HVAC Equipment Market Growth, Outlook and Forecast upto 2022

The global HVAC equipments market is forecast to record moderate growth rate for the period 2012 - 2018. The market is expected to be dominated by cooling systems, which are estimated to account for more than eight deciles of the overall industry growth. Of the different macroeconomic and microeconomic factors influencing the growth trends worldwide, rise in the number of new households, increase in disposable income, surge in demand for energy efficient and environment friendly products, and need of product upgrade or replacement demand are seen as key determinants.

The different HVAC equipments are broadly segmented into three types: heating equipments, cooling equipments, and ventilation equipments. Heat pumps among the heating equipments and room air conditioners among the cooling equipments are the fastest growing product types, and are collectively expected to account for more than fifty percent of the global market. This is due to enhanced energy efficiency provided by room air conditioners and multiple uses of heat pumps (for both heating and cooling).

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Unitary air-conditioners are the second fastest growing product segment in the cooling equipments category. Despite the global rise of cooling equipments, coolers are witnessing a gradual declining trend, with demand coming from Third World countries and low income segments of emerging economies of the Asia Pacific region.

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Cross sectional analysis of the HVAC equipments by components signifies the importance of cooling units in a HVAC system. Issues related to environment and energy efficiency are key challenges faced by industry players with stakes in the segment. Cooling units are valued to account for the largest share of the market, and is the fastest growing component type.

Different control systems used in HVAC equipments/systems too are seeing rising demand and increased preference, due to shift in preference for smart devices with advanced features. This trend is more evident in the developed markets of North America and Europe. As a result, the two regions are growing at a close rate, with Europe marginally lagging behind. However, Asia Pacific, on account of its large scale and fast adoption, is expected to remain the largest geographic market throughout the forecast period.

Amidst intense competition, industry players are adopting rigorous strategies to ensure their competitive advantage over competitors. Mergers and acquisitions are seen as mitigating strategies for competition from small players. Recent acquisition of Goodman by Daikin is seen as an effort by Daikin to gain a strong foothold in North America. This move is expected to see Daikin taking over Carrier as the leading global brand. The other market participants are Haier, Electrolux, LG, Samsung, and many other regional and small players. 

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