HVAC Market Predicted to Grow at 6.2% CAGR from 2014 to 2022

Based on the results of recent study, the HVAC equipment market is forecast to develop at an incredible rate of 6.2% CAGR (Compounded Annual Growth Rate) from 2014 to 2022 and reach USD155.10 billion before 2022. The HVAC equipment market was valued at 91.30-billion US dollars in 2013.

In the forthcoming years, the HVAC products are likely to enter commercial as well as residential market segments. Another main segment that is likely to experience modest growth over the period of forecast in this field is the industrial category.

With the demand for AC appliances increasing on a global scale, the air conditioning category dominated the HVAC market in 2013.

The main aspects that drive the HVAC market are raising new households, increasing urbanization, increasing disposable income, and average construction investments. The increasing demand for HVAC equipment in the commercial segment and incredible growth in the Asia-Pacific area is also a main driver for this market. Though, a key factor that has been limiting the HVAC market growth is the high consumption of energy by these products.

In the upcoming years, the opportunities in the market are associated with the rising trends of energy efficient equipment developments, smart homes, and implementation of green technologies by HVAC product makers. So, energy efficiency would be one of the main concerns that would be focused up on by the global manufacturers. Many big market players like Lennox, NationalAirWarehouse, and Daikin have already started selling such energy efficient products. The initiative taken up by these market leaders is the stepping stone towards success in terms of energy efficiency of HVAC products down the lane.

The research report also gives CAGR for every market segment for the period of forecast. The HVAC product market has been geographically divided into 5 regions – North America, Europe, Asia-Pacific, Middle East and Africa and Latin America.

The report also incorporates porters 5-force analysis, market dynamics, regulatory and legal standards of the HVAC market. It also has the analysis of the main HVAC equipment participants in addition to their role in the global ecosystem.

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Source: GetNews