Market Insights
Stringent government regulations promoting energy-efficient solutions coupled with the varying environmental conditions are expected to drive the demand for new HVAC equipment installations in the coming years. In addition, infrastructural development and increased discretionary household expenditure are expected to impact market growth positively. These factors are expected to contribute towards a compounded annual growth rate (CAGR) of 5.6% from 2015 to 2022. As a result, the HVAC (Heating, Ventilation, and Air Conditioning) equipment market is expected to exceed US$ 125.0 Bn by 2022.
1.1 Market Scope and Segmentation
This report analyzes the global HVAC (Heating, Ventilation, and Air Conditioning) equipment market in terms of product type, end-use applications, and geographical distribution. On the basis of product type, the market is segmented into heating equipment (heat pumps, furnaces, boilers, unitary heaters), ventilation equipment (ventilation fans and humidifiers/dehumidifiers), and air conditioning equipment (unitary air conditioners, room air conditioners, and coolers). Similarly, on the basis of end-use, the HVAC (Heating, Ventilation, and Air Conditioning) equipment market is further classified into the residential and non-residential (commercial and industrial) segments. Finally, the geographical distribution of the global HVAC (Heating, Ventilation, and Air Conditioning) equipment market considered in this study encompasses regional markets such as North America, Europe, Asia Pacific, the Middle East, Africa, and Latin America.
1.2 Report Description
Purpose of the Report
The purpose of this strategic research study titled “Global HVAC (Heating, Ventilation, and Air Conditioning) Equipment Market – Growth, Share, Opportunities, and Competitive Analysis, 2015 – 2022” is to offer industry investors, company executives, and industry participants with in-depth insights to enable them to make informed strategic decisions related to the opportunities in the global HVAC (Heating, Ventilation, and Air Conditioning) industry.
Target Audience
- Industry Investors
- HVAC System Manufacturers
- Integrators and Assemblers
- End-users
USP and Key Offerings
The report titled “Global HVAC (Heating, Ventilation, and Air Conditioning) Equipment Market- Growth, Share, Opportunities, and Competitive Analysis, 2015 – 2022” offers strategic insights into the global HVAC (Heating, Ventilation, and Air Conditioning) industry along with the market size and estimates for the duration 2013 to 2022. The said research study covers an in-depth analysis of multiple market segments based on product type, end-use application, and cross-sectional study across different geographies. In addition, in order to help strategic decision-makers, the report also includes competitive profiling of the leading HVAC equipment manufacturers, their SCOT (Strengths, Challenges, Opportunities, and Weaknesses) analysis, market positioning, and key developments. Other in-depth analysis provided in the report includes:
- Current and future market trends to justify the forthcoming attractive markets within the HVAC (Heating, Ventilation, and Air Conditioning) market
- Market fuelers, market impediments, and their impact on the market growth
- In-depth competitive environment analysis
- Value Chain Analysis
- Trailing 2-Year market size data (2013 – 2014)
- SRC (Segment-Region-Country) Analysis
Overall, the research study provides the following:
- A holistic view of the global HVAC (Heating, Ventilation, and Air Conditioning) Equipment market.
- Offering market size and estimates for the period from 2015 to 2022.
- Keeping in mind the above-mentioned factors.
Product Segmentation Analysis
On the basis of product type, the global HVAC (Heating, Ventilation, and Air Conditioning) equipment market is categorized into the following segments:
Heating Equipment
- Unitary Heater
- Heat Pumps
- Furnaces
- Boilers
Air conditioning Equipment
- Unitary Air Conditioners
- Room Air Conditioners
- Coolers and Others
Ventilation Equipment
- Ventilation Fans
- Humidifiers/Dehumidifiers
The contribution of these product segments to the global HVAC (Heating, Ventilation, and Air Conditioning) equipment market in 2014 and 2022 is shown in the figure below.
In 2014, the air conditioning segment comprising unitary air conditioners, coolers, and room air conditioners was the largest product segment, accounting for over two-thirds of the global HVAC equipment market revenue. The trend is expected to prolong over the forecast period 2015 – 2022. This can be attributed to the anticipated recovery in residential and nonresidential construction expenditures post-economic recession.
In addition, financial stability post-economic recession is expected to trigger the demand for air conditioning systems in both end-use segments. Over the forecast period 2015 – 2022, the heating equipment segment, especially heat pumps and furnaces, is poised to exhibit robust growth. Heat pumps having both cooling and heating capabilities are anticipated to witness rising demand from industrial space. At the same time, the growth of warm air furnaces is expected to be maximum in the residential segment.
End-use Application Segmentation Analysis
On the basis of end-use application, the global HVAC (Heating, Ventilation, and Air Conditioning) equipment market is categorized into the following segments:
- Nonresidential
- Commercial
- Industrial
- Residential
The contribution of these end-use application segments to the global HVAC (Heating, Ventilation, and Air Conditioning) equipment market in 2014 and 2022 is shown in the figure below.
In 2014, the nonresidential (including commercial and industrial) segment accounted for the majority of the global HVAC equipment market revenue share. The commercial segment was the largest contributor to the nonresidential HVAC equipment market, accounting for over 60 percent of the non-residential market in 2014. The demand for HVAC systems in the non-residential market can be majorly attributed to the need for large, high-cost air conditioning and ventilation systems.
Although the segment is expected to retain its leading position, the growth in the residential market is anticipated to be greater than both commercial and industrial markets during the forecast period 2015 – 2022. With the rising population and urbanization, the count of housing units, especially in emerging economies, is anticipated to increase considerably, triggering fresh demand for HVAC equipment installations. However, in nonresidential (commercial and industrial) and residential markets, the replacement demand is expected to be higher than the fresh demand, especially in developed economies.
Geography Segmentation Analysis
On the basis of geography, the global HVAC (Heating, Ventilation, and Air Conditioning) equipment market is segmented into the following regions and countries.
- North America
- Europe
- Germany
- France
- UK.
- Italy
- Spain
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- South-east Asia
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of the Middle East and Africa
The contribution of these regions (North America, Europe, Asia Pacific, and RoW) to the global HVAC (Heating, Ventilation, and Air Conditioning) Equipment market in 2014 is shown in the figure below.
In 2014, Asia Pacific was the largest HVAC (Heating, Ventilation, and Air Conditioning) equipment market. The region accounted for around 52 percent of the global HVAC equipment market revenue in 2014. The trend is expected to continue over 2015 – 2022, with the region retaining its leading position. The growth in the area can be attributed to the economic development resulting in infrastructural growth in both consumer and commercial space. China is the largest HVAC equipment market in the Asia Pacific and is a key exporter to the European and African markets. Furthermore, the ever-rising population, growing urbanization, varying environmental conditions, and government regulations promoting green energy solutions are further fueling market momentum in the region. Furthermore, with developed economies such as North America and Europe recovering from the economic recession, the region’s residential and commercial construction expenditure is expected to regain its growth levels, supporting the market demand.
