HVAC Market to Grow at 7% CAGR Until 2020
Based on a new report released by ReportsnReports, the global HVAC market is estimated to grow firmly at a compound annual growth rate (CAGR) of 7 percent from 2016 to 2020. Some of the major factors that contribute to this improvement include the rapid growth in the real estate and construction industries worldwide and the industrialization and urbanization in developing countries.
The increase in demand for HVAC systems is also due to the new construction in the industrial, commercial, and residential sectors of different countries. Also, government regulations introduced by countries worldwide pave the way for high-efficiency equipment.
The improvements and advances in intelligent technology and monitoring systems are forecasted to help the growth of the HVAC market. Intelligent technology regulates the energy output of an HVAC equipment or system. On the other hand, monitoring systems aid in tracking the energy consumption of a building. In terms of revenue, the consolidation of the Internet of Things (IoT) with HVAC systems is creating new avenues for the market as well. According to the report, the commercial building sector might be the initial adopter of this technology due to the fact that the integration will improve the reliability and efficiency of building automation system or BAS.
Divided into services and equipment, the HVAC equipment sector prevailed the market in 2015 by having a market share of around 69 percent.
On the other hand, in the residential and non-residential segment, the non-residential building sector has almost 67 percent of the market share during the same year. Some of the non-residential users of HVAC systems include manufacturing and industrial buildings, health care and educational institutions, and retail stores and offices.
The Asia Pacific (APAC) region tallied 51 percent of the market share this year and is expected to even get bigger at a CAGR of 7 percent during the forecast period. China might also retain its marker leadership up until the end of the forecast period in 2020.
Based on the report, the top players in the global HVAC market are Daikin industries, Carrier, Johnson Controls, Ingersoll-Rand, and LG. Other prominent companies in the market include Bosch Thermotechnik, AB Electrolux, GD Midea, Fujitsu, Haier, Lennox International, Gree Electric Appliances, Paloma Industries, Nortek, Vaillant Group, Siemens, and Samsung.