The global heating, ventilation, and air conditioning (HVAC) equipment market features an increasingly competitive landscape, finds Transparency Market Research (TMR). The consistent focus of large players to expand their product portfolio is likely to intensify competition further in the global HVAC equipment market. Manufacturers of HVAC equipment are toying with a mix of strategies to establish their foothold in the global market. Several of them are undertaking mergers and acquisitions in the global HVAC equipment market to gain a competitive edge over their peers. Emerging trends in climate control technologies have a large bearing on the strategic dynamics of the global HVAC equipment market.
Some of the prominent players vying for sizable stakes in the global HVAC equipment market are Daikin Industries Ltd., Electrolux AB, Samsung Electronics, Carrier Corporation, Lennox International Inc., and LG Corporation.
The global HVAC equipment market is expected to clock a CAGR of 6.20% during 2014–2022. The global market will attain a worth of US$155.1 bn by the end of 2022.
Among the various types of end-use applications, a major share will be contributed by commercial and industrial segment, with the former alone accounting for more than 33.0% of the global HVAC equipment market. The prominence is attributed to the rising demand for heating and cooling equipment in the tourism and construction sectors world over.
On the regional front, Asia Pacific presently holds the leading share in the global HVAC equipment market. The region will retain its lead over the next few years as well. Extensive demand for HVAC products in the end-use industries in key economies of Asia Pacific bolsters its growth.
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Cost-effective Heating, Cooling, Air Handling, and Controls in Residential Sector boosting Market
The global HVAC equipment market is driven by the rising demand for efficient and effective climate control technologies in industrial, commercial, and residential facilities. The need for cost-effective heating, cooling, air handling, and controls is bolstering the growth of the global HVAC market. There is a rising deployment of HVAC equipment in newly constructed facilities and in retrofits in various countries, especially in developing regions.
The demand in the global HVAC equipment market is expected to benefit from stringent implementation of government norms on workplace productivity. Industries also acknowledge the role of climate control technologies for ensuring a better work productivity and job satisfaction. Rising installation of cost-effective climate control technologies in commercial spaces in various regions across the world is fueling the expansion of the global HVAC equipment market.
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Energy-efficient Technologies to underpin Direction of Innovations
HVAC equipment are fast gathering steam in residential applications and will play crucial role in pivoting the market’s growth. However, contemporary HVAC equipment and technologies are attracting criticisms from advocates of environmental sustainability. Growing environmental concerns pertaining to the use of HVAC equipment may dampen the prospects of the global market to an extent.
Nevertheless, growing inclination toward comfortable working environment in commercial sectors is boosting the global HVAC equipment market. Moreover, adequate climate control environments in industrial units have become a prerequisite, spurring the demand for HVAC equipment. Furthermore, growing focus on manufacturers for making energy-efficient HVAC equipment will help in meeting the needs of environmental sustainability. Ensuing efforts will also pave way for innovations in the global HVAC equipment market.
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