The global heating, ventilation, and air conditioning (HVAC) equipment market is expected grow at a higher pace as a result of the growing requirement of HVAC Equipment in the commercial segment coupled with growing number of household in Asia Pacific region. Rising demand in climate control technologies have a large bearing on the strategic dynamics of the global HVAC equipment market. HVAC equipment companies are adopting a blend 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.
Some of the key players operating 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 6.50% during 2019–2027. The global market will attain a worth of US$ 56.3 bn by the end of 2027.
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.
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On the regional front, Asia Pacific presently holds the leading share in the global HVAC equipment market. The region is expected to 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 is responsible to bolster its growth.
Innovation in Energy Efficient HVAC Equipment
It has been observed that demand of climate control system is increasing among industries which requires HVAC equipment. Moreover, the commercial sector is more inclined towards comfortable and energy controlled working environments. By understanding the consumer demand, manufacturers are working towards energy efficient and environment friendly products that can boost the demand for HVAC Equipment in coming years.
HVAC equipment are fast gaining importance in residential applications and are intended to play a crucial role in pivoting the industry 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.
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Availability of Low Cost Product is driving the Market Growth
Growing requirement of cost-effective heating, cooling, air handling, and controls is driving companies to offer low cost product in global market. There is a rising deployment of HVAC equipment in newly constructed facilities and in retrofits in various countries, especially in developing regions.
Developing economies have higher demand of low cost products. Domestic companies in China and India are offering low cost product with different services. Small scale players are providing long term after sales service to attract more customers. Furthermore, technological enhancement will affect the market growth in coming years.
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