Trends, opportunities and forecast in this market to 2022 by product type (furnace, heat pump, central AC, room AC and others), end use (residential, office, retail, hospitality, education, healthcare and others), and region (North America, Europe, APAC, and the Rest of the World).
According to a new market report published by Lucintel, the future of the global heating, ventilation, and air conditioning (HVAC) market looks good with opportunities in the residential and commercial construction industries. The global HVAC equipment market is expected to reach an estimated $120.6 billion by 2022 and it is forecast to grow at a CAGR of 4.9% from 2017 to 2022.
The major drivers of growth are increasing disposable income, rapidly increasing construction activities in developing economies, and changing climate conditions
In this market, furnace, heat pumps, central AC, and room AC are the segments by product type.
On the basis of its comprehensive research, Lucintel forecasts that room AC is expected to show above average growth during the forecast period of 2017 to 2022 due to urbanization and increasing disposable income in emerging economies like China and India.
Within the global HVAC equipment market, residential is expected to remain the largest segment during the forecast period. Increasing penetration of air conditioners and strong growth in construction industry are the major driving forces that will spur growth for this segment over the forecast period.
APAC is expected to remain the largest region due to the increasing rate of urbanization, along with growth in disposable income.
Asia Pacific is expected to witness the highest growth over the forecast period; this growth will largely be driven by higher rate of urbanization and increasing disposable income in emerging economies like China, and India and changing climatic conditions and seasonal variations.
For business expansion, Lucintel’s report suggests innovation and new product development, particularly in terms of energy-efficiency, high performance and environmental friendly; to make more efficient HVAC equipment.
Emerging trends, which have a direct impact on the dynamics of the market, include the increasing usage of green HVAC, increasing usage of air purification technology, and increasing usage of smart thermostat. Gree Electric Appliances, GD Midea group, Daikin Industries, Ingersoll Rand Plc, and UTC (United Technology and Corporation) are the major manufacturers of the HVAC equipment market.
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Lucintel, a leading global strategic consulting and market research firm, has analyzed growth opportunities in the global HVAC equipment market by product type, end use, and region and compiled a comprehensive research report entitled “Growth Opportunities in the Globa…rtunity Analysis.” This Lucintel report serves as a springboard for growth strategy by providing comprehensive data and analysis on trends, key drivers, and directions.
The study includes a forecast for the global HVAC equipment market by product type, end use, and region, as follows:
By Product Type [Volume (million units) and Value ($ billion) from 2011 to 2022]:
- Heat Pump
- Central AC
- Room AC
By End Use [Volume (million units) and Value ($ billion) from 2011 to 2022]:
By Region [Volume (million units) and value $ billion from 2011 to 2022]:
- North America
- Asia Pacific
- Rest of the World
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