HVAC Equipment Market Research Report by Technological Development, Applications and Forecast 2022

The global market for HVAC equipment is driven by technological developments, stringent government regulations, increased demand from the commercial sector, rising consumer expectations, climate variations, and strong demand from Asia Pacific. On the other hand, the HVAC equipment market is faced by a major challenge – increased energy consumption. However, ongoing trends such as smart homes, green technologies, and energy-efficient systems are anticipated to present several opportunities for growth over the next seven years.

On the basis of type, the HVAC equipment market is fragmented into heating (furnaces, heat pumps, and boilers), ventilation (humidifiers/dehumidifiers and air pumps/ventilation fans), and air conditioning (room air conditioners, coolers, unitary air conditioners, and others).

By application, the HVAC equipment market is segmented into industrial, residential, and commercial. The commercial sector held the largest share of the overall market and demand for HVAC equipment from this segment accounts for over one third of the global market. While the residential sector is undergoing healthy growth, the industrial sector is anticipated to lose market share by 2022. In the commercial sector, the tourism and construction industries make up for most of the demand for HVAC equipment.

On the basis of geography, the global HVAC equipment market is divided into North America, Latin America, Asia Pacific, Europe, and the Middle East and Africa. Asia Pacific dominated the global HVAC equipment market in 2013, accounting for over 50% of the overall market. This region is anticipated to retain its dominant position through 2022, driven by robust economic development in countries such as India and China. China is by far the largest producer of HVAC equipment and demand for the same stems from Europe, Latin America, and Africa. Local demand for low-priced HVAC solutions also drives the China market.

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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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