Market Research Report
HVAC Equipment Market - Growth, Trends, and Forecast (2019 - 2024)
|Published by||Mordor Intelligence LLP||Product code||644061|
|Published||Content info||100 Pages
Delivery time: 2-3 business days
|HVAC Equipment Market - Growth, Trends, and Forecast (2019 - 2024)|
|Published: March 1, 2019||Content info: 100 Pages||
The HVAC equipment market is expected to register a CAGR of over 7% over the forecast period (2019-2024). Heating, ventilation, and air conditioning (HVAC) systems are finding widespread adoption across various regions, due to the multiple advantages they offer, most notably power-saving techniques.
Major factors driving the market for HVAC equipment in the region include an increase in new households, rising average construction spending, rapid urbanization, and growth in disposable income across several major economies.
The rising requirement from the commercial segment and high demand for HVAC products in the Asia-Pacific region are the other key drivers of the market.
The declining IoT sensor costs are also expected to result in OEMs offering products for a lower and more competitive price, which could indirectly impact the HVAC equipment market.
HVAC equipment is an indoor and vehicular environment comfort technology that provides thermal comfort and acceptable indoor air quality. It is an important part of residential structures, such as single family homes, apartment buildings, hotels and senior living facilities, medium to large industrial and office buildings, such as skyscrapers and hospitals, vehicles, such as cars, trains, airplanes, ships and submarines, and in marine environments, where safe and healthy building conditions are regulated, with respect to temperature and humidity, using fresh air from outdoors.
Heating Equipment to Hold Significant Share
Demand for efficient heating equipment has led to its growth, making it one of the largest contributor to the global HVAC equipment market.
Heating equipment provide the required heating environment in a cost-effective manner. Rapid growth in technology has helped the rise of efficient solutions for verticals to reduce emissions in an economical manner.
End users, like the commercial and residential segments, are using small units of HVAC equipment in the form of packages, in order to satisfy their energy demand. Large complexes are deploying efficient HVAC systems to meet their energy requirements.
Regions, like Asia-Pacific and North America, are leading the global race, as contribution and penetration rate of heating HVAC equipment are rapidly increasing. Countries, like China, Japan, and India, are leading the APAC HVAC equipment market.
The major contributors to the heating equipment market are furnaces and heat pumps, adding value to the demand of the major verticals across the world, followed by boilers and unitary heaters.
North America to Hold Major Share
North America holds the major share in the HVAC equipment market. The demand for HVAC equipment in the United States is forecasted to witness exponential growth. Advancements are likely to result in rapid gains, with rise in the expenditure of construction. Growth in repair investments, as replacement demand, is contributing to the market growth. There is a rising demand for HVAC efficient systems with sophisticated technology. However, federal tax incentives are targeted, due to which high-efficiency systems expired at the beginning of 2016. The effect of this has provided an advantage for homeowners, with better HVAC systems being replaced with smaller units. Moreover, HVAC manufacturers in North America are increasing their focus on manufacturing HVAC systems that provide ease of use, are more energy efficient and eco-friendly.
The HVAC equipment market is highly competitive and consists of several major players. In terms of market share, few of the major players currently dominate the market. These major players with a prominent share in the market are focusing on expanding their customer bases across foreign countries. In the past year UTC, Daikin, Ingersoll- Rand, Johnson Controls, and Lennox International were some of the leading players operating in the HVAC market in North America. Moreover, an increasing number of companies have started offering HVAC systems with higher energy efficiency, green technology, and compatibility with smart devices.