and adoption of green technologies by HVAC equipment manufacturers. Energy efficiency is thus one of the key concerns that global manufactures are focusing on. A large number of players such as Daikin, Carrier and Lennox have already started launching energy efficient HVAC products.

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The global HVAC Equipment market is segmented by equipment type, end-use application and geography. The market by equipment type is segmented into heating, air conditioning and ventilation. The heating equipment further studied include heat pumps, furnaces, unitary heaters and boilers whereas the air conditioning equipment include room air conditioners, unitary air conditioners and, coolers and others. The ventilation systems are further segmented into ventilation fans/air pumps and humidifiers/dehumidifiers. The market by end-use application is segmented into residential, commercial and industrial sector. The market size and forecasts in terms of revenue (US$ Bn) for each of these segments have been provided for the period 2012 to 2022, considering 2012 and 2013 as the base years. The report also provides compounded annual growth rate (CAGR) for each segment of the market for the forecast period from 2014 to 2022. Geographically, the HVAC Equipment market has been segmented into five regions, namely, North America, Europe, Asia-Pacific, Middle East and Africa (MEA) and Latin America.

The report includes market dynamics, porters five force analysis, legal and regulatory standards for HVAC equipment market. The report also includes analysis of key participants in the HVAC equipment along with their role in the ecosystem. The market share for different equipment types such as heat pumps, furnaces etc. have also been included in the report. We have included future trends that will impact the demand. The study provides market estimation in terms of revenue and forecast for the period 2012 to 2022.

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Cross sectional analysis of the HVAC equipments by components signifies the importance of cooling units in a HVAC system. Issues related to environment and energy efficiency are key challenges faced by industry players with stakes in the segment. Cooling units are valued to account for the largest share of the market, and is the fastest growing component type. Different control systems used in HVAC equipments/systems too are seeing rising demand and increased preference, due to shift in preference for smart devices with advanced features. This trend is more evident in the developed markets of North America and Europe. As a result, the two regions are growing at a close rate, with Europe marginally lagging behind. However, Asia Pacific, on account of its large scale and fast adoption, is expected to remain the largest geographic market throughout the forecast period.

Amidst intense competition, industry players are adopting rigorous strategies to ensure their competitive advantage over competitors. Mergers and acquisitions are seen as mitigating strategies for competition from small players. Recent acquisition of Goodman by Daikin is seen as an effort by Daikin to gain a strong foothold in North America. This move is expected to see Daikin taking over Carrier as the leading global brand. The other market participants are Haier, Electrolux, LG, Samsung, and many other regional and small players.

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