The rising demand for energy-efficient systems, coupled with the rise
in consumer confidence, has led to the increased uptake of heating,
ventilation, and air-condition (HVAC) equipment in recent years.
Household consumers and end users from commercial and construction
domains alike have become more inclined towards technologically
innovative products to replace their traditional counterparts.
Consequently, HVAC equipment suppliers are diversifying their product
portfolios to cater to the consumer demand for advanced system design
and technology.A recent report by Transparency Market Research,
titled “HVAC Equipment Market - Global Industry Analysis, Size,
Share, Growth, Trends and Forecast 2014 - 2022,” pegs the overall
value of the global HVAC equipment market at US$91.3 bn in 2013.
Rising at a positive CAGR of 6.20% between 2014 and 2022, the market
is anticipated to reach US$155.1 bn by the end of the forecast
period.
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HVAC equipment is installed for the purpose of heating or cooling
residential, industrial, and commercial buildings. These systems also
provide fresh air to remove airborne contaminants such as odors
emitted from furnishings or from cleaning chemicals used to clean
indoors, or volatile organic compounds. In the forthcoming years,
HVAC equipment is likely to witness rising demand from both
residential and commercial market segments due to the drastic climate
variations.
Driven by the growing demand from the commercial sector, the rising
expectation of consumers, climate variations, technological
advancements, and the implementation of stringent government
regulations, the demand for HVAC equipment is anticipated to soar
high over the report’s forecast period. The market will also
witness rising opportunities in Asia Pacific. On the flip side, the
high amounts of energy consumed by HVAC equipment are a major
challenge faced by the market. Nevertheless, the proliferation of
green technologies, smart homes, and energy-efficient systems will
give a significant boost to the market in the near future.
Based on type, the report classifies the global HVAC equipment market
into heating and air conditioning equipment. By application, the
global market for HVAC equipment is segmented into residential,
commercial, and residential. Of these, the commercial sector
accounted for the largest share in the market, while the residential
sector is anticipated to exhibit healthy growth over the forecast
period. However, in the next few years, the industrial segment is
likely to lose its share in the HVAC market. Additionally, the
tourism and construction industries account for the majority of the
demand generated in the commercial segment.
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Based on geography, the report segments the global HVAC equipment
market into Asia Pacific, Europe, Latin America, the Middle East and
Africa, and North America. Of these, Asia Pacific held more than 50%
of the global market in 2013, thereby emerging as the largest
regional market for HVAC equipment. The region is also anticipated to
maintain its dominance in the global market over the report’s
forecast period, particularly due to the robust economic growth in
India and China. Till date, China has been the largest producer of
HVAC equipment in the world. Apart from catering to the high
international demand, the county also addresses local demand for
low-priced HVAC equipment.
To present a holistic overview, the leading players in the global
HVAC equipment market have been analyzed based on their company
overview, financial structure, recent developments, product
portfolio, and development status. Some of the companies profiled in
the report include Lennox International Inc., AB Electrolux, Haier
Ltd., Carrier Corporation, Panasonic Corporation, LG Corporation,
Daikin Industries Ltd., and Samsung Electronics.
About Us :
Transparency Market Research (TMR) is a global market intelligence
company providing business information reports and services. The
company’s exclusive blend of quantitative forecasting and trend
analysis provides forward-looking insight for thousands of decision
makers. TMR’s experienced team of analysts, researchers, and
consultants use proprietary data sources and various tools and
techniques to gather and analyze information.
TMR’s data repository is continuously updated and revised by a team
of research experts so that it always reflects the latest trends and
information. With extensive research and analysis capabilities,
Transparency Market Research employs rigorous primary and secondary
research techniques to develop distinctive data sets and research
material for business reports.
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