According to a new market report published by Credence Research Inc., “HVAC Equipment Market (Heating Equipment, Ventilating Equipment, and Air Conditioning Equipment) – Growth, Share, Opportunities, Competitive Analysis, and Forecast 2015 – 2022”, the global HVAC (Heating, Ventilating, and Air Conditioning) equipment market is expected to expand at a CAGR of 5.6% from 2015 to 2022, exceeding US$ 125.0 Bn by 2022.
Product and Market Insights
HVAC (Heating, Ventilation, and Air Conditioning) equipment are used across commercial, residential, and industrial buildings to control humidity, fresh air intake, air temperature, and quality of the air around. In industrial buildings, HVAC systems play a crucial role in maintaining a clean environment by removing odor and contaminated particles present in the air, thereby keeping the working conditions healthy. The market for HVAC (Heating, Ventilation, and Air Conditioning) equipment is highly matured and is expected to exhibit modest growth over the forecast period 2015 – 2022. The growth is majorly supported by the improved residential construction expenditure across the globe and stringent government regulations promoting the use of energy efficient HVAC solutions.
The global HVAC (Heating, Ventilating, and Air Conditioning) equipment market is highly fragmented with the presence of large number of domestic suppliers. The top four HVAC equipment manufacturers accounted for less than 45 percent of the global market revenue in 2014. Some of the leading players identified in the HVAC equipment market include United Technologies Corporation (Carrier) (the U.S.), Daikin Industries. Ltd. (Japan), Haier Inc. (China), Samsung Electronics Co., Ltd. (South Korea), Panasonic Corporation (Japan), Lennox International Inc. (the U.S.), AB Electrolux (Sweden), LG Corporation (South Korea), and Ingersoll-Rand Inc. (the U.S.). These players have concentrated their efforts on developing cost-effective, energy efficient HVAC systems complying with the green energy regulations. In view of stringent regulations enacted by the governments across the globe, the manufactures have begun introducing eco-friendly systems and are slowly phasing out hydro chlorofluorocarbon- (HCFCs) and chlorofluorocarbon- (CFC)-based systems. Expanding business through strategic alliance and acquisition is one of the major strategies adopted by the market leaders in the HVAC industry. In addition, maintaining healthy association with each participant in the supply chain and offering high quality post sales service is necessary to ensure success in the HVAC industry.
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Stringent government regulations and standards
Introduction of energy efficient HVAC systems
Economic stability resulting in improved residential construction expenditure
Varying environmental conditions
Trend towards smarter homes
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