The global HVAC market is predicted to grow 4.34 per cent CAGR from 2016, generating a value of £47.5bn by 2020, according to a new report.
The report, entitled Global Heating, Ventilation and Air Conditioning (HVAC) Market – Forecast & Analysis, 2016–2022 by Research and Markets, cited rising population, revival in the housing markets, increases in income levels in emerging markets, development of reliable energy resources and growing industrial units as some of the key drivers pushing towards the growth of global HVAC market.
While robust demand is anticipated to come from the Americas over the forecasted period, Asia-Pacific continues to be the leading revenue generator in the global HVAC market. Split air conditioners are forecasted to remain on high demand for various residential end-use applications.
The report states that governments, emerging green/smart building criterions and growing consumer concerns across the world are pushing global HVAC manufacturers, developers and system integrators to build and provide energy efficient, technologically advanced HVAC units for major commercial, residential, institutional and industrial applications, among others.
Key executive findings:
– Globally, the demand for HVAC products is mainly driven by factors such by rising population, revival in the housing markets, and increase in consumer income levels in emerging markets, development of reliable energy resources, growing commercial and industrial units, among others.
– Asia-Pacific is leading the global HVAC market mainly because of high demand coming from emerging economies like China,India and South East countries like Indonesia and Thailand, among others. The Americas is also expected to show robust demand for HVAC products and equipments over the forecasted period (2016-2022).
– As is clear from the figure, in 2015, global HVAC market volume was highest for split air conditioners. The high demand is mainly anticipated to come from rising residential developments taking place around the world which has prompted consumers to install energy efficient split units in homes, apartments and high/low end buildings, among others.
– In terms of value too, Asia-Pacific region is leading the HVAC market followed closely by the Americas.
Companies Mentioned
– Daikin Industries Ltd.
– Gree Electric Appliances Inc.
– Ingersoll Rand
– Johnson Controls
– LG Corporation
– Midea Group
– Panasonic Corporation
– Samsung Electronics
– United Technologies Corporation (Carrier)
– Zamil Air Conditioners