HVAC Equipment Market: Trend of Smart Homes to Bring Lucrative Opportunities in Market

The global HVAC equipment market is predicted to touch US$ 155.10 Bn by year 2022, rising at a healthy 6.20% CAGR between 2014 and 2022. On the basis of equipment type, the market is led by the segment of air conditioning systems, which represented a share of 70.5% in the market in 2013 and is poised to further grow in the coming years. The reason for the superiority of this segment is the rising demand for equipment in Asia Pacific as well as the increasing replacement demand in North America and Europe. On the other hand, the soaring demand for unitary heaters is predicted to fuel the trend of non-ducted HVAC systems, thus lowering the market share of ventilation systems.

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Increasing Demand from Tourism Industry to Boost Demand for HVAC Equipment in Commercial Sector

In terms of application, the global market was led by the commercial sector in 2013. This sector is trailed by the residential sector in the same year. The demand for HVAC equipment in the commercial sector is due to the robust demand from the industries of tourism and construction. The commercial HVAC equipment market is anticipated to reach a valuation of US$ 64.49 bn by 2022, rising at a 6.20% CAGR between 2014 and 2022. On the other hand, the residential HVAC equipment market is poised to touch US$51.76 bn by 2022, rising at a 6.60% CAGR from 2014 and 2022.

On the basis of geography, North America led the market and is predicted to occupy a share of US$31.62 bn by 2022. In North America, the segment of air conditioning systems, alone, is predicted to take up a share of 68.1% by 2022. The market within segment is predicted to touch US$ 21.55 Bn by 2022. The skyrocketing demand from both the commercial and residential sectors will provide impetus to the development of the HVAC equipment market in North America. On the other hand, the segment of ventilation systems will experience sluggish growth, while the segment of heating equipment will witness a steady demand in this region. On the other hand, the Asia Pacific HVAC equipment market is the most promising market and is anticipated to record an exponential CAGR of 6.20% between 2014 and 2022. The growing disposable income and the increasing count of households in Asia Pacific will boost market growth within this region.

Technological Advancements will take Market to New Heights

The global HVAC equipment market is predicted to rise owing to strict regulations posed by governments in numerous nations for the stabilization of levels of greenhouse gas in the atmosphere and for the protection of environment, states a TMR analyst. In addition, a number of technological advancements in the market have met the expectation of customers, further fuelling the development of this market.

Furthermore, the advancement in the commercial segment and the swift development of Asia Pacific are also amongst the chief factors providing impetus to the growth of this market. On the other hand, huge consumption of energy in HVAC equipment may become a roadblock in the development of the overall market. “Nonetheless, the introduction of energy efficient systems and the trend of smart homes have emerged as a key opportunity in this market”, says a TMR analyst.

The key players in the global HVAC equipment market are Panasonic Corporation, Mitsubishi Electric Corporation, and Daikin Industries Ltd., as per Transparency Market Research (TMR). These players constitute a share of about 51% in the market. These companies are focusing on expanding into numerous product markets and are targeting developing areas in order to gain a competitive edge in the market. Hence, there is a large count of industry vendors in the market, with key players representing major share. The emergence of new technologies in the global HVAC equipment market will raise the threat of internal substitutes.

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